The New York herald., 1877-09-14
RESUMPTION.
A VOICE FROM CANADIAN INTERVIEW WITH
SIR FRANCIS HINCKs--wE CAN PAY

A VOICE FROM CANADA-AN INTERVIEW WITH
SIR FRANCIS HINcKs--wE CAN PAY.
Sir Francis Hlncks, OF Canada, is of the repre-
sentative men Of the Dominion. He is old gentle
man who verges perhaps, seventy years of age
aud he has long been identified with Canadian growth
and publicity. The result OF his cndeavors in behalf
OF his section is atesed by the high honors which
has received from the mother government. His ad.
dress the Convention of Bankers financial topics
wherein be prominently stands forth a master-so
far. at least his own country Is concerned-has
commanded general attention, and the editorial COM
ments OF the HERALD his speech are before tho
public. There being thoughts, however, which re-
qured further explanation, reporter OF the HERALD
waited upon the venerable gentleman, and in free
frank conversational manner received the following
statement:--
SMALL CURRENCY THE MOST DESIRABLE.
81 hope, said Sir Francis, 'that 1t shall be under
stood by the public that in my financial proposition
shall be issued Tor the small denominations under So
POSSIBLY did not make myself clear certainly had
no idea OF questioning the safety OF national bank
notes. had reference solely to The economy Of gold
Tor the government Assuming that carly resumption
VIII take place. think that IN view oil the TACT that
.ully $780, 900 will be convertible the
viii OF tho holder, 1t Is desirable TO economize coin
notes can be kept in circulation to that extent pre-
cisey there will be a reduced demand lot coin. My
held by the banks reserves that II these
convertible into coin their circulation would not
ceed $3.50, 600 600. This is merely rough estimate,
ana ought TO state that estimate the small notes at
so 100000 This will enable any practical banker
The Treasury officials to correct my estimate.
A HOPEFUL VIEW.
'sI am persuaded tina; something like $780, ooo ooo
will be added TO the national bank circulation after
resumption, for the simple reason that the national
banks have better opportunities OF circulating their
notes than the government. may Observe with refer
your criticism, that person might bring ten
dollar twenty dollar note for redempon ana that II
there such legal tenders In circulation there
would be a difficulty that the remedy would be to pay
coin would be In largo amounts. ], however, admit
that just the present time it would probably be
expedent restrain the issue OF any particular de.
nominations The greater the economy IN the of
coin The better. You have clearly pretended my
IDEA as to the future of legal tenders the sole OBJ
lect being TO economize the use OF gold, thus saving
the nation the interest on Whatever amount OF those
notes can be kept in circulation excess OF tho
reserve maintained TO secure their convertbility. A
few words on the discussion of last evening
DIFFERENCE OF OPINION, But STRONG FAITH.
"l listened attentvely to General Brinkerhoff's
marks. II certainly rather appalling hear that
resumption meant undertaking TO pay $3.50 600 600 Of
notes: but the speaker tok of the
tation which the public necessities will require What
that viii be only be ascertained when the legal
tenders are convertible; but there be little doubt
that the present aggregate circulation OF legal
and national tank notes will not be reduced more
than from 500 900 600 to $3.50 000 000 To national
banks resumption should cause no difficulty. They
held their reserves and assume them adequate
IN legal tenders, and they VIII continue to do SO when
those legal tenders convertible into COIN The ap-
prehensions entertained about resumption in my
opinion wholly uniounded If the United States bonds
dscredited by capitalists there wou i'd
be serious Impedments IN the way, but considering
The case with which loans can be elected not the
slightest embarrassment Will be felt. will only OBJ
In CONCLUSION that listened to Mr. Goes lucid
speech with great pleasure, and with conviction that
even II tho scheme which ne developed the
pest mat could be framed theoretically IT was prob
ably the best practical measure under the circuns-
stances which exist"