The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-18

| out serious disturbance adapt ITSELF The indirect
or something OF the kind, would be less objection.
able to the people at large because OF the dread Of
consequence there will be less money This view
overIooks the purchasing power or real uses or
should least take it out OF the power OF the gov.
ernment TO fix the quantity OF circulation. Ihat
should be done by the people and the business
UNIFORM CURRENCY
FERRY, I. W., Senator from Mchigan-My Jud9-
ment Is that the government owes 10 TO the peopio
to issue the highest character OF currency us tne
monetary medium. lie needs no argument 10 con- on
vince any intelligent mind that we cannot Ior tnc
present resume specie payment. This being De,
yond the possibilities, the next pest measune , ~
OF the whole wealth of the country and assured by
the honor and faith OF the nation, Tue oiu uemamo
notes, made lawful money for all purposes. were
eouiyalent TO coin Make. therefore, uniform
currencv. in the form OF united states NOTES, ana
declared lawful money and legal tender Tor all
PURPOSES and thus afX the national seal OF credit
upon it as a monetary unit. Inis would make IL
az Nc thousands of merchants to serve
as an agency OF the government to provide
coin Tor the government iraihc Ia gola would
vide Itself as the only purchaser, either through
bullion and the employment OF her minis in Its
coinage buying directly coin here or through
bonds abroad. Then, with a Tree banking system
open to all, money would go to the localities where
II needed. rhe issue and discount depart
ments would thus be widely separated. The banks
would be freed from redemption and be able to
utilize more completely their whole capital Idle
capital as reserves would become active capital.
check upon redundancy ana a relief to strlngency
at various the year to be effected through
an interchangeable United States bond bearing
65-lOO per cent interest. Next to currency
made lawful money ior all purposes would prefer
one remove from the highest type Of national
credit-next OF course. national currency-bur
free banking under all circumstances.
HOW TO PREPARE FOR RESUMPTION.
FRELINGHuYsEN; F. T., Senator for New Jersey,
ury be authorized to accumulate gold from time to
time as the market Will permit with the view to
States government not at a day to be liked, but
when the accumulation and the condition OF mar
plus rom duties and taxes and from an issue OF
bonds not exceeding $500 1000 900. and II the accu-
mulated gold lais the secretary to be at liberty TO
that tnis would put United states notes at par,
and that the government would not be called upon
to redeem them when they were thus convertible,
and that the Secretary oil the Treasury should be
permitted to exchange without ever increasing
the amount outstanding anc unredeemed) United
states notes at par for coin. SO as to
keep on hand sufficient gold to secure the contin.
ued convertiDty OF United States notes the source
from which the gold is to be obtained being the
s15,000,oO0 OF our Mines the sl25 COO 600 hoarded
G e Of te an sont for %
notation, increase the currency S6o,O0O,OO0 anu
retire that amount OF United States notes, and
thus accomplish the end sought, without an in
crease OF paper money and Without disturbance to
the banking currency OF the East, While the
venient amount to be kept convertiblej asserting
houses at money centres to return the currency
III,
rency without destroying Its national character
while the necessity Tor redemption will keep the
irom the Legislature or Governor of a State to be
required before a banking association Is created SO
A SOUTHERN VIEW.
GORDON, J. b. OF GeorgIa-We need more currency
than We have. We need more per capita in new,
growing country than IN an Old, thckly- populated
country, and We really have less than In any OF the
prosperous countries OF Europe. The national
bank monopoly ought to be broken down. But
under the present system no reasonable amount OF
Will either free the country from high rate
money or the money from the control of specu-
these two evils without making the currency and
low interest bonds Interchangeable with each, ana
thus giving elasticity. II we provide Tor convert
ing greenOacks into bonds, so as to relieve the
country OF currency when IL is redundant We ought
also to provide for the conversion OF bonds into
greenbacKs, when interest rules high and currency
is needed Tor circulation; but the bonds ought 10
not to be above Sper cent. High interest on the
bonds is wrong 10 the producer. we cannot
industries OF the country. A government currency
is BEST but 1t is better to have suflctency of
national bank currency than the present insuif-
cheney.
WE SHOULD NOT CHANGE THE PRESENT VOLUME
OF CURRENCY.
HOwE, I. O., WiscOnsin-'In justice to existing
contracts, legislation should aim to preserve, not
To clange, the present volume Of currency, Bank
ing should be free, so far as 1t can be- without
pansion. United states notes should be redeemed,
so Jar as they be. without contraction. Both
those obligations may be met by removing restric-
tions upon the number and circulation OF national
banks, and at the same time enabling the Treas
notes s are e added to the Circulation So legal
tenders whose presence Will always make re.
uay that JUSTICES viii know 10 no shrnEage as it
approaches, Will feel no shock as 1t approaches
specie basis
PRESENT VOLUME OF CURRENCY INSUFFICIENT
MERRIMoN, A. s., OF North Carolina-'I am OF
opinion that the present volume OF currency crcu-
lation sufficient to supply the regular legiti-
mate monetary wants OF the country, even II the
same were convertible into specie. therefore
favor increase OF 1t TO about 500 900, lnclud
ing what Is called the reserve in the Treasury or
S44, 000, 900 OF greenbacks now going into circula
ton. This done at once as measure OF relief
Congress, at TINS session. should devise and estab.
lish permanent monetary system founded on
specie basis TO 60 into effect gradually and abso,
the Iuture so that the business OF the country may
adjust Itself to the new system. To this end the
tue accruing interest the public debt should
be allowed to accumulate there, and the
national banks should be required to retain, as
part of their reserve, the gold they receive from
/ the government as interest on their government
bonds should be sold IN the end raise sufficient
amount OF gold TO make greenbacKs on the desiR
mated day convertible into specie as might be re-
CURED. Other additional means might be pro-
vlded for the accumulation OF specie in the country
preparatory to specie payments. do net believe
1t possible to make our purely credit greenback
currency appreciate so that II Will be equal to gold
and silver. credit currency is the poorest known,
cannot be made equal TO gold. IL may be forced
as a commodity 10 god value bql It cannot be
made its equal unless made convertible into specie.
These general vlews.n
MORTON, o. p, OF Indiana-"Specie payments
the normal condition or the currency when the
country itself is in normal condition. return
to specie payments should never be lost sight OF,
but the attempt to bring them about now by any
artificial process which would result in cOntrac ton
would be disastrous. There Is a large deman d III
many parts Of the West for increased banking Ia
elites. believe 1t would be better to give such
facilities by an increase of the currency to the
amount OF 100000 $50, 0OO0 900 than by taking
the currency from Eastern banks or the use OF the
!
lation as above indicated, while 1t would make
money plentler. would not deprecate the value OF
! the greenbacks but rather enhance their value
by making an increased demand Tor them for bank
reserves and the redemption or national bank
notes. That free banking would probably not add
| more than s50000,0OO 10 the national bank Cir
culation, certainly no more than would meet the
/ local demands and necessities, and would relieve
! the system from the objection constantly growing
in the public mind that banking Is monopoly"