Year: 1877

tlonal banks. and then permit them tc


issue currency to their full value


This passed without much comment.
but it serves to interpret !; kindred


resolution introduced at the night


session which was strongly urged


and excited much discussion. The
latter, by the president Of the New


ork clearing house, urges the neces-


slty OF specie resumption in extrava-


giant terms, but condemns the present


method OF accommodating coin in the


treasury and demands that RESUMPTION


should be reached ssthrough the CO.


operation of the banks with the gov


ernment. This is rather vague in


itself, but it is lucid enough in the


light OF the previous resolution. The
plan undoubtedly Indicated is that the
government should permit the banks
to buy four per cent. bonds in green


backs, which should then be with.
drawn from circulation while their
place is taken by notes issued byf the


banks. There are several things about
this plan which will scarcely meet


with enthusiastic support out Of ma
tional banking circles. Even il it


were granted that it is as likely to


bring resumption as the present
scheme, it involves three undesirable
things. First, it enlarges the powers
and profits Of class of corporotionS
which already enjoys privileges quite
equal to its value and services, high
as these have been and are. Second,
It's Immediate effect would be a sud
den and violent contraction of legal
tenders, and we have already proved
the utility Of making haste slowly in
this direction. Third, it's ultimate
effect would plainly be the substitu-
tlon of national bank notes for the
whole mass of greenbacks, and it is
safe to say nobody wants this-eycept
the bankers. lThe greenbacks are
good money enough, except in one
point OF irredeemability, which may
certainly be removed without their
total destruction. There is no rational
reason for any removal of greenbacks
beyond the limited contraction necer-
cary to bring them to par, and that is
secured by the present law. This is
not the time to open the general ques-
tlon as to whether the WI .nle currency
OF the country should be Issued by the
treasury or by corporate bodies, and
Tor the present we can have no better
money than the greenback, up to the
limit within which it can be kept up
to par with gold. The national bank
note finds its just function in supply
ing the demand for currency beyond
that limit, and should be coutented
with this, without seeking to super
Sede the greenback. 1t will be wise
Tor the banks to be temperate in this
matter, as the general sentiment in
the country, if attention were strong
ly drawn to the subject, favors, rea-
sonably or otherwise, rather restric-
ton than an extension of their
Going back to the main
question for moment, it is even
doubtful whether the plan proposed
in the convention would forward re.
1t would place the matter
to an extent in hands controlled by
private and selfish interests, which is
in itself bad, and has in possibilities
Of financial arrangements which
might compel a long and disastrous
halt before reaching the desired gold.''


Now let the Pioneer Press come out
and support the Greenback ticket,
and thus cast it's influence in behalf of
the principles it enunciates.