, 1875-08-20

In fact, tho whole scheme is the absurdest thing
over conceived.
Tho renorter called next or Mr.. II. F. Eamos,
rrenidcnt Of tho Commercial National Bank, ent
that gentieman ras not inclined 10 e1prebs anJ
opinion.
prrstdont Of tho Traders National Bank, rss
then called upon.
Neposter do yon think anv further 'asuc Of
paper would be OF any bnnett to the country
Mr. ltuttcE--Wa do mt want any n1ute ifre-
denmstl" paper. We have Rnt too much now,
ahd that II what 1nahea nll tho troabin.
NeTnftcr--Do sou think resumption can take
place At Tho time iixod Ly Cougrensi
Nr. lsu!ter-1be liking Of tho date NJ"
novo in tho right direction. but unIcss RoI1e-
thing IL done tn prepare for resumption, the net
will he Of no mora account than political reHo-
luton. mvEef do not fayor tho h1'ng Of
date at which resumption 1.pnt take place, tut
would have such policy adopted aud n,cll leg
in ation enacted ~ to appreciate tho greet1-
lack to pnr. somcthing In tho nature Of
al into. eat bearing Treasury n0to might be desr
sbe, - 10 issued 1Eon tln'e to tins in place Of
greenhacks.
RcEostcr-wbat do you think Of Kelley's
panacrh for political Ills
atsnsdett thing about it In tho profession that it
is pn. forward to help tho poor man. Tho 1clfe-
caton Of paper rehultng ffunl the imitation of
the currency xon'a aa cheat A. 1na astnn ta o"r
Of his money would ho decreased, and by 70
much his mcaus be impaired. Tho value OF tie
farmers products nat regulated by the amount
Of currency IN tte country. tnt by SUPPLY st,d
cents buhbel yet have Acon it ecIl ~ low aa
30 cents. with gold at lIgh i:rcmiu1n. What We
need is not al expansion Of tho ct1rancy but iEs
compatibility In coin, aud then it viii regulate
ituolf
The reporter then called on
Nil. j. c. nA1SEs,
President at tho Brcrrity sassnGa Bank.
Reporter-Mr. uslncB, what sre your views on
rency?
Hepotter--Do ron favor specie resumption, or
do you think Ke1ey'B 3.G6 iuterconvertible boud
hlr. liaines--I hsve mover gvon Judge Ko!-
| ioyb plan mitch thought. but / believe Ia tic
principle Of tho intesconvert'bility Of bondr aud
| currency to = limited degree. With tie lcgal-
| lander and tho National Bank sets. redemption
coascd. and tuaincss Inns becu conducted oil the
basis Of irrodeemab'e paper II Ne Bhoulu drop
suddenly back to hard pan, there would be = bad
smash. At present tneso IL hnrd, inelastic
condition Of tue ttnances. aud tue country oecsl-
lates between pnr,ods Of plethora and stf;u:
aoucy. Now, If In times when redundancy Vi
money exists, 1t could be gathered Into
tho United States. States Treasury f. at Icy los
Ss i t. for s'1 enefs ne
ueelod in bran ess operations, from winch cur.
renoy could 10 drawn out as required By tic
! vanta of trade. Without such reservoir,
money accamulates. aud In o7der to place 1t uu'
eAfe liska arc taken. unrcnuueratisc enterI r1scs
arc undertaken, and, when tho time Of atrinsen
cy COMES, the money cannot be reclaimed, The
prcsHute in tho tnouey market foIces down
yalnes. and failure aud crislB may follow. Ny
idea ia to create nj active redemption OF bank
notes in grcenbacks. aud etn cut1yuccl ths
will bring Lis to resumption by degrees. ! ~oult
make the Bleenback }tttlp bctttr than tts
bank-nuto by. making it exchhpgahte ut al,
time for certificates Ut deposit bearing Interest
At ffom l to Z per cent III may 10 found ex
pedient. 1hla would briug ous sIl the hoardot
greonbackB, and corporations would sot oil
grocnbacks truM bauk-roseB 10 order to Ok
change thpn, for interest. .boaripg Treasury cor
titcates. Thls would ca,sBo movement u
Lank-no.ea to thelr banks of iaauo, isI order t.
bo redeemed in greeubacGH. Such redemption
onco begun would finally en- L in resumption.
sudden RESUMPTION At any liked lime woui
break the country. In ordor 10 teaume re MUS
accumulate coin, aud we cannos do tha
sufficiently in our favor to check IT,
export Of gold. II = redemption Of hauk.uotc
ia greenbaeks would DO steadily mantaluod, tn
bRnks would bo constrained to restrict thar ad
J ! yApcoB to actual business operations, and IL
country would be brought into moro heafth
condition. banking should bo free. ConK,e es
nllonld repeal tho tnx OF 10 per cent on tho eli
culation Of Stato banks and lot them get u
nolcs good enough to 50 piJe by aldo with III
, National banks.
Mr.. D. u. srEScEn
, ! President Of tho State Savings Institution, 0
being epokon to in regard ~ tho subject, Hal
that he did not know auysLinR about Ko
| ley's Bchenle, III he had not h3d time +
pay any attention to bis statements. eTha cont
try ~As suffering from oyeriBpuss Of paper All
more would agytavate tue os!l. With rr'ptt
legislation. resumption would DO Ferfccll
p1acticable In short roriod.