Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1874-04-29

be devised. 1t should be commence
ed now and reached at the earliest
practicable moment consistent with
a fair regard TO the interest of the
debtor class. Immediate resump-
ton, if practicable, would not be
desirable. 1t would compel the
debtor class to pay beyond their
contracts the premium on gold
at the date of their purchase, and
would bring bankruptcy and ruin
to themselves. The authorizations,
however, in the paper value of the
measure of all values. gold, is
detrimental to the interests of trade
1t makes the man of business an
involuntary gambler, for in sales
where future payment is to
be made both parties speculate as
to what will be the value of the
currency to be paid and received.
| earnestly recommend to you, then,
such legislation as will insure a
gradual return to specie payments
and put an immediate stop to the
fluctuations in the value of the
currency"
/ still adhere to the views then
expressed. AS early as December
18th, 1865 the House of Represen-
tatives passed resolution by a
vote of Ia yeas to six nays concur
ring in the views Of the Seer etary
of the Treasury in relation to the
necessity of contraction of the
currency with a view to as early a
resumption of specie payments as
the business interests of the coun-
try will permit, and pledging CO.
operative action to this end as
speedy as possible. The first act
passed by the Forty-frst Congress
on the 18th day of March, 1869,
was as follows:
".ln act to strengthen tie PubHc
credit Of tie United States.
"SECTIoN |. BE it enacted, etc,
that in order to remove any doubt
as to the purpose of the govern
ment to discharge all its obligations
to the public creditors, and to set
tie the conflicting questions and
interpretations of the law by virtue
of which such obligations have
been contracted, it is hereby pro-
vided and declared that the faith |
Of the United States, is solemnly |
pledged to the payment in coin or
its equivalent of all obligations of
the United States, and of all the
Understanding obligations, except
in cases where the law authorizing
the issue of such obligations has
expressly provided that the same
may be paid in lawful money or
other currency than gold and silver,
but none of said Understanding
obligations not already due shall
be redeemed or paid be-
fore maturity, unless at such times
as United States notes shall be
convertible into coin at the option
Of the holder, or unless at such
time bonds of the United States
bearing lower rate of interest
than the bonds to he redeemed can
he sold at par in coin; and the
United States also solemnly pledges
its faith to make provision at the
earliest practicable period for re-
demption of United States notes in
coin"
This act still remains rs con-
tinuing pledge of faith to the
United States to make provision at
the earliest practicable moment for
the redemption of United States
notes in coin. A declaration con-
tianed in the act of July, Goth,
1864, created an obligation that the
total amount of United States notes
issued or to be issued should never
exceed S400,000,000. The amount
in actual circulation was actually
reduced to S266 100000, at which
point Congress passed the act of
February 4th, 1868, suspendiIg
the further reduction of the cur
rency. The S44 100000 have even
been regarded as reserve to be
used IL case of emergency such as
has occurred on several occasions,
and must occur when from any
cause the revenues suddenly fall |
below the expenditures, and such
reserve is necessary because the
fractional currency, amounting to
$4,000, 900 is redeemable in legal |
tenders on call. 1t may be said |
that such a return of fractional
currency for redemption is impos-
sible, but let steps be taken for
return to the specie basis and it
will be found that silver will take
the place of fractional currency
as rapidly as can be supplied.
When the premium on gold reaches
sufficiently low point, with the
amount of United States notes to
be issued permanently within prop
er limits, and the treasury is so
strengthened as to be able to re-
deem them in coin Oh demand, it
will then be safe to inaugurate q
system Of free banking with such
provisions as to make compulsory
the redemption of the circulating
notes of banks in coin or United
States notes themselves redeemable
in and made equivalent to coin.
AS a measure preparatory to free
banking or for placing the gov
eminent in a condition to redeem