New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-31
A 1863 or ANOTHER COLOR.
HE sCHEME OUTLINED BY ONE OF 1iiE ORIGIN
II.1rrI


PROJECTORS.
70 the Editor Of Thc Tribune.
SIR: As You have opened your columns TO
the discussion Of the 1868 currency scheme, and as was
once enthusiastic supporter OF that scheme permit mo
rs one who discussed it early lS6i5 to state what
it originally. As embodied in formal act the pro-
visions were in essentials as follows:
TIE frs. section forbade any issue OF currency, bank or
National except in substitution for oct paper, I'M
less under the proyisionsof the act
The second authorized the Secretary OF the Treasury ~
prepare bonds bean. interest at the rate of one cent
per day each $780, with precautions against forgery
The third named certain chief towns in the United
States. at which the chief fiscal oicor Of the United
States should these bonds in place of sreonbacks at
par.
The fourth directed the officers. presentation
and b. the holder OF aiy such bond. 10 redeem
the principal greynbacks aud the Interest in COIN less
five days interest.
The th forbade banks to such bends either III their
pledges to the Government part OF their legal
There several provisions to details, requiring
weekly statements the Secretary, Furnishing fOrgers
providing for the payment OF semiannual interest In
coin where the bonds held ak months
providing for the destruction Of tho currency where
tho amount deposited exceeded certain amount
and relnng when the demand under the bonds re-
qure, it. The only other important feature in the bill
was this
The sixth provided that whenever II should appear
TO the Secretary by certain evidence named that there
was no premium gold and that exchange on London
did not exceed 10 in greenbacks tins before tho
lew auoations), he might, the demand Of persons
holding United States bond bearing the highest gold
interest and not then called for redemption pay OF such
bond In greonbacks to be issued for that purpose
That was the scheme discussed pretty fully by myself
aud other persons unknown reputation which after
ward got into the papers By the aid Of those better
known than OF Us, was recommended by the Cham
b,r ~ Commerce. was presented in mstiated form to
Congress and rejected under the laugh in great measure
raised by THE TRIBUNE elastic currency, opposed
bitterly by naonists too sharp mode Of contrac-
ton ard by Mr.. Greedy, who was IN himself majority.
on tho ground that IL was mere palliative,
not wping out the moral wrong Of broken
promise. What the Keley-Carey bill may be l
do not know. Something IN your Saturdays editorial
gives the idea that he first section Of bill, prohibit
ing all except under the strict provisions OF the
law has been omitted. and hat something like tile pro-
vision in Mr. Shermans bill OF two years ago permitting
the reissue tho redeemed currency Ut the pleasure Of
the secretary il substituted IN it, place Such pro-
vi ION IL financially simply damGabe. Trade can accom-
mcdaio itself 10 any fixed Jaw. Its mortal poison is
arbitrary interference. II there IS anything like that in
the Kelley Carey bill count all those obscure who dis
lussed this scheme AGAINST IT, We not inationss.
We took granted that the dollar of tie United States
and the dollar of the rest OF the world DO brought to
N parity ard that the only way do that to
tract the currency W. did not think the country had
capital to spare 10 substitute $s0000OOOO OF gold
that it was worth while paying interest all that
capital, if the result could be otherwise reached
n contract The four per cent premium on circulation
twant OF space fobds me 10 show that 1t is premnm)
il was made IA they should forfeit their bargain that
circulation might 10 taken FROM them not before Such