Wilmington journal., 1876-02-25
New York Capitalists BecO.Ming
Alarmed.

A meeting of the New York Board of
Trade was he'd last week to consider
the currency question. Such men as
Peter Cooper. E. B. Sanford, of the
Adams Express Company, S. Tousey.
| 3. K. Bliss, w. Orton, G. r. @utter-
lee, p. Farrelly, of the American News
Company, and others, participated in
| the discussion. The memorial pre-
pared by Messrs. George Opdyke and
| 2. Farrelly to Congress, and a currency
report was adopted.
The memorial declares convertible
paper is equal to coin when issued only
to the amount necessarily required fo
trade, aud that inconvertible paper is
injurious, inasmuch as it is issued at
the caprice of the government. The
present inconvertible paper volume is
found to be only a little in advance,
per capita. of the rate that existed be
fore the war, through which the cur
rency was greatly inflated.
A return to specie payments, though
much to be desired, would be disad-
van ageous unless the government had
at least $50, 900, 300 IN gold in its
waits. and as this is not there by at
least two thirds, resumption in 1879
would be impracticabie, as the drain
of gold from this country is mach
greater than the import. E
The report demands that the Treas
ury Department add $l0,00O,0OO an
nually to the gold reserve, and that the
national ba'.ks be compelled to return
all gold received by way of interest;
that the act providing for resumption
on January l, 1879, be repealed; that
greenbacks to the extent Of eighty per
cent, be issued in the place of ma
tional bank notes Withdrawn from Cir,
culation, and that $50, 900, 900 worth of
United States bonds bearing 3 IS per
cent. interest be authorized to be con-
vertible at will into legal tender notes.
They claim the adoption of the above
plan will restore con nidence and re-
move fear of future financial trouble,
give elasticity to currency, and finally
lead to resumption. at time when 1t
will be beneficial to the commercial in
terests.
Messrs. Opdyke, Orton, Tousey,
SatterIee and Clarke were elected as a
delegation to present the memorial to
Congress.
The lumber dealers of Pennsylvania
are somewhat OF the same opinion.
They have numerous.y signed me-
moral to Congress from which VIC
quote as follows:
That we demand that the currency
of the country shall be based upou the
national credit, and that its volume
shall be regulated by the law of supply
and demand.
That whilst we recognize gold as
valuable part of the currency, and that
it is desirable that gold shall be at par
with currency, we believe that resump-
zion cannot be forced by merely l"gis-
iative direction, and thnt the law which
proposes to compel resumption in 1879
Is impracticable That it has SO uuset-
tied all prospective values and so
alarmed capital and deferred invest
ments in productive industries as
greatly to aggravate the financial dis
tress, and that it should be repealed,
without delay or condition.
That in view Of the fact that the six
per cent currency bonds of the Uutted
States. payable, principle and interest,
i'll currency, and into which no gold
basis enters, are higher in the market
than the six per cent. gold bonds, and
! are at a premium of twenty five per
| cent, whilst gold is at premium of
only thirteen per cent, or, III other
words, that the currency bonds are at
premium of twelve per cent. above
| gold gives conclusive reason to believe
that currency convertible at will into
bonds Tearing interest at u rate not
exceeding 3.65 per cent. in currency
would Use instantly to the par Of god.
| That we believe that sound financial
policy requires tnat the value of the
bond shall be brought down by re-
! ductior of interest, and that the value
| of the currency shall be brought up
by making it convertible into DO ads,
and that inter-convcrtibility of cur.
rency and bonds, at the will OF the
holder, would speedily establish gold
and currency ut equivalent values. and
lead to prompt resumption of specie
payment and the immediate revival OF
| business.
That we are opposed to either con
traction or expansion of the currency
by any arbitrary limitations of iti
volum9.
That money is only an instrument
of commerce, and We are oppos' tG
all attempts to make the busines:
of those who use money in productive
industries, subservient to the interes
of those who lend it.
That currency convertible int
bonds cannot fall below the value o
such bonds; that such a currency can
not become deprecated, and cur
rency not deprecated cannot becom'
inflated.
That we demand that the currenc.
which the government compels tn
people to take it, shall itself receive
But where the public faith is pledge.
to the payment in gold of bonds al
| ready issued such pledge must b
preserved jnviolate.
The New Jersey House of Repre-