Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1873-01-23
RErURN 10 ePECTE PAYMENT

RETURN no 0REClE RAYMENT.
On the 18th inst Mr.. Sherman, from
the Senate Committee on Finance, re-
ported substitute for Mr.. Bucking-
hams bill providing for return to
specie payments, and supported it
in an able speech.
The following sections embody the
substance of Mr.. Shcrman's bill:
Be It enacted, ETC., That on the first
day of January, 1874, the Secretary OF
the Treasury be authorized and requir-
cd to pay on demand, at the Office OF
the Assistant Treasurer, in the city of
New York, to any holder of United
States notes to the amount of 81 600 or
any multiple thereof, in exchange for
such notes an equal amount of gold
coin or the United StateF, or III lieu OF
coin he may Mt his option, Issue in cx-
change for such notes an equal amount
of coupon, or registered bonds of the
United States, in such form Us he may
prescribe, of denominations of $50 or
some multiple of that sum, redeemable
in coin of the present standard value,
at the pleasure Of the United States
after ten years from the date of this
issue, and bearing interest payable
quarterly in coin at the rate of five
per centum per annum; and the Secre.
tary of the Treasury may reissue Uni.
ted States Notes 40 received, or il they
are cancelled may Issue United States
notes to the same amount either to pur-
chase or redeem the public debt, OF
meet current payments for public SER
vices; and the said bonds and the in
terest thereon shall be exempt from tbs
payment of all taxes or duties of the
United States, as well as from taxation
in any form by or under State, munic
ipal or local authority; and the said
bonds shall have set forth and express.
ed upon their face the above specified
conditions, and shall, with their coup
ons, be made payable at the Treasury
of the United States.
SEC. q That from and after the hrs
day of July next, the limit of the sg
gregate circulation of the nationa
banks now prescribed by law is re
pealed, and all banks thereafter organ
lied shall deposit as sesurity for theil
circulating notes bonds of the United
States issued under this act or undel
| the act entitled IAN act to authoriz'
| the refunding Of the national debt ap
proved July "A, 1870.
Sec. 8. That our banking associa
tions which shall. on and after July l
1874, redeem their circulating notes a
such localities % now or may be here
| inafter designated by law either in coli
or in United States legal-tender notes
shall be exempt from the requirement
under the existing law as to holding
reserve Of lawful money Of the Unitet
States.
Mr.. Sherman sSys that resumptio,
of specie payment was demanded b.
public faith, public policy, and th'
spirit Of our laws. Individual hard
ship was not sufficient reason for
violation Of public faith or disregart
Of the general interests or policy OF tn
whole country. The effect Of speci
payment is greatly exaggerated as Il
the persons it will injure. Our bnsi
ness men are not only debtors but tho
are creditors. II they are injured b.
adding to the burden Of their debts
they are benefited by the increase,
valuo Of their credits. No one cngag
ed in production merely whether as
financier or manufacturer, mechani
or laborer, is injured, for If the nomi
| nal value Of his production is diminish
ed, cost Of living and all that enters in
| to the cost Of production Is diminishe,
i in the samc degree. Experience ha
shown that deprecated money !
most injurious to the labOring man.
II produces false standard OF value
the effect Of which is not noticed by
laboring man, or by q trader or mel
chant, even upon current debts an
| credit. The effect of specie standar
will surely be apprcciable, for tn
nominal loss will be discounted in ad
vance or be divided during the gradu5
appreciation of paper money. Th
greater burden will fall upon debt
running for long period of time an
upon corporation bonds and mortgages
As to those in existance before the legs
tender act took effect, it is but rigl
they be paid in specie, while those cor
tracted since have been issued in es
pcctancy Of specie payments beior
this time. The chief requisite is ths
the public have assured confidence /
our ability to maintain resumption.-
This is indispensable, and, when it el
lists, actual redemption by payment {
coin is comparatively easy.
III
il The Legislature has wisely repeale
the act requiring the publication of IL
lave in newspapers. To publish Il
, new code, which would be done ha
| not this act been repealed, alone woul