Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1874-12-24
THE SEN ATE PLAN.

A caucus OF Republican Senators
has agreed upon the following flnan-
cial plan:
/. That specie payments be resumed
Jan. l. 1S79,-four years hence.
2. Free banking. abolishing the ex-
letting monopoly.
3. The retirement Of the fractional
currency, and substitution therefor Of
small silver coinage.
4. A retirement Of greenbAcks in
the proportion Of ~ per cent of the
additional National Bank currency ~
issued, until the aggregate is reduced
to $500. OO0, 900 OF greenbasks.
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.
We don't see any good reason why
this basis for a settlement Of the much
vcxed financial question, should not
be accepted by al the factions Of the
governing party In Congress; incor-
porated into 4 law, and then prove
satisfactory TO the entire country.
1t will be seen that the scheme fixes
. day upon which resumption ia sctn-
ally to take place. This viii enable
all reasonable obligations incurred on
paper basis, 10 have time for pay.
ment, and The idea seems to be just
and equitable 10 both the debtor aud
creditor classes.
1t abolishes the monopoly in the
National Banking Law. At present,
John Jay Knox, Comptroller of the
currency, 10 virtually the Autoerat Of
the finances. lie decides where they
need more money, and authorizes the
establishment of National Banks
where be, in Washington, thinks they
may be needed, Of course hedged
around BY certain general provisions
oflaw.
This monopoly and Capitalization
idea, ought to have been exploded
long ago, and this proposition under
consideration will enable any man or
cot OF men having the requisite gov.
eminent bonds TO deposit, 10 secure
the bill-holders,to 60 into the banking
business, subject alone to the laws Of
supply and demand.
The plan gets rid Of the pestilential,
dirty, counterfeit postal currency, and
substitutes silver In its place, and we
would like to see the man who would
not second that proposition.
These are the principal and import
ant features of legislation agreed up
on, and 1t will be seen that they are,
in the main, In accordance with the
wise and ststesmanlike recommends
tions Of the President in his last mes.
cage, touching these questions. 80 fi
If:itwere possible aud Constlt ation.
81 to have Congress prorogued for
I'VE yeara, We believe that specie rs.
sumption would result in thirty days.
1t 10 this continual legislation and doc.
toring, which unsettles and makes
feverish the finances.
Therefore il 10 the opinion of the
COURIER that the Aforesaid plan 10,
perhaps, al thisgs considered, the best
ono yet devised, except Of couEsa. 60
verely letting the finances alone.
Since writing the above, our morn.
ing dispatches announce the passage
of the Sherman bill In the Senate,
which IL, In its main features, In &C.
cordance with the programme Of the
Senate caucus.
Our dispatches give the substance
of the measure and the proceedings
touching ito passage. It will be seen
that the vote 10 strictly partisan, the
Democrats alone voting against Il,
while so.called inflationists, like Nor
ton, Wright and Logan were found
voting with the pronounced hard.
money men, like SEIZURE, Sherman and
Chandler for the hill