New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-01-08
CLOSING PRICES OF CALIFORNIA STOCKS
SAN FRANCISCO, Jan. 7, 1884
COMING FINANCIAL LEGISLATION
o the Editor Of The Tribune.

To the EditOr Of The Tribune
SIR Are you not giving too much attention
the proclamatons Of Messrs Buckner and Bandi Tho
| Speaker could not refuse a place the Committee Of
Banking and Currency to the only Democratic member
reelected OF the Old committee but he could and he did
name his associate majority OF sound men, who
viii be Influenced 10y Mr Buckner's yagar1es. Such
Democrats as Mr. Potter Of New-York Mr. Ermentrout
Of Pennsylvania and Mr.. wilkins OF Ohio are just rs
sound financial questions as Mr. Dingey OF Maine.
They who Will respect the public Judgment in
fayor OF the National banking system, mated by the
experience OF twenty years.
is obvious that The contraction OF circulation, now
going must be arrested business must suffer. The
process nsdious. In this month Of December. about
So 600 900 in legaltender notes viii have been locked
up Treasury, to into circulation again
cep the withdrawal Of as many National bank notes.
The issue OF silver certificates continues Money cheap
and abundant All will 90 smoothly until some sudden de-
for gold currency awakens the cou Try To the facs
that while Congress has slept the circulation has dimn
ished the OF 900 or S0OOOOOOO Hard
times the closing the discharge Of worknen,
will follow and is always the ease labor Will have TO
bear the burden OF natteDtOn aud failure taks
notice of financial necessity. Sensible men Of both
parties know that cannot wait for reduction OF tho
revenue or other involving discussion and de-
lay The contraction Is rapid The money pressure
will probably in the spring or early summer. Men
may differ about the remedy but they that II must
be promptly applied and efeeuuaL
Controller Knox and Secretary Folger propose repeal
OF upon and increase Of the percentage OF cir
cuaton 10 ten per below the market yane OF the
bonds deposited security The only objections made
by Democrats TO proposed increase provided by
Senator SherInans b is that IL makes tucuaung rate
which may rise above the limit OF safety. MI A B.
Hewitt has suggested complete answerto TINS obecton
II TO make the three per bonds the basis and limit
the upon them their par value. Then limit
,,s amount 20 be issued on bonds bearing higher rate OF
nte1est with nxed periods OF maturity in proportion 70
their Intrinsic value and their security. have heard
affections ,tated Hewitts plans These measures
S1d moi affect legislation upon the tarin or any other
subject They wOu practically settle the National
banking system for period Of twentyfour years, the
time which the four per cents have TO run During that
time some substitute for the can be devised
than any yet offered by Mr.. Buckner ,,,
At the beginning OF the session an opinion preNaeo n
Washington that nothing could De done In Time 10 prevent
contraction That opinion has changed Since the intro
ducon Shermans BILL and the interchange OF
IDEAS which followed leading OF both parties nave
asccrained that their differences we're neneF
nor irruconcabe. IL Is believed now by those beet
ouahed Judge that soon after the Mondays VT BUCK
ferJs committee, by a substantial majority VIII agree
uuon Mr. shennan's bill amended In conformity with MI
Uewitts suggestions, and that such OIL WI" pass DON
Houses without any etfectual opposition -
Ii is useless for Mr. Buekner 10 appeal 70 the oiu hosut
y 10 the banking system TO attempt 20 sur up the
ashes Of the dead Greenback party The PLAIN fact Is tnA
RESTRICTIONS Of the National system onerons ana many
banks prefer leave it, The prestige OF inc name anu
the little profit upon circulation are their 0uy induce
mens to In the system III elrcnlauoh ceases 70
country has deep interest IN preventing conUactlon
aud the individual the party which defeats measures Tor
its prevention viii be held " heavy responsibility
Nec Y0Tk, Dec. 30, 1858. LIZ"