New-York tribune., 1880-01-12
HOPEFUL FINANCIAL VIEWS.
THE R,rAYCg OF TRADE LIKELY TO REMAIN IN
FAVOR oP TnIs COUNTRY LONG TIME-THE
rurASrRY As A s,VINGs INSTITUTION.

THE BALANCE OF TRADE LIKELY TO REMAIN IN
FAVOR OF TnIs COUNTRY LONG TIME-THE
TREASURY As 4 sivINGs INSTITUTION.
10y TELAGRAPH To TIE TRIBUNE.
WAsHINGroN. Jan. ia IRlBUNE correspondent
had a conversation recently with prominent oih-
cial who is a careful student OF financial subjects,
and whose opinions regarding them are everywhere
highly respected. Some OF tie points ne made are
of interest, although he preferred tnat if
they were pointed at all it should be imperson-
aily. Respecting the influx Of gold from
abroad and its effect upon prices in this
country, he said: u thought last Summer
that the shipments of gold from abroad woald cease
after limited time, and that they would no; eX-
cced ffty or Sky millions The amcant already
received is in the neig ig bOrhOod Of eighty mlilons,
and the influx shows no signs of abatiug | think
II will continue and that the balance of trade Will
scmain for long time in our favor, because this
couutry will continue to be poor market for inl-
norted goods and good country to export from.
81 have also been Disappointed he continued,
as TO the effect of this great iuhuX of gold upon
prices here. thought that prices would continue
TO advance rapidly while the shipments continued.
and for some time after they had ceased; but from
facts have gathered, and which show a remarkable
increase of production, am inclined 70 believe shat
in a short time prices will begin to decline"
Woods scheme TO refund the bonds which mature
next year IN gig per cents said: We'll. am not
certain that Mr. Wood is not right. AZ any rate
tb,nl, in the next refundng law provision
sbon,d be made for Big per cent Gs
well rs for a 4 per cent bond. II is my belief"
he continued, that the Secretary of the Treasury
might inside of two years, get INTO the treasury
not less than 5000. coo on which he need not
nav more than per cent interest. My plan would
be to authorize him to receive deposits from any
nod, in amounts from one dollar mp These deposits
houlI he credited on The books of the Treasury 10
the different depcsitors They should be subject to
Withdrawal at any time by the depositor; on COM
pliancc with certain forms, and no interest should
be allowed on any sum that had been on deposit less
Than three months Interest on deposits should be
paid quarterly at tue rate OF = per cent
vcor. When tho amount of deposits reached
say 81 30 900 600 the Secretary OF the Treasury
>hould be authorized 10 redeem or per cent
bonds TO that amount and to replace them with
ner cents. | have 10 doubt bnt that the Govern
mont could get al the money it might need III this
way
The savings deposited in banks in this country
aggregate about $500 900 000 all, or nearly all, in
the Northeastern states; but the people OF those
States are not the only peOp'e who have savings.
I'm Illinois, for example, wealth has been. and is.
RAPIDLY accommodating, and multitude of persons
have savings which they would like To deposit
in a safe place. If u man there could 20 TO money
order post Office and get order for 50, $40 or S2O
m favor OF the Secretary of the Treasury thousands
would jump at the chance. They would he certain
of the safety of their money and they care more for
that than they DO for a high rate OF interest"
Several years ago plan like that outlined above
was considered and discussed by the House Com
mittee of Ways and Means. It was unanimously
agreed to by u subcommittee consisting of Repre-
septatives Sayer Robbins and Bnrcbard, and
finally after considerable discussion, was iavorably
reported by the full committee and placed on the
House calendar The bill was not reached at that
session Of Congress. and at the beginning
of the next session II gave way TO the proposed bill
10 issue the $40 certificates which were sold last
wear. The opposition To tie bill in the COMMITTEES
of WAYS and Means came chiefly from Eastern
members, whose constituents were largely inter
csted in savings ban -, and from two Bour-
hon Democrats on the committee. who though; that
the measure smac ked of ecntralization.' One OF
these gentlenen is reported frankly 10 have said
Ii this bill becomes law 1t will tie the people OF