The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-03-24

Are our grave Senators engaged in play
ing financial farce The names of the
members of the senatorial committee on fl
nance would seem to forbid such an idea.
TheI reported action fayors it. Read the
namcs-John Sherman, Justin 5. Morrill,,
Scott Wight, Thomas w. Ferry, Fenton.
Bayard. From such men, we ought to eX-
poet financial system which would, at
least, dOvelai together. We know that
men hold diverse views upon the subject of
finance views rs difficult to reconcile as it
would be to make a mountain and Il valley
in one and the same place. 1t might per-
haps, be expected that there would be Il
compromise, although the country has seen
nothing but evil in compromises compro-
misses and attempts thereat led us into a
long and bloody war Those pretended
compromises, however, consisted in au en-
tire giving up on one side and new demands
on the other, which were again settled in
the same way. The compromises were,
nevertheless. consistent in themselves, and
one end agreed with the other How is it
with this financial compromise. which the
telegraph informs us has been agreed TO !?
One statute, heretofore passed, fixed the
limit of illegal tenders" to be issued at four
hundred millions of dollars, while subse-
quent one fixed il at three hundred and
fifly-siX millions, without providing for the
destjucti9n of the difference -forty-fou
millions of dollars This last named sum
has been called the reserve" and the secrc-
taly of the treasury has claimed the right
to use any portion Of It ut willard has,
moreover. exercised the right. At the
present time, the amount of legal tenders
in circulation, is three hundred and eighty
two millions of dollars. being the author
lied circulation and twenty-siX millions of
dollars more. BY the proposed and agreed
compromise. this sum of three hundred and
eighiy-two millions of dollars of legal ten
ders is made the permanent circulation.
Mari; the words permanent circulation.
II the = compromise" had stopped hercY
would have been a compromise in tn
meaning Of the tel1n-a yielding on b5t1
sides, although it would have been tri-
umph for the inilationists. Bat when we
come to the last part, remembering what is
declared to be the permanent circulation"
for greenbacks, the farce is apparent. The
last provision provides for free banking
under the guards and securities of the pre-
national 1,np1r h,,t
ding that legal tenders shall be retired so
fast as national bank bills are issued This
last provision, taken by itself. is that for
which we have always commended being,
we believe, the first newspaper of the coun-
try to suggest that method of doing away
with treasury notes. But how are the two
| provisions to be rcconciled ? We are writing
only upon the basis of telegraphc informa-
| ton If the report is correct and the COM
promise should become law, we believe
it would result in general bankruptcy and
ed at three hundred and cghty-two mil
lions of dollars. This is permanent we are
Informed. Then an unlimited issue of ma
tional bank bills is authorized, but the sec
rotary of the treasury, if the compromise is
rs stated. could re issue the ''retired" legal
tenders at will. The forty-four millions
was retired, hut it was again put in crcula-
ton at will. Why not so now? Such,
certainly, would be the case if the reported
compromise is correct. 1t may be- and
we trust ii will be so, compromised some
what on the basis proposed, but perfected
10y striking out the permanent circulation
part and requiring legal tenders to be re-
tired and destloyed upon the issue of bank
| bills. This would not be farccal. 1t would
he the step toward specie payment.