The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-02-18
serve in the Treasury for that purpose rs we have


now"
DIsrIscTIoN WITHOUT A DIFFERENCE.
Your correspondent photographed you las, night
"Mr Wood defends his bill ON the general ground
that he i'll keeping SO large a ro-
serve of coin in the Treasury, which nobody
calls for and which are losing interest"
1t will be that Mr.. Wood to-day takes precisely
this general ground. but adds that the appropriation
at present made by the House creates 80 small de-
iciency that it will not be necessary to touch the
actual coin The summary of Mr.. Woods
proposition. he prefers to call it. which
tial from his actual proposition. except that
this authorizes alternative the issue
of certificates of indebtedness. bearing four
per cent interest and redecmabe at the pleasure OF
a previous part of the proposition he had declared
incxpedent and short bonds at that, which, bearing
the same interest with the long bonds which the
Treasury offers in any amount would. of course. be
almost. if not quite. unstable.
HAZARDOUS PROPOSITION.
Mr. Wood has, as he says. steadfastly supported all
measures looking to resumption for good many
years. and has right to doubt his sincerity in
this matter or to attack his motives. But it is u
fact that his proposition" which. by the way. he
says he means to lay bore the Committee Of Ways
and Means tomorrow for its consent. is regarded
here by aAfriends of sound money u very danger
otrs playing with fire while his assertion That there
need for the maintenance Of large coin
for resumption finds assent only with Mr. Kelley Mr.
Ewing and other declared and jealous paper money
nhationists. Mr.. Woods proposition" if it ever
becomes bill, cannot become Law. 1t is thought
dangerous by the friends of resumption because it
is the first offer to attack the resumption fund Of
coin. and because it seems to show that Mr. Wood.
who has been counted among the friends Of resump-
ton, does not comprehend the simple truth that q
greenback is q promise to pay. and that the noces-
sity for large coin reserve arises from
the very fact that the government offers
to redeem its promises in coin, and must
therefore keep coin hand to do 30. His move
ment only another evidence of what every friend
OF SOUND money mere secs-tnat reSumptou Will
mover be accomplished until the legal tenders arc
cancelled fast they redeemed or until they
to be legal tender But 1t is the opinion Of the
ablest friends of sound money here Of both parties
that. far from the present resumption fund being
needlessly great. it ought to be considerably In
creased 60 mako the Treasury and resumption safe
against any sudden drain of gold to Europe.
HOW MONEY PENSIONS CAN BE RAISED.
Several ways arc proposed to raise the money re-
quired to pay the arrears OF pensions besides Mr..
Woods. One is to issue four per cent bonds for
the amount required; but the Democrats think
it would look bad for them TO increase
the bonded debt. Another is to lay an income
tax and this meets with considerable favor among
ground that it would injuro the democratic pros
poets in New York and other Eastern States and also
because it would necessttate the appointment
of large number Of new tax officers. whom
the republican administration would Of course ap
point and who it is supposed would strengthen tht
republican machine for next year. The most scnsi
bio proposition SO far made is to renew
tho duty on tea and coffee This would
raise tho needed money. and would lay an imper
ceptible burden tho taxpayers. for 1t Ia wei
known that tho consumers in this country gained
nothing by the foolish abolition of these duties