The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1874-12-26
The Financial Policy.

The Financial Bill, agreed TO on
Saturday by the Senate Republican
caucus, and reported to the Senate on
Monday. Its leading features are sub
stantially a follows
First-Free banking to be open to all
individuals and associations, without
Limitation of capital.
Second THE retiting Of an amount of
greenhack, equal to Gig ty per cent. of
the amount of new national notes issued,
until the greenback circulation shall be
reduced TO 5000, 900, 900, after which no
further reduction of the greenbacks Is
to take place. 1t is claimed that by
this provision there will be neither rx-
pansion nor contraction of the currency,
as about twenty per cent. Is now re-
Quired AS bank reserves.
Third The withdrawal and deStruc"
ton OF the fractiunal currency and the
substitution of silver coin, the arrange
ment to 60 into effect as soon as prao-
ticable under the direction of the Secre-
tary of the Treasury, who is authorized
to use the surplus money for supplying
the silver coin, AMI ii this is not sutii-
cirnt to sell the requisite amount of
bon 5 of the new series to obtain the
funds for that purpose.
Fourth Removing the cost for the
coinage of gold at the several Mints.
Fiith-The resumption OF specie pay.
-ments to begin on Jan. J, 1879.
The Secretary is authorized to use the
surplus specie in the Treasury, but if
that is not suili cient, to sell bonds in
order to obtain gold to pay the Treas
ury notes. But this last provision does
not, like the others, 60 into immediate
effect. The legal Tender act remains
undisturbed.
The bill having been agreed to almost
unanimously by the caucus, there being
only four members dissenting, insures
its passage. by the Senate, and it is
thought by Senators that it will pass the
House of Representatives by respect
able majority. No doubt is entertained
that it will receive the approval of the
President, as it is in accordance with
his recent recommendation to Congress.
1t is said that so much of the frac-
| tional currency is mutilated and lost,
as much MS four pre- cent, annually,
that silver can take its place with no
Inconvenience to the public, The Gov
ernmeut is able to purchase and coin
silver at profit, and can at an early
period effect the substitution.
The bill is in acco rdance with the
views of the Secretary Of the Treasury
contained IN his animal report, he hav-
ing exprs sed doubts of the expediency
of continuing the charge for the coin
age of gold which tends to create an ad.
verse exchange and causes bullion to bt
exported to London, and have recon-
mended, with view to the resumption
OF specie paym ents; the manufacture
of large quantity of silver coin Il
take the place of the fractional note
BEGINNING with the smallest denomina
tion and gradually Withdrawing The
notes.
The Secretary says the estimate 0
the Director OF the Mint, shows gail
in the specie and bullion in the last tw
: fiscal years of about S3S, 100000, an,
the stock specie in the country to b
: about s &c, 100000 The estimated in
crease OF coin and bullion is gratifyin
as being one of the evidence of gradr
al recuperation of the country from tn
- effects of destructive civil strife; an
e in connection with an annual produ,
d tion of about $4,000 900 of the pr,
IS cious metals affords encouragement thj
h stock of coin may within SEASONAL
~ time, and with favorable legislation,
accumltted TO an extent sufficient
re enable the resumption of specie pa,
/ ments 10 be undertaken and maintai
u, ed.