Year: 1877

issue currency to their full value.


This passed without much comment.


but it serves to interpret q kindred


resolution introduced at the night


session which was strongly urged


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


York 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 Through 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,
its 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, its ultimate
effect would plainly be the substitu-
tion of national bank notes for the
whole mass Of greenbacks, and it is
safe to say nobody wants this-eXcept


the bankers. iThe 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.


ton as to whether the VI ale currency


OF the country should be issued by the


treasury or by corporate bodies, and


for 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


for 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-
tlOn than an extension Of their
privileges. Going back to the main
question for a moment, it is even
doubtful whether the plan proposed


in the convention would forward re-
sumption. 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 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.