The Ohio star. [volume] (Ravenna, Ohio) 1830-1854, 1854-02-22

January 1879 the Secretary OF the Treasury shall re-
deem in coin the United States legal tender notes
then outstanding on their presentation for redemp-
ton at the office of the Assistant Treasurer OF the
United States in the city of New York in sums o,
act which Gen. Ewing thinks brought death into
the world. and all our with the loss of Eden"
RESUMPTION NOT CONTRACTION.
By the continued force of natural laws since its
rency has appreciated at the annual rate of the ~
per cent until it has reached within a per cent OF
provisions, pro- the Secretary Of the Treasury could
again pay these after redemption Secretary
Sherman entertaining the opinion that ne eoutu'
Congress, at its late session to remove the DOUBT
enacted: .
THAT from and after the passage of this act 1t
shall not be lawful for the Secretary Of the Treasury
or other officer under him, to cancel or retire any
more of the legal tender notes. And whenever any
of the said notes may be redeemed or received lhGo
the Treasury under any law or from any source
whatever and shall belong to the United States they
shall not be retired, cancelled or destroyed. put
culation"
BY this act the existing volume of legal tender
notes is made permanent factor in the circulation
which can not be diminished but WILL after the ISL
able for coin at the pleasure of the holder This is
resumption. It permits neither contracuon nor eA-
pansion. stability and exchangeabity being its in
flexible policy.
FREE BANKING.
The national banking law authorizes any number
of natural persons who shall deposit in the Treas
ury bonds sueient to secure the people against loss
and issue circulating notes. Formerly the amount
limited to 1851 100000 The act of January IA, 1G,
removed this Limitation, and provides:
THAT each existing banking association may in.
crease its circulating notes without respect to said
aggregate limit, and new banking associations may
be organized without respect to said limit in accord
By this act national banking has ceased to be a
special privilege If the business wants of any To-
men can associate their caDtal and supply the De
mand as freely they engage in any other bust
ness requiring associated capital.
BALANCE OF TRADE
By economy industry and firm adherence 10 O
prudent and steady financial policy, the balance o
trade with foreign countries, which had heretofore
been against us ss Is @ turned in our favor and an
home products in excess of purchases abroad the
foreign drain upon our coin resources has ceased
Hitherto this favorable balance of trade has beer
satisfied by the return of our bonds held abroad
But this source of satisfying it will cease when
the current of coin will begin to flow in.
PRODUCTS OF THE MINES.
mines of the country exceeds $40 600. With {
favorable balance of trade preventing the foreign
drain of the precious metals, this annual produc
ton alone can not fail in brief period to largely
and permanently augment the volume OF coin cir
culation.
These are the existing conditions. and this thu
| financial situation, which the Republican
platform asserts are sufficient to and will
if unvexed by the agitation of financial crusaders
revive confidence, restore the equality of none!
values, stimulate the industries and re-estabhsf
| prosperity on solid and enduring basis.
A COMPARISON.
| Before the war the volume of paper currency wa
less than 600; it is nearly 500 900
Then its per capita amount lest than seuen dol
ldrs its per capita is only fraction less thar
SIS. Then tie per capita amount of both currenc.
and coin was less than S13; now their per capita ex
ceeis SO. Then the per cent bonds of the govern
| ment were at II Der cent discount; now its A pc
| cent. bonds at par. Then the government wa
under Democratic rule: now it is under Republican
| rule.
| PUNCTUATION OF CURRENCY.
The following official statement, furnished by tn,
| Treasury Department. shows the volume of the pa
| per circulation at the several periods stated: