New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-02

redemption tho capital which representsS these notes
them would be by them placed IN permanent
nracticaIly Then the banknoe would cease
To be legitimate currency Like the doVernment noto,
becomes the representative OF mo, %d be
only additional foreign, anu dangerous e'cucn III
the circulation.
But II the
BANKS ARE FORCED TO REDEEM,
,bev are forced 70 maintain within their control the
vare. which their notes represented and their notes
therefore remain a sound and healthy currency. ihe
health of FREQ banking depends entirely upon redemp-
ton Were the banks required 10 redeem IN S0d there
conId he no doubt of the wisdom OF removing any re-
srictOns upon the volume ~ their issue Du III our
ease Government has ntercred with the laws of trade,
and redemption may he made IN leSahIed rather Juan
Tuder these conditions redemption Is experiment
whether the legal tender itself piece OF paper can be
made 80 superior the bank note tna the hO1e OF the
han moo nm pcyer TO exchange il for the legal tender
is vet problem to be solved To insure the success OF
the experiment all artificial meaiS OF ihcgho'pE u
value OF legal tender should be Noptcn me .', Oh
the COMMITTEES finds legal tender now superior 70 inc
bank note mainly in the fact that the lega tuer - h
banks reserve This iBsures the cooperation oi IN
bank They viii force redemption A. Tor rs ther lhia
ence reaches. IA their influence suhcent 10 reSuate
the whole Issue am OF opinion that il Is; tna whether
the citizen prefers the national note to the DahA 0te %
not II the banks 10 safe and practical redenptou ~
secured The dangers o. fixed volume OF snen e,aonS
"a masses lOr money view OF the probability Oh piic,,
IL such that the prudent mind may well choose he Sh
of nrctir redenpt0n There danger Oh less suffer
ing from essiyc issue OF bank notes "ncn az
sent redemption than there - from ,he uo
vastaiinns af a panic which would be aggravated 0y a
limited ISSUE Even without the restraints OF redenp-
ton there ia little danger or an excessive I1'h' my
nroi,s of the banking system longer great Inc
nnurchase of the bonds requires mucl money. Ihe
$50 100000 Issued in 1870 has but just Deen dsttlou'o
Under these crcumstlBces the risk cannot be great
We could afford to run greater risk SIMPLY 10 check
that of monopoly WHOM WIN De Gs1u io ~ Ger
tain citizens excludes others from the proh's Vi 'nc
NOTICE THE LAST PROVISION.
hail ot M our yOit IN
buy bonds that we will pay. save our gold to pay
o,goons that are due before we anticipate the pay
ment OF obligations due This IS simple business
Thrift aud honesty. Our gold can s be uscd FOR the
expenses of Government when needed. with TINS
drain upon tho Treasury ana the dlnnsne1 Ihcome VI
the Government gentlemen who deal In goa hecu nave
necessitl~s of the monthly payments fear they may
In that case the deficiency must be met by
sale OF bonds increased taxation. Against slch aen-
cheney the ways ana Means o0nIDiLce " ''D.J Si
grass may need to report But the sale or rev bonds
Cnntnne The disgrace OF an irredeemable currency
Another objection is, the gold grethDack m4hcs
another KIND of currency That Is an OilecilOh; Dut
both kinds perform the same functions anu II IN cci-
latiOu, must pass at the same value.
TIE LAST OBJECTION
is gradual as the process Is process ultimately OF
contraction. and must entail some suffering. This Is
true 1t is idle TO disguise it. We regain specie
pavments only az a cost But il il worth the cost The
people ready 70 bear the pain they canOr for tue
knIfo shall them. Snail we lack tho courage
| A ~
ermin ton the start. Bgin 10 rid uS OF deprecated
currency that stops trade, saps our morals, ana
makes me rch richer the poor poorer Bgs1 TO
Of the world We freed the slave; We saved the Union
We will pay our debts.
| M nAWLEY QIep Comm, another member Of the
| Banking Committee, followed on the same side. He
argued that II the pledged to anything 1t
was pledged to the early resumption OF specie
IL was pledged TO the redemption OF the legartender
currency ana that pledge should DC Kept. Ihe action
of the conventions Of both great political parties
in favor OF speedy return 10 specie
| tiona The forty-four million imitation, He
declared that be could not vote Tor the pending PHI. ne
knew that it had good thing in it, and that was the
feature introduced by Nj Phelps, providing Tor the
monthly issue OF OO0GO of gold notes as Substitutes
for an equal volume OF egalender notes. redeemabe in
two wears; so far bill good, for 1t planted a
mustard seed OF resumption. IL began 70 look tOWatu
real money byandby but he was not satisfied with the
any bill which did not bear IN mind me great primary
| duty Of returning to the true standard OF Vaue;
| The practical redemption proposed 10 nnS Dill
| but there they termed it " three card monte"
He would every dollar OF paper money out OF
his and out OF his state before he wOnd consent 10
ten cents OF imitation. and he would stay at home from
Congress all the OF his life rather than do IT, He
warned the House that passed bill would be
taking step fraUght with evil 10 the country than
the Kansas abraska bill, which had been big with
controversy ana Would they, he asked, ever ma
Would they ever have more virtue IMAM nov ne ue-
clared that he would not vote for any man for ONCE,
even his dearest friend VINO dd mol have SOUND prihcl-
piles the question OF return 10 specie payment
AT the close OF Mr.. Hawleys speech cooduy arose
between Mr.. L. r. HOAR Rep, Mass) and Mr. Ell
DREDGE (Dem Wis., in regard TO the legal tender de-
csiOn of the Supreme Court Mr.. ELDREDGE declaring
that the decision would have been different If two new
Associate Justices had not been appointed at that time,
and Mr. HOAR asserting that the decision was made
before their appointments. .
The House then. at O'Clock. took recess till II, the
vision the laws. Mr. POLAND Rep, VT stating his
belief that would be finished at tins evenings session