New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-11

-, A.. ,,Ls ,r,,l generally take this staho'
Troro wers rumors In Wall Street Yesterday '''.'
the Government had decided upon an Issue =. wv.
I'm order TO alay all anxiety regarui"S inc 80
problem knowledge that any suon .,,.o. poherts
teuplated was denied by Assistant iras"'e' 100,
t,onrv " Cannon president OF the Hase Nauo'a'
Rank. l. Edward Simmons, president vi 'ie io"''
National Banb and other bankers III VIZ" - ~
reports the following statement was ar'~n s uU -,
issued unofucally to explain the UNDERSTANDING u
the situation BY the banks r, "A
The RefundIng Act passed by Congress on '"y -,
1910 and ended in 1871 authorized the issue OF ono
billion five hundred million OF 4. AZ anu ~, ,vs
30 refund outstanding bonds IL coh'a'he. VI" - e.,
Iause: "But nothing In this act. or any o"'c' ID" NJ
force shall be construed to authorize any increase WIZ
o -, ,.a h,,dod dcbt OF the United States Ihere
fore the mower on the part the Secretary Oh inc
to sell bonds must found in the acts prc.iou, " ~
cxccpt OF cours, for rcfunding the outstanding o'u
Tho legal tender notes in the United states are 'ec''
able for public debts. except duties on i"Po'''' ' ~
Is 10 PROVISION made for their redempNon' o--
The Resumption Act passed January 49, io'' ""U
amended Jenuary l. 1879, enacted that inc treasurer
should redeem the United States notes In CON on pre-.
scntion at the SubTreasury In New-forK IN amounts
not les, than $50 and had another provision as fo
lows: ITO enable the Secretary OF inc treasury !"
prepare and provide for the redemption In his Ac
led or required, authorized to use any surplus
revenue from time time I'm the treasury NOV
,nnropraed and 10 use and dispose OF at not less
than par in coin either Of the description OF oono' o
the United described in the Act Oh congress az
proved July 1870 entitled act to authorize me re-
funding OF the National debt with like quantity privileges
and exemptons TO the extent necessary this oct
into effect and TO proceeds thereof for the purposes
and provisions OF law inconsistent WIN he
provisions Of this act ore hereby repea'ed.
This Act gives the Secretary the co1tinued power W
sclI United states Az and per cent bonus OF the
description specified in the Act OF 1870 when ,ne oee
ary deems IL necessary to d. in order 10 enable MIN
70 continue the redemption these legal tender notes IN
Tho
finds necessary for tho purposes aforesaid.
Since March, 1877, the Secretary sold under THIS Ac'
for resumption purposes sixtyye millions OF " per ceh
TWENTY-FIVE millions Is due 1907, besides i've millions
OF As sold 1875. N replace coin used In paying tc
Halifax Award. When the Resumption Act OF 1919
was De ssed coinage had beol stopped In ohe oh1
States and silver legal tender only IN amounts Vi
s5 and OF course redemption meant redemption in god
COIN but the Bland Act restored the coinage OF silver
and made standard silver dollars full legal tender Tor all
amounts for both public and private debts
Since 1873 the required redemption OF leea'tender
coin would TO be redemption III ether SILVER
or cold coin The sherman Act OF July a. 1880 provinces
for the issue OF Treasury the cost price OF silver
bullion bought under that act and made such notes III"
for all dues public and private except where
otherwise stipulated and this act further pro'ueu tna
such Treasury should be redeemed by the secretary
Of the Treasury gold silver coin at bis discretion III
being the policy OF the United states 10 MANI
tain metals parity with each other upon 'ne
present legal ratio such ratio as may be pfo'ud ny
law"
From this brief sketch It will be seen that inc
secretary OF the Treasury Is authorized TO sell tnitea
states , per cent ten-year bonds. or IL Per cen.
fneen. year bonds per cent fhrty-year bonds oi
the United States enable him 10 continue the re-
demption OF legaltender notes In CON- While the
effect Of restoring the standard silver dollar 10 inc
f legaltender quality Is probably such as to author
ze redemption Of lsgalienders by the secretary
less slncc the sherman act OF 1880 established the
policy OF maintaining silver and gold upon a party
by the United 1t appears - be the duty OF the
secretary of the Treasury To maintain the redemption
Of legnltcnders In both gold and silver coin. and 50
long rs he fOresecs danger In maintaining such re-
dempton in either gold or silver coin he appears to
have power to sell I'nlsd States bonds In order 10
obtain the gold or silver coin needed ior tue purpose