New-York tribune., 1876-03-07

Efafes
ation Of the public faith. They win always be the re
cevebe for bonds of the United States. They could be
Summarized by tne power 20 sell bonds TO redeom them
They would as matter Oh course, oS TbeT Wod
take the place Of certificates OF deposit ahd pe usH
in clearinghonse exchanges NOW, ens Tsse,th and
credit OF country do not believe the present Vone
of United States notes need be largely any TsonSfu
keep them at par in coin We have now gold Osnoe hI
in the Treasury OF S37120772 % and CURRENCY pal
anee Of g204ot over ana ma aoSSH SSapse S Is subject to
overdue and aeering demands fuIy sated Ia Iesebs
letter Of the Secretary OF the treasury Dut ceT a.,
and when presented are met by accrug revenue. SuP
pose what regard ~ an extreme ee 3 tIat we we aeS
Gates and S5OO0oO00 IN coin does any doubt nt
Confidence being once established in their redemption
and who will want the gold Tor them Ihey can DO anu
no doubt will be reissucd without with the lealtender
clause as the law may hereafter provide and with their
credit secured established at par In com, eY VIII hO
as In other parts the United States but like the BANK
OF Eneland note, in all countries thI ha'o coneioi
And now Sir let us turn from the main question and
briefly examine the question: Arc the agencies aud meas
ures prescribed 6y the aGI Si t6s senate and epatSrs
around how relucanty came 10 the support Ol tS
bill does contain PROVISIONS that Tor years
have struggled 10 secure st sii' leei Dou1 70 say
that u contains ample Hgcncls and powers 10 carry u
into full execution without the addition oil single pro
vision by Congress. The first section OF the b " limited
10 the Redemption OF fractional currency Ids, as
have shown, can now nc lullT tAttutou' Ahu iHo
criticism ia that II has not been sooner cArculcu NOt
only tho notes be redeemed IN silver WithOut lOSs,
bat actual cost OF coming the silver strange 40 ~
muy SEEM Is less than tire printing OF the raetoal cur
rency Tne cost OF coming subsidiary siyeT coinage Is
shown by the Director of thc iEt % be from l 10 per
cent ant with IN nlnts ihhlnS 70 AelI l cditho ~
Il much less The actual prOnts oi scgnOIago VIII NOT
oAly pay this cOst hut mere than thp interest on
bonds We may sell to procure tho DuDn Cn tne ooo
hand the cost Of the fractional currency IA jig per cent
OF tho amount Issued or, t. DO exact the cNpunseS oI
preparing and rodoelnnE tha lfGtiOhlI cuII.n9 lV' e
veal 1875 was SlAi0.7tG o. The amount issued was
3G5 4j And what Is worse The average o Of these
notes 70 icaS than Que year. 90 "at 's eApvIso % n - I
annual one almost equal 10 the interest ON thc Whoe
SUM SUN ,, ps ave r ,s 4. oS Inc silver coin pays
debt when issued. nlc the fractional currency only rc-
uows it, aud must bs replaced 10y another noA within
a year. ST. tho wisdom 9l th+S pr1'Ist,,h Is no" 80
demonstrated that committee OF the House uilnl-
mOusly refuse 10 print tc currency ana demand Ibo
ssc q! silver CON. whio two months ago o scnenf
was pronounced Visionary, imprlctciblc' shaIl. We
ana yet the Law passed were told 1t would be
boarded bought up by moncy-changorS' exported: We
fractional Lo'ea 90 y p YbSJy viii vpi no y
no UHiitd states nIe3 for gold as soon ~ tao nOo
viii buy much as gold.
Bnt il Is sid We can only buy the silver bullion b. ssu
ing bonds Tnat IS row, because lur surpus rev
ciuc ~ barge: but hog "ili The United StaHi oVJr
pay lis GDcs 40 cheaper ra"i OAe mion oi dollars oil
par cen: bonds VII ty-ly biiy Edih Gent SILVER bullion
make II 10000 m subsidiary silver coin When ana
bow can lnis operation % rIym; oar debS b better
iEityf 10 has OeeU sd that The per cent bonds a'i-
iii, riLcd hayp Loen exhausted N0tso Tie ~" = pan
tloiizr the Sccrtiry 81 tn Treasury not ony 10 sr any
surplus rcvchIe bdt 10 issir s,' l 80" % ~ n9t
OF the I'm ic STATES ddcfi5cd n az" ac i0' fr.undGs
In ~ ltr elp Tb, reminding act l. only rriegttti
for Inc description OF tao nus authorized But 10
make ths ns.rGctHn NOSE clear, u IS provided tna
m oas d law nc8si,cnt with this ct hereby
repealed" TLu} not ony tho pablo Rata bus all the
iirr ~ i,rrr kyds Of ponds 10 wiz tose bcar1ng l.
- ana per .IJgicat Ia gold, Is granted To tlo See
r..iry enaifc hun 10 execute tHs tTusL Ihv OiIy
limit IN a,nDant s sac asOuut aat Will enable ban to
TIC !1it a. lfff a. Hillcu nc c,tI
sell the bonds. Is " not less thtn pas ~ COIN.
Tae second sectiou IL only material - u tnds tn -
uce tie cJAng OF gold by repeating the mint charge
50 mach uf tie third lection IS relates 10 ~ IOia lnss
i ter1 except - is PTUvi1cs wy b. when cr'
not, ay b. i,suoI but.l isiei 10 will pc WIN
lnn cIsc that due timi they nust bc - tdeemcd
in ,tHa tie pleasure O the holder. Then comes me
prov oItie Vital iroysiOn-7f 40 law And on aiJ
aIf"r the lst DAY of JannaIl, lsIy ihe sGcmlay
Treasury s.r red. e;n IN coin tnc utoi states
hgalt-tIef notes tncn Ouist iads 1 thriF f'sasion
iot r's~pon. Tnen ic.ia~s lit a.. te l3@ Nv q. .e-dS
quoted: And % enap; inc Stc'r'a'y Oi to ~, isy
u lrePJTt and proido for TIE lcaemioh IN thS drt
snDszei or rtqmroi, he - ditihl%,h q use 4AJ sir
pm revenue tr1 time " ,ime ~ tir lrct'ny n' ut
wIoa appDprat Il. sad 10 issnf sch ani dispose o." -
noi les, tuan par m eoin either Of inc oa Already r.
fsird 10 Such ar ne dull' el'ied, hd seh are lho
powers cJnfcr a.. ~. ia tnis ec b5ih tn1 rover
AM ~ . 1h!s act aia clearer a44 sF1ns,s lh-' =,
i now r,salnaG. Vino can doubt tI't with or v.'hoh
fur .neE icg,s'liDn lhe "ofN ea1 Us drsohr'Aloi y
secretary wAo VIII ohy "Hd r@tcd'c 10 itN ih-
p ,wCr te 'rrrPtr6 fot r.sin Dh = brDid di,rruo
ihit commences wi.h i"o Pl,'iss o. 'n1 - s'i CO..
time, during every hour ~u db ui ls cAi'tert' a." ~
on 10 bs Ciso with excrdng canton ANA 1ohrT'-
tar.
prop .-I - srz :tiI tn Ihc frsasary vail rictr-
in, v9.o TOR n1oerais tax oh Is 'e GU e. @So@hs,
tns NiiI increase orr f"Neic H'.''"hi '' ''7 !, -, 80
OF ta r;Icics ana bc the means oi e""nS ~ - rr.'ai
other taxes pJsh burtru AMI i cOn' cuieir'.
AMI strengthen tAs TrcL.uiy; VIA gi'ds No.e
Tor the voluntary c'Hs cr'1h "i Hnnlu 'Aio-it %
Viii lcui 10 pnp-so" ua iOF apece 81 nd'.L isuI'
Sr cacl Of tEcs' Inc,sur.s anT oiL'iS ,b'L m'y %
iu All COR ett satuI of ,e ..W oil $50 "n Or b.
fore thc iis. day 81 J-ni.uJ, lr'J
Tie motion 10 Icfc. tas resolutions to to Conmii'e'
on finance agreed TO.
SIR BOaY sPTtFs OK FINANCE.
Mr. BOGY CD.m MJJ clllcl up tho bil! introduced by
him early IA ;hs session authorizing the plyment ~
dutr1s On inpDsts iu egI--Jealcr ami National bsh4
n tr r,oa wh,cl hl desired 20 alrOss the Sen1'e h'
MORTON WHO wanted 10 have ,h5 Pinchb"ca matter
broas up gave way % Mr. EogY. aid tue laitc' tnen
lFsscodcd to siea OR nan Tue tolof oi las ronArk'
was follows:
NJ President the bill under consideration provides
for t,e ptymcat OF duties ihpJrtatpns in legal
tenders and National bank notes or con, at The op'
lion o. tie Importer. And believing Il Ia DO nJt only
most Important question, but the most cicioht II not
tie only WAY ny wioh the paper money now N eircn-
,io oin be made equal ~ gold and consequently m that
gay bring about specie resumption, wl ask the indn-
ence II the senate 10 give bre as can tho reasons
for t!s csvicon. BAY conviction. and not opinion,
b.ca l,ug ref ctioa this snbleot has brought my
mind 10 tho condition ~ conviction, whatever may bo
Bought bg Others. y tbs act OF the lith Ot Jlhafy,
Is7i we are required 10 resume specie payment ON To
lst o Jauluy, 1879. upon all The pdpoi money Issued
by The Cyrriment; that H. the fractional currohry AMI
the legatend notes. amounting III tao aSAfegalo 10
sil72J5 0s0 Gj To effect this the Secretary OF the
1'i,,tsiry il authorized 10 sell bonds for c0in 80
as TO have IL ready On hand when resumption
day comes. | hold tLis to be impossible.
Tns yIew / think. IL sustained by thb secretary, ana
hrncs ne proposes Tao OF bond at ier cent with
which to gradually redeem and cancel the oea-tehder
notes. and this hr proposes 10 do gradually fhs prop
nson in the main comedies with the View OF tho Prcsi
dent as contained In hs last annual messe and ai5l
with tine bill offered by tn senator irOm vermont thr
MorD Ia accCIdalcc with thls tho legal tenders are
gradually 10 disappear frOm Cilc lat1n aAd tic auOun
now outstanding 10 bo represented by an equal amount
-. IhIL h. lnnn.