The New York herald., 1876-02-24
THE CURRENCY QUESTION.
FINANCES WHICH ARE TO BE PRESENTED TO
THE CHAMBER OF COMMERCE..

RESOLUTIONS IN REGARD TO THE NATIONAL
FINANCES WHICH ARE TO BE PRESENTED TO
THE CHAMBER OF COMMERCE.
At special meeting OF the Chamber OF Commerce,
TO be held this afternoon the following resolutions on
the national finances viii be offered by Mr.. A. A.
Low
Resolved That it becomes this CHAMBER the present
time reerate It's faith in and to declare its belief
iu other OF the following proposiuons viz
Fs-A general resum ptou Of specie payments is alike
70 he rensatemeni Of our financial aaiss
dence and activity branch Of industry and 10
seond-For the attainment Of this end two things are
are SeoB w s b h Sw on OF ts sn the
requisite ability the part OF the government 70 redeem IT'S
Third-rhs ability be acquired d one of two
either by an OF gold IN the public treasury prior TO
on the volume United in circulation
device meet the nexorabe necessities Of wai,
and not the coined authorized by the constu-
TVA-congross has fulfilled its pledgoarst 10 fund
and then redeem ts authorized issues Of paper and
the pornieions influence OF bad example Is felt thoughout
ssan and costly inyestigaton As consequence of this
continued neglect the legal tender is come 70 be REGARDED
by some necessary evil and by others rs needed auN
Sirh Our national banking system wisely conceived
the exigences Of great all the
requirements of widely extended commerce in time OF
SerhIn order successful working Of this system
toore they have redeemabe in legal tenders and the
latter amer January 1879 will be redeemable in coin at
EgiG-whenever the United States Treasury
20 redeem it, in coin IL will sustain similar relation
banking institutions country that which tho
Bank Of England bears 10 the other banks OF Great britain
but with one important difference viz this The bank
nus ihe power 10 cneek Srhin upon, upon us
the value OF money with the treasury Department of
TINS country and u matters little what pan o resumption ION
date OF resumption unless some provision is made against
foreign nations Two amendments 10 tue National Bankng
law would seem to be necessary TO meet the difficulty ug
FG.i-The banks should be required hold in the
In flatrr
ties from 9nehai 20 two thirds Of all The legal tender"
Ss'ond For the enforce@ent Of such obligation,
and as needed right. authority should be given
above seven per cent will enable them TO re-
themselves to protect the Treasury bankruptcy through
an excessive drain in the redemption Of It's notes The
might in this city be safely lodged with the Clearing House
or a committee OF its members
later peo an S@ s BE IN law Sy IL
with coins Of its legal tender notes by the Treasury for
yee since the war in excess OF the annual product OF
TenM Under such circumstances every attempt ito
hoard gold in the Treasury or In the banks by draining tho
aud by diminishing mportaons curta the receipts of the
Kierrndn like the natural effect Of any change
in the tariff which tends swell importation wibe to
neutrazed the other by advance in the pre-
Tceyfh-By timely exercise of the power conferred by
the existing Law OF Congress Tor resumption OF specie pay
Treasury negotiate suicient amount Of bonus abroad
the outflow and the national fund Nv
temporary non home OF the whole product Of our
mines.
1irteenth-n the meantime appears TO be essential to
reduce the volume OF legal tenders IN OF two
either by funding the excess OF ShOOOOO into tour or
four and half cent bonds or by the imposition Of
coffee special enactment for this
special purposel, payable In legal tender notes which
shall cancelled when received the law continue in
till all destroyed THIS Chamber would advocate
the latter method not increasing the interest bearing debt
Of country interfering with the financial
operations OF the government.
Fo,n,Mit it'll the resumption of specie payments and
restoration Of confidence home respect for our Re-
would obtain abroad; the bnnus which
being returned by every will be held with
precedented tcnacity.
II Is for the people TO determine this autumn at the
polls that their representatives shall be honest and
true by manifestation OF their own virtue and wisdom,