The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1875-01-17
: NEW ORLEANS, SUNDAY MORNING JANUARY II 1876:
Passage of the Finance Bill.
Chicago Tribune. I

| lChicago Tribune
ihe Finance bill, which only needs tn
signature of the President to become
law, contains in it's three sections highly inn
portant clauses.
The first directs the Secretary of tb,
I treasury, to redeem the outstanding tract
ionai currency in silver coin at par. Al
the fractional currency is to be thus retired
as soon az possible.
| The .econd makes the coinage of golt
| free. No mint charge to be made here
after.
The third authorizes free bankins
throughout the United States.
The fourth provides for the retirement
0! S2,ooo,OOO Of the present greenback
| circulation 1882 ,000, O0O) as soon and in
proportion as 800, 900 600 additional bank
currency is issued.
The fifth directs the Treasurer to redeem
the greenbacks in coin on and after Jan. 1
1879. He is authorized to use the surplus
revenues and to sell bonds in order to do
SO. Inc bonds must not be disposed
OF at less than par in coin.
= The vote on the bill in the House was an
ODD one. All the Democrats voted against
i6o So did Dawes, the Hoar brothers. and
Gen. Hawley. Kelly had previously AN !
nounced that he meant to bolt on this
9Ta Sesa. and Old So; Butler lodged,
fame as1 a demagogue by hiding ia the
lobby during the roll call-can now start
the new party they have been boasting
about. They cannot begin beating the
tom tom too soon. A number of promin-
emit Republicans, who disapproved Of some
OF tine details of the bill, voted for it be-
cause they sympathized with this main OBJ
Ject: This will, We believe, be the general
verdict on the measure-good in the main,
but defective in some points. The disap-
pearance of the torn, dirty, disreputabie
postal Pc, currency will be an unmixed good.
The use of silver in small transactions will
fsmiliarize the people with the idea of
ton more easy and desirable. OnlN, ex-
per!ence can ehow, however, whether the sill
yer will stay in circulation or be shipped
abroad. We incline to the opinion that it
will at 6rst be somewhat boarded, hut will
soon be freely used. The second proviso
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 and iron. Any one with money !
can go into 1t. The spirit of the age and |
the American people are opposed to mon
opolies, and the removal of this one will be
received with general satisfaction. More
over, the infiationiSts are now hoist with
their own petard. Free banking will |
make the supply of paper money coincide
with the demand for it, and thus there can
be no reason for clamoring for more
rredeemable greenbacks. The fourth pro-
ziso is the weak point of the bill. We
should have preferred provision for the
retirement Of the greenbacks in certain
ixed sumo, month by month, because this
you'd have secured their withdrawal, and
he free banking clause would have been q
perfect guard against any monetary strin-
yency from contraction that might other
wise result. Moreover, the greenbacks,
when retired, should be concealed. These
Iefects, however, can be amply remedied
n the future. The fifth clause, which fixes
defnite date for resumption, is thor
ughly good, with the exception that 1t
ikes the date too far in the future. ~
1.-THE bill has since received the Preei-
ent's APPROVAL n-'" a." t.'' #'. o.. 3