Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1874-12-10


ton the Secretary is very pronounced
in his views. He says:
TIE law should alec authorize the immediate
conversion OF legal-tender notes into bonds
bearing low rate of interest, which. while
inviting conversion, should not be SO high as
to appreciate the legal-tender notes rapidly,
and thereby operate oppreseively en- the
debtor class As an additional inducament to
the conversion of United States notes into
these bonds at a low rate OF interest. author
ity should be given for making them security
for the circulation of national banks. The
law should further provide the means for the
redemption of such notes as NAV be pre-
sen.ed for that purpose when the period
of resumption shall have been reached. To
this end, the Secretary should be authorized
TO make loan not exceeding the total
amount of notes remaining unconverted at
the time of resumption. less the surplus reve-
nue. to be made applicable to such resump-
ton. 1t is probable that the gradual and
continued revival of business will so far in
crease the revenues that large loan will not
be required for this purpose but it is advisa-
bic that the Secretary be authorized to make
it in order to meet the contingency of fail
ure of sufficient surplus revenues. Such
loan should be made by issuing bonds to run
for such time as the wisdom of Congress may
suggest, and to be disposed of from time to
time as the necessities of the case may re-
quire. In the opinion of the Secretary
these bonds should run for a long pc
Rod, and should bear interest at a rate not
exceediIg.th lower rate which the govern
ment may then be paying in refunding it's
per cent securities. Any suits ant al or Us g.
full movement for resumption necessarily in
wolves SUPP lying the Treasury with increased
amounts of coin, either by increased revenues
or any adequate loan The present condition
of the credit Of the government, which would
be further enhanced by the adopt n of
measures for return to q specie basis, leaves
no room for doubt that loan for such pur-
F, pose would be readily taken at q low rate of
interest. Measures should also be adopted
| requiring the banks to hold gold resei yes
preparatory to resumption on their part.
But the Secretary does not deem it proper
to pursue the matter in further detail. If
| Congress shall conclude, as he earnestly hopes
1T will, that the time has arrived for the enact
ment of d law having for it's object re-
sumption of specie payments, its own wisdom
will supply the necessary methods. That
which is of the highest Importance is the
adoption Of the definite policy of resumption.
In view Of the great and pressing importance
of the speediest return to specie payment
| consonant with steadlness of business and
avoidable of violent and sudden contraction.
discussion of mere details in advance becomes
of little practical consequence. What is de-
manded by the best interests of the govern
ment and the people, and by the highest con-
| siderations of virtue and morality. is that
Congress shall undo that state OF
things which only the necessities OF
war justified or required in this re.
| spect. A wise modification of existing
statutes, which neither enable nor permit the
executive branch of the government to effect
the restoration of a sound currency, will leave
| the laws Of free trade to resume their opera
tions, and many matters of detail will adjus,
themselves. When the government shall have
| resumed specie payment. 1t may be expected
| that gold will flow into the country in obedi
ence to the law of supply and demand; the
| export of our god product will greatly dimin-
ish, and the millions of gold which now con-
stitute only commodity of trade will resume
its proper functions by becoming again par
Of the circulating medium. With the adop
ton Of the policy of resumption, free banking
may safely be allowed, and the deficit of th'
actual amount Of coin available for circula
ton can be supplied BY bank notes convertible
into coin, in lien of an inconyertible pape
currency.
The enactment ola law having for its pur
pose the substitution of q sound and stabl
medium of exchange for an irredeemabie pa
per currency will tend to restore confidence
and thus cause a revival of industries an
general business
} Thsre will be no better time in the futur
to enter upon the work Of returning to
specie basis, and the Secretary feels that h
! cannot too strongly urge the adoption of th
measures he has indicated, or such others a
} Will more certainly lead to the desired end.
In connection with this subject the Secrets
ry deems it proper to suggest, for the, consit
Grafton of Congress, the importance Of th
most rigid economy In the public expend
lures.
: The length Of time that has now elapse
} since the final overthrow Of the rebellion,
: well as proper regard for the faith of the nj
ton, admonish us that initiatory steps towar
4 the redemption Of it's pledges ought not to I
: longer postponed. It is not unworthy Of r
mark that the era Of the war will not be close
t until the period of redemption ehall have bee
Q reached.
9 In country like ours, with varied industri,
: and extensive commercial relations among i
4 different sections and with other nation
d and peoples stability of the circulating 10
: dunn is indispensable to the general pro
8 perity- Credit, which necessarily ente
largely into commercial transactions, c,
only be steady and secure when it has for
foundation q stable currency. The quality
stability in money attaches only to col
which, by common consent Of mankind,
l. the medium of exchange and to a paper Gu
j. rency representative of coin, because CONVEX
e IDLE into it at the will Of the holder. IT
reaeon is obvious; for coin, besides being re
ognlzed throughout the wcrld as q mediu