The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1876-03-31
THE FINANCES.
The Non-Partisan Currency Compt0qu1e
Movement Said to be Gaining streuUoh.

The Non-psrtisan Currency Compt0qu1e
Movements Said to be Gaining streuoeh.
WAsHNoroS, March rs.
The movement in favor Of non-par-
tsan currency bill seems TO be gaining
strength every day. Several Of the most
prominent Republicans have indicated
their Willingness to support It, and have
expressed the opinion that the Repub-
hcans, with the exception OF those who
voted for Atkins bill, can be united in
its favor. The repeal in that clause in
the Resumption act of 1875, fixing Janu-
airy i, 1879, rs the date when United
States notes shall be redeemed in coin,
will no doubt be one of the features Of
the bill, but it is proposed to retain
those portions of the present law which
provide for free banking, and the with
drawal from circulation of an amount in
greenbacks equal to eighty per cent. of
the volume of the new bank currency is
sued. The advocates of the new meas
ure are almost unanimous in opinion
that, since it is impossible for tho
Secretary of the Treasury to
carry into effect the Resumption act Of
last year without additional legislation,
which Congress, in its present temper,
will not pass, the next best thing is to
allow the treasury notes to be gradually
funded, at the option OF holders, into
interest bearing bonds payable in gold
at some future fixed time. The effect
of such an act would be to raise the
value of paper currency at once, and
without force or violent contraction to
bring it to par with gold within very
short time. The most serious objection
that has yet been suggested to the pro-
posed Funding bill is that it will increase
the Understanding debt of the country.
Its advocates reply when this objection
is urged that they expect but very small
portion of the greenbacks to be refunded
under such bill as this, since they hope
that the premium on gold would be
gradually reduced, ana that revival of
business would very soon make the de:
mand for money 40 much greater that it
could be invested in legitimate business
enterprises, which would yield more
than four per cent. profits but that
If considerable portion OF tie out
standing treasury notes were to be
funded, and their place in the circulation
of the country was to be filed with
National bank notes or coin, the gain to
the country of improving its credit, and
the restoration of confidence which it is
expected would follow, would be greater
than the amount which would be paid
for interest. Besides nearly every plan
of resumption thus far proposed, includ-
ing that contained in the act of last year,
required the accumulation of coin either
in the Treasury of the United States or
in National banks, or in both. The ex-
pense to the country would be no greater
should it be required to pay four per
cent. interest on the bonds into which
greenbacks should be funded, than its
loss of interest on the gold lying in the
Treasury Department awaiting the time
fixed for the resumption of specie-pay-
ment. This measure, without the repeal
of any portion of the act of 1875, was,
it will be remembered, one of those re-
commended by Secretary Bristow as
necessary to enable him to prepare for
resrlm,,tiOn in 1879