Year: 1879

LEGISLATION SUGGESTED.


Some complaints have reached the Treasury from
persons who aggrevcd that they are unable to
get gold for greenbacks for coupons except at the
SubTrcasury in New York. and it urged that Con-
gress should decree wider distribution of the gold
The Springfield Republican. which takes this view.
remarks that


too remonetize gold. but to domonetize it. 1t was
used for the payment OF customs dues, now it is not
1t was used in the payment Of interest the United
States debt. now it is not. Ii anybody presents
greenbacis in sums of $50 and upward at the New
York SUBJ Treasury. he can get gold for them
We want it accessible than this
Not one transaction in one hundred thousand
quires gold. but when does want it he wants it.
and wants it close at hand. The Treasury. having
satisfactorily proved that the greenback dollar Is mt
par and generally preferred to coin for convenience
sake should now seek to circulate q portion of the
great it has collected and should urge upon
Congress the proprety OF requiring the banks to put
bank bales OF greenbacks in bank vaults
representing certain per cent of the bank liabilities
and held the better security Of the depositors.
Now these reserves, at least portion of them,
just well be kept in gold coin in paper and i'll
case of commercial stress the gold is worth having
in the country 1t will cost the bank no more TO
store than the other. It loses no more interest
upon one than upon the other. and then il bill
holder wants to be accommodated the bank do it.


1t is possible tlGt an attempt will be made pres
emily in Congress to bring in some measure in ac
cordance with these views. though it is easy to





the present Congress is not likely to agree upon.
There two ways of managing the gold; one,
which is that favored by the Secretary OF the Treas
ury the best in his judgment under present laws
and circumstances, is to make the Treasury
the general depository of the gold. to
pay it out for greenbacks and for silver
if Congress will authorize that on demand
only one place-the New York Sub -Treasury-as the
present law directs and of course to let the banks
continue to redeem their notes, the law allows
thon. in legal tender notes. The other wayis to let
the banks relieve the Of the custody of
the gold. which they could do by boarding legal
tenders and presenting them for gold to put into
their vaults.


This plan was at one time proposed and favored by
prominent New York bankers. but they appear,
the present. They probably saw that. long
as the grecnbacks remain legal tenders and
are to be reissued it is best, and indeed.
necessary that the Treasury shall be the chief and
great depository Of gold. and while it remains it
is for the general convenience that gold shall be paid
out only at one place, the head Office for redemp-
ton, for the government could not be expected to
scatter its supply all over the country.


The banks of the country now possess exclusive
ef the Treasury hoard. about $.O,OOo,OOO in gold.
The most solid and prudent OF them will prob
.Scck
but whoever desires to see them draw ont
the gold now in the Treasury and keep it
in their vaults will find that the only practical way
of doing this is TO repeal the Legal Tender act
quiring the reissue of greenhacks. When the gov
ernment notes to be legal tender for private
debts the banks will be obliged to redeem their notes
in specie on demand and then they will make haste
to supply themselves with gold from the Treasury
hoard and from any other available Nobody,
however, proposes to repeal these two laws. though
all sound money men clearly enough that the re-
peal OF the Legal Tender act must in time and
IL necessary to complete the work Of resumption.
To complain of the policy Of the Treasury under
existing laws is unreasonable. and to seek for
change in these laws at the present session and while
experiment of resumption has but just begun, is
gared by all the friends of sound currency here
highly unwise. In any it is not probable that
tine present Congress will pass any currency egisla
ton whatever. except perhaps bill making silver
redeemablc in gold or greenbacks at the will OF the
holder, aud allowing the Secretary of the Treasury
coin just many few silver dollars the pub
lie may at any time call for. It lis astonishing that
there professed friends of the silver dollar who
refuse to support such BILL 1855


UNION PACIFIC RAILROAD COMMISSIONERS RE-


The report of the Union Pacific Railroad Commits
sioners and the letter OF one of them, Mr.. c. L.
Adams, Jr resgning his place likely to provoke
discussion when Congress rcassemblcs. The report
is the first that has been made deserving the
name and conveying an intelligent idea of the work
ing of tho road. Mr.. Adams letter. showing that the
interests of the government cannot be properly
looked after by unpaid commissioners and that some
better system Of government supervision is needed
will probably bear fruit in bill making needed
changes. N nHIt