The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1875-01-14
THURSDAY, JANUARY 18th, 1875.
PASSAGE OF THE FINANCE BILL


The Finance bill, which only needs
the signature of the President to become
law, contains In It's three sections
highly important clauses.
The first directs the Secretary of the
Treasury to redeem the outstanding
fractional currency in silver com at par.
All the fractional currency is to be thus
retired as soon as possible.
The second makes the coinage of gold
free. No mint charge to be made here
after.
The third authorizes free banking
throughout the United States.
The fourth provides for the retire
noent of S92, 900, 900 of the present
greenback circulation ($302, 900, 900, as
soon and in proportion as 800, 900, 900
additional bank-currency is issued. A6
The fifth directs the Treasurer to re-
deem the greenbacks In coin on and at
ter Jan. 1, 1879. He is authorized to
use the surplus revenues and to sell
bonds in order to do so. The bonds
must not be disposed of at. less than
part in coin.
Speaking of the bill the Chicago
Tribune says The Disappearance
of the torn, dirty, 1isreputable
postal currency will be an. unmixed
good. The use Of silver in small trans
actions will familiarize the people with
the idea. of specie payments, and make
final resumption more easy and deslr-
able. Only experience can show, how
ever, whether the silver will stay in cir
culation or be shipped abroad. We in
cline to the opinion that it will at first
be somewhat boarded, but will soon be
freely used. The second proviso will
enable the minis to coin more gold. and
will thus pave the way for resumption.
The third is eminently wise. Hereafter,
banking will be no more of a monopoly
than the cultivation of corn, or the
manufacture of boots or iron. Any one
with money can go into it. This spirit
of the age and of the American people
are opposed to monopolies, and the re-
moval of this one will be received with
general satisfaction. Free banking will
make the supply papermoney coincide
with the demand for it, and thus there
can be no reason for clamoring for more
irredeemable greenbacks. The fourth
proviso is the weak point of the bill. We
should have preferred provision for
the retirement of the greenbacks in GER
tain fixed sums month by month, be-
cause this would have secured their
withdrawal, and the free banking clause
would have been a perfect guard against
any monetary stringency from contrac
ton that might otherwise result. More
over, the greenbacks, when retired,
should be cancelled. Those defects,
however, can be amply remedied in the
future. The fifth clause. which fixes
thoroughly good, with the exception
that it fixes the date too far in the fut-
IRE.
At last we have definite financial
policy. The nation is now pledged to
resume some time, and the day is nam
ed. The Democrats who voted against
resumption will have to explain their
position hereafter. If they choose,
when they take control of the House
next December, to try to postpone re-
sumption and repeal this bill, on their
heads be the responsibility If they
profess to have been actuated by ardent
zeal for speedy resumption, and to have
voted against the bill because it was not
soon enough, let them prove their sin
cerity by passing another bill which
shall amend this one by providing for
speedier resumption. The Republican
party has shown itself capable of dealing
with this most important question, and
has given the country, by prudent
compromise between conflicting views,
financial policy the. essential goodness
of which cannot be successfully gain
said. The bill can be improved, and
the foundation is now laid for it,
HE Sheboygan Herald says a gentle
man in that city recently killed q hog.