The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1874-07-09
Some Opinions az the Press on The New
Currency NH,
Now York llnllelIn


Currency NH,
New York lulletn.l
The transfer of 100000 600 of hank
circulation fr0m the east 10 the west
may have been well enough az pollt-
lrnl sop 20 satisfy the west, hut Il Is
net likely 10 prove Of much cOnse-
quence as u ilnancial eXprdlent II
carried out II would he n transfer of the
privilege OF Issuing notes without an
actual transfer Of circulation; for the
west would have Ia purchase Of the
east the bonds required "a, security
against the notes II procured, aud To an
amount of about twenty-five per cent
| I'm market valne) la excess of the cir
cullatlon secured. The transfer would
amount 10 about this; the eastern
banks would sell their bonds TO the
west, at about 10 cents on the dollar
and the west would receive notes to
the extent of 80 cents on the dollar so
the operation increase, nj least tempo
rarlly, he amount OF currency ut the
east and diminish II at the west. In
other words, the West would have to
advance about $40, 900, 600 toprocure It's
S55,0O0,0 900 Of bank notes. II that see
ton should find IL convenient aud to
It's interest 10 make such an exchange,
the eastern banks would have their
loaning power thereby largely In
creased.
Cincinnati Commercially
There Is less mischiefin the measure
worried through congress than We ex-
pected to find In any legislation, touch
ing the finances, by that most flotu-
lent and stupid body; and yet to have
done nothing would have been u great |
Improvement over that which has
been done. IL Is the assurance that |
congress Is about to adjourn that helps
the people. The Richardson "reservcr
lsno more, and If there is an encour-
agement Of unsound banking N the
abolition of the currency reserve, II Is
some comfort to know that the paper
mills are not AT work to grind out cur
rency. The Spectators in politics who
have been toilingto set up new party
In the south and west protesting 10
demand popular relief, but meaning
reputation, are badly beaten.
philadelphia LEDGER
There are some countervailing pro-
visions in the act-points looking TO
contractiOn-but, on the whole, the
measure is one of imitation, though
initiation. The one great vio-
lation of principle which no mitigating
can offset, is the assumption
that congress may in tune of peace de-
clare II paper promise legal tender for
existing debts. We have always held
that no such power is possessed 10y con-
gress, even IN time of war. The only
ground taken by the supreme court, at
its rehearing of this question, was that
the legal tenders were only justified rs
n war measure necessary to carry on
military operations for the support Of
the government. On this extreme plea
there can be no legal justification of the
recent issue of twenty.siX million dol
lars. This is not 4 time Of war, and
there is no pretence of necessity which
might not be urged every day Of the
year, under any and all circumstances. !
Therefore, this further step is entirely
N the wrong direction, and an pnwar-
'antable surrender to congress.
lSt. Louis Republican,
~ hNlNlISi lilt
volume OF currency; it leaves it as it
$. 1t is a mere placebo given to the q
country to quiet their anxiety on the .
subject of the finances. The bill is
'alled compromise measure; this
means that as congress and the presi-
lent cannot agree on n remedy for the :
Existing suspense, they will pass q law
o do nothing-which, by the way,
would have been as effeetually done
without the law.
Minneapolis Tribune.
The currency bill at last assumed the
orm of the redistribution of the cur
ency already out, all illusions to free r
expansion and contraction,
icing omitted. 1t proposes to buy
81, 900 from the east and sell ii to
he west on the same terms, and this
Iaked proposition seems TO have the
pproval OF most of the members from v
Ii sections. But, either wisely or I'M l.
wisely the bill is ridden by a provision =
0 reduce the bank reserves, and to re- Y
ease the surplus into circulation,
'hich, will have the immediate effect
imitation to the amount of the sur
lus. n
philadelphia Press. u
Halfway measure as it is, the new
NV contains some excellent features
nd avoids some very bad ones. We
Ould not have expected anything half A
D favorable to the producers of the y,
puntry from such chaos of conflict
lg opinions as the three branches of
he national law-making power have
,r some time constituted. The whole
feet of the law should be decidedly
.vorable to every form of business ac- 70
witty except stock and gold gambling, =
nd we fully believe that it will be. u
here is already increased activity in v
he stuck markets, and everything
ears more cheerful aspect. 1t Is
cry much that we have escaped an at. p
'mpt to force specie payments before H.
leir time, and that the treasury de-
artment can 10 longer plav fast and be