Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-12-30
THE CURRENCY Ru,.L.
what the Newspapers Have To say
AbOut IL.


the New York Times says:
The text OF the Senate Finance
Bill is published this morning. 1t is
even more favorable TO the accomplish
ment of resumption than we were led
to suppose from the abstract which we
had previously received. We notice,
10y the way, that the Democratic or
gaus have not yet discovered the necps~
sity of discussing this measure at all
though it, provisions have been known
for several days. Perhaps, like Mr.
Cox, they are trying To argue them
selves into the belief that nothing will
come out of it. We hope that the,
will bc mistaken.
The Evening Post, which comes as
near representing the hardest of the
hard money element of the country
as any other journal, says:
! The full text of the new Senate FL
nance bill has come to hand to-day,
and while we congratulate the couu-
try on the prospect of the passage 10y
this Congress of any measure of H.
nancial legislation which unites the
Republican party upon the policy of
return TO specie payments, to which it
was pledged by the resolutions of its
Philadelphia platform, yet we trust
that the advocates of hard money will
not fail to press for the following mod
itications of the pending measure:
FIrst-That the provision for the
substitution of silver coin be stricken
out; our reason being that it is i'm
practicable and, if it were not so,
thai, as matter of policy it would be
uuwise, because a forced retention OF
silver coin here, were it possible,
would cause Withdrawals of gold from
the Treasury TO ship in place of silver.
SecOnd-rhat the withdrawal of
legaltender notes until their amount
outstanding is $500 5000, 600 should not
be contingent upon the creation of new
banks and the issue of new bank
notes.
Third-That banking should not be
made free in any such sense as is
meant by the removal of all restric~
tiOns until the legal tender circulation
is reduced to $500. 100000, or until
after the resumption of specie pay
ments by the Treasury
Fourth-That provision should be
made for such an accumulation of coin
in the Treasury (say for gathering
Sl25 900, 000) as will enable the Treas
ury to begin coin redemption of the
legal.tender notes by January !, 1877.
The Cincinnati Gazette says of the
bill:
The currency ill the Senate caucus
has agreed upon j. "a pretty good bill
for the situation The best measure
would be to let things alone. This bill
is next to that. 1t leaves out the re-
peal of the legal-tender act, which
would cause general alarm, and the
funding of greenbacks in bonds, whose
contracting effect would be apt to make
things crack. 1t provides what IL
called free banking on the same terms
as the national banks now have the
| privilege. As bank currency is in
creased, greenback currency Is to bt
retired till reduced TO $500. 600 900, al
which point it is to stop, while the free
bank issue goes on. Specie payment il
to be resumed January /, 1879, but as
we have session of Congress ever.
year that will depend. The Executive
recommendations, aud general expec
tation, called for something to be done
the real situation for nothing. This il
a compromise as near to the real need
as could well be devised.
The Nashville Union and american
takes this view of il:
! Concerning the finance bill, agreed
upon in the caucus of Republican Sen
ators, the more advanced hard-money
men think that IL does not provide 70
as speedy or certain resumption al
they could wish, but they believe tina
it l. step in the right direction, ant
will support ii. The most remarkably
feature about the plan Is that the Sen
! ators, who have held such conflicting
views of finance, have united upon IL
. This measure will certainly secure th
/ united support of the Republicans ii
the Senate. A caucus of the Hous
p Republicans will now soon be called
r for the purpose of securing "A unan
q imous adoption of the Senate plan. j
/ this can be accom- plished, the Republi
!, can Senators tlatter themselves tina
Q the finance question will be remove
! from politics.
d The COurier-JourRdL prints "A lon
l editorial on the subject, the spirit {
e which, is to find fault with anythin
: a Republican Congress may 90. TIL
. following paragraph, although il cor
tains no expression a. TO the merits {
the bill, comes as near it a anythin
we can find in the editorial:
. Whatever may be its other feature
! the bill, therefore, il necessarily fai
J ure and, indeed the people should b
prepared 10 recognize the fact that n
= nation Of whatever powers of recupel
alton can suddenly recover from th
: political riot, waste and cGrruptio
: which have held sway 50 long in tn
3 United States. 4 different regim
. must he established, and "A number {
. years may possibly elapse before thol
> ough renovation can be hoped fol
Z Our industries must be nursed into r.
; newed activity, our commerce mus
revive, commercial and political con
4 Rdence must he restored before on
unparalleled resources shall begi
again TO pour forth the golden fruits
upon the accumulation Of which al
hopes Of a permanent specie FysteT
I can alone depend.
Judging from the tone Of our tx
( changes, the law meets with prett
, general approval.