, 1875-04-15
THE CURRENCY QUESTION.
Another Letter from Sir Francis Hincks,
tho Canadian Financ:er.
Ills Reply to "Thc T'ribnnc's - Obicc-
tons 10 Ills Plan for Securing
Specie. Resumption in tho
United States.
70 tas sd7or Of ra< f7attaoo 7+favn.:

uAllea o'"tcss
4.
70 ths kdTor ef Tas Chftaro 7rfo"nt:
MONTREAL, April 8.-AnttctpatIpR 4 readiness
m rour mr., N afyord mn ,n n,r,-,rr,,v ~
..,t,. s.tN-.,n.s.,.e, ~ ~ orP'4 .'y "
t'eo't'6 '"s oo1ces'o'p "n!co 5ou na'e mhuo III
To''r tseuo Of the 9th inat to my suggestions for
obtaining convertible paper currcncy for tho
United Statcs a. eptcdijv and IA economically
A. nou,1t, 7 n,ono.o II r.r,v IA t,,a.a o,,.o..
IT,. "as,"s,.. 'Fseo 'ut5 ve' ..' 'o',~
.io"s ec1'h1'aa, tuous' 7ot e1actls IN tae oraoF
You Btato tint 1t has been found "ImnosRib,o
for auy Goyo,nmont Ia maintain n na,ton,, crr.
rcocv convo,, ,thlc ,nto co,n m dnmond ;.
..ri,.,..,' o .s.s .n.o so'u y" usu.n"a.
1hou9h o4'ou a1tempted' IL lAs mover neeh
succcesfut." You further state that think TINT
haye ''dthcovercd u proceaa" by which this
can be brourhk nbout. tut vou ndd. uI1e fornata
lin fun,,, ,mcn,ot .r,,t1 III ,,onsv r,r,t tavs
ysIuo I .hat nsncr s r. no. mn, mnn.r" A'' ''' DN''
rSEQulyocALLr DENT
that have ever written a tjno that could 1nst!fy
tao ,n,putatton that am fnvor.hlc IN n n,ncr
..-,..,s,. 49, !. 49,, ,..,.'.,s,. ..a,a ~.
CURRENCY t,'as "a ~. eonses''o'o 'n'o gola On
domand. l do not pretend TO aavs made a
dlscoycry Of any no : procesa. I maintain that
there ia in England Il the prosont Tins. and
,t.t thar. In. bro, .,nco ill., 80. ,a&t :.
suss 'Io'o u'o 'eon t'4Io tao 'eu. Aoi''
national cur enoy convertible into gold on 10"
maud, based exclusively 90 Govern mont socu1l-
lies and gold, the notes being iss,.ed in OK
claurc for ro1d coin or bullion at mint nrlce,
I'D a,J .a,n .ho,o o,yor IT., -. .,,n..,
and that such notes are at par With gold In osery
part Of tho Kingdom. II Is aruo that, for tho
sake Of convenience, and ayoncily on that
uround. Parliament decmof, IT cxnn,1ient IN
eonads IT, mnnnronsnt ~ ~ ...,ss w
eonnae '4e mana9e,nea. o tne assuea
70 tne bsn2 Of Enelhnd rather than
to Goserument Commissioners, buk In
doing 80. It completely sopatatod tho
,,sne tona,tment f,om tha bonkin. and i'm.
posed such restrictions aa 70 render 1t impots''
b!o for tue bank Directors to dsriato from tho
prescribed rules. Tho English bants-uuto cur.
rency liz u,ec'sety that Dbtch ndvocate. do
mt acsre IN aovta,s a % l,,i,,s b1na.tth f,om w y
~ ueo4' " u0'a'e na' o'e"4sn 1'oh'
system WHICH has etooo the tees Ok upwards OF
thtrty years. experience.
/ obicok as atrougly as you can do to attruc.
notc,n. ,,nrc novor sncn..,ed snct crrra1r1
.nt a,ta'1r snts.,.s H. at,sss1,;
Aoo uttet'S tepua'ato tuo apflleaollssT 10 my
suggcatson OF mine oI tho following passage I.
For tho Government to borrow money OH t.me.
notes 10 float its oyer1ue demand. .ohliaatlons.
and then try To mai itn ttmc.notc. bv rcts,n,no
1he aemana-paper Is mers crazy cxpodscns."
Such rosuarka only convince u.c that my sugges-
tons are not conprohcudcd, aud | therefore
fall back on the lIank- -oI. Cuela1d Issue M
PRECISELY TaE CURRENCY WHICH 1 ADVOCATE,
The basla Vi TINT currency is El5, ,oo5uoo Scr. =
ling Of Government deb. and rccirItfea. a1I la.
yoad that amount bcIng Jersescutei by poj,,
coin and Tie solo function OF Ii. issrs isnar..
mont Doing 10 gtyo notes for bullion or co1u! AID
to Give coiu for notes,
You raise an objection IA to .,hov tn, cur.
repoy ouoo reiocmod ia to be- mt out amin.
might leplv by asa1uv how the Banw or 1;nc1aud
notes "ouce rcdeomsd ara put nut again" II
not required BY tho rublio, thorc would bo no pa.
per currency ID tho Uuited States du inr tin TX.
iatence Of spccic naymeutu Thoro il Y 70 ,"o Vroat
nntionaf baiK to at "A rceeiyer of In n,hjc
money; but lhe receipts aud dlsburenn,onnts n ~
tso Treaanry would bo ID tle Toye. omsut % cur. +.
rtucy. II tKern Was onIv onn Gnyrrnn,rnt c,,r.
reuor ti,o f,nng. ,~a,i1 AL t. .kais., ~ SaA