, 1875-09-11
GpECIE-PAYMENT.
The "Hrnllal Enhancement"
Plum Of ItcAchfng It.
What Would Be the Practical Workings
of Such Polioy3


have before suggested ~
TIE GRADUAL AI-ENnANCENEHr PLAN TO REACH
erECfE-rArMkSr9.
which. II adoptcd, cannut tut provo \ certain
and oaay way back to d gold.baFis.-tho on,r
true ono for netion'n hnhncos TIM rfifitlpin
os tic plan is In Improving tho value of Ernen-
backs, OF talsihg tl,om to phr "tth god 'eithom
any compulsory Misunderstanding tho
amount Of currency tn circulation, At al! tinea.
entirely dependent upon the natural supply and
demand An original application Of The Idoa Of
funding the greonbacks. Or their redemption, In
An tnterest-boaring bond, Ia made In this: that
saui interest shat not teJin tc}ore Jan. !. 1875
titus if.susing q gradual enhancement In ths
vnls,o Of Rreeubacka (abott II Of i per cont per
monthly an they ppIohch tho iilterest-tear-
ing period. This might 10 termed q new
application Of tho prhcl; 10 of scaling tho green
bncka or floating indebtedness Of The Govern
1ntnt, IN = tnot palatable shape than Anhonnc
ing each month At how much d.ecount the Gov
crnnent would buy up ita 1:Bhonorel pnper.
Furthermore tho plan arranges new adjust
tnol,t of tho time for Bpccie-resinlpton, viz. ;:
as soon after jan. 1, 1A79, as The 411-per-ceut
bonds scla command par IN goid aud fnrninl,
sufficient 20 for suie and tournament tcsump-
tton. in othnr Words tho ba.is If our present
currency. shall DO United 8'atcs 41l-t,er-ct7H
bond, tira'rtn9 interest from Jan. i 1879,
inatea3 Of All ifiedeomabIe PROMISE
of tas Government. Tho fractional currency
10 30 redeemed in allyor whonever the green-
backs boeo,,le u,nte valuable than si1vor. 40 tho
lstter will not bs driven olt Of circulation by AL
lnforlor tnetllnm. N.conbaoks TO DO eventually
retired, and National-Dank notes bo tho only
paper currency Until legislation ahRll lavlso
betlor hyAtcm; nl afforta NOM being made III tho
direction of Ppecfe-pAyncnts first, and por-
fected avsten1 nftesHAr;ta Briefly slated, tho
giadual.eulancement plan would require logts-
latl.o action an folEonA:
I. Redemption Of grsenbaekH (vhenever pro-
sentod to tho l,eAeury) IN 4t1-psr-ccnt Unled
States bonds, INT Haid bonts TO dta.c no interest
H. Greonb.ckf, whenever redeemed to bo can
III. Resumption Of specie pavmonta At Huch
time after Jan. l. 1879, an Tue 4s9.pes.cent bonds
uhalI readily command par in 4 IT.
THE ADyAHfAuEn or THIS ri.AN
dlsrlAcemunt OF values. No e'1oe& to trade aud
,ntnrtrr. 70 compulsory contraction Of the
cur, opcy. Whatever the contraction. it would
es ts sntrfy h,t, voluntary op the r,r
inevitable Law. OF supply sud demand. No ar
hltratv 01od t1nle for fesump lon, but every
probability that it would cutne uu or noon af.es
Jan. /. 1879. Ths burden Of tue accnmulatin9 Of
gold for resumution throSn on the liasiunat
Eanks. Tho Government free 70 use alI uueul-
ployod sutpIue Of gold III tho calling III OF out.
standing G-por-csnt bonds, saving largely Ill ILL.,
terest Iho limiting Ut nold-apeaufa.on within
very nhtrow bounds, and its tinal aubs.denco.
When specie -baAis ID as.ured, tllou opportunity
to devlee = better banking aud curroncy system,
II poBsDe. Prohibition OF the G1Eprnmen.
embarklnR in tic banking busncss. The cheap,
eAinK OF tho ratoe Of interest," '9d general re-
turn OF atabllity hnd confluence, which viii re-
we 1RduA ~ aud make tho country prosperous.
A tsir chance TO soon reach honest money, and
g,yt to The greatest humber tho GFoatest good,
aud the lsast Injury 10 Tho smallest number.
Only those who have tangible rrJptrty and in
dobt Gould suffer, and such clasB III tbs hoyesost
casca, to maximum e1tont OF oblv one third Gf
one per cent month Oh the amount of tAa1r
dHhta.
WHAT WOULD DE THE PRACTICAL woRx1Noh
of sch POLICY il adoptet1 We eau readily
trace them. An immediate woakon,ng In the
gold dpfem1um. an1, wthIu the three aud \
ttisd ,oarr. = gradual sstshnR d.nn to zetu. A
tendency In the 6AnkA To soil their Government
to time, unltbe leueHeu activity in trade and In
dustry should absorb any plethora. genefal
curthil:neul Of speculation III Ro'd esrccislly
| for 4 rtso, - ito coulea would ba down
E.rd .aa % 70 hish ;a. premium ,,', :, could sl be
1 to Lilo bear aida Of gold. ooly checked ly tho
/ fact tbAt Rreapbncka still remain depreciated AZ
| to tho .Rold.atandard. although gradually aud
surely improving. The hatiunal Batks would
continue to keep their reservoe iu Rreonbacka N
| loug AZ II wxs cheaper than substituting gold
| Thoy would not purchase gold Oh declining
| market. nor 70 to tho oxpenHo Of accn5uulating
| coin until they ouula purchase 1t "ltaout pre-
miuu1, At which timo It would be easy enough.
| TIoy would cllnK to their greenuaoka until tho
~ per' cent touds would readiIy command psr
| IN gold: tAon thoy would conyert them
aud maize tleIt reserve gold ono.
Tho United Btatea Government woult have no
object In keopmE . largo, unproducive surplus
in gold. hut would cali III Q. pot-cent eondB, ray
shom OF, aud save tho tntefaat. IA soou ~ the
| ~ por-ceut bonds commanded ps. In gold. an
III every probability tboy would by Jan. !, 1879,
| baok reserves 10 tho val:ts of tho baIIks would
DO converted into gold and shau specie-rosump-
ton .,ouid take place
| WITHOUT THE LEAST p1sruRnANCxt
| indeed, 40 quietly aud successfully a. to sur
srlae its tnost aanyuinu ffieuds. tbs Aooumuls-
tioa Of specie. o,th by the Gossrnnens Of
banks ycaEa before 1t Is actually wanted, would
be + sEleyola buI den. aud many tlues moro ex-
pot,sive than 1t would bc to let 1t be expo te4
drrue the grsenback regime. aad reiml'ortea
after jan /, 1917, when she specie-bass ii about
to bo regained II msr be aased, tan ws be aui o
! Ut sufficient importation Of soin, wien needed,
| fs resumption purpoees7 No fesrs need be aI-
cauaot bc sold IN 1870 1t par lu god In sufficient
quantities to provide cn1agh goId to redeem
whatever NatIoual-Eank currency might be rIe-
nohted, then We will Hait until the ci edL ut thu
| Government ouluea up to tl5at 1lkndA.d before
! |o@NS"h VII :" ses"t" - ep~s'S E"'N-> .'s0t
plan dote NOT contenpIate tlat grsenbaoks e1a!l
sgar be relaomed IN 9o!d. unless ~ ths option ot
Tho Govsrusnert, but Bl.npIy iu il5-er.cont
bonds, aud interest ou SAID bonas - eosnmuucs
when rcdsomed. e1cept no Interest to be allowed
pltot to Jan /, 1870, Tho burden OF coia.rr.
lomption IL ihtown entirely uuou the National
Bank currency. iss ,ad by those nAa receive Tho
profits OF calculation.
10 AVOID ANY POSSIBLE conNER IN GOLD
which might ba attempted through ans dmin'
,Hhed stock Of gold In tic country, aud tlloreb'
keep tho mpdrters from obtaining 1t to pay tle.i
luties, las tue United HtAtos Customs authorities
bo authorized to surrender merchandise to I'LL
pofts.s on their aepoaatlng Unitod Sta. .es bonds
intasest-coupons, OF oyon greenbacsa, ~ 1
plsdxa Of sufficient .atua 10 purchase gold te
1iquldato said dules, which said Importers ailai
be obliged to do within thirty days from til.
sithdtawA Ut the ms.chaulsse. This roule
rive = severe blow to the speculative gold
brokars; their occupation wonll soon bs eo.e
However thla pAn msy ancoufAR the tempo
rsr, exportas,on Of gold, aud dlmin,sn our ,ses
at stock In nArte1, to the gain Ut tho Govern
u.AAt II Il would enplov ia unproduosiva sur
plus In Eedt eminE interost-LeArlu8 Obligations
ard howovsF ~ might encourage the people tt
slvays do without Roll aud u4e lr1e1eemAblt
| DAluf tnDkT6ntlY tim 1Aq6 a naneiya mn nutt