New-York tribune., 1876-12-06

prices and consequent contraction OF the volume OF cur,
it were it is an evil incident vicious systcm not
cured by the continuance OF the evil while the
tiOns and principles OF honest dealing among mon De
Sides the troubles likely to grow cat OF enieFgsa
ton are believed to be greatly exaggerated Rssoon
OF the constitutional standard OF values ny fesonton,
and the e5tneon OF of in eoin on de-
mand of the national bank notes treated as he equy
lent OF money obviously alike of nafional obligation
and public necessity. The suspension was the act OF the
National Government, and TO tho NATIONAL G0'erhinenI
the people properly hook to rake the initiative In rcsup
tion Having under its authority TO coin money, us
sumed 10 regulate the currency oil inc country ana az
silver com tender In payment Of debts, and ~ IRE
deemablc and incOnye.tble paper currency Is
TRADITIONAL policy of the American people ii lie obviously
incumbent on the Government to maintain and preserve
enforce the obligation of payment In coin on demand NJ
the option Of the holder OF all paper money Now ~
of the national currency, prescribed BY tee Govern
Of the United statc is alike irredecmape neon
vertilc and deprecated money bur IL nS becn
enforced destitute for the money OF ane ScnssI s1xn
tons9n The geG Ses G suSttnte for money are
anomaly m our monetary system toiotno hnu pos
slbe eXgcnccs OF clVl Waf-tnS spfinS t
its Derils and limited to its necessities TO allow teI
continuance, such. alter the cause which lastine5
their tion and to sanction what was only t0ieraplc
necessity, by imprcssng upon it the stamp Oh re-
k promise TO pay. lis legal characteristic has been
definitely settled by tho supreme CouIt Justice Brad
II il rot an attempt 10 coin money Of valueless
tera IKE ss Cox eSs OF iesf e OF iTg @ GT os Nv s Cow
pay dollars The standard Of vaGe is not changed
eeped and received BY pablo anil private creditors @ daring
Government csrliacaies paid that the day Of
specie ayDeats is never to re.ero Ap9 II matters noe IN
shsSgss they pass the.f ultimate desny IA 70 be Pa'd
Dealing with this question, SeDator Shcrnian chalr-
man the Committee Finance, in recent speech in
lie Senate says ,,
thai AZ every stePo Of e war Te noies were rGEari @
r0aecaiesi Otcf inc war WIS
over then Questioned either the policy, TIE
duty the obligation Of the United states to redeem these
Thes notes ad not and do not purport 10 be money
they ratbe- the symbolic exneSson 0i the Govern
ment's authority in IT'S extremity to supply LIS needs
The quality legal fender With which they were nh
pressed saoaid have been eoexstfnt only with the nc
cessities OF which they were the offspring. n9Vile
81 oycTaet eitednoSs TO be provided for as other
debt Oblisi Indeed this the lOgir and The law
mnt a. inferpreed by The provisions OF tho acts by
which isea by provisions OF Law for their payment
as part the public debt, and by the Judgment or the
Supreme CoGgt Of the United states Al tAe coso OF the
war they we're portion the pabc debt and they are
The original provisions for their funding have not been
enforced, and that fanciiul aud speculative theories
with the hard money of the Constitution and
WHICH isierate tAe continuance OF these nioneT
after the elose OF TIE var must be REGARDED as pae
la design and by the logic of their existence TO be
funded Obligation OF inde6teness-t oe embodied
ss an eRseat OF the national currency. They were 10
s p, OUT yth I ,s ,' e Sbt Confess IN isG9 Treated
Them % portion OF the public debt and pledged the
faith OF the nation tAeir redemption, as scil si 'Ee
earliest practicable period aud the aot Of 1873 conem
plated their redemption in January, 1872
y this latter se the rGey oi sedy @ Ur
system or the United ~ ties clearly Indicated with pro
visions for the redemption a irreoemhe paper current
as money and the in lieu thereof OF national BANK
notes IeeenIabie in coin at the option OF Ire holder ana
ret;rn y that to tue meta lie sSadard OF the
CUuStitltiOn lt rcf!lilS only "'tIuti
Oi the prov is.0ns o the lneasufe Of rVsupVh III io''
to accomplish It's Object
THE PROVISIONS FOR RESUMPTION.
As further provision deemed essential to the parpose
OF RESUMPTION it is recommended Eat in addition 10 the
antbery of Secretary ef the Treasury already con
ferred provide foE redemption Of ctender notes on
and the Gay provided for resumption by The ae-
cuDuatOn OF adequate amount of gold to meet the
volume of $}0O0O0,000 Of legal;cDdr notes which VIII
then be outstanding by the sale of United States bonds,
authority be given him from time 70 time. as he may
deem expesnt and the state the finances admit, to
fund scse notes into bond bearing of interest not
than 40 coat, wh not less than 80 years 10
nun, with sHeh limitations aS 10 thc uinohh 10 De 30
funded given period as ConGres ~ Ne ds"rctio
may Determine. siGen aeenmnai."h m o' i s3'o @ ~
amounts suieleDt to meet 80 large demand as t CON
teHipaied January, 1879, Is decDed imprde le4bc;
while to accumulate Ia advance of Una. ur'e wo1t pe
attended WIN necessary ioss O llleteas, N"n' "S
disturb money exchange and elhhaiIaSa the iuhdiS
of national securities Ihe present time - frssitu
oppornne Tor the gra'luti "illhitW Oh ,Vso mott
believed toy would not be greatly issed from tht
circulating edlum, their place wiiiieahy be supplied
by th9 issue Of national bhs notes uh,'tf Ilt - Inv %
act San. II, 1870 entitled Nj ACT 10 provide Tor t
resumption Of specie gaymenls, . as Inc'hS1S % zoo , 0l
standing fractional currency IN silver COM the increase
Of Tie volume Oi gold coin by chcapcnng the coinage q"
gO'd bullion; TIE >usiitntloa as tae business
the country may require, OF ltlOna Dlnk notes oi ue
leg2teuder nGies OF Tire Unitea states IN excess OF
$500 O03 00O and the ultimate redemption OF the eiIe
lea fender notes and a1fcr Jan. L. 1879, IA they
sla be presented 10 pursuaGce OF tef Provisions thc
issue OF subsidiary silver con and tGe redemption Cl it
tional car cEey arc ally pI9grcs,ng oDoO9
OF silver change has been issued. and @l3O0o'OOO ot
fractional currency redeemed Inc capAciy 81 Ihc
Tnnit believed 10 be equal TO the coinage III t1c pres
oliis standing, and they working 40 their iul
capacity. I2atenGer notes nave been reduced ny re-
dclupOi and the Of national bank notes 10 The
amount OF Sii 49, 2Sl. leaving The amount Of legal
tenders 1867 ,J3j,7l6. The coinage OF soa bullion lor
ie past year has been $40. Gs pieces, Of tle value II
3S IT'S 962 JOan Increase OF Si6zl 1917 % over the
operations OF tho previous year; which Is an lncrta'e
operated on OF $1i,327,G5J. As Tie demand ior
nTebabiity Of its ismedate incrGase, eon.
tenIpiated reduction Of these notes Ia excess Oi
5e Sea2e2 p Is beeyeG fhat he larger portion Of
them viii at that time remain oustandms II wlll be
observed that contemplation of the act the Secretary
Is lirted m the issue Of silver coin b. the % Icac
tioa currency to be redeemed by ii and reduction OF
tue LEGAL tenders TO the aeaD III excess OF S3OOOOOOO
BESIDES required Co make adequate preparation
aud pa DIVISION for the redemption IN com OF legallender
II is apparent the silver be subs;t "a for
the fractional currency and the gold coin Increased
wHiis mere ia ite probability o. retnnS tho entire
amount OF legal tenders ~ excess 0f me 3oOOCOOOo
II will be observed That II il incumbent on tie Secretary
10 prrpare 10 urovide Tor the redemption Of al Legal
tender notes which may presented and after tnat
date and that the at his command, 10 this end
are The surplus Feye existing at that time not other
wise apDopgated aBd the proceeds Of the sste, sa!e
ana disposal ot ain descriptions OF United States
the extent necessary To carry this
act into effect. This involves the necessity of the acc
,nulati0n OF coin the amount OF the actual demand Tor
redemption Of these that day ana any day there
after. There will likely be at that TINE not less than
$500 900 900 outstanding, and probably ineOnsder
bic amount in excess OF that sum.
DUTIES OF THE DEPARTMENT.
Here, it will be seen, is imperative requirement Of
the Secretary to redeem III coin a given day, the