New-York tribune., 1874-07-18
TIE NEW CURRENCY ACT

TREASURER SPINNER DECLARES IT TO De ANYTHING
But AZ INITIATION NEUTRALITY-SUSPICIOUS. L MIR
RAMS COURSE APPROVED.
From Ia, Uficl Herald. Julg u.
TREASURY OF THE UNITED STATES
WAsHISGION. July 10. Is14.
My DEAR JCDGE: L took the liberty, some
time SINCE YOU IN regard 10 the probdDie actoh
Republican Congressional Convention. since then, /
have heard with great surprise that opposition to the
M mainly on tie ground that he was an inhauonist /
can hardly conceive what this charge s based unless
the tactics and policy Of Interested parties 10 den0unce
every j. not IN favor OF immediate contFac-
tiou AZ Al IufiltOnl.t;' - this not ONLY ungencrOus
aud disn genuous, but absolutely untrue Nhe II con
ceaed tnat imitation o the paper currency cannot bring
uecc ,sariy follow that because contraction Is one OF the
ways 10 reach thar desirable result. II Is 5he only'
or 'tne most easy TO accomplish IT, Whenever rc-
,,' ,it fr,na A. n NAV now seem IL will Drng with
Il decided Imitation OF the volume of the circulation OF tle
country. Tuls the Kiud OF imitation That al rSlt-
thinking FAVOR. Our member is OF the nam Der II
IL true tat the Currency Dill. that became law lu,t at
the close OF late ~ COlgIc5. owes lts exist
ence Is paternity mainly 10 MI rrl1in nuIs-
i' ~ 4 ,,Sp riIs- fBe idra th.t h was a measure that
would produce imitation, never entered ms mInd dis
$500 ho'tHn F,,n air reneltrd couyersIrons with him
am Convinced tnat be acted with view 10 the Vndca
rhar nnT.iif H. aim mas 6een 10 destroy the mon
oUo,v feature otherwise almost perfect system OF
bausIng, ana at the same time 10 compel al hdtloni
banks To redeem their circulating notes IN egd-ted-r
notes now. ana gold when specie pas mehts sha nave
been resumed. a center And through TINS,
IN meantime, giving the people clean aud decent
well ar a convertible currency. THESE much desired
objects have been accomplished 10y III. Merriam DlIl
n, gn1r .xteut the nee banking clause that per
NIT. creation OF banks 10 al dAe ana al the same
existing BANKS 10 retire tnc Dulk OF Jltlr
circulating notes aud continue thrr business or 10
mole tlilLeiN i, iu-tsuIt Oh
ind ou appear from the irt tIat since tHe pass
,ue uf the existing banks nave already ietuIheu
81 ggJ6O and that bul $4,000 I'D new currency Mas Drcn
applied that time. 20 10 appears Jldt uhuet
the operation this free ban siuS system tAe NdIuual
han On has
reduced within fraction OF SADUWO 4Als i
certainly ANYTHING but imitation OF the currency,
Everybody can see that the clause requiring
tine REDEMPTION Of the circulating notes OF the
producing contraction or the currency Inc
deposit Sl50D0OH u United states eSa tender
Dduk-, tut remain locked up IN
the vaults the Treasury-.he millions OF National
bank already here for redemption ana the large
these notes On their way mere Tor
redemption. United -tutes notes on the way 70
the banks and others return, are al 50 many Out
only part Of the elements Of contraction very snort
time Will feel sure satisfy all reasonable persons thht
the law j. conservative anu that whle t toerdtes per
freedom and equal rights 20 al, II was conceived IN
up9n correct principles or DtlhlIS huu OF
finance. The support that hF. Merriam gave III MS
advocacy IN question II 10 my mlud stronH
reason, and perhaps reason enough, why our people
should his denomination aud rcttctlou bdt
there very many other reasons why rey should do
sO In all my year, experience mere, can scarce re-
member "A man, who with put three years IN congress,
attained 70 suCn position Of usefulness ana deserved
influence, As has our member IL must De pdtt-- %
everybody that the change OF honest anu proper
men here always unfortunate. Iii tl- case, t Nuuu
be peculiarly hope our people VIII 'rc tAa IL ~
true ana proper gnt and act wisely Tor thtr own dhd
the H"'OA so01' -'-'''' '--''' + E. SPINNER.
Gen. Amos II Prescott. Herkmer, ". \.