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


alton so that at before the time fixed BY Law every
United STATES note will have equal purchasing power
with coiD To reverse this policy tue face Of assured
si,cees- will greatly impair tue public credit arrest the
process Of reducing the interest on he public deD ana
cause anew the financial distress our county las rec'
Iv suffered The Resumption Act contempates the re
0ucton by the first day Of January 1879, Of the amount
Of limited States notes 500 OOOOOO 10y the cahce'-
to of such notes to the amount OF 90 Der cent OF tue
circulation ssned 10 national banks. The amount OF
circulation 80 issued may not be sufficient 10
accompli.h the reduction contemplated; the Sec
Rotary Therefore recommends tl't Tor cent
bonds all United ates notes u excess OF r'pUVVVVu'
el' INN IN IN 20 81 not~, Tns vii be in harmony
with tine declared object 81 existing law, ana VIII oeh an
SIM, or rbe reduction Of Uni ed States notes
To- the maximum of S3OOOOOOOO may ne accomplished u
Congress viii authorize tie coinage " the ,Vei uo'nu
to De exchanged Tor United states , "u .ne -,
OF the holder such notes 10 be retrrNand canceiCI
is'ing laws do not clearly dthre Whe,hrr , i,.o
ST. - notes when redeemed after January l. lo1' ma,
De rcis-uod. Tie hr-t section Of ne .rsiiu Ion A.,
FOR the whole amount Of fractional curieh'y gu
standing. section plainly provides Tor tHe ' tia'ie
coedng S3OO.ODoOOO No distinct legislative decAih i"1
l. maie 10 me Resumption Act that nots redeemed a.
ton 1919 Of The Revised statute, Of the Iui.td s.s
provides that when any Unied states TOT ar ~
turned 10 the Treasury tiev be- rris-e liron time
10 time. as tue c1iScncies oi me public interest," MAJ IT,
THE REISSUE OF GRKENBAcKs.
The Secretary Of the opinion that, under ths sec
ton notes. when redeemed after the ist OF January
1879, n The amount outstanding II not in excess oil
$500 100000 may be rriasued the eXgencles OF tho
public service may require. note redeemed with coin
Treasury and subject 10 the law a. II re-
ceiyed for taxes, bank-note when redeemed oy
corporation issuing H. The authority - reissue IL
does not depend upon the mode 10 which It u returned
% Treasury. But this construction is controverted
and should be settled by distinct provisions Of law IL
should be open 10 doubt dispute. The decision OF
tnis question Dy Congress Involves not merely the c"n
sruction Of existing law, but the pubic p0lcr Of NAM
tainug circulation United states notes, either win or
without The legaeuder clause These notes are 0f great
public COMMUNICATING circulate readily are OF Jul
vrrssl credit; debt OF the people without interest
are protected By every possible safeguard against eo
terfeng; and when redcrmable IN coin nt the dcnhhu
of the holder form paper good as has YET
been devised. IL Is conceded that certain
amount can, with the aid OF an ample reserve
In coin be always maintained In circulation should not
the benefit OF tins circulation inure 10 tho people fdlAer
than 10 corporations either state Eatonalf The Gov
eminent las ample facility for the collection custody
and care OF the eoin OF the country ser
eusodau of such reserves than multitude OF scattered