New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-04


by a. 1st ~ May. sl there would be sayin- OF 81
O0G.2Ol % per suuum.
AN measure tlst creates douht will ar
rest this process. and, 49, Oh ling tAe Cl'ed el'i5
from borrowing. win compel the continued payment ol
inc mch rate o. DR. cent.
IT, therefore the public interests demand the issue ~
SILVER dolrl SUBJECT hereafter dscussed-i5 is re-
speetruy submitted to Congress that an express
exception De- de requiring that gold coin alone sntA
be pail for principal or Interest on Donls -
-ued % public creditors. since February Il. l013 inc
amount Of which is 1892 99J7oJ. These bonds have
ca,ered INTO the markets Of tno world. II tie market
value Of te 81 yer ia tn now coin is less shan Che god
collar. forced payment iu The ue@ com Is reu
~ e. p1lt o. This dobt Tie saving That would thu7 n'
mai. is utterly rnsirrf au compared with the injury
Don, Do he public 60. iit.
And even as 20 bonds Issued PRIOR 20 February IL
1873 public policy and enlightened sefntrfst require
us % pay them in coin then 10 circulation, ana cen
temp.at,d by both parties rs tie medium ot fagnehl.
silver d0IaT have not been in circulation IN te Ch'eo
states ls37 and since 1888 fractional silver eoih7
have been in circulation aud legal tender only Tor
limited sums. aud ha0o not boon contemplated a. the
medium n pa ymenJ since any con5d 'rlole portion OF
the outstanding bonds was Issued. TIC silver do"'r
was in fact, valuable than the gold dollar IL does
not become nation Ike ours 70 avail t-elf OF TIE miNr1
depreciation OF SILVER gain "a small saving by tho pay
ment Of SILVER dollars instead o. the coin contemplated
when the bonds were issued. far greater st'!n R
and higher public honor cnn M se'1lrl 10y 1t
sale OF per cent p,,7 uu ,,1 ta,''ipe bonds
lns Act ANA the pay htht on pu, .,"l I. -
in cold coin. An assurance given 10y t'"si''s voi
~ Tie refundiu process and -reatly adyanc iAe
present high credit tine United 5tt-s. olntt ti''
Inc NV the sreref1fy could receive coin alone in nay
ment tor them. and the only existing com tnat could Dr.
IN r,i irrnliion d, was ir rac cable or tl' people
o Pay 10 no tAc Treasury FOR hese bonds In'i, ere %
srfi.s VINO coiild receive banI,biIe United s,ates
no IT, drafts certificates. and other orus 81 coian.'ct
I'D fHwr |I
tncrstore RECOMMENDS int he be authorized 10 81. sca
bonds c,t!tr or com or for equivalent in United
States NOTES.
RESUMPTION or SPECIE PAYMENTS.
By the Resumption Act approved January H. ls1o'
the secretary OF She Treasury required to redeem cl
teu1er notes 20 tie amount OF SD Ter ccnIum Of the sum
II National Bank issued, and 20 continue sucu fe-
uplian "a circulating notes issued. mill here
shall be outstanding the of 300 oO0Ooc OF such
esl-,endcr United notes and no more Ia ooed'-
euce 10 this act, there have been ssued' since
March l. I-77. o. National Bahh8 Flo,l-359'
NJ circulating notes aud there have been
edeeued retired and cancelled Sl2s99l3O Of Cmicd
states not eavin2 utstindng on the 1t instant the
sum Of s31I3lO2ss. By the same act it Is provided
That on and alter first day Of January. l779 the
Secretary OF tn. Treasury shall redeem. ia e'l TIE
United states lcgl-ender notes then outstanding Oh
their presentation FOR redemption al the Office o. tle
Assistant Treasurer the United states 10 tie cry Of
Ncy-YO.k ia sums Of not IS than hitT dollars AM
tt
pr,ide for ,he redemption in this act authorized or
required le is authorized 10 ANY surplus revenues
from tue TO time. in the Treasury, not otherwis"
appropriated. and 10 Issue, SELL, and dispose o.
al not less than par, IN CON- either OF the
DESCRIPTIONS OF bonds OF the United states described
IN tie Act o. Congress. apr we'd July H. 1870 entitled
An act 10 authorize the rounding o th' National debit
with like qualities, privileges and exemptions to the eX-
tent necessary 10 carry this act inio fun effect and 70
use the procg eds thereof FOR the purposes tOrcsad In
obedience to tls provision the secretary las sold at
par. for CON- SI5,0oO.oo0 AZ per cent bonds or
S5.OOOOOO during each OF tie months OF May June
and Juv lst ana ha- sold s1Jo0DoJJ 40 par, III coin,
Of 4 per cent bonds. 5000 900 for each ~ tie
months of August September, October, No72mbcr and
December. % he com tnIs received. Si9JJ'JJJ hayc
been sol Tor the redemption ~ United States notes. and
ns residue is IN the Treas ry The Surplus revenue has
also under tlc authority, been applied 10 the r.
dcnp,on o.. she residue " United states notes not r.
deomad 5y tine sal Of above s,3'ed, aud the ha-
ton. These operations, aided greatly no doubt,
ucrcc. have advanced tnr marHct a'ue ~ n.'l
sfi,e notes to "l'- lcr cen'' or NlIAI ~ al5 - '.
in c,r h. me Inn. xeI bv law and hat without die
tl-nu eitIer domestic foreign trade or colnn'rc
Eve-v sttp has a-c0 mpaniod with growing husi-
.s. vtn the advance Of public credit and the steady
.,Yr,r.at ou Of United STATES notes Ihs export ~
bu.lon nas Dern arrested ind orr domestic supply la-
gc,auulatrd iu the Treasury. The cxpotiou 81 "'hrr
d.gt -rc products has been largely increased win
gr.t a.Ivsi!.gr 20 al industries. The course adopted
Ga ma y1 he oioSsi Win nix. favorable re-
its and sufficient fund FOR nc Intlntr nance OF re
r,lfI', ID ,ul,rl.. ter1mulIt. the Treasury &c
or before IN. DAT, fixed Dv aN The provision for roe
bans has aided this process by aIh'lhs Hn'tHaI5
fears that would otherwise have Deem aroused Dy the
withdrawal of United states notes
MAINTENANCE OF THE RESUMPTION ACT
The secretary strongly urgc the firm main
t.nance Of policy that viii make good the promise con
atned in the United state. notes When ssnet-a promise
repcated in The act ito strengthen tie public credit
auproved March i. s6g ana made definite aud eh,c-
tvs bv the RESUMPTION Act DhonOred notes less Yaln
ab tnan the com they PROMISE though Justified by the
necessity which led 10 their Issue should be mad
good as soon rs practicable The public credit II ID
1red nv failure u redeem them Every holder
who was compelled by law 10 receive them has been
5en1ved Of a part OF his Just due. Now. when our ma
toa resources are ample when the process OF apprec
aiiou is almost complete, when tins wisdom OF the exist
uc law has been Onstrated II Il the dictate OF Sood
policy and faith to continue this process of prepar
zion 90 that at or before the time hxod by Law every
Uuiied states note Will have equal purchasing power
with coin To reverse this policy in tue face Of assured
sircces- will greatly impair tue public credit arrest the
uroce,s Of reducing the interest he public debt ana
cause aney tine financial distress county las recent
ly suffered The ResunDtiOn Act cOntenplates the re-
ton nv the first day OF January. 1879 Of the amount
Of limited STATES notes 500 100000. 10y the cancel
ton of such notes the amount OF 90 Der cent Oh tue
circulation Issued 10 national banks The amount OF
circulation ~ issued may not be sufficient TO
accomplish the reduction contemplated; the sec
Rotary Therefore, recommends th'' au'nDr'' o.Dt
bonds all United ates notes iu excess OF 13VVVVVu'
the bonds 90 b. issued at par i9r coin &c us ma 1ot
yh tine declared object 81 existing law and VIII open an
way 10y which tne peopr may nye,. lu7i ne 80.