The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-12-10

Gen. GRANT seems to mean well enough
in regard TO the currency. He olngs to
his views Of resumption with tenaoity, and
h II probably not his fault that he does moi
understand the subject better. He presses
The repeal OF the legal tender act to take
sffect within a period Of time which is
quite out Of the question; and II Is q mis-
fortune that he has no financial ad visers In
or out OF the Cabinet to tell him so. He
makes an equally great error in proposing
that the Secretary OF the Treasury shall
DO instructed to redeem the greenbacks in
A8.G5 bond, and be directed to take in two
millions month This Is but the smallest
half of the proposition of the infiationists.
IL takes away two OF the four legs On
which that proposition rests, and for this
Fsason 1t Is impracticable.
Unless the 1855 bond Is recoverable
into greenbacks, there would be no CONVEX
Aon at this low rate; and instead OF the
Beoretary's getting two millions month
he could not get two dollars a month by
any such arrangements The President
mistakes the real purpose and character Of
Che proposition for bond redemption of
The greenbacks. 1t il not intended as a
means for their conversion with anything
hike the rapidity ne imagines; and II the
scheme should be adopted, allowing q rate
Of interest which would represent the par
value Of the greenback in coin, say As high
- ~ per cent, il would not lead to any
conversion OF the issue into bonds, except
h an imperceptible manner; and there
need be and should be no rule
laid down nor law enacted IN re-
gard 10 the amount of the monthly re-
aeInption Such rule or law would be
wholly imperative. The Secretary might
limit the amount he would receive. but he
would be powerless to redeem what the
holders did not choose 70 have redeemed.
Besides, nobody would ask for redemption
unless he wanted to lend money perma-
hsntly at Al per cent. and every body can
fudge how many Of such people there
would be. 1t is only when money is super
abundant that any of them would appear,
and then they would come in very lin
Ned numbers. The proposition which the
President makes to redeem two millions a
month in bond bearing but 1866 interest.
h thus seen TO be absurd. II is rate at
which nobody would fund dollar, and it
y too low n rate to do any good In steady
UAB cut1s
The object of funding at four and half
DCr cent. Is not TO reduce the existing vol
Ume OF greenbacks, except, as we have
mid, In an imperoeptlble manner, and
Hsver, except when the process would be
% easy as to be unknown and unfelt by
Tho trading and financial world. The pur-
pose OF the bond redemption Is chiefly to
give stability and steadness 70 tho value
81 the circulating medium, and TO fix the
Auotuatiou in the price of gold within
narrow limits. These are things OF abso-
hto necessity at present. and so long rs
nothing il done toward them. no oiroum =
stances and NO lapse OF time can much
Improve the commercial condition of the
country.
II Is pity the President, who Is SC
asarly right In his intentions ON this sub
tsot, should not have had someb ody near
him to make this explanation on both
branches Of this bond redemption project
because, then his recommendation, by be-
enR made In the proper shape. would havs
Asrived some weight from being Vivifled
9TH an apparent Intelligence. As It Is
- --A~ iniAnt4ona are b Uaat axtsp