New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-12-27
TIE RETURN 10 A GOOD CURRENCY.
CONTROLLER HAYES OF CHICAGO OK THE FISANcIAL
SlTUAION-A POLICY OUTLINED.
70 the EditOr OF The Trtbune.

CONTROLLER HAYES or CHICAGO OK THE FISANCIAL
sTUAIoN-A POLICY OUTLINED.
70 the Editor OF The Trtbuhe.
SIR: have never known time when party
names aud lies had little influence upon voters
There 10 be general desire TO such policy
rs mag wise and beneficial, and equally general
disappointment that such policy has been embodied
in the resolutions and public utterancs Of either party
In my opinion conservative judgment OF the country
Is not represented in the position OF either the imitation
Jets the conracti0uists 20 far the Democrats II
Oo and Pennsylvania have been placed the position
favOrng unlimited increase OF lcgatendcr paper,
or the redemption of that paper in currency bonds or
the refusal pay the bonded de0t of the United
accordance with the acts OF Congress creating it, and
subsequent acts pledging the faith Of the Goyerm
IFS payment in coin, or the destruction VI the present
system OF banks with their circulation secured by
deposits with the Government, 1 think they
viii not be sustained by the Democratic party. On the
other hand any attempt to abolish the present financial
system by Withdrawing the United States lesaleuder
paper and the secured bank circulation, aud return
simply gold anu the old system OF wildcat banking,
WILL in my opinion he sustained by the voters OF tho
Republican party think the political necessity OF the
hour the presentation 70 Congress and the country of
clear and wedehncd proposition 10 protect, preserve.
and make equal with coin the currency 10 IL, without
reducing volume diminishing thc security FOR Its
redemptionand that az the earliest believe
proposition will be approved by the people with
ont regard party whenever issue made upon liz
and also believe that il Is the duty OF Congress TO settle
the question this Winter, and give relief from
pense that il paralyzing oar industrial interests by
adopting the legislation necessary 10 carry such pTOpo
sition immediate effect. would give distinct form
TO that proposition ~ follows:
l. That immediately upon the passage OF the necessary
act Of Congress the Secretary the Treasury shall ex
change for paper of the United states when
presented In one Or more thousands Of dol
interest payable In COIN running thirty years longer
bearing interest at four and half per cent or such
other rate as would ordinarily make the value OF the
bond par gold a the option OF the United states
shall give coin for such legaltender paper upon such
presentation. such option to be made known by public
advertisement. and be uniform and general APP
pcaton for the time and to the specified such
advertisement.
>. The legal-tender paper redeemed by the Govern
ment be reserved for aud applied in the purchase OF
outstanding bonds OF the United states bearing higher
rate Of interest than tho redemption bonds. such puf
chase to be made by public bdliugs, duly advertised
whenever the redeemed legatender paper shall amount
to a certain sum, Say S5.000.000 or SlO,O000OO.
3. The demand notes OF the United states TO
exceed the amount authorized, and 10 remain
legal tender for bank circulation, and all other indebted
except customs, duties. AMI interest and principal
of the Government bonds, aud such debts and liabilities
by the thereof have been made specifically pay
THIS financial plan would secure the following results
a. The bank circulation would continue, now amply
secured CD M upon banks or corner In the gold
market could aha ct the currency IL 90 mo
currency being brought To par, all tlo coin m tho
country womb ne utilized a. No apprehension or dis
trust ud affect uturc transactions az hinder The pros
ecutinn OF legitimate enterprises tJl The volume al tho
circulating medium being preserved and cOnnicncc re-
stored increase III it, falue would not deprpciate
pron,rty but debts cOdld be paid In ordinary times
Nv f,ir ,alrs and conversion " assets.
/ will only say, in conclusion. that the country will
lose thousands millions by extending the process OF
contraction term Of years provided by the aw
the lnst session oi Congress, and that the abandon
tho present currency aud the enforced h'iuda-
ton Of all liabilities IN coin would produce alinust
universal ruin. This cnterpfisiDg manufacturers and
business and the laboring classes arr enttcd to
consideration the Government Justice ana sVei
faith that violent aud extreme measures should
not resortsd that the nancai conditions now ek
listing should not be wantony changed, but that security
aud confidence sluld be restored anf productive indus
Try promoted by the adoption of periianeht system
adapted to our situation aud approved by tho exert
ence common and practical sigacy Of our rrpe.
trust the approaching session Of Congress .ut
sfatesmtn VIII prove Themselves r'il 10 mo ons',
gency and regardless OF supposed pir'y interests WIZ
! unite IN giving relief to the country b NihA
| Yew. York. Nov. 8, 1870.