New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-08-14

flows INTO the country and continues 10 do So even II II
redundant paper currency, rat least one which sup
plies al n.cas OF circulation. Assprcie continues W
foN in. iu short time paper money VIII have IN nAis
with comparatively small amount Of com specie pay
mens being manta ned perhaps for years because lbe
specie j. not needed FOR eEporiauon. 1901.
H. 1878 ard tie inflow of gold IN the summer and an
OF year, were In accordance with the pI nc,ihe
tAat trade runs In cycles and IT l. De5onu q
doubt that IT NAV leivc rs in obedience TO inc
same law un.css We make such changes n our nihnct,
a. Will prevent undue drain OF gold IL was aso ne a
that Notwithstanding mat the Government SOFA Dohus
prepare for resumption, n did not contribute n2
thing toward bringing about the oorditlon OF ai"''
winch made 1t possible to procure specie >, +, ,oos
II resum ton meant ANYTHING II was la III P ,Isr
Wise u would not nave taken place, because ,o o
supply would have been ~ small ns TO have ienue1 ~
impossible Cor the Government 10 have received IL ~
PAYNE iof Ils bohd-. Great IAN "a7 III; 20
check the great outflow OF specie that WI might re-
tain portion OF the production OF or own mines
Il was rom ths source lhat the specie
resumption cane The returns Of exports ana lmpors
OF aud bullion fol the years 1872 to 1878 h,usNe
show mat tle SAFE OF bona, Dy We "NtrDho", o an ,
bring coin into the country. hut that inc com -,
ceved tle proceeds Of The sale came from That por
ton or our production OF me pfeeigTtihs us action
In excess of what was exported Inc acuDu
under the tben existing monetary conllllonS.
but # the had not been Government paper money
resumption would have taken place long peiofe INC
70 reaIn specie payments and make them permanent,
the paper argued tie trst thing 10 he done IL 10 rdc
all OF the lceal-lendei notes 1hey OCCUPY f', ,,
which should b. filled by coin. ana in no way can or
he made TO occupy ne position 1t should III our
affairs except by the retirement OF the IegaI
so long as thoy exist they are stanui, /
ii"OC ~ NV -, ,,,ut to thsir re .irrrnpnt
boti prudence hhu honesty p,hl W t ~ ,I,no cams
and If they not retired thcy VIII III tune chusc
another suspension Oi specie payments. A.,
Passing on to consider The question OF banking MI
Buffers paper asserted that 'hc National D&nkhR Sy
ten cannot exist III us prcsen form more than Twelve
fifteen years for there would MOI DE Doius II i.o Oh
culatIug notes unless pOjiul o. the puDic dcDt sHouu
be made perpetual for that purpose. and ms Is sonr
thing when t Is not thought hhely IN" sentiment Oh Wv
people wond permit Then IL Is argued that tue prom
on he circulation - 80 small thai the banks VIII SUI
render 1t aud nus esca pc tr con iol Oh III,
The expressed that the National hanking system
has only short life before il. ana thai demand VIII De
made the Government To issue rs notes i'll inc P"o'
OF the surrendered bank notes. ,
Mr.. Butlor. suggest, NJ Substitute Tor the prcseh
system OF banking That The banks should he free IRON
all Government cntanglemenis. Tue act might or ,,
amended a. 10 make banking and The notes hs saic a.
they are at present AMI the time give the coun
try currency which would be more elastic IL It's opera
The notes should De issued 10 the banks "a they
are now thus preventing ssue tine amount shou
be limited 10 the amount o. capital. OF percentage o.
H. aud they SHOULD be first lien on all the assets o t'
banks. OF per cent might ~ ld on the clrcnla
ton IA safety fund, out Of which the notes o
to other means should prove insufficient All note'
below SO should be prohibited; bureau OF redenpto,
should be established AT New YORK. and ench bani
in ud required Ia keep AT the agency 10 rct cent
its circulation 10 meet the existing notes below Sl(
the banks might issue. IN addition 10 thcr fcgulh
crculnt on snail noics bc wholly covered by coin
Under sucl, q system. i claimed there would be nc
aas NJ to the question Of silver and IL Is argued tia
# America d G, not close her minis 10 silver Europ
Will have her gold and the United states become
silver monometilllc country
The president announced that the business OF IN
convention had been completed. lie vcntured to hop
that lis work would not be without good result
short discussion csued the place OF mcciingneN
wear Tn general sentiment was IN favor OF Saratoga
although there were some who advocated Chicago an'
Boston statement that If the convention was hel
elsewhere than al Saratoga the attendance would III
very small seemed meet the approval of the majority
FINALLY the matter was eft with the Executive Council
but resolution first adopted suggesting that ira
togA .oud be chosen. The convention adjourned a
L. 80 ID