, 1876-01-07

Senator N0E1ILL OF Vermont, la not. We
assume, canli1..o for the Presidency, md
has, therefore. put aside personal considora.
lions mil addressed lliuself To his duty as
Legislator to do what may be possible in nd
iuat;ng the financial question. The act OF
tho Inst Congress providing for apccie-rosump-
ionby the Governments threo years hence was
imperative without further legislation, mud
thcru has been NO legislation proposed 10
carry out that law. Senator MoRa1Lt has at
1east dono his duty by Introducing the bill
published in Tnr TRIBUNE yesterday.
It will bo remembered that in 1870 Con-
gress au horizel the Secretary of tho Treas.
rry to issue bonds Of tlrae kinds,-iyo per
cents, four md holt Per cents, md four
per cents,-aud to cell and dispose Of tho
sa,ne at pag III coin, md with the proceeds
taie up outstanding ai1 per cents Tho
amount Of five per cents WIS limited to iivo
hundred millions OF dollars, nil Of which
havo boom issued. There being no sole
nj par in coin for tho other bonds, none hnye
beeu issued Senator Monr1L1. now proposes
by his bill that tho Secretary issue and sell
at not less than par III legal.tender
notes tho four or four and q half per cent
bonds, the legal-tander notes received In
exchange for the bonds to bo considered
finally redeemed anl to be canceled. The
second section Of tho bill provides Tint all
contracts mado after tho lst Of january, 1878,
ahall bo payable in the 1egal.tondor Of gold
or silver unless otherwise provided in the
contract, aud tint til National Banks sho}l be
required to hold IN coiu, Us part Of their 70.
serve, after January, 1871, ono.fourtl JIM
uary, 1878, one-half md after October, 1878,
ulree~fourtla.
70 this bill rs 1t stanas We layo two ohioc.
tons, neither ono Of which applies to tho
object OF tho bill, but both TO The details. In
the first place, tho rato Of intoreBt on the bonds
Is too high. A gold bond boaring 81 or Q. G5
per cent will ind ready market, and will be
sought for in exchange OF gresnbaclts ut their
present value as rapidly ns business can
adapt itself to the change. The date fixed
when legal-ten1er notes shall ceaso to be
legal-ten.lers for new contracts il two yeara
hence by the bill, during which tin,e that
currency will ba wanted In tho pnymont OF
! tebts.
Tho other objection is ayon moro i'm.
portant. Tho biu mikes no distinction be.
tween contracts made undor The appreciated
paper-tnouey ByBtom and those nude after
January, 1873, under q coin standard IIas
6anntor Monht1L examined az to the amount
Of Indebtedness created on pnper ba IL
The present indebtedness, exclusive of those
municipal and railroad aud corporate tlctta
which .'ro payable, BY contract, In gold, may
be brieay stated III round numbers a. follows
Loan. .D aisconns v kai!on,l A4nls 81. eot
!hans oy st9ts aud prt sass banks to5,U 10.
Ltans hy H4VttlE4 l,ane2.......,,.,,,l la 10 Ri
L'sAa ~ land tnd OH. mol .ast...... u.ov U
IdtuaI lhurfASet and oouaa.......... jC1 t000 pus
BtAts snd niunlcl4l deLtS..........,.,. 1uuoI
Total. ,8HI. .009 out
Al! tl.cso debts were contracted OIL tho basis
OF q currency worth, OIL an average, 30 to g.
cents Oh tho doilar, but for safety we will
place It n. IS conts. Wo aro not unmintlfu
Of tie faet TINT both parties to tho contsactl
took the risk Of the currency rising or falling
In value before the Tina Of payment. but thu
does not cl.anSe tho other aud material faot
that, II these debtors be su.nmarily aud arbi
tzarity required to pay thaso dsbts In coin
thsy will haro to pay ID conts on tho dolla,
for which they hayB received no consilera
tlou. We are fully aware that It the Govern
ment hl.nlt wait until everybody h out oI
debt In order to resume spccic-payment,
without hurting anybody there n.yer couli
be resumption but 1t dooa not follow tla
the Government muat innict m absolute In
Justice Of d thousand millions Of dollars whs.
resumption can b. accomplished without do