The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1874-12-25
a Policy at Last.

From the Pittsburgh Telegraph, Dec IL
Undoubtedly one cause of the Repub
lican reverses last fall was that the par
ty went before the country without any
policy on the financial question. While .
most Of the Eastern Republicans favor
ed the earliest possible resumption of
specie payments, and were especially ear 4
nest in opposing any further imitation of I
the currency, Western and Southern Re
publicans in Congress took an opposite I
view. The position of the administration
was we'll understood to be in favor Of de- /
cisive measures to bring about return l
to a specie basis. This division of opin- /
ion prevented anything like a united |
front by the party on the questiop up
permost in mems minds, and became the /,
most important and influential of the |
causes that contributed to the political 1
reverses in October and November
With the reassembling of Congress, an
effort was made by Republican Senators
to bring about a better understanding, |
arrange differences on this financial ques- |
tion, and frame bill that would COM
mand the united support of the party in
Congress, as well as meet the approval
of the people at large. The Committee
of eleven Republican Senators to whom
the duty was c6nfided of preparing such
bill represented every phase of tinan-
cial opinion. Resumption was represen-
ted by Sherman, of Ohio, Edmunds, of
Vermont, Sargent, of California, Conk-
ling, and Morrill,, of Maine, while the
inhationists had on the Committee such
champions of their theory as Morton,
Ferry of Michigan, and Logan. This
was not very promising material, consid-
ering the way those Senators fought each
other last session, from which to expect
al thar monious conclsion; but it appears
that they have reached it, and on Satur-
day the Committee reported to full Sen
ate caucus; with their unanimous recon-
mendation. Republican finance policy,
embodied in bill the leading features
of which are as follows.
First-Free banking, to be open to all
individuals and associations, without
limitation of capital.
Second The retiring of an amount of
greenbacks equal to eighty per cent. of
the amount of new national notes issued
until the greenback circulation shall be
reduced to $500, 100000, after which no
further reduction ofgreenbacks is to take
place. 1t is claimed that by this pro-
vision there will be neither expansion
nor contraction of the currency, as about
twenty per cent. is now required as bank
reserves
Third-The withdrawal and destruc-
ton of fractional currency and the sub
stitution of silver coin, the arrangement
to go into effect as soon as practicable,
under direction of the Secretary of the
Treasury, who is authorized to use sur
plus money for supplying silver coin,
and, if this is not sufficient, to sell the
requisite amount of bonds of the new
series to obtain funds for that purpose.
Fourth-The removing of the cost for
the coinage of gold at the several mints.
Fifth-The resumption of specie pay
ments to commence on the first day of
January, 1879. The Secretary is au-
thorized to use the surplus specie in the
Treasury, but, if that is not sufficient, to
sell bonds in order to obtain gold to pay
Treasury notes. But this last provision
does not, like the others, go into imme-
diate effect. The Legal Tender act re-
mains undisturbed.
This bill was agreed to by the caucus
with only four dissenting votes, and will
be reported to the Senate to-day. 1t
will undoubtedly pass that body, and
very likely the House, and in that event
there is no doubt it will meet the ap-
proval of the President, as it is in con-
formity with the general tenor of the
recommendation of his late message.
The only immediate result of the bill
will be the withdrawal of the abomina-
BILE postal currency and the substitution
| of silver coin. This is believed to be
perfectly feasible even in the present
|
ment is able to purchase and coin silver
at profit and substitution can be made at
an early day. The estimate of the Di-
rector of the Mint shows a gain of spe-
Gle coin and bullion in the country in
the last two years of about thirty mil
lions of dollars. This, in connection
with an annual production of about sew
enty million dollars of precious metals,
affords encouragement that the stock of
coin may, with favorable legislation, be
accumulated to an extent sufficient to
enable the resumption of specie pay
ments to be undertaken and maintained
by the time indicated in the bill, the
first day of January, 1879.
Novel Religious Belief.