, 1875-04-03
TIL: CURRENCY,
Lcttcr from tho Canadian Tinan.
cier, Sir Francis 1Itllc1Ss.
His Views on The Subject Of d National
Currency.

70 the Editor # The chteaaa Tribune:
| MONTREAL. Can, March a0.-If I beg pcrn,ls-
slot, through tllo motlia,m Of your widely-crcl.
lated Journal 10 submit. my viows on tho s,,bjoct
Of national currency, In connection with tho
RESUMPTION of spetie-rnsments, trust that you
will not attribute tn7 toing 80, either to desire
for controversy, or to wish to Interfere In II
mastor In Which hayo comparatively ltttc inter.
est. was inrltcd by tho conductors OF tho Now
York Daily G,uphic 10 furnish them with my
vio"s on tho United States currency question /;
aud. having compiled With their request, | am
anxioua TINT those ylews ehould not DO mlHin-
tlorhtood, az. Judging from thu notices taken Of
them in THE CuicAau 'rnlnuSE, much fonr
that they arc. am not vain, enough to imagine
tlat eau make convert Of you to my views |;
but lufor, from tho spirit In which your COM
tncnts llara bocn n.n1o, tla. you hro willing to
permit full md frou discussion OF t1ucptiou
Of tic deepest into10st 10 lilo whole run,atlon
Of tho United States.
I havo slated tlint fonr that my views hayo
boen misunderstood and my proaona object is
to onGcayor 10
EXPLAIN THEM MORE CLEARLY
than could do in anamerto tnterrugatores.
venture to hupo that wo shall uot differ iI ppin-
ton on tile fundamental point, that tho bebt
tuoasuso Of value for commodities in Ancsica is
that ndopsed by other civilized nations viz. D
tnotalllc currency. It Is necessary that this puInt
SHOULD ho clearly undoratooa, as thcro arc many
writer's in tue uhttod Station who aro Ayowod nd
Toeatca Of paper cnrreucy uok convertible into
gold. It ia not iny psosout intention to contrc-
vert opinions, which, 1t carried into prncticc,
would load to most disastrous consequences /
desire 10 discuss with tho advocates Of con
vcrtib|c currency points on which difference of
opinton o1istu. Tho object OF substituting
mixed paptr and rnetnlllc currency Tor ono en-
ttrety motallir is, tint paper IL a more conye-
Dtcnt and economical currency than guild, aud,
provided that It's consertlblltty into gold On de-
maud can bo ssc,lrod, It III equally valuable.
While do not sl,rtnIt from avo"ng THAT my ow1,
conviction Is. tia. the eu.lro paper currency of
tho United States
SHOULD ne 1ssrkp BY TIE NATIONAL TREASURY
for thu profit of the nation, deo1n It incxpodi-
Ont to urgo tue practical adoption of theory on
which euch Wldu differences II opuun prevail,
Mt q timo when 1t ia So important to concentrate
public opinion oil the yitay important object, q
resumption Of s;ec!e-paynonts the earliest po-
dleinisa that bra1cll OF the question. Nationai-
Dark notes nre secured al preHont By deposit
with tho Troasury6 OF United States bonds, aud
tl,oy arc convertible Into 1egsi-tendc.a on de.
maud. Should spcclc-psyulents DO IesuMo1
tley would bo convertible into gold. The o..Iy
difference, therefore, between tho vicHB which
advocate, aud tAoao which understand you to
prefer, IN, that in ono case tile profits tho cir
culation-tAns ia, tho interest On tho bonda held
By tho Truaeury-woud accrue, az at prcssnt, to
tho National Banks; while n the othur, it would
accrao to the nation 1t largo. Aa have already
stalled. I deem 1t nsxpetieut at present for tho
ntivocates OF solo pationRl currency to mako
any astompt TO Givo ctrect to their viowH.
lii your article OH tho cid Of March, you state,
referring to my plum. "We approved tlo old
pars OF it and condemned tue new" a,'l you de-
$r nk%utik
National-Danl currency" That brunei, of tho
question shall leave Ia nbeya1lce; but you do
not roprcsent my viawB quito correctly Wien you
state, ~ The old consists OF tue gradual With
It would 10 moro corrcct to dctine thom tho
substitution FOR tue presnnt logattandors Of
othorB convertible into gold on demand" You
cha1Ko upon my echemo that it would "uoceast-
tate crushing md In faot nnboarublo ta1a:ion:'
while you. at tho sane time, propose to redeem
tho legll-tondosa by tho issuo Of per cent gold
bonds. You Heem to ba OF oplntou that your
plan Is more economical than mine, and yet
advoeato mine mainly On thu ground TINT It il
.-.-.. THE MOST ECONOMICAL
that can bo deviHed. You objoct altogether, it
correctly undorataud you, to d le8at-tunder cir
cuatton mud yous therefore, would necessarily
put tho population to tho e1pense Of maintaining
States wl,oro there ale National Banka. ~.
Humed that tho amount required in loga-tc1ldorH,
or in gold, OF In bulk would DO 9JuU, 900, 100
but, whatever be tho nmount it must bs apparent
that 1t will be moro economical for the nation
tlsnt logal-tendes currency should 10 continued.
Upon your PLAN tho coat of relseming tho prcs-
ont luspl-toudors, amounting to &33a b00 001 If.
respeciiyo Of any sinking fund, would be-, Al 4
per cent, 515 2so,J00; whereas, on nv plan, tho
cost Would bo 1 nor cent On $10l. DtO. 0U0. or
Is, Y,00D. 600, / take your own rata Of interest,"
i nor cent. II, both cayoa. Tic roV noid legal
tentlors which asal.tno ut S3o0,OuQ, 0Q0, would
10 represented BY sl50, 900, 200 United States i
per cant bonds, and SiO 600 GOO In gold, The lat
ter amount OF oourso, fuotusting ID ,lIo uokoa
woro above or below the assumed iasuo. I bave
estimated a20o, ,0o0, Zoo a. tho lnaximun amount
OF gold Which would DO required, md this, with
$3.50, 600, ,000 Of bouis held by the Treasury,
would moro than retleem Tho outstanding legal
tenders, large portion Of which would be bur
chaeed al Discount Of III least lU nor cent, il
n,y plan wcta carried out, I bpllaye t(at
500, ,O00, 600 ia an exaggerated estimate Of tue
quantity Ut gold thss would bo required to bring
tho prcaont 1cgaI-tuu.lers 10 par ; but, al pro.
posea monthly purcbaaes by public oomnotition.
tho rcstoration Of the currcocy would Lo sratln.
al, aud the nliuimun amount Of goid only would