The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-12-22
THE PR ES s.
TUESDAY MORNING, DEC. ss, 1874
The Business Plan for Resumption.

The chief cause of the stagnation in bus
iness at the present time may fairly be at
tributed to the uncertainty in financial mat
tiers. No one feels disposed to enter into
new enterprises until this question is settled.
The National Board of Trade have dis
cussed the question in their meetings for sew
eral years with about the same want OF
unanimiiy as in Congress and in financial
circles generally. The discussions last winter
at Chicago and Baltimore were very ami
mated and full. The question was finally
referred to the executive council OF the
Board, which comprises the president, Sec
retary, and vice presidents. This council re-
Gently met at Washington. The presi-
dent had requested the boards of trade
not represented in the couLcil to
send delegate each to meet with
it, which request was in most cases
complied with. The council at the Washing
ton session embraced business men OF large
experience, manufacturers, ,and bankers, hard
money men, contractionsts and expansion
lists. The subject was taken up and discussed
very ably and candidly, for two days, (three
sessions day. and plan at last agreed up
on, with entire upanimity, for resumption OF
specie payments. 1t appears to be practical,
and the indications are that it will be favora-
bly, received by the Administration and men,
bers of Congress.
What the country wants is a settled policy.
This plan, while contemplating contraction,
provides, by free banking, for legitimate ex-
pansion to meet business wants. 1t will in
spire confidence, the demand for specie will
be small, and no distress will come upon the
country, provided we have good crops AMI
use good judgment in importing.
We republish the substance of the plan,
submitted to the banking and currency COM
mittee of the House by the National Board:
First, that the Secretary of the Treasury shall
borrow the sum of two hundred million dollars
in gold, at a rate of interest not exceeding four
and one-half per cent, redeemable thirty years
from date; and that, in offering this loan, the
Secretary may receive part, not exceeding
thirty-three and one-third per cent. of the pro
ceeds in United States notes, which shall be
Immediately destroyed
Second, that part of the proceeds of said loan
shall be applied to the redemption OF outstand-
ing legal tenders.
Third, that another part of the proceeds of
the loan shall be applied to the purchase of sill
yer bullion and the coinage thereof.
Fourth, that the Secretary may borrow two
hundred million dollars at a rate of interest not
exceeding four per cent, payable in gold in
1917, the proceeds to be applied to the redemp-
ton of legal tender notes.
Fifth, that these two loans may be substi-
tuted by national banks, as security for notes
issued by them, for United States bonds now
deposited as security for said notes.
Sixth, six months after the passage of the act
all limitations upon the amount of national
bank notes to be issued and the location Of
banks issuing tine same to be repealed.
Seventh, prohibiting the issue of new Treas
ury notes in place of those destroyed under
provision of this plan.