Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1877-12-14

the Secretary recommends that authority be
given to gradually fund all notes In excess Of
that amount in per cent. bonds; or the de
sired reduction may be accomplished by the
coinage Of the silver dollar, TO be exchanged
Tor United States notes on demand. As for
the notes redeemed after Jan. /, 1879, the
Secretary Is of the opinion that, IL not in ex-
cess Of S300,000,000, they may be relssued.
This construction, however, should be dis
tinctly settled by law The notes are conven-
lent and form q good paper currency, and,
with the aid of an ample reserve OF coin,
certain amount can always be kept In circu-
latiOn. The people should have the benefit
of this circulation. The Secretary ventures
to express the opinion that the best currency
| for the people of the United States would
be carefully-limited amount of United
States notes, promptly redeemable on pres
entation in coin and supported by ample
reserves of coin, and supplemented by a system
| OF national banks organized under general
laws, free and open to all, with power to issue
circulating notes secured by United States
| bonds deposited with the Government and re-
| deemable on demand in United States notes or
coin. Such system will secure to the people
safe currency of equal value in all parts of
the country, receivable for all dues and easily
| convertible into coin. Interest can thus be
saved on so much of the public debt as can be
/ conveniently maintained In permanent circula-
| tion, leaving to National Banks the proper
| business Of such cOrporatiOns-Of providing
! currency for the varying changes, the ebb and
| flow Of trade.
After further discussion of the subject of
lega-tender notes, the Secretary reviews the
! condition of the National Banks, citing from
the report Of the Comptroller of the Cur
rency. He makes sundry recommendations,
| and also urges upon Congress the importance
Of making some provision for the safe-keeping
and employment of small deposits by the peo-
| pie He recommends that authority be granted
TO issue certificates for small deposits, con-
| vertibe into per cent. bonds now authorized
| by law, the proceeds to be used solely for the
redemption of bonds bearing higher rate of
| interest and now redeemable at par.
The proposed issue Of the silver dollar is dis
cussed at length, including the history of the
| silver coinage and of the legal standard, and
| the impracticability of maintaining silver side
by side with gold is pointed out. The Secre-
tary has felt it to be his duty to earnestly urge
| upon Congress the serious objections to the
| free coinage of silver on such conditions as
| will demonetize gold, greatly disturb all the
\ financial operations of the Government, sud
| denly revolutiOnizing the basis of our curren-
cy, throw upon the Government the increased
| cost OF coinage, arrest the refunding of the
| public debt and impair the public credit with
| no apparent advantage to the people at large.
The Secretary believes that all the beneficial
results hoped for from liberal issue of silver
coin can be secured by issuing this coin, in
| pursuance of the general policy of the act of
1853, in exchange for United States notes,
| coined from bullion purchased i'm the open
market by the United States, and maintaining
! it, by redemption or otherwise, at par with
gold coin. 1t could be made legal tender for
| such sums and on such contracts as would Sc
| cure to 1t the most general circulation. 1t
could be easily redeemed in United States notes
and gold coin and only reissued when de-
manded for public convenience. If the essen
tial quality of redeemability given to United
States notes, bank-bills, tokens, fractional
coins and currency maintains them at par how
much easier it would be to maintain the silver
dollar, of intrinsic value nearly equal to gold,
at par with gold coin, by giving to it the like
quality of redeemability. To still further Sc
cure a fixed relative value of silver and gold,
the United States might invite an information
al convention of commercial nations. Even
such convention, while it might check the
fall of silver, could not prevent the operation
of that higher law which places the market
| value of silver above human control. Issued
| upon the conditions here stated the Secretary
| is of opinion that the silver dollar will be a
| great public advantage, but that if issued
without limit, upon the demand of the owners
of silver bullion, it will be great public in
jury.