New-York tribune., 1876-03-07

clare AGAINST All interest and then, after passing
through the valley OF humiliation; rTsur" si "s ynn
commence this downward course OF and
there Is but one ending. You may, Ike MraDeau anu
the Girondiss seek the torrent but You VIII De
swept away by spirit You have ev0heu anu the ., IN,
struinents you have created. You complain now ol
want Of confidence which makes men hoard their money
Will you, then, destroy all cOndeneef NO, Sir NO. te
way confidence is to inspire IL ~ running
your obligations You make men lend you; You
cannot make sell you anYtnlng-elther DIeau' VI
meat or WOOL or IRON or uyhing is that can DO
cIeatedexeept Tor that which they choose TO take You
may deprcciate the money when you OHef pu ~ VII
only take more OF it TO buy what you want II Is true
that the creditor may by your laws be compelled 70 tke
yOur money however much you may dcprcciate II. pts M
equivalent In other necessares of fe and thus nc is
cheated OF Part Of what he sold During the war; We
counted gains sold his goods or his crops at ad
yaneing prices but he found out ms mistake When wiz" m
his swollen pile be tried to replace bis stock IA aoS or
lad in his supplies Sir this p3ey e1nans'S % Sn cedi ~
who produces something 70 sell on credit whether tat
something be food or clOtlnng whether ~ DC hecessl1
whether Of the farmer Or the artisan Is deeply n-
teTested in credit IL is credit that gives life and c0npe
ton trade and credit is destroyed by every scheme
that impairs, delays clouds an Obligation
sir, must meet this question of specie payments,
but also for the lesser reason that it is our Interest
The only questions We should permit ourselves 10
Senator addressed himself to those who, though IA
vorins resumption thought that tho act should be re-
That is not desirable TO fix day for resumption; l2l
at least unt the balance VI trade s In our lsyor t3
Ously adds TO the burden OF existing debts Ohdef the
Sir in my Judgment the real solution Of specie resump
ton will through thG voluntary act OF National
banks each acting for itself under me general SieeOn e
of France and the NewYork banks brought about aud
maintained resumption. have never regarded wilh so
oitude Che amount United sdcs notes outstanding,
for Gs VIII slOW they can be easily maintained at pat
gold but lhe agency Of the ban6s in securing rSnp-
ton and ciftct resumption up0n their customers
matters of sOlcitudc. THis no longer doubt or
fear Ine whole problem Is Ia partial nnl I'm
in United states bonus 90 indYiii's Ibe m Wlco 3I
these bonds and tho idle capital that seeks Investment in
them will enable each bank 10 Wtrcnetb' is]l ~
sale bonds without in the least importing lie ability to
discount or loan, ana III fac 10 increase is power 70 go
So and bonds viii 10 absorbed bJ the increasing d
lind ior such securities Strong banks IN cities DO not
Ther currency largely held by thCn il in cifcula
lion, t can he retired aud Cancelled "Iouk hpaFhsm IL
the least their ABILITY 10 ua OF uicOht, Inc p"ih .
reney being thus dmin-ed as the ume Tor rrsunptoh
approaches thc United states notes iapportea gy a
gold reserve ana {he power OF Inq it JnCIS'',2 =,
10 sell bo dis, VIII easily lbs maintained AZ
Ana, sir, tbs partial contraction o. Dihi currency WI WI
unlock and diSsip1e grgatcr contraction wich mas
mind rest; assured that the dy oi resumption only
promised DIt reId rcd cert ~ the cJuc1a Of eyenis
masses OF notes Io !de n b1nS vaults and IN tho
Treasury and hGaydcd IN homc,ica e All over the
Thoyc IA deposited N INC Treasury, without te
est and belonging DanIs 81 ,00JOJO represented b.
currency certicaies diero are 40" ID t'. 'as oI ,S
fractional currency. S17IGj19O bans-noe IN al sJe
702,29O, and III the siNS pdlNs 9ttC oiuhS, IN nc
Currency the OF - 543i 400. IN all making %l7o
DDS 500. and this is tnan no reserve Icquid
by law The pl5etIcc OF hoartn; currency has greatly
Increased thc day Of the pane, al IL MAJ be safely
sid that tEerc i among he people and in MS BANKS
and trt cnuau "a H. { less than $500 900 900 Of
rency idle Nothing bu; tie lesS oi seouty VIII ieniPt
il ron It's hidms,acss; brt, that cuity offered IL
In be- had for i@s5 rate Of interest before
Capital met its periodical shock IN S'ptemoeI, lSaS
and great masses OF 1t, some Gay Sl,ooO.OJJpjo
vanished d!clm, AMI are now reprC,en.c cd
by worthless BOMBS bills. notes, and ces,iD
Gates Of stocks worm Dnt ltt4s l'e t' ihe plpof o
which they printed This panic came upon us WE'n
the paper god was lord OF thc asrehaan whe corner
lois. nj fictitious prizes wera thc par Ot eAcnaci "h
unprOductivc railroads the II DOadJs OF vision
aIics AMI wild schcHas o. Improvement BON ~ tis eS
aud IN all the eiiies OF tc thOn lhItased h.ie!P4
debts uucXamplod degree. 1hG reckless mhdtl'li
OF credits 90 lapsed oaS before tnss law Wa passed.
Money, the agent OF capital AMI whcn dic cHHtii 'ii
boarded and still Remains active, OF y ,ohcL o
which many complain. ~ l. NOT eai> by Zoe ~
sumption aci bat b. want Of cOnhdnra in inyc5tncAt'
by Issuing more paper money. Bar tho UcyissIn d O.
offer y opportunity al Withdrawing PofJ3 " tlIs
banks can feey surrender port on or t " clrcIltiJ
aud thus be strong Tor |niie lfsnen,I anl
when sold by the N0ttiDs - wanted b1i conh-
dencs fiiIh ana lmr u secure tne closng triumph %;
oUT war poIcy by ine redem on oi the u. v Froul.-e
then made tJat 1as MT be-n honestly re!e.'.leIl
bc rem lining objection To- fhc law st a. " II add t0
the burden o existing drn's s objection j. also H.
separahlo from any Mn Of resumption Postponcment
or repeal vIno, icp he matter Fur lime rcdem;
t must come Current indebtedness was Ecycr less
shen Liquidation has gone 0i rapidly hnce ,Lc
panc' aud ~ many eases by oprh D;haIup,e Dsois %
in view ot res 4mp,0n Ia 1913 Many 81 t2e oil cc r7n
ior lo,r perioi o years. snl waea issued mais
n on lhe .c,3Eui dOi Of ee pSJn5Its sefo.o tIry
matlred. OtEcr large nascs Oi dc0t' tipGa'e 70 "
payment OF both rFiEciPli Az mt'Is. in r.h NAriy
All best fy-St-Hs securities are nov az or h'I ihI
gold, and arc bought az sod az sn'd yaoc,' 'L,h. @
leDts IN trade na';i ana arr t,ld o't D'o,e 'n ~ 20
fr rraunlttC. aLd " renewed, tHo Dor ana Ct!l'r
Jnst ,i ni1le t ., pay m a. tt az s' ',en, VII
caino NJ time ed aud Tor tfl reason o"cg rt
of interest stipulated fOl. let 4 once be ak 81 in tie
rubiis mIn tsat on The lat 81 Jiaary, 1919, paper
money Will be advanced IL the specie stihddd, ttd
standard rates OF interest taitu VIII no jhSrr
30 invested in gJl bonds from the lear thst II ioad
Ia ju,liylas q " N BE- pld back in deprecated paper
hut vii eagerly invested ~ low rates 81 ia'ercst oi
mortgage Otncg see Ity II to % PAD ~ !r 3Fed AMI
iinprUvdg caIIyHcy. Industries nov lalfSLd or r'-
PENDED viii hope uy ieyiYe no" tLat olOchs af3 r.
daco,l, and produe ei''na val nave LHed eosh,f,iM @
yalu. noe Oy markets but Le MARI u "I thr
gorid Merchants tho sdriuKsc ot Irre- hht
thlr stocks vii b. r, ,nea,g At eOrrcspandilz riacon
of prices anti All arc measured by the gOt standlrd
ghen they -sd have no fear II cNanS" ui iffcts t
those arr in fFOI demand anl supply D'b;0Ts 'lc al
generally cfedi 0rs ant tno los and gan N.ns VIII
bilance Ohcs, anG me tiine - ample ID Nhei ~"
losses aGius.ed Never cohd our con mon DE bc
t 10 resume clio stan lsi tnaA nJW, ui'SA ~a
intend pcrpeinae tne of deprecated paper noney
aud Total disregard thc pledge Oi tho ptDhc lalth 10 j"
d0eIa United Stats notes IA coin =,
AID now, SIR come 10 the proposition Can We resume
specje layIncnts t.c lat Cty Of Janu'ry 1871! on
rims pTt,losIiOH % consider Tho question as y
aaeet, the Onal baaSs the Fractional cdrrhcy, ana
As 70 tne natona banks bave already stated how re
dcnntiOn with them becomes easy ana natural process
be performed without INJURY to them ot 10 the Gus
tOuIeFs bier usefulness, ny lrthA.cf or sale "
limited bOlGS especially sol issilc
alu only the ext nt thaI caeh bank may uceh csh-
tal TO is safety. The national banks are now eNctp-
ti0nay ssrobl TneT circulating notes amount to
756 or these notes tbey nave ia ther vaults
te siIhl Of I7 100 Tey nave with the Treasurer
of the United s,ates S356,6SO,loO IN United state,
bonds worta $i37 JI7 IA clTeey, or S7l.5s2,2JO
I'M com They alsJ h1d Uuitcd Sl.es hCnds u securc
United STATES deposits Sl3.9S 300 and Othcr Uhtcl
states bOnds held IN their vanlts TO tao aninnni
Of $1,000 800. Tney have surplus Over an
above the capital uly paid up the sun OF
SI9z3O0,0 o. WITH tho great ba y 81 taem inc re-
dmsLo Of the wGole largo part of their Circulation
s q matter OF indifference 10 1io oxtent of certIu
Der cent OF their deposits and per cent OF tner ereua-