The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1874-12-26
SPECIE RESUMPTION.

OF Te-uNltluP duu SAVING VIZ P~''1'
turned To the vicious and dishonest system OF
cooking up leading measures OF Legislation
in ,hc marty caucus, and pledging the entire
party to their support, previous to their for
IA a, introduction for action into either house
of congress. The system, it is needless to say
takes the work Of legislation out OF the hands
of The majority and turns it over to az ire
sponsibe minority. OF 40 republicans in
senate caucus, 10 may oppose measure and
q be in favor of it, The 10 must succumb in
open senate and vote with the 81, thus giving
the 81 the power to pass measure, though
in reality so members OF the senate may be
opposed to it.
In this way the senate on Tuesday passed
q bill that had previously been cooked up IN
caucus, "to secure an early resumption OF
specie payment" as it is frauduently entitled
The bill provides in substance for
First Free banking, to be open to all IN
dividuals and associations without iimltatioh
of capital.
!Seeond-Thc retiring of an amount of green,
hacks equal TO so per cent OF the amount Oh
rreenback circulation shall be reduced 10
$500 600 COO after which no further reduc'
ton of greenbacks is TO take place
| Jhird-Tbe withdrawal and destruction OF
fractional currency and the substitution OF
silver coin, the arrangement to go In efiec,
as soon as practicable under the direction OF
the Secretary of the Treasury, who Is author
| lied to use any surplus money for supplying
silver coin, and if this Is not sufficient TO sell
tho r,ouisite amount of bonds OF the new Sc
ries to obtain the funds for that purpose:
FcYytA-RemOving the cost for the coinage
of gold at the several minis.
FTrh-Resumptio of specle.payments to
commence on the first day of January, 1879
| The Secretary of the treasury is authorized
to use any surplus specie in the treasury; but
Inf that is not sufficient, to sell bonds IL order
to obtain gold to pay treasury notes. But
this last provision does not, like the others
90 into immediate effect. The legal-tender
act remains undisturbed.
This bill, as we have said, passed the sen
ate on Tuesday, and on Wednesday came up
in the house, where Uhe House republican
caucus also having agreed to pass IL an at
tempt was made 20 force it through without
debate; but the democratic members succeed,
ed, by flibustering, in having final action
upon il STAYED off unit the 9Th Of January.
The bill is fraud and a sham. Its object
is to get the republican party rid OF an ugly
question and thus promote its well being, and
not that of the country 1t pretends to be
|step in the direction of specie payment, when
its inevitable action must be 10 put off specie
payment indefinitely BY authorizing free
banking at once, it opens the door to bank
imitation without limit the moment new era
of speculation can be started and a demand
created for such rags; while its pretense OF re.
firing $S3 100000 OF greenbacks is fraud,
for the reason that it makes no provision for
cancelling or destroying them, or for prevent
ing the Secretary Of the treasury or congress
from ordering their reissue whenever the
Wall street bankers or the exegencies of the
treasury shall demand draft on the green
back reserve, as in 1878. In 1879 the treasury
is to resume specie payment If it can buy
the gold to do so-the rates, terms, &c, not
TO be decided until then.
The people want no ;omioolcry like this,
They want action on the currency question
that is definite, positive, and effective. They
want no free banking, at least so far as an un-
limited power TO issue paper rags is concern.
ed; and they want no withdrawal of green
backs. What the people do want, is an exclu-
sive paper currency of greenbacks, or at least
circulating notes issued from the treasury,
and rcdeemable at the treasury in gold, and
no bank paper money mills of any sort. II is
the business and duty Of the government to
furnish the people with circulating medium
gold, if we can haye it, aud if not, the best
paper al,anable. 1t has no right to turn ov
er the job TO irresponsible banks. The repub
hcan party cannot save itself by measure
like this.