New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-16


The present business condition Of the country the limited
trade lack OF confidence future legislation the temper OF
the people all favor quick return the old landmarks Prices
of the great staples beadstus cotton and wooden goods iron
in all its varied FORMS neay quite as low they
when the imitation began and the maximum during that period
fully double the minimum present price. The gradual
reduction in the cost Of living, the price Of labor and all
manufactures the of exports imports the in
resumption II wise we shall utilize these facts and
conform the currency to the real demands OF trade and SO
its quality while the conditions favorable that the
disasters OF the panic may be productive OF future and lasting
good 10 the people, How shall resumef Primarily,
belief in the doctrine Of hard money or its paper
equivalent necessary just conception OF sound tnanca
principles and ready cooperation in measures adopted to es
iabsh them prereqistc. Public sentiment sustain
everyday practice the agencies employed and thus make re-
simple and direct method which would least dis
OF present values would be the best Our financial
condition like the victim Of excess and dissipation cannot be
restored health and gor In day The proper remedy may
ycopcd gradual!y-the cure VIII not he instantaneous
i safe to say that any method %hce norN %li
FOR like amount Of greenbacks; or, TO state 1t differ
entity any which will bring the paper money TO gold
would so far the assumed necessity for the present
Of paper This be done only by purchasing the
IN specie 1t would feasible think for the Government
issue bonds bearing low OF interest for The purchase Of
gold with the gold ayas Of the bonds begin Immediately to
Year mill The amount outstanding shall be reduced to $1,000
90 Also call and destroy the fractional currency and issue
in H. stead in denominations Of from hNe fifty cents
Es.abish free banking with condition Of redemption
demand Finally provide for the gradual cancellation Of the
remaining greenback equal TO the increase Of bank
bills issued over and above the amount outstanding
While would the paper money S2SO0OO IN from
four 10 years would ahoat the gold and silver
estimated 70 be S1661O which would be increased by the
sale OF the bonds much larger that the
RAJ contraction would be oppressive severe.
There would then remain OF payer money, $50
OUlUO, in round numbers. with the power OF sub
sution Of bank for SJOJ Of legal tenders subject
10 expansion contraction Of amount by the demands Of
trade and the ability Of banks redeem This would t give
Us an aggregate paper money and half times greater
than was wanted before the war with population increased by
ouy third had the honor in last report TO present
plan for free banking under the stale supervision with
Ona currency which would relieve our state Institutions from
The 0uerous determinations made against them u
tonal banks deem Of sufficient importance ~ The
Suggestions then made with the plan proposed
A PLAN ron FREE BANKING, WITH STATE BANKS AND
NATIONAL CURRENCY
How can We uniform and stable circulation with
system Of free banking applicable to all the States and under
state supervision
FTr-Lct Federal Government issue the circulation OF
the country.
Standardization shall be issued 0nly 10 banks luy organ
lied under the laws Of the State wherein located
Znud-Any J4uk - organized NAV TIC redla,ion Of