, 1874-12-08

partmont At Wnahlagto1l, D. &.
;, un account Of the Bubscslp!ton8 Of Mesara-
hothachiid aud so''gmnn, and their nsaociateH,
and thoso OF lotno snbscriLors,. calls fur per
coMt f-20 bonds Of tho toan OF Feb. -. 1867
have boon inado AZ follows:
aug aae; a5 w.
FeF'. IHEUW,gV
g@ot @ !, ~ lo0og CM
,ooo
Tho c1ooas Of subscriptions ovor cn1la-vix
a1l3. .b50-has bsen provided for by nncallod
honda which havo icon received by tho Dopart-
1Maht IN payment for TINT nmonnt
1he !atEor portion OF tho bonds Hubocribcd
for hRa thus far baon nogotlasol in Euiopo,
whero exchanges aro still! being mado.
RESUMPTION OF arEctx rAYMEn1.
70 mich leB been spoken mud written within
tho last decudc, mud especially at tho Inst session
o. Congress-. on tho financial questions relating
TO nnd growing out Of ol1r. currency system, that
futtlor EXTENDED dBotssion Of tho subject at
ibis titno would scarcely seen, to DO nccossary.
Tho op1ntons ento1tainDtl and cxpresned by pub.
tho scnaa Of Cohgross 90 heretofore indicated by
tho votaits OF tho t"o flouscn, must bo accepted
"a ono OF tho factora OF tho financial problou.
Nevertheless tue groas and paramount Importance
Of arriving ut All ultimate solution Of the nlRttor
| mud of restoring to tho Government aud Tho
| people Bound and ntab!e currency. iutlncoH tho
| Secretary to bring tho subject agaiu to tho at
teution OF Congress. aud to ask thut decisive
totilrr to spCclo h1slH.
To atten1ps all enumeration Of the complicated
| miBchicfs which How from All unstable or ,uoun-
vcrtible currency would carry this report to in-
rcpotit!on OF what han boeu otton sald. No na-
! tion carl long neglect tho wholesome maxtnB,
founded upon universal exporioncc. that uphold
| public credit without suffering financial i,s-
upon Its people. It viii not bo dcniod that the
| exlattng issue OF legaltendcr notes, Us a crcu-
| latlpB medium wo'tll mover ha:e beeu Mado
| except i'll tile Nroas clnerEoncy Of 3 war invoy-
nation, Whether the arGanent III support OF
tho validity Of tho Logai.Tendor acts. bo
rested upon rhc war powers conferred OIL
tue Government by tho Constitution or
olcar that Congress- could not have bcen
/ induced to pass such scss under any other cir
cnnlstauccs than it, u tinlo Of tho most pressing
and urgent need. auoh aB . state OF war only
power to 1ss,!c Qoyerumeus obligations, and
make thon by law legal tonaor for all dchta, pub
lie and private, would Bcarcaly 10 found to atyo-
cats the oxorcioo OF the power except under cir.
cunletanees of extremo neeessity, and thon only
! abundant evidence In tho dpbnteB and proceotl-
ings Of CoDgreAs, aud III tho statutes Themselves
TINT II Nas lot intended to mako tho legN-tculor
Motos Tho permai'ont currency OF tue country
| The acts authorizing tho Issue OF auch notes
provided for their conversion into hollds Of tho
United States bearing interout st tho rate Of per
| centum per onnum.
The set Of March, IS, 1860, in tot7ns doclarcs
that ''TEo faith Of the United Hsates is solenlnly
pledged to tho payment iu coin or its equivalent
Of MI obligations Of tho Uuitod States not boar-
ing Interest,", Known as United 6tates notes. "
Tho eanlo ncs further anlrms tbat ''1flo United
States solemnly Pledges itH faith to mako pro-
vigon D: tic earliest practicable period for tho
redemption Of tho United SLatcs notos iu coin u
Tho purposa Of the act is well expressed in its
ttle which declares il to be "An act to atrepgth-
en the public credit" and that such was tho
effect Of tho act cannot DO doubted, for it Ia an
unconditional ASSURANCE on the part Of the
Government not. only thaf ita notca shall be
paid in coin. but that this shall DO done at the
earliest practicable period Tho fatb OF the
! Government could not bo moro clearly or abyo-
lMtely pledged than is done by this act 0f Con-
grssa, to sny nothing Of previous legislation.
Tho lcnsth Of timo that has now elapEed sinco
tho final overthrow Of tho rebellion, As we'll aH
nonish 11s chat initlatory steps towards the re-
demption of Its pledges ought not to be longer
postponed. t. ta not unworthy OF remark that
tho era Of the War will not be closed until the
period of redemption aanll hnyo been reached.
It is nometimea urged by tho advocates Of o
continuance of our paper circulation that, ltE
amount being now definitely fixed by law. it IL
not Liable to tho fluctuations In volume which ut.
tach to a currency that may be Increased or di
nlinisned at the will OF tho Secretary; but thi.
suggestion leaves out Of view entirely the fac
that It is Of little consequence whero tito powel
to change tho volume Of currency rostat the
difference being only IN tic degree Of proba-
bility of its 1so. The existence Of the power Al
all and tho apprehension Of its being called into
| exercise, ia tho evil from which mischiovouf
consequences aro Likely to flow. The quality u1
| merce. and Which regulates the increaso or din.
inntion of tho volume Of tho circulating med
un1 according to the requirements of Legitimate
bualness, is Of value: but tint which is con.
-iu1 J~rrfu ufn4$r
upon party exigeneios or tho supposed necoss
| ties Of tho Treasury. or the demands OF specula.
tive enterprise. is objectionable in the highest
dogreo. Such currency il linble to sudden and
| violent expansion or contraction, having no ncc-
osaary connection with tho legitimate doalenlA
Of trade 2nd commerce.
In country lko ours, will, varied industries
| and extensive commercial relation among ite
peoples, stability OF tho circulating medium is
indispensable to tho general prosperity. Crodit
winch nocezHarily cutters largely into commercial
transactions cRu only bo steady and secure wllel
quality OF stability in money attaches only te
coin, Which. by common conaent'of manklnd, il
the medium OF exchange, aud to a papor orls.
rency representative OF coin, bocnuse convertible
INTO il at the will Of ths holder. Tie reason il
obvious; for coiu. besides being recognized
throughout tho world as 4 Inotiun, OF exchange,
has e high intrinsic yaluot can bo procured oDlj
by labor and in limited quantities which cannot
! p9 lbEfeAEeQ GY bthkutoFy laws, nor GldAG1!y ~
other meang, Wbilo inconyertiulo papor money
may be produced in indoanito Quantities at {
nominal cost, note OF tho faighest denomination
costing no more than tho lowest aud its volume
depending solely On legislative enactment.
I'he history OF irredoemable paper currency TO
pcass itsoli whenever and rhareyor 1t Is ,lsol
II inoscasoa present prices, deludcs tho laboror
with Tho idea that ho is getting higher wages
and brIngs fictitious prosperity from which fol
low initiation Of business and credit nud oxcees o
onterpripe III over-increasfng ratio. until it il
tlisuoyorod that trade aud conlmerce have become
| fatally discussed when confidence Ia destroyed
aud thon cotacH tho shock to credit, followed by
diaeater aud depression, aud donland for rolic
by further isBuoH,
A dollar logal-tendor nose, such as IL nov II
circulation, 10 neither rlore nor less than tht
promise OF tho Government to pay dollar K
tho bearer, while no express provjslon ia lnaat
J BY law for paying the dollar 1t any time, what
evor nor 10 there uny existing provision fol
converting It Into nnytllng that Hta,lla in tau
9iblo ratio to coiu dollar. 40 fur az existing
laws 20. there iB uo reason why tho lesal-tondcl
l.oto OF tho denomination OF dollar should pag,
for ! cent Of gold,, oxcopt SO for nj
copt it in dischaEe. Of obligations tt