The tribune. [volume] (Beaufort, S.C.) 1874-1876, 1875-01-20
A NEW FINANCIAL F0LICY.
Tho Bill Agreed Upon by the Republican Sen.
atorinl Cauous.

Tho Bill Agreed Upon by the Republican Sen.
atorial Caucus.
The finance bill, agreed to by the U.
5. Senate Republican caucus, and re-
ported to the Senate, in its leading fea-
lures is substantially as follows:
Frst-Free banking to be open to all
individuals and associations, without
limitation of capital.
Second-The retiring of an amount of
greenbacks equal to eighty per cent. of
the amount of new national notes issued.
until the greenback circulation shall be
reduced to $500, ,OOO, 900, after which no
further reduction of the greenbacks is to
take place. It is claimed that by this
provision there will be neither expansion
nor contraction of the currency, as
about twenty per cent. is now required
as bank reserves.
Third-The withdrawal and destruc-
ton OF the fractional currency and the
substitution of silver coin, the arrange
Hent to go into effect as soon as practi-
cable under the direction OF the Secretary
OF the Treasury, who is authorized to use
the surplus money for supplying the sill
yer coin, and if this is not sufficient to
sell the requisite amount of bonds of the
new series to obtain the funds for that
purpose.
Fourth Removing the cost for the
coinage OF gold at the several mints.
fhth-The resumption of specie pay
ments to begin on Jan. 1, 1879.
The Secretary is authorized to use the
surplus specie in the Treasury, but if
that is not sufficient, to sell bonds in
order to obtain gold to pay the Treasure
notes. But the last provision does NOT.
like the others, go into immediate effect.
The Legal Tender. act remains undis-
turbed. :
The bill having heen argeed to almost
unanimously by the caucus, there being
only four members dissenting, insures its
passage by the Senate, and It is thought
by Senators that it will pass the House
OF Representatives by a respectable ma
Jority. No doubt is entertained that il
Will receive the approval of the Presi
dent, as 1t ls In accordance with his re-
rent recommendation to Congress.
1t Is said that 80 much of the fractional
currency Is mutilated and lost, as much
as four per cent. annually, that silver can
take its place with no inconvenience to
the public. The government is able to
purchase and coin silver at O profit. and
can at an early period effect the substitu-
ton.
The bill is III accordance with the
views OF the Secretary of the Treasury
contained in his annual report, he having
expressed doubts of the expediency Of
continuing the charge for the coinage of
gold which tends to create an adverse
exchange and causes bullion to be ex-
ported to London, and having recon-
mended, with view to the resumption
OF specie payments, the manufacture of
large Quantity of silver coin to take the
place OF the fractional notes, beginning
with the smallest denomination and grad,
ually withdrawing the notes.
The Secretary says the estimate of the
Director Of the Mint shows a gain in the
specie and bullion in the last two fiscal
years OF about $38, 900, 900, and the
stock of specie in the country to be about
$166, 900, 900. The estimated increase of
coin and bullion is gratifying as being
one Of the evidences of a gradual recupe,
ration of the country from the. effects of
O. destructive civil strife and in connec-
ton with an annual production of about
SIC, OO0, 900 of the precious metals af-
fords encouragement that stock of coin
may within reasonable time, and with
favorable legislation, be accumulated TO
an extent sufficient to enable the resumn-
ton of specie payments to be undertaken
and maintained.