New-York tribune., 1876-02-25
vol. .XXXV....N" 1881
WASHINGTON.

A PROPOSED FINANCIAL COMPROMISE
A NEw-YohK MEMBERs PLAN-THE ACCUMULATION
OF GOLD FOR REDEMPTION IN ABOUT NV
YEARS-srRoNG HOPES THAT THE CAUCUS |""-
nITTpE WILL ADOPT THE MEASURE, OK eohA-
THING LIKE IT.
,Br TELEGRAPH TO ruB rRIBuNBI
WASHINGTON, Feb. 2l.-Ihe Ooin""''00 "P
pointed by the Democratic caucus W ue'"o eV
eompronise financial measure, beslue cohsiuoii"s
tho biIs and resolutions introduced in the Sena'e
"a Hose and referred to it, has also been giving
hearing 70 several members of Congress VINO desio"
In sneak Oh the subject One representative uon
New-York Who addressed the Committee Oh lues'
day last submitted m, asure which 1t IL hoptu ny
sorne will be satisfactory not only 10 tno naiu
money men of the East, and of Texas and
,ha Pacific coast but which will secure also
,bo snn,ort of the Southern and Western
members who are opposed to contraction, but
who see the necessity of yielding some
Of their opinions in arranging compromise measure
This propositon cOntempates the annual accunu-
Iation in the United States Treasury of $tO,OOO,0OO
in gold coin OF bullion. At any time after the
amount 40 accumulated shall have reached
$50 900, ,OOO the Secretary of the Treasury may
Of his discretion and after due notice, begin the
redemption OF United States notes IN com, ana II
shall be obligatory upon him TO do so "heh the
amount of gold accumulated in tho Treasury sh;u'
heS3O0 OO0, 900. In order TO provide for securing
tbe gold 10 be accumulated, the Secretary OF the
Treasury is directed to discontinue the sale OF gold
Jacevrd as revenue. and to all surplus revenues
Of the Treasury for the purchase of more II neces
sary He is also temporarily relieved from the neces
sitv of proyiding for the Sinking Fund.- to the eH-
te Z of the amount Of gold annually accumulated
and s.ould there stll be deficiency, he may issue
either four ard one half five per cent bonds OF the
limited States for the purpose of purchasing com VI
bullion Ii at any time, owing to the operations OF
this MAN the revenues of the Government shouId
be insufficient TO meet the annual appropriations
the Secretary of the Treasury is to be allowed 10
,ssue Treasury notes bearing interest at rate not
exceeding six per cent TO be redeemed AT
the end of one year, the total amount Of snch
notes outstanding at any ono time not to eXceod
S}O.OOOOOO. by this plan the National banks are
also forbidden 10 dispose of the gold received as n
terest Oh tielr bonds deposited III the Treasury but
NAV be allowed tO lend portion or the whole OF H.
10 be repaid in gold, and TO eount any balance IN
their possession not loaned part OF the reserve
VIII ch they are required by law to have. The bill
also provhes for the repeal Of that part of the Re
sumption act of last year which directs the hecre-
tary Of the Treasury 10 begin the redemption OF the
outstand ng greenback circulation on JAN /, 1873.
The Committee have no meeting to-day, but "a
slightly improved feeling seeus to prevail among
the Democratic members of fhe House and strong
hope is ex pressed that majority of lie Committee
will agree TO some measure of resumption either
like that proposed by Mr. Payne 0f Ohio OF by the
representative of New-YOrk already referred to.