New-York tribune., 1876-12-06

siderable Accommodation
BY The act OF Jan Ii, 1873 the limitation upon the
ue of currency lofs to be by the busines
demands OF the country The Secretdry oL m ,
of the sum OF National bank notes then issued IN excess
OF 5000, 10000 The amount OF ada'ionn & euTfet
issued since the passage oi this act IL Slstofo' sEu
legsl-te the amount OF Sl44bA2oz nave
BY The act OF June e4 1874, National bs-ks might
withdraw their circulation whole or In part by de
posting lawful money with the Treasurer and
proportional amount OF the bonds ana IL vas maze
tie duty OF tins secretary 70 retire egteef hotes 70
The extent Of 80 Per cent OF the m sSS nots a
have been Deposited the Treasury and $jT oi
bank notes, accordingly have been redeemed ana de-
The amount OF Iegaltender no.es outstanding Nov. J.
1876 waa Sjtj7 5357I6 The amount OF SAID OH
dposit fur lie puros of retiring circulation was S2O
910,9i6. The amount of Naona bank notes III cireGla
ton on that day S29,lt3,46t less, and OF legal
tender sif45i2si less than on Jan IA, 1879 total
decrease IN creulaton under the operation oil tnc ac o
Frsm thcse faets az well as from the largs aceurua-
tiOns OF money at the centers and the lae Oi u
largely in excess OF The demands OF legitimate bns
ness, and that portion or the legal tenders might e
gradually Withdrawn without embarrassment To the
business OF the country
In the interest Of permanent redemption, and as 2
OF maintaining the same, H. i5 deemed important
Also If quite Indispensable. tat provision should ne
made requiring the National banks TO gradually provide
coin in such the Secretary OF the treasury may
direct, and to hold the rs part OF their legal
reserve that said reserve Oh the nlSt dl Oh
January, 1872 shall be equal amount 10 thc cntlio
reserve required by TO the end as the fre-
tional currency is withdrawn II L. deeea & eHTais
that not only the vacuum caused thereby III the mater
Of change should De made good Dt tnat rs aul
amount at least eighty millions of dollars anu liver
made legal tender the amount ot ten dollars IN an
eases except the obligations " the Government OF the
United States and the customs dues.
PAYMENT OF GoVERNMENr OBLIGATIONS IN COIN.
The report Of the Direcor Of the Mint shows tha NOT
withstandng the silver dollar occupied In law pilor 10
April l. 1873. the position of an unlimited
gold has for many years past been the money o pay
ment in this country.
II appears that but comparatively small sum in silver
dollar pieces was coined, and that II at 10 time
constituted an apprecabe part Of the circulation This
was due TO the fact silver more valuable as
bullion than its stamped or legal tender Vaiue IN the
form OF dollars Since fall OF silver propositions Tor
uos,tion which Il wOnd orcupy with reference {" une
pired coiu onligstions should MS coSe WIN uilled
render be again authorized has been the SuDet oI con-
The question whether the pledged faith OF the Ualca
Stefes 10 nav s OBLIGATIONS In coin would justify TIER
payment In the sipyer dollar, Is OF no snali mrtdhgs
as erecting pnblie securities 81 Ihe thI.cd ciatn - a.,
spy discussion OF the question il mast be conceded II e
o,set that the SILVER dollar unit of value having
AND tlgt the terms Es United STATES obligations 90
not exciude payu therein. ana tha' !as Sct o lo
in which Is the pledge OF payment ~ CON- uVS % r ~
broad enough In terms, To ul!nde paFlhoh. ia tintf
gold or siyer ana eonpei an inlii{ IT, % - 49,
obligations, and the relative CONDITION Oi g"iu au sNer
" MI ion after tho close OF the ciy war. which
rise to thrs obligations doubts 10 the .nd ~
money IN which tneso securiles were pFyaoc, un9
sLcS he'd 10 the passage of the set OF 1852 entitled
" An ac a strengthen the public credit and IL Was IN
Tended Ia dspel all hcoatiOn % OtDt as 20 lhe purpose
f the (oytrnm upon The qrFtlOn and by which the
faith of the Units. states pledged 10 tie payment IA
coin all lis oblgatiOns e&ctPt thoSr expressly ot'
wise proydqd ior. This legislative action in bar
monv WIN Mat OF inc executive administration.
what, then, was intended, ana UNDERSTOOD 10 DC IN
tended by this pledge OF the Government Wa tbh
thc public securities to he paid In gold CON- or In
silver. % might be Ia citicri -,
IL VIII not questioned by any enc corVersant WIN
The aneson at that time tiat tho popular impression,
not 10 s.y genela al conviction was that the pledge vas
for payment 10 gold This beilei nGiF h.to 1"'AlIed
fro, hr fct that be in crest this class OF Obligations,
pavbr in COIN. had uniformly been paid in go'd THAI
The customs receipts bad been set apart 10 tis rh ana
that these were paid gold. and that the tVeT dol
lar hal. a. money Of payment Heretofore gone iito
general dsusc, especially N al Ihsr ua1saevohs' sa
measure haying oF is object To provide for payment Of
sums 20 nmpn as tbo interest on mo P'D,s' Isn''
NJ tbat time amounting 10 me sum oi SlJo-
oOo,nO This view et the sHi9cct I,cetrs no
inc0nsderahlr support also IN ihr irs'i.llon o.
Conercss Ia so. ~ which tie lca quality OF
the silver coin limited 10 - by force of tho laws
lridr, qaite indesndont Of ho-e oi Cougr ss thc
legal lender silver dollar had actually dlshplTtch iOm
crculaion money aud although not ahoh,ird by at
OF Congress did not. mnter OF fact exist Tor eo-
nlcscia IuIposes, and dd hOt enter mo b"iyl pay
n.nis The Object ana iltcnt OF the aci of ls7J was
corise,y to gold the precedence In tie statutes
OF the country bcd iu the commercial world ITacl-
caly aud 20 declare the Sold dollar IN law Z" hr what "
WIS IN fici tie representative % the money NM Cold
had for many years 5'ch treated p, ihe principal iron
Of coin py rcut- In legislation ana IN the tiii'c"'o
the Treasury Department.
v the act 1868 Treasury was auihorzed 10 re-
ceiyc deposits of zold com aud bullion and &" i'>nr Ger
tihcates therefor rr"cenabr IN Go!d conn., th"h Ic"t
ine That its 0Di=aicns called for ll Hirni ~ iud d
not in silver Ir~ provision 1t VII Dc a'rn' Is - coiso-
nance Wi the hat Oicign exchanges Tor many
year, been made upUn the spd basis ana .hs it ~
yc,:- for TIE consideration stated that the money ui
coin pa,nens SJld and nn obligation 10 psy IN coin
required payment ia gold conn
4, was contemplated by Congress IN the policy declared
IN 1863 the pubic securities de"rrscd immediately
abe position st the money crntcrs OF VI. world. The
nyc-twcnty six pc bonds, then sell al - cents
borne the premium Of ave pr cent a. home
md abroad At we present time, The h"rf""n. power
of the is sOIuctinC less than four and
haf per cont IT, four and onc-alf pr cent bonds
sbo-i time are readily taken ri phr in GOLD and sud nj
premium this county and IN Europe. II 40 disturbing
element enters into present monetary ~ Il ~ airc;
Inc tbe pr,gcnt policy tue Government II Is that
il will be loUud fac cable at 80 remote period L. fund
70 10 so years TO ,nn and tlit At an annual saving m the
lrteret OF the pu,,iic debt Of 2J-O1UOU whic II
vested In sinking fund 1T four cent annually would
ray OF The present national funded debt Ia traction
III a matter Of deep public concern that policy
bcne1cent results and advantageous % the future
should receive no delrhnCut srom contiicmg hcreSlS
policies, theories. whatever may Lc thought OF the
rght t0pay these public securities IN cheaper money,
VIII remain that 10 j. Lawful 10 pay tne,n in gold
cOin that the bclo nat they were to be 50 paid has
practical vape In the rplble reduction Of the public
debt equn To one-forth of tho amount OF the annual
interest thereon
II respectfully submitted that the coin payment 70
wich tie faith of tho nation was pledged IN 1869 was
gold not silver and that any other yicw Of ". what
ever technical construction the language bc snscept
ibe Of would b- regarded as ~ dOabtH good faith, and
its probable effect prciud'cal To the public credit.
ISSUE OF SILVER com.
Immediately upon the passage OF the act OF April II.
1876 the Departncnt through its several independent
Treasury Offices began to issue, In redemption of the
outstanding fractional currency, the subsidiary silver
which had been coined under the authority OF Re
sumption act OF Jan H. 1875. To further relieve the
pressing demand throughout tbs eanntry for money ~
small denominations, Tho silver coin IN tis Treasury pre-
vlOus to the passage OF the act above mentioned
alsO isSred payment of currency obligations or the
Ifnhn Inc no