New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-31

LETTER FROM THE HON. II. A. WILLIS.
WHAT ms EFFECTS WOULD BE--tNSwERs TO CRITIC
TIoys-THH RESUMPTION PROMISE sUrERFLUoUs
II THE BILL ~ PASSED.
TO the Edttor OF The Tribune.
SIR : / hope YOU will not imperil the chance Of a
Funding bill being passed by assailing the section
providing for the repeal Of 50 much Of tbe act OF
Jan. II. 1875, rs requires outstanding legal tenders
TO be redeemed in coin.
If greenbacls are funded. as they would be. there
would be none to redeem in coin in 1879. Moreover
if the ercenbacks are funded the Government
would 10 longer have to deal with the
question of specie resumption II would
devolyc on the banks and the people. and
bank notes would be rcdeemable demand in
gold, If the holders exacted it-a demand that could
be enforced. Tho passage N the Funding bill en-
doEs every holder Of q greenhack with the ability
to CONVEX, it into a bond worth its face yanc in
gold. This would enhance ,hc value Of all ont
standing circulation bank notes as well as green
backs. Gold, no lsnger the superior currency, would
flow here and fiji M the vacuum, just naturally as
water seeks its level to lonely term; and the
Government faith. instead of awaiting vindicaiion
until the LIST of January, 1879, would be made good
nj once upon the passage Of the bill. Furthermore
this element OF governmental credit out of the way
the residue of the national debt without the aid of
per annum.
The hoarding method would prnlons an era of
doubt and postpone resumption indefinitely, besides
involving the employment Of mproductivo capital
and exposing the county meanwhile to popular
discmpcr thai might put judgment and morality
hors DE- combat i'm the LEGISLATURE and elsewhere. 1t
is urged by many that banks would hurry on
grrcubioks and speedily absorb Them so that severe
contraction would result Not so for in the absence
Of grccubacks they would he compelled to redeem
their own notes in coin. If they did il would not be
a deplofablc result; the very bonds could be
used Is basis of circulation, as pro-
vidcd 10y the bill in question. Banking is
free; The amount Of circulation would accom-
MEDIATE Itself 10 the need and. further # the
people could obtain Greater profit by retaining and
using tho grpcElIoks than by funding them, they
would be kept in circulation. There would be no
undue haste 10 fund them. They are scattered over
= continent and the time for funding is dependent
upon the holder not the Government. The repeal
clause YOU 30 streruously object TO- in view OF these
facts, j. not a surrender of principle; If 1t were
would spum il as q dishonest method. IL be-
comes. uron the passage of funding act,
,npernuity. The popular belief is that the existence
Of the promise affects business interests lnuriou>ly
The repeal Of a promise and ITS super,cdure by an
act absolutely restoring the national credit, giving
the holder Of the erccnba"k j., face value IL the
cguivalent Of gold-wIat he voluntarily accepts IN
lien thereof dispc' prejudice and create con-
ficacc Why rot repeal it! Il may be silly
thing to do but 1t viii do good. Ma possible harm
can accrue. We need Your help: fail Us not. Very
respectfully. your obcdcnt servant,
BESJ. A. WILLS.
Basl ingion March -. 1876.