New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-13
THE NATIONAL FINANCES.

| RECOMMENDATIONS or THE PRODUCE EXCHANGE IN
REFERENCE TO SPECIE PAYMENTS, THE Ma
| TIoNAL BANKING SYSTEM AND THR LEGAL
TENDER RESERVE.
| The Committee on National Finance of the
Produce Exchange yesterday made the following report
TO the Board OF Managers which approved by them
and Will be submitted to meeting Of the Exchange TO-
morrow, for final action and reference TO Congress
The New-York Produce Exchange fully admit. az
fundamental principle, that gold and silver coin. or Gov
eminent ana bank notes redeemable In coin, constitute
me only currency thbt Is true measure OF vaics, anu
firmly hold that the restoration OF the currency To
specie standard shonld be kept constantly III view III al
national legislation the subject; but we believe the
time for resuming specie payment has not yet arrived
ana should be made to depend not 80 much on any nhed
date the general financial cond ton Of the country
We believe that the present legal tender and National
and WILL when ultimately made convertible into coin AT
the pleasure OF the holder, fully meet the demands Of
trade and industry of the country and also believe IL
De for either issue to be increased or dmin
and that 1' the Whole Of the Of legal
should be preserved and after the resumption or specie
pay ment. when standard bullion has fallen To the mint
value the shall be empowered 10 exchange bullion
for legal tenders or for gold CON- as parties may prefer
that legal tenders thus reissued shall BIO against gold
bullion
We consider the National banking system in the main
satisfactory and think should be retained; but would
suggest the careful consideration by Congress OF such
amendments AS will produce the following results;
I The o ON 1 be b es A onehI gold
gold demand but the balance must be in es, tenders
of the daily baaneone rate circulation and another on
shall be counted bank reserve which
shall be held on deposit to the credit Of oher banks .
That while the Of National bank currency
shall exceed $3.50 OOOOOO, until specie
resumed within this limit all banks shall be
Otherwise employed extent to which
pledge Government bonls ami tey whlrs" any por
Tie thereon
National banks shall be required 10 provide for the re-
their legal tenders at the e ei point oil specie i'm
ports exports bringing he settlement OF inter
oregu exchanges point and avoiding the RISKS and IN
transportation
Sir That National shall be exempt from the operation Of
the Usury laws in any State
We depl0re the emergency that called for the TEN.
porary use OF any portion OF the sii.0W,O0O or
legal tender reserve and firmly maintain that such por
ton thereof has been already pad out should be re-
turned to Treasury at the earliest moment practical
bile and that no portion should be hereafter
issued To meet any demands of the Government; but
that the regular wants of the Government be provided
for by duties imports by internal revenue or by DIT
rect loans and that temporary deficiencies De met ny
interesbeanng treasury notes. which shall not be sed
for bank reserves.
That Congress shall provide for the resumption or
specie payment by taking such measures as they may
deem expcdent for accumulalng not less imam slooV
gold and that II necessary for this purpose shl
authorize the Secretary OF the Treasury Z" issue ana uS
pose of a five per cent twenty-year gold BOND, the
proceeds OF which shall be exclusively devoted 10 thc
redemption legal tenders and that the Cntei states
Treasurer shall aud after the first day Of july IN any
year in which premium gold i'll the CITY Oh new
York shall have averaged below i've per cent Tor the
months next preceding, pay all legal tenders
in coin on demand.