New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-10

the Government after its triumph III tho wa >
that they were to increase or decrease IN VOL
ume NOT according to the needs of the people
nc shown nv free exchange for bonds bst ac-
oording tn fbe wbims of Congress- that they
wore to hang far below par for many years
after the restoration of peace, SO tiiat W"i'o
limited States bonds commanded premium,
these notes, the money of the people, shouiu
fall at one time as low as 6o Genus OH VIC
dollar. and huctuate wildly, disturbing All '"-
dustry and trade. and robbmg every working
man and every person who saves his earnings
had all this been anticipated, it Is aDsoiutey
cert.in that these notes would never nave
been authorized by either branch of Congress.
wopld never have been issued by the Secre-
tary, and would, il issued, have been spuihe"
with indignation by the people. These are 'ne
naked facts. Delay i'll recognizing thehi Is
national dishonOr.
Mr.. Cbittenden's bill further recites that
necessities of war led to temporary Wlth-
drawal of the funding provision, but that us
restoration is more than ever necesS;lry-ius'
IN redeem the honor of the Government I;
second. 70 retire part of the legai-tender
circulation, which greatly exceeds the proper
demands of trade and clogs all the chahheis
of commerce and third, to make good the
pledge of the Resumption act OF 1919. IL
therefore proposes:
I. That legal tenders, whenever presented ny
holders. shall be exchanged at par for United
States bonds, in the spirit OF the original ACT.
III. That as the six per cents now coihihahu
more than par, while the object OF the act was
ONLY to make the promises of the Unlted states
as good as gold, the legal tenders shall now De
exchangeable for 4 per cent foHy-year DondS'
payabe and bearing interest in gold.
i'll TO insure a home demand for these
bonds, so that hostility of foreign holders OF
older bonds may not defeat resumptlon II IL
nrovided that the 4 per cents may be used by
banks in their deposits with the Treasurer.
". That so many of the legal tenders as
the people choose to surrender under IheSe CIT
cumstances. shall be destroyed.
This is the whole bill. Simple and short as
it is, absolutely nothing more il needed to
restore business prosperity, specie payments
and public honor. No painful accumulation OF
coin is needed, for when the bonds are worth
par. and the notes are eXchanGeable Tor
the bonds, nobody will want gold for the
notes. That the bonds will be worth par is
proved, first, by the present selling rate OF
40 per cents, AND the rapidity with winch
they are placed. But there is n second ana
more conclusive proof The National banks
have about 1896, 10000 of 6, ., and 4i2 per
cent bonds deposited with the Treasurer, which
they can now sell at a large premium. 1t VIII
therefore be direct advantage to every bank
to obtain the 4 per cent bond, to deposit THIS
instead of The older issues, ANA to realize the
profit by selling them. Thus there VIII DC
created demand for more than $3O0,O0o,-
900 of the proposed bonds, while less Than
500, OOO, 900 of legal tenders can he retired
without bringing the whole outstanding volume
to par. In fact, the gold premium would
probably vanish altogether before 50,O00,0OO
in greenbGcks had been funded.
We pray Congress !, listen TO the counsel of
this practical man, known To New York and to
fhe country as eminent in business. There has
been too much theorizing about money The
country has suffered. mills have stood idle,
labor has hungcrcd, while lawyers and bankers
and politicians were comparing theories May
we not wisely end this torturing uncertainty,
which causes 1000 failures i'll a year, by try
ing a practical mans remedy? Ii is an honest
bill, going straight back 10 the original c0ndi-
ton which alone secured the issue and accept
ance of legal tenders. 1t is n inanly bill, seek
ing no crooked cvasiOns nor DISCUSSES, but 60
ing straight to the necessity OF retiring the
surplus currency. SO that the rest may be OF
coin value and of stable value. There is hope
that the Presidential struggle may be settled
in season to permit some practical legislation.
OF all measures proposed, no other is rs need
full to the prosperity OF to the honor OF the
country. viii not Congress honor itself in its
last month of service, by doing this one thing
for the restoration of business aud industry