The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1874-12-24
THURSDAY. DECEMBER Oath, 1874.
SENATE PLAN FOR SPECIE RESUMP.
TON.

The Republican Senators Lave waived
all individual opinions, and have agreed
to propose in the Senate, and pass, a
bill relating to the finances which shall
embody the following general provls-
ions:
1. That specie-paynlents be resumed
Jan. 1, 1979,-four years hence.
2. Free banking, abolishing the exist
ing monopoly.
3. The retirement of the fractional
currency, and substitution therefor of
small silver coinage.
4. A retirement of greenbacks in the
proportion of 80 per cent. OF the add
tional National Bank currency as issued,
until the aggregate is reduced to $780,
900, 900 of greenbacks.
5. The Secretary of the Treasury to
use surplus specie in the Treasury or to
sell bonds to reduce the Treasury notes
down to $500, 100000.
Speaking of this bill, the Chicago Tri-
soune truthfully says it is all right SO far
as it goes, but it falls far short of what
Congress ought to do. 1t is, however,
cUnmendable for several reasons, and
first. because it is an affirmance of a clear
and distinct policy on the part of the
Republican party It is commendable,
also, because it is step in the right di-
rection. It makes direct issue against
initiation and debasement, and IS ID IA
vor of return to honest money. It
vii be cordially accepted by honest peo-
pie as a healthy improvement of the
tone and spirit of Congress since the
last session. The wisdom Of the Ex-
ecutive veto at the last session is now
apparent. It not only arrested legisla-
ton that was vicious III itself, but gave
time for a careful and deliberate inves-
tigation of affairs and of the remedies
needed to meet existing evils. The act
of last session was good as far as it went.
It improved the National Baking system
III many respects, giving it grea ter elias
ITCHY, providing way for banks to re-
tire their circulation, and the notes of
certain banks to be got out of circula-
lion, as well as the torn and defaced
notes of solvent banks. It released $780,
100000 or so, 900 of greenbacks
nselessly locked up in the vaults Of the
I,o,,f-,, t1,oro1>1, t1o
institutions to loan the business public
that much money, and thus relieving
the financial stringencv and reducing
the rates of interest. And, lastly, it
prepared the way for this State measure.
The people of the country, irrespective
Of party, sustained the act of last July,
and sustained the principles of the veto
that prevented the passage of the oppo-
sition wildcat bill, and they viii sus-
tain this bill should it pass. The mis-
fortune of Congress has been the dis
trust shown in the integrity and intelH-
gence of the people. No appeal has
ever been made to their honesty and
good faith that has not met with Il prompt
and hearty response. They have been,
and are now, far in advance of Congress
on this subject of specie-payments and
sound money. The people have receiv-
ed the recommendations made by the
President and Secretary of the Treasury
with great satisfaction, and, had the
Senate embodied those recommendations
in bill, that bill would be stronger be-
fore the public than the one agreed Oh.
The country is sick and tired of the
losses, uncertainties, and disgrace of
deprecated paper money, and the peo-
pie want a restoration of stability and
standard values. They want to deal in
money that will retain the same value
two days IN succession. This bill pro
posed III the Senate, while it falls short
OF what the country needs, is at least no
step backward, but is movement in the
right direction.