The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1874-12-24
A POLICY AT LAST.

party went De1ore the country Wltnout
any policy on the financial question.
While most of the Eastern Republicans
favored the earliest possible resumption
OF specie payments, and were especially
earnest in opposing any further initiation
of the currency, Western and Southern
Republicans in Congress took an oppo-
site vicw. The position of the admin
istration was well understood to be in
favor of DECISIVE measures to bring
about a return TO specie basis. This
division of opinion prevented anything
like a united front by the party on the
question uppermost in mems minds,
and became the most important aud in
huential OF the causes that contributed
to the political reverses in October
aud November. With the reassemb-
ling of Congress, an effort was uade by
Republican Senators to bring about a
better understanding, arrange differences
on this financial question, and frame a
bill that would command the united
support of the party in Congress, as veil
as meet the approval OF the people at
large. Tie Committee Of eleven Re-
publican Senators to whom the duty was
confded Of preparing such bill repre-
sented every phase of financial opinion
Resumption was represented by Sher.
man, of Ohio Edmunds of Vermont,
Sargent of California, Conkling, and
Morrill,, of Maine, while the infationists
had on the Committee such champions
OF their theory as Morton, Ferry Of
Michigan and Logan. This was not
very promising material, considering the
way these Senators fought each other
last session, from which to expect a
harmonious conclusion; bst it appears
that they have reached it, and on Satur-
day the Committee reported to fall
Senate caucus, with the,r unanimous
recommendation, 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 or capital.
Second-Tbe retiring of as amount
of greepbacks equal to eighty per cent
of the anouut of new national notes is
sued Until the greenback circulation
shall be reduced to 9300,000,000, after
which no reduction of greenbacks is to
take place. 1t ia claimed that by this
provision 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 destrue
ton Of fractional currency and the sub
stitution Of silver coin, the arrangement
. to 60 into effect as soon as practicable
under direction Of the Secretary of the
Treasury, who is authorised to Uss sur.
plus money for supplying silver coiu,
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.
Fitth-The resumption of specie pay
mcnts to commence on the FIRST day of
January, 1879. The Secretary is au-
thorized to use the surplus specie 10 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 net, like the others, so into imns-
diate effect. The Legal Tender act re.
mains undisturbed.
This bill was agreed to by the caucus
with only four dissenting votes, and will
bs 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 CT the President, as it is in con-
formity with the general tenor of the
recommendations of his late message.
Ths cnly immediate result Of the bill
will bs the withdrawal Of the sbcxina-
bic postal surrency and the substitution
of silver coin. This is believed to be
perfectly feasible even in the present
condition OF the finances. The Govern
ment is able to purchase and coin silver
at a profit, and the substitution can he
made at an early date. The estimate of
the Director of the Mint shows a gain
of specie coin snd bullion N the county
in the last two years Of about thirty
Of dollars. This, in connection
with an annual pooduc,ion Of about
seventy million dollaos Of precious
metals affords sncourag emsnt that the
stock of coin may with favorable legis-
laliou, be accumulated to an extent
sufficient to enable the resumption of