Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-12-09

IN any given period as Congress. in its dtscretou
A sudden accumulation Of eoId in amounts sum
Client 70 meet 50 large demand as mat . con-
bic; while 70 aecum ulBte in advance OF that time
would Dc attended WITH necessary loss OF interest,"
smbarrass tue funding Of our National seenflt1es.
gradual withdrawal Of these notes It is believed
they would not be greatly missed rom the clrcu-
piled By the Issue OF National bank notes under
This act.
provide for the resumption OF specie payments"
as methods Of ITS accomplishment. requires The
rency IN silver coin; the increase OF the
volume OF gold coin By cneapening the
business demands OF the country may require, OF
National bank notes for the egatender notes Of the
mate redemption OF the entire legal-teuder notes
on and after January !, 1879. as they shall be pre-
In pursuance Of these provisions the Issue of
subsidiary silver coin and the redemption Of frac-
tiOnal currency successfully progressing; S23,
100000 Of silver change has been issued. and Ss.-
100000 Of fractional currency redeemed. the ca
DaCtty Of the muts Is believed to be equal 60 IN
coinage IN the present fiscal year. OF the balance
OF tine fractional currency OUTSTANDING ana they
Legal-tender notes haye been reduced by re-.
the an1Dunt OF sl4464,2s4, leaving the amount of
legal-tenders $50. So, 716
The coinage OF gold bullion for the past year has
been 1949 6s pieces, OF the value of S3S17s962 90
an increase OF Si.624997 so over the operations or
with the previous year Of the amount OF gold OPP
Grated on Of 81 SCI CSC.
AS the demand for National bank currency is
limited with slight probability OF us I'M
mediate increase, the contemplated re.
SsOo,O00,O00 prior TO January. 1879, is not likely
10 be realized II is believed that the larger por
ton of them will at that time remain outstanding.
II VIII be observed that, 10 contemplation Of the
act the Secretary is limited in the issue os silver
coin by the sum OF fractional currency to be To-
deemed BY it and reduction Of the legaltenders
70 the nmonnt in excess OF 500 100000 Besides
and provision for the redemption, in CON- OF legal
tender notes outstanding at the prescribed period
OF resumption. It's apparent lhat tue sllNer eoln
may be substituted for the fractional currency
probability of retiring the entire amount Of legal,
tenders IN excess 81 the $500 goo OOO; II VIII
the secretary 20 prepare TO ploYl1e lor tne re-
demptiOn Of all legal-tender notes which may be
means his command, to this end, are the sur
Plus revenues existing at that time not otherwise
and disposal OF certain descriptions OF United
States bonds par in coin the extent necessary
necessity of the accumulation OF coin to the
amount OF the actual demand for redemption Of
There will likely be at that time not less than
sS00OOOo 600 outstanding, and probably no inconsid-
Here, it viii be seen, is an imperative require
ment OF the secretary TO redeem in coin. on CIV
Ne 9 NAV sell IInl,ed states bonds to OBTAIN the
n6edful coin 10 the extent necessary to carry this
act fully into effect. The act contemplates The
sary amount on a given day is discriminate only
al the option OF the holders OF the notes to be re-
deemed, the amount TO be provided for is neees-
Barly uncertain. and. IL viii depend upon
events or u condition OF things over which be has
little or no control, impossible for him TO
determine. He is authorized, il in
the act into effect, 10 accumulate an amount
OF gold equal to the entire amount of the legal
were not morally impossible i Would be 81 mex
pedent. a. financial measure, that Il IS not to be
presumed TO have been contemplated by Congress
and so not incumbent on the Secretary. SIN ne
redemption by the accumulation OF coin adequate
in amount, at his discretion, with certain data
sential for him TO know in order to the perform,
ance Of the duty is, what amount OF notes viii
certainly be presented for redemption on the LIST
of January 1879. AS this is clearly not attainable
he Is lefttO ceai with what is probable, deter
will be likely attend that event. 1t would not
be difficult in the present state of monetary affairs,
Guired il the redemption were to take place IN Jan
usry next; ana it Is probable that accumulation Of
total of these notes would be an ample preparation;
but, while 1t Is to be hoped that the credit OF our
that in other respects the situation VIII favor such
result. y is, however, deemed probable in any
no incOnsiderable reduction Of the volume OF thes
notes should be made In anticipation OF the re-
dempnon of 1879 the preparation required by ac-
cumulRtOn OF coin for the demands OF January,
an equal proportioa Of the sum total Of the notes
outstanding. As to the surplus revenues as
measure Of redemption. such is the present and
probable future OF these revenues and the de-
maDds upon them, that it is not deemed at
all probable that any considerable sum not other
wise appropriated could be devoted to this end.
In this connection, however, it is proper to OBJ
owing TO The large reduction OF currency pay
ments, the sales Of gold, to obtain the equivalent
thus a considerable accumulation of gold may be
anticipated from the surplus from the customs
BY the act of january a. 1875. the Limitation
upon the issue of NationaEbank notes was re
termined by the business demands OF the country.
The Secretary of the Treasury required to
retire, OF leEal-tender notes, eighty per cent OF
the sum Of NatOualbank notes then Issued IN ex-
rency issued since the passage of this act is
S1sOSO355, and legaltender notes to the amount OF
BY the act OF June "a, 1874, National banks
might Withdraw their circulation in whole or In
urer and withdraw a proportional amount of the
bonds; and II was made the duty of the Secretary
TO retire egaEtender notes TO the extent OF eighty
per cent. OF the bank notes thereafter issued
Under this act $52 $50 OF legal tender notes
O69 OF bank notes, accordingly have been redeemed
and destroyed.
November 1, 1876, was $S67,535,Tl6. The amount Of
snla NOTES On 80 aSo ose Tue Oi OF H
tional bank notes in circulation on that day was
S29I4S 464 less and of egaltender Sl4 2s4 less
than January Il, 1s75-a total decrease in crcu-
latiOn under the operation OF the act, of S43607 iS
From these facts, we'll from the large ao-
foundations OF money at the money centers. and
the lack OF demand for II. IL apparent that the
demands of legitimate business and thata portion
OF the legalteuders might be gradually with
drawn without embarrassment to the business OF
the country.
In the interest OF permanent redemption, and
ns q means OF maintaining the same, il Is deemed
important, also, If not quite indispensable, that
provision should be made requiring the National
banks 20 gradually provide coin in such ratio as
the Secretary OF the Treasury may direct, and TO
hold the same a part Of their legal money re
serve, that said reserve, the LIST day or jan
uary, 1879, shall be equal in amount 10 the entire
reserve required by law. To the
end, as the fractional currency is
Withdrawn, is deemed eXpedeut
that not only the vacuum caused Sheleby IN the
matter OF change should be made good, but that,
ss additional change, the volume OF silver should
be increased TO the amount OF at least eighty mil
lions of dollars and silver made a legal tonder 10
the amount OF ten dollars in oil cases. except the
obligations Of the Government OF the United
States ana the customs dues.
PAYMENT OF GOVERNMENT OBLIGATIONS IN COM