, 1875-08-09

"uhCls Hu"GTGft tUBFS H49 anQEfl uGtl1k 8Ql ulH-
ctisai9tt aud both tho President and SECRETARY Of
tho Treasury had aAked Couyrass to sottle tho
douht. Tho bin fulttler authorized the i'll
crease Of thu Sationa! Bauk circulation. Ia States
having leas than ther proportion. to tho amount
OF S5i, .U0U. 1t was not expected this ctrcu-
latsou would bo !Anue1 rapuiiv ly tho enlablnh.
mont Of now bsnkn, aud tllia has nlnce been
1naHtied BY experience. But tho bill still COIL
!s'nsd 1i auoel'or provision. requiring Nationsl
banks I" keep thclr rtacnhack rescrvea In
loanoa to stock.Yoriers and nd passed
Into circulation. and thn. Il Baa contonded.
would Contract tho circulation, mad undoubtedly
bill was framed with a WOW to tho condition Of
Tho country. then suffering frpin tho panlo, and
did net clam to he full settlement Of tin4t1cAl
questions, aud loft tho question Of return to
specie Payments TO be provided for afterwards.
THE FINANCIAL. ACT OF LAST SESSION.
When CungrenH assembled, last Decon1hor.
lhero WAS general conviction h,nuog its aom-
beEA that some financial ncaaure should bo
tahAcd to rolnove tho uonhts x,Id uncertainties
prevailing In tic country and that it was tho
II = common ground could be arrived At. upon
the mort material questions. great tisc1sitv
Of viows prevailed among tdo 'nonherh Of bo:h
rstses: o..,, 4 very sey fsw IoT,,1, Hsrs IN favor
thus forcing Resumption nt All oasly
day. Some were IN favor Of contracting tho
volume Df currency until tllt. remaining iu cir.
calation was brought TO rar. Utheln wc1e in
tho futuro slaat BUSINESS could prepare for It,
and tho transition 10 gradual and caay. Others
again woro in favar Of huEh ino iAuro ~ would
ellabie tho c,rTeuuy to be e1paled il tho bust
ness OF coutlstun Ut tho country reuurod it: hut
tho actiou vi tue President a.d 1iB oau o;,l,inus
pEacludcd ihe possibility OF any SUCH tnean,l1e
A bill vas prena,c'l which received tho votes Of
cvcr7 Republican SHnator, Bays u,,e, alll IF aI
tho RuIublcan sa.lnl,ass OF tile Ituuhe, exco pt a
taw from tho Eastoru States.
TUE D1LI. t0MrEontaH.
Tie hill waa in itH nature 4 compromise and
middle ground. 1t recognized tlls greenbscAa
~ pnrt Of tho public oebt aud tllo obligation
Of the Goyers,nlGnt to pay them in coin. aud
four ycars from tha tiMo Of ita passngc.
!! MA rrovi1cd Ill tic bill that when tho tino
arrived the Secretary of the Treasury might en-
rlUs tho surplus gold In lilo Treasury for thu
doinptiun Of greonbacks, mud it tllat wan nut
sufficient. might piocnre enough by tie haIo y.
tonds at par, tho bundB not to hear creator
rate Of iutoroHs tlIAn per cent. Il was thought
With ionr years notice tho huBiueas Of tito eoll1-
try could oe prepared, without nhpck u iul,iry,
for resumption, asI that, On tho tifnu approached
Say to within two yesfs, tue yalne Of Ereonback4
"1u!d gradually appreciate aid bo o. par whcu
thu tine arrived, and hat thCn tlloyo wu1ld nut
Lo lalg" delnal,h to exchange them Tar coin.
Ihc bill provided that t4a gletnhacls nliuu!d mt
milIioua in circulation. ai,d It cohcmlato,l that
they Ehould continue to bu rnrt Ut thu citcula-
tluH, uuu tho 1IalG purFGte WAS to improve
thor quality and bring them to par value: and
witt tllc11 t!lo ba1k notes. which wero rodceIn
hbte in s,ccnbacka. Wt,cn tho panic took placo
believed That tho poriol Of resumption whA
ncc "Asar.ly postponed fur n considerable time.
aiaI that tile truo remedy mud relief f,osu the
pauic wnH tint which had been nuccofBfnlly eln-
pIoyod in England for moro thu, Il hundred
financial I'm -t1,tt Ia
moderate incroaae of tho currency; and advised
tho Iieaidellt to pour into circulation tho forty.
fur millions IeHcrYo Ut greenbackn tllen in tho
Treasury. Tho incrohen lu tue currency which
hought bJ legRIatinu waH hY i}ln extension OF
tho national banking system, aHd nut by fur
thor issna of Xreun1aclB.
Iii u speech in tho 6cnato On tho 17tll Of jan
uaty, 1874, l said
not srrakts Of Increasing t.lc grern,acka he
yond thu four hundred lnllna, lnrinlin4 tho forty
four millions Of reserve, but speaking OF n'rr4a
ing the National n,ak circulation f'r;y,f"ur aity
MiltuIs III t. naks tbs Btata coral, aud requiring
1t to t,c redeemed In 8reoHuackt. That would nut
ceaien tne groenbArks It woul not affect tic valuo
Of ol!r. currency a. all. TIE Nasiou.l LINK nute.
would still Aaye 10 Dc roIec1ucd fh grrtnbacks and e
nunler Of greont,a:ks would not IL IncreAsr. sub
init. therefore, that increaHng tHo Nation n Ink
would mt cheaper tho vut.lo nrcenlaets md would
not increase thu premium Ruft W,ld not interfnsu
with tln gradual raturn ~ spsc.s paynpnt. that opn
fur.
cransn nj tbe rnrrc1cw vn,,,Ii r., onn1 i, ..,oc..
~, 10 n,n;c A., fr.o ~, s,r ~ ;'a,iaao y
,,;s., ~ r, pA !, ,o,,r.. ,,.'.I ~, W .o ~ r..;a,.
by ocohou'y. Industry, aud tho operation OF geu-
nv'r,,~u CONTRADICTIONS x,, vx,.u,,ov
Tno tl.snry of T tho hi i, % Snn.her rsssect ras
thai thnro abonld 10 ,,nti"r es,n, M
,,s'.,, -, ~ ~ ~ ~ ] W..
h., ,rsin ,uc1 A. nns,;v ~ nns.,i'I. ~ ast ~
thon sxss MonL;,G ,sa. ,ns,,a ~ t,tn !. t,,e
,ast,cto, a. T., ~, ,,,,,", ~ to,,,
,ni";t hs insncI i, H., 10 ~, a,S s"a ~
~ Ststas wa. ra,,aaoI nun H. - 1,,o ' ~. ~
sTco T., nrrarize nav s". en- -, c,.w NV ~ i
~ r.Sritn, ,,,,' ,.,,,inn Ill H., tar.,s
.ud n,,,t;nm. WY ~ mn ~ H.,
1",'son ~ H., M, ran~v fr,'t ,s s,,r,s ~" ~ -
VIM, s,ny;dai ti.t ~ ny.rr ,.ini i'm ~ I.,t T.
nnses issne1 ia sscr".n:v ~ ~, 'rross,rv
aS,,d rot;rn All inn H., s'say..,s .,.;n' I'll,
o., W ia III sseeuu "c uua
a rso,,i,sd To- tsan ~ s1s;r " va's aI MAN..
lin ta yn,ma ~, c"rra,v -, '.s',':s n1'nnt
.Sa so,n, 'o'ou'o " 't1oao' IL ei'eo'@'''a "ooa1
hsI % snno,,,,ro +, Il, ,x,,h I'm rro,,-,t,,n n,
~. ~, rn@"d t ~ ~ "iaa ~ o.
s,ani % H., ,t,! ~. rn. ~ s0us 's.u huu ~
e.t n.. i1pc.1enee nas ualos,,a.uu