, 1876-03-25
TIE 1ArEsr FINANCIAL, goHFmr,

"A4eeAoA @AAo A"H 10 AAoleiAlAFo W tuIuSA
those who ta1nper with Justice in such faahion.
TIE Latest FlNAnc1A1 SCHEME,
It is grayely asserted at Washington Tint
thore is prospect Of such an union among
the hard-money mon Of both parties in Con-
gress as to lcad to the hope that an act will
be framed which will bo non-partigan, aud
will bo supported By Democrats and nepub-
licans. However desirable auch result may
DO, nc do not rlace much faith in tho proba-
b'litiea Of such an agreement. Wo think it
mora than likely that a majority Of both par-
tics in Congress aro disposed To have moth
ing done, mud ars merely sparring for m al-
vantage.
This impression that such bill will not be
agreod upon is confirmed by tho statement Of
what tho proposed bill is likely to be. It is
said that it will authorize the issue Of per
cent bond, having thirty to fifty years to run,
which shall bo givon in oxchango for green
backs on demand tho greenbacks 10 OK.
changed to be cancelled and destroyed anl
mono Others issued. It is ono of tho uudo-
tcr1ninea points whether tho Resumption act
is to bo repealed or not. This 1attor point Is
on immateriM one, bocause il tho first propo.
sition be carried tho Resumption act will ba
unnecessary. The geenbacks will find IN
Immediate redemption in tho bonds.
But this sclomo Is opon 10 two fatal OBJ
jcctions which havo been repeatedly present.
cd in THE TR1DuNE. It's provisions unoucs.
tionably will accomplish tho retirement Of
tho grccnbacka, hut at tho same ti1no it will
force tho retirement Of bank-notos, loavinp
tho country without my currency. The ro-
fremont Of tic grccnbseks OF necessity will
compel tho redemption Of bank-notes in coin,
and tho nanking law Of the United States
Tondczs 1t impossible for tho banks to main.
tain nspocfo-paying circulation. The passapo
Of this bill will bo the signal for every bank
TO gather Rreonbacks and forward them to
Washington for tho redemption OF bank-
notcH. Even ROW, thnro ia an avoraRo do
1,osit there of $25, ,OOO, 600 for the retirement
of IN equal amount Of bank-notcs. Tho rapid
rotiracy Of 300, ,0oa, 600 of currency can havo
but ono effect. It will ot necessity suspend
oil loana and discounts; will suspend tho bor-
rowing Of money will occasion widespread
distrust aud alarm, stop oil industrial proluc-
ton, and lead to universal destruction and
rnin. This result will bo oven mora terrible.
because wholly unnecessary. Wo sympa-
thize fully with all movements to disponse
with tho greenbacka; we think thcir continu-
ance as legal-tendor perpetual obstacle in
the way of return to specie values wo have
no objection to their eventual retirement and
extinction, but before they arc retired lot u
1ayo somn provision mada for tho currency
Of tho future. This provision ia aimplo aud
easy.
!. GrcenbacLs should cease to DO legal
tendor In all contracts matlo after certain
day, sny si1 months or year hence. They
should DO funlablo in = per cent bond pay
ablo fifty years hence; and tho bond should
declare OF Its face that it il q lcgal-tondor for
any contrnct whore tho g1conback itsolf
would bo logal-tender. They would then
cease 10 bo disturbing element in tho busi-
ncsa OF tho country.
2. ANY scheme for the retirement of the
groenbacks ought TO ass,inae that there will
be III this country, as in oil other civilized
countries, currency furnished by private
capital III tho form of banka No aubstituto
haa yet bcen found for banks as tho financial
agents Of tho trado and commerce. OF tho
world. Every nttempt to substitute Govcrn-
monta4 currency fur that of bunk, bus djhas-
tfoasly failed. But in whit condition is tho
laW Governing The issue of bank calculation
bank proposing 10 ssae notes redooma-
plo TN co'n Ans to dupoyt with tho Itcast1.or
tho equivalent at par Of $lUU III gold; it las