New-York tribune., 1876-05-31

be lions STATES" Tl5 Crytrument was ..'Ay'i s9y
Cnuse was not tDcn favorable 10 tIo issue o.
lcgal-fen cr notes. lie, howryer' W"s ID ,l"EoI
of National currency under tie au.horty OF thr oHhe
Siatcs ami recommended tio National Bank act
lhis report of Mr. htse WA referred - the suoC"n-
mi tee Of Ways and ,ie'ns, consisting o. M 5ti rs cf
man Mr. Hooper OF AIas acuscJts and Mr. Corning u
NeW-Yurk Afcr a careful examination of the report,
applied tO Mr. CbGse Tor ie c oi Jili carry M" c
.ect the Ia Of d nat1O al bans IN accord nee WITH ms
recommendations. lie had nos propafci any bill aud 70
quc-ted ne 10 prepare 0uc as soon a. practicable Lo
non JoEn j. Knox present Controller OF the Car
icncy. IN his last able report 10 Congress, says:
National B3nk bill WAS prepared bj alr. Samding ni
Now-York. in accordance with tie plan OF Secretary
Chase" Thi, is true prepared the Bank hil DUNG
tuo hodaYs ~ cemoer, lsOI, am L"i 10 copies Oi
printed 10y The PIbc P1nicr iOr the use OF thc Com
Intce ways and licars. with view 10 Lave II CON
slderrd, amended, ana hhaly 20 20 I'oi'ei u D.l
produce one original cUp.cs OF The u - prepared
by nat time and which nave roiain. uuiil DOW
Considerable opposition MS mhhlic,h 10 the Dill.
became corta II could not II that time pass with
ont a long discussion Tie expenses Of e Government
running ~ ieArdl f'ie ana Tue treasury was
nearly empty. IL soon became apparent mat thc
Bank bill could not be passed ana maGe ayalia-
be in time 10 meet ihe tiEdhlic expenses Oi lIe
war 1t was therefore laid asiuo for future cousilera-
ton There imperative Necessity for Il National
circulating medium, "a Vel a. Ihhtiihie aVallaDe
means sIsain to army and navy u tle prosecution
the 1hc stale D4n"s aud sun Treasury sin,eirl
specie payments on ir -N'h OI iccclh'cI' lobI iho
notes Oi these DauEs became uIcureut money ana al
best had only 10 a. character a:". credit , ,-.,.,
Under tucse circumstances | Immediately introduced
III t-c House oi representatives. tho LrsiI ndeT -c'.
10 uni tie dtbl ihouilst loL wa. CAi, - 20 ~
Necessary 10 quirKy create Temporary y tllJhhl
currency Tor UlrJA!HIn- 70 luo army "lu iOI
other war expenses. and which slioild also
be receivable tor taxes ana O'dtr ttucs 10 lac
Government, except cu.t IN duties In order TO
prevent any toddndancy II was also provided that
IN It any time be converted mtO SIX ler cent soi
bombs The act authorized tie issue Ol sjVOOOUOOO
per cent gold bonds INTO when tnese los tehder notes
couu bc unded. -
AMI approved by Prcsi 'ent Li.con TO - lsG2 IFg
sccOpd for additional SlJO,oOOUJo was passed
lie back OF these notes hsaod under these two
ac Was prihIea luG iohS"us, "1'Is' us hII,9
ANA private exccp duties imports and interest on the
pubic dcDt aHd Is eIcAaLEcrlr Tor u > siX per cent
bonds, red emdilc 81 tie pleasure VI ls Omvd states
aicr i've years" Ihcsc notes ~ the form grcenJaca
currency, we're Immediately issuod ny SECRETARY Cnase
United ac5 was Ic.ieycd oi tho pressing dcmdtd
ttat was made upJn IT, Tlc army aud navy were IIid,
per PROMISES sufficient guam y to prosecute ihe war
WIN v-Og. rtLer Issue ol ~ yOOoUOoO 81 uniVhdd-
Tnis currency did uot gov OF industry and pro
duyiOu, and not therefore lggiLh'to comm icih
currency. l. ruhs rom lc dire utCNIy ui EisaAtic
civil war |, was deDt created the absence ~ ady
III ans II eyi9eIce Ol want ana tie waste oi
in llls,i ~ on haud vtI winch redeem t II MAS sin
Iy Il ton. .Oliry currency. During the wr we we're
soon as uuo,U.c the return OF Icict, u was ~ 10
-ina .,ts N &c cOuyes.i1le, as before stated int'
Ji0 and an csy aud Aatii maae Of rctuus ud Of the
eva ouoo,s uf J.s redundant auJ unnatural currency.
TIE GREAT MIST KH OF THE WAR.
said on another occasion, ana repro ince it here
the management OF ho war-wa, tic abrogaion OF the
rish to iuua be rcenhack currency mtO gold bonds
provided f,r IN tiic preceding acts AL the O,her
mistakes civil ana military, which occurred dn'hs the
war were Of slight cJnseld wien compared VITA lhe
mschicyOus ahd grave consequences resulting iT"h lh'
one mistake. Taking away rol tAe ho-eroi TINS paper
currency the right to redeem 10 IN gold bonds, besides
being uanfcstly unjust To tie hOl3crs let tho Govern
meut aud the whole couutry-nanaa and Iaople-do"n
ptn the s8ur of nu IRE erInlac pcr currency, where
vc have remaiUeI for over II ycLls. F.om 1851 10
1876 % hl, been nj weight on the business ad iI
dustIy tue country vitL0at elasticity, and "ilhohI
any provisions wuiuvtr beng male Tor it> rcirWPi"H
or payment. fts ro!lnilny AM consequent d-pcii--
on has operated very jnnou-y to the leg ntit 31s
ness the couary Itwa> iusument o. exprnli mr.
q visible evidence Of the waste OF war AM n'i possess
in. the gss,uti elements Of q rrr"ih currency.
majority of the people however nave boal dc'udsi INTO
q belief tat tho.s bok8n prOusts me.o evidences o.
debt were money and proper STANDARD Of vanr as
basis iof doiu DI-.us7s. aHl nave plunged nrl"hs mo
"a sorts OF speculation. uuprcE ahc ,Ite,Isc e-haV-
.au,o i'm living. general abuse OF credit ide"css aHd
IftLr risli lo iuld tua rfeeurac, into the xix p"r
cent gold bonds lIi mot b.cH aD.1t.rtl 40 i aNt' "I
paciru business h'h Wt''c "n.". j. "" "a .''','33
can doui thHt Wc would nave gone to 81 'c u"' iI' t
within or tBrte y"ars icf ut cl's- "i It ""' m
gio,c N t war in $50 small Everyone was com
p-rit, riy free ilDI" oe'i l"r sN ger h' soi u ~
cot .t iUr a- tu lhNe'.mt Hi lH'3 pA '4l''''
& uI Iu -uI. aud g. t.c night 30 NHJ u.I To 'u r' ued
iIc Fittt'l.h & &cu.'v.''' ',.I eri ,y,iid
in gold aiout WIN ""''. i.c ~ -'' I' & .',
have served lis purpose ilu- lic aHd "t Won
have return 10 tlc s.o.e ,.ani1rt "l.aoHt h'.,iin
,t .il'.', ,' IN, ,', | ,,.ilI o., .r,f MARI of lie os
AMI rmn,. sali1ii t,at L.., been so recsios,
,iic,. t.e close OF tne war.
on the 2I ID feD,"iy, l5D'' l.e ;'a-io.'
,gai it n am - f,rrd and ainrndrd I'm several iu
pbraut particulars, WIS report 'ruW hc fihHncr to
mo ec % l.e S'"a hl J'hi 9itiNit- ~ O.,'' =. N'
aliI"''d ny il''L'''i'. 4.'' - , - - ~
u"hs' ban currency "'9 ''s'ot '''.' -, " " '
Jauualli I7Dt. Amer tH" t"' o. "'5 Alt''i.H' u
On t-c ISL uI Jtf' I'u' ,i' ',ll' III" ,-'' -y , ,'
"c'n iS-acd' IN on d. - '' ','' ' t - 49,
ino ,iulcn t' oi N'h. is,'' "' " "'o - ''",' - ~. y,