New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-12-08

ing after a fixed day. The LIST day OF January 1879,
being already fixed ny law the time when the reden
ton United States notes then outstanding shall begn
IL would be proper and safe TO provide that such notes
shall not legal tender for contracts made liabilities
incurred after tho LIST day OF January 1877 Such an act
would too suddenly change the value OF the notes. ana
would not affect injurously either debtors or creditors
but would remove present obstruction to the retention
Of our gold end silver production and create demand
for the return gold sboad thus promoting maj
resumption by preparing the country for
FUNDING LFGAL-TENDFR MOTIFS.
uoranoe of the Of the act OF the last Con-
grcss provide for the resumption Of specie payments
the Secretary recommends thai authority he given for
funding legalcnder into bonds bearing low rate
OF interest Such bonds should run for longer period
Of time than those now authorized for reiundnc the
interest hearing debt and should be made available TO
national banks for deposit their circulation and
other liabilities to the Government and should bear
rate of interest so low as too rapid absor
ton Of the probable that bond bearing
interest az the per cent would invite the
funding OF a sufficient amount of legaltender notesto
lessen materially the Of gold which, IN the absence
of such provision must he accumulated In the treasury
by the LIST OF January 1879 carry out the Imperative
requirements Of the OF Jan L. 1873 If be apre-
hended that authority 70 the Secretary 10 fund an I'M
limited amount of notes might lead 10 700 suudeu
contraction the currency. Congress could limit the
amount he funded in any given period OF time Inc
process being compulsory as to the holders OF
United and the of interest on the bonds
being made it lie probable that currency when
could profitable employment would be presented iot
redemption in such bonds Only the excess Of notes
above the needs business would seek such conversion
Authority 90 tie Secretary Of the Treasury TO redeem and
cancel two million Of legatcnder notes per month by
this process would greatly facilitate redemption al the
thae now fixed by law and besides would have the al
vantage of publicity TO the exact amount to DC Wt
drawn in any gwen month Bonds issued for TINS purpose
should be OF the denomination S5O and $780, AID any
multple thereof In order meet the convenience oil
all classes of holders Of United States notes Tho fah
of the stands pledged to resumption on
and after /. 1879 and to the final redemption ana
removal the currency of the country Vi the legal
tender notes fast they shall DO presented ior re-
deInpon according TO the provisions OF the act OF Jan
IL 1915 70 on the Isl Of January 1872 WIN
out further legislation, would require TIE accumulation
Of large amount OF gold in the Treasury in order 10
avert The possibility OF failure OF the plan Such gan
amount of gold procured with difficulty. ana not
without moro less embarrassing effect upon the
trade and % and other countries Ihe
present abundance and cheapncSs Of both currency ana
CAPITAL presents favorable opportunity Tor the VIII
drawal and redemption of considerable part OF tho out
standing lcgal-tender notes thereby making easy and
electaa the redemption pledged Such withtraWal
O; legatcnder notes. thus dispensing with the necessity
for accumulate gold in the Treasury IN prol0ruoh'o
the amount Withdrawn, would tend to appreciate those
remaining outstanding and mako it easier TO protect ana
keep in the silver coin now authorized 70 Do
issued.
RESUMPTION Al A FIXED DATE.
The act last referred express recognition o. the
duty and obligation the Government to resume specie
payment the day therein named and however widely
different may bo of intelligent persons upon
the means adopted by Congress- 1t is gratifying 70 Emo"
that end sought to no reached has met tho concur
renee OF The country. and that majority OF the people
wherever the matter has boon publicly ana FUZZY us
ouse have siaed their approval of the determination
Of Congress u Je faithful its pledges, and to TeIeve
them o. the ills Of an rredsomabie paper currency
The ao in question not only makes express provision
for rcs,np at fixed date. but commits the Govern
ment to tho use all such may be no,lful to
that end experience shall show that the means pro
vdod by Congress need DO supplementary b. further
legislation Che easier and more certain accomplish
ulsnt Oi tne end, it must 30 assumed mat Congress
viii not suffer the great purpose 10 be mPeaei Cf want
OF suoh additional legislation The at coherS large
powers on the secretary o. tho Treasury touching tAc
issue OF United States bonds Or The purpose OF rocuiIns
Tho sGDly gold TO execute sleA OF l's pr"
visions .s 20 Immediate operation ana TO Pfo'lue
for the redemption in gold Of United states notes Out
standing On after the st Of January 1873 IN ts
rssct the ,ygcr conferred the Secretary il ample
but IT, foI any cause should 30 found unprecedented u
ncemuaie the Treasury sufficient am 'nht % Sold l"
carry out Lo provisions OF tine act the SECRETARY Is o
without tao choice Of accomplish the end
may perhaps doubted whether the process OF accu-
,nuatinc large amount OF gold by gyon time cond
90 on without meeting opposition from the hh'uc'a'
nov er % tAc world II - safe 70 say that 50 large an
amount OF gold would b, required TO carry Odt the pr
nose and tion Il he cannot b. suddenly acquired
II can be only by gra lu processes and 10y taking
advantage of favorable conditions OF the money market
from time So time.
The loss o. interest largo boarded in tho Treas
ury for q considerable period in advance Of JinuaI!
1879 T. consideration not lo he disrogarcd although
n sboud not be permitted outweigh the 1rneis 70 IT.
suit from fan and complete execution OF the act
The soretary regrets that III condition o. tn Treas
uy has been suoh as 10 rende it necessary Do mako SAL
OF gold coin from time to time to meet current eXenji
lures PAYABLE in currency such sales have been made ~
New-Yorh CITY. upon public notice, IN accordance win
the plan previously adopted, and have been limited from
month 10 month to The amount esary keep on non"
a suhlceucy OF currency TO meet probable demands
upon tie Treasury under existing appropriations 1t 10
the desire Of the Secretary retain IN the Treasury 50
t,r A. n,.oc,ble the gold received customs and
sales are discontinued whenever the balance OF cur
rncy IN tie Treasury is sufficient 10 meet currency pay
mGnts.
The rcror. OF the rocr of the Currenc cont aims
defense OF the National bank system. 1t also contains
IN addition 10 usual bank statistics tables showing
by states the ratio of National and state taxation i'm
posed upon the National banks Tor three different years
tables showing the and rate Of dividends made
semi-anfualy by the National banks IN the states and
principal cities for the last years comparison,
by States Of the amounts % deposits OF Institutions ohl
than National banks shown IN returns obtained by the
controller with those reported to the Commissioners Of
Internal Revenue for purposes OF taxation; table
tho transactions of the SewYOrk Clearinghouse for
twenty-five years exhibiting the percentage of currency
required payment OF its daily balances also
table exhibiting the percentage Of lost or urodeemed
circulating notes Of closed banks together with sum
mary decisions OF the supreme CONT OF the United
states IN reference ~ the National babhs .
number Of banks organized from the AUTHORIZATION
Of The svsfen 10 Nov l. 1875. 2307, Of which 20S7
Haaf.