New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-17
WASHINGTON.
WHAT is DOING TO AID BUSINESS

W,smSGroN. Jan. 16-The waste OF anolhei
roek nv the House in fruitless discussion OF deau
;sones hos coused many leading Democratic repre-
,on+otives 70 realize more forcibly than before the
DISQUALIFICATION which is beginning to manifest l'seH
throughout the country at the failure OF Congress 10
take practical steps looking to the relief OF business
ftom its present depression. 1t is true that within
the mast few days some of the committees have be-
gun work and are preparing TO report some OI lhe
necessary business of Congress. But the FINANCIAL
Committees. those on Ways and Means, and Bank
ing and Currency to which the country looks Tor
some nraeical measures for the restoration of conf
dence have as yet given the most important SUBJECTS
referred TO them little OF no attention. The discus
sion on Andersonville and Jefferson Davis, subjects
which it Is believed the country has desire to re-
yiye. which has been sustained by three or four OF
the most prominent members of the Ways and Means
Committee, has prevented any important work from
being done by it during the past week.
The financial measures already introduced meet
with little favor from those hardmOney advocates
ON both sides of the House who hold the s0undest
views on these important questions prominent
Eastern Democrat, remarling yesterday on some Oh
these expressed surprise at the crudeneSs OF thought
which most of them have exhibited. THE TRIBUNE 5
criticism on Mr.. Payne's BILL characterzing 1t as
surrender was he said perfectly just. The Dill IN
troduccd by Mr.. Chittenden of Now-foTk surprised
him. Mr. Chittenden's object in preparing 1t was
doubtless to obtain an opportunity to make a speech
ON the subject. but it seems strange that man of
his standing and business experience should be Will
ing to allow his name to be connected with the ln-
PRODUCTION even of a measure SO imperfect Mr.
Woods bill he had not examined carefully but from
n casual reading of it ne did not believe ii pracu-
cable
Mr.. Schleicher, in his bill introduced last week,
the gentleman said. ignores the fact that foreign
countries will not and cannot allow any rapid accu
mutation of gold in this country. As the legal
tender issue is withdrawn and destroyed, as pro
posed in Mr. Schleiches bil its place must be filled
either with National bank notes or with gold and
silver But as the National bank notes would
when the United States reached specie payments
have to be redeemed in gold and silver, since that
would be the only medium of redemption left, gold
and silver would in any event be required IN large
measure TO fill the place of the greenbacks. This
would require an accumulation of coin in this coun-
try which would disturb the gold market of Europe
The Bank of France although its paper issues are at
par with gold and it has been accommodating coin
for three years in order to obtain stock Of gold on
which 70 resume has not thus far dared TO begin the
redemption of its paper lest that very act should SO
raise the price of coin in other countries as to make
the attempt failure.
Mr. Scbleicher defends his bill on the ground that
Il will actually cause less disturbance IN the gold
markets of the world even than the plan proposed
by Secretary Bristow. He calls attention to the
fact that should his bill be passed there would he no
boarding of gold and no accumulation OF large
quantity of coin either in the Treasury OF the
limited States or elsewhere in this country. He be-
Geves that the amount Of gold which now passes
through the Custom-house would be amply sufi-
r. lid "a, 4Ia man NyI
mends, to bring us back to specie payments. The
amount of coin now in the possession of the United
States and what would accumulate before the LIST
of November 1876. would, he thinks, be sufficient
10 carry out his plan Of redemption for at least ten
months after it was begun. The simple passage OF
bis BILL and its signature by the President would,
he believes, cause immediate appreciation in
value of the entire volume of outstanding legal
tenders and this appreciation would continue,
bringing gold and legal-tendeT notes nearer and
nearer to the value In this way, within few
months after the purchase of greenbacks at the rate
of ten millions month had been begun, they would
become worth par with gold When tho purchase
of greenbacks is first begun the gold paid out for
them would, Mr.. Scheicher admits be locked up
and would not 60 into the circulation. This would
of course cause a temporary contraction. But he
thinks it would not the least affect the volume of
currency actually in circulation. The first legal
tenders purchased, he believes, would be drawn
from the banks, where they have accumulated
in great quantities. But as soon as the
legal tenders reach par with gold, he
expects the coin to mako its appearance IN the cir
culation, while the amount of legal tenders that
would be presented every month for redemption
would be far less than ten millions His reason for
Eupposng this is that the motive Of sef-intercst,
which would prompt the exchange as long as the
paper money was deprecated, would be removed as
soon as it became equally valuable with gold; and
thereafter the trouble expense, and risk attending
the exchange and the greater convenience OF hand
ling paper money, would check the redemption very
cffectualy From these facts it will be seen that
Mr.. Schleicher, should his bill pass, would not ex-
pect that the entire volume of the legatender notes
would be withdrawn in three years and half, hut
believes that the process might be extended over
period Of five years, OF even longer one.
"No scheme" said the gentleman first quoted,
will succeed that appears to Involve speedy con-
traction. OF course we cannot resume specie pay
ments without contraction but il must be 50 gentle
and gradual as not to alarm business men. A strong
belief" he said seems to have got possession Of
the people that contraction simply means that debt
will be obliged TO meet their obligations in cur
rency more valuable than that in which they were
made, and for this reason any scheme which pro-
poses rapid contraction Of the volume Of the cur
rency will cause great disturbance in business.
What is most needed now, he continued. is conf
dence-something TO stimulate business. Imitation
lists think that additional issues Of paper money
would do this but in this they greatly mistaken.
II initiation ever would have acted a stimulant.
the time has now passed. The gentleman closed
the conversation by saying that, with such diver
sity Of opinion he found even among the advo-