, 1877-07-02
ANOTHER RESUMPTION SCHEME.

To Ia Editor 81 jHt Tribune.
CuicA0n. juno 30.-1t IL evident that no eatis~
problem noe submitted fn tho nation, TO wit: iiuw
shall tho les Or THO United states Treasury, and
Of tho National Banks, be made cqnal In vaino 10
coin. and this equAllt. be permanently malntalned,
without such contraction Of the vouus Of currency
dsSat ap ia esei'os' bas az beea prope.sa
BY l're.dsnt Grant and otsss.. IN Felat!in to ths
Tfsasuf notcs BY The sale 81 5nted statss honas d.
and 70 let the lankA take earc Of themselves.
ment assumed nD control ovcr the currency. and
left each Satc to pursue IT, own eoassv in regulat:
s e to f1s
deemah,e Treasury -noses, and organize system
of National iianks created nndcr 'ts laws and sub
hanks, and t1,osd is4ncd by tho United StnteA
Treasury, constitute the national currency.
usS % sw0 na eft :.
the Government, shall bu tho pc rmAntnt currency
Of tho eountty: and that ati the financial
this basls THAT for The pnrpore Of frenderlng this
cutrencJ equal in .alu* and eonvcstlble INTO coin,
e.sses S dsca as e o1 s oes f
c.aares u notes shall ho rrdeematie on,y II thl.
borla shall be lntrustcd to thls burpaa, which
shall % s9d soel5 for coin; AsAi that this com ho
Of notes sbovs mentioned. tic amonnt u coin
Elal1 beas such ratio 70 tho volume Of nutcs OUT
stsnllnR ~ e1Psflence sIall show to ba nectpsnty
three, OF ono " iuur. rho Interest on TIC Ionda
.ola fat ,ha putps:s .hoad ee pald By " ooye!a
ae eash az. 70 .hs
Of coin shall bo depleted below txvd lfsult, il
bonis.
trhe writer Of the al,ove means well. but reasons
badly. 10 far ~ selling bohls 70 redeem grcap>
backs u concerned, Il haa been suggested thous.
hss yet worked out safs aud satisfaeiory mods Of
telssuInx the rcdsuutd grvcabacks. THY would
have 70 0e rett*,lea IN ,ouc way, Of In tuw years
they would al bs retired from circulation. Tariff.
tA1oa Aro paid In cain only; anl that, and tim wanta
Of our importing merchants, would call Tor $780,
%s.s hS e b!i T. ss. q es so u us*e e; s1s
a. i itdsag'lSn @ e ebsaIa tie soin. TIL prol'.a
deemed greenbaeks into e4rca!atian again,
T. prevent contraction :, OF thc currency,
! ssss sf sa sSa .ss :: sDs
le:al tsnder, aud tho banks offered them tn rs-
iamptfoa Of thetr notes; nor would The Govern
lonxuy to .hs hanks 20 long a the latter rrnaspe
sosssnt ard redeemed their nutcs In greeuhacks.
Srs sesas a q III s ss a
to SOU, U0U 600 of honds anuusiy ,herehy nddlng
llat much 70 tho bonded deht u 'ths uadon. and
*es$ s l. sess!sl Psss PsS ~ s'st. ~
continually isauIus more bonds, uness some
;saYms ,:sS ~. could soala T. as'!.sd f.. purchasing
none. Il they xers bought Rack, Il would hays
to 10 VII with shs E'eenoseks that bed been redsemra
h W. M son Io u lss, prlss ~9aa hsys 70 r. pa'l
ct,a. 'rls sehcuu has uusaf uaet with favor or
been eon.'dstea ssfe or ,prnetcahle by those who
The xtsat neod af iha natlon II this time il cur.
teney which shall ". aud shall continue psr.na.
HHblA Of II m In d,
uaaas Of commstce: ! heatsye that tbs system
hsso proposed supplies ih!s want, and that no 9TH
!'Eht. KIN. 4 cumbinst,on VI unacrupulous eapl.
aalsts might, n \ tinle nf 1nanciai trunbIo, ha
s sS' T. Ssss sss's Of h
y dspos.t y 5000. QUO 600. o. $500. zoo oo0 IN
this currency IL capable of H. simplest c1pansiop
ment.
long a1tsted In France and England, e1cept that
here Gosetarenl would acI DIRECTLY. aud III those
sat. r:sses md F"sapd tsss1 IL
st,tatloa. With their own u.oaeY. and not BY any
bslwten iGsir mode of resumption add that pro.
Eosed toF tas gresnbAeks ey orr correspondent. -
Eu T.. st: svlasn. that very li.tls .p*e!e would
y specie 'Eaymsnu are to ps resumed on any
olbe1 basis thlu tbs ous psoposcd. ths Treasury
Aa&s sFAesWs " " psfPA@E4 10 IeQGF9. ia our
stsnaius noles With cuip procured by the sails Of
bonds II Tits u dons. at tbs rails pruposed hy
rss.sdeat ufsnt t woala tsqotfs NOR. atan s.n
s ys.,' to seeompl,sh thla, and. da.ns thla whole
aeoutFatled cuErency without the benefits OF ~.
snairllon y thp suntraestun IL uof1 rapid. Tho
ptss.ale, aud e9nsequent disaster 10 commercial
lnletrt9s, would be ,nols iu1euss. II Treasury
noss we're cInccieL, and tho currency reduced 10
hAN IL {feseAt volume. tho vacuum would nOt be
ea.ti{ ntls4 by t4s Lsues ot new National banks.
Tor !hefe would de hide Iaduce1teut to otSaulke
than ~ tins Ut enabArrasslnsnt snd
depression, and tbs Bt4tes would char
tet clAAs os banks whose uaaecated
notcs would recall tbs b2frors Of 'wlld.cat" sud
"sed dog currency. fnder tlU system psopo4e1
specis: pay msnts could b. resumed Ia az muut,s,
and thid could be done without contraction Of lLs
cHffehc4. and thA consequent injury To cun,at rcaj
ints1sst. q tas 1oun,ry snA pto:psttr would b.
any othes sJetsM would b. alsa.tsout IL lhe coua.
t1y. II IL hardly necessary 70 renlsek that lhs
ptssent II m unusually fas0sabls Tins " inauxu-
rte .n,I new an.nel.l sys.sm Esstythn. t.s besn
bfpa:ht 10 'hatd-pau. snd new foundations Ut
| stuudAuea of money. bolh iu hi. county ard in
EHteps, and thu upi'sEsAt anaety for Abs sustsal
o. ptotpefous buai0css. render Il eonpafastrciJ