The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1874-05-02
! " ) J

reucv with 8 view - IS ess-- ). resutass-
tion of specie payments IS the business
interests of the country Will permit,
and r,}es7ring CO operative sctIcn 20 thls
end IS speedily as possible The hrst
sc; passed by tie iorty-irst congress on
the 18th day Of March, 1859, was As fol
lows
"An act to strengthen the public
credit OF the United States. Be II en-
astef. etc. that n order 70 remove any
doubt ss "a the purpose Of the govern
uacnt 70 discharge all Its oolig' aons 10
the public creditors and 70 settle COR
dieting questions aud interpret s3ons OF
the law by virtue of which such obhea-
s;,,,s have been contracted, it IS hereby
rroviie3 and declared that the faith of
tbs United States Is solemnly pledged
n the uaxment N com or It's equivalent
Of an the interest bearing obligations,
tsx,.sut in case where the law authorizing
the issue OF any such obligation has eN-
presSlv provided shat the same may be
Daid in lawful money or other currency
Than sold aud silver. bnt none OF Sald
interest bearing obligations no. already
7,1e shall he redeemed OF paid before
maturity. unless st such time ss the
United States notes shall be convertible
into coin az the option Of the holder, or
rlpless st such tame the bonds OF the
United States bearing s lower rate of
interest than the bonds to be redeemed
car, be ts sold ~ par IN coin; aud the
United Ststes al - solennly pledges Its
faith to make provision So the earliest
practicable period for the redemption q
United States notes II coin.
This act sill remains IS continuing
pleiSe Of the fsith Of the United States
10 ruake provision. AZ the earlisS, prac-
ticah.e moment. for the redemption Of
the United States notes II coln- dee
larati. IA. contained II the act OF June
{ -. 1884. created an allegation tAat t!ie
( total aunonnt os United states notes Is
( sued. or 20 be iSs1ei. should never *
,ec5 four hundred millions Of dollars.
+ T'he amount in actual circulation vas
I s,t,,sllv reduced 70 three hundred sud
{ fsgfD--s5x millions 81 dollars. 81 which
& rSsir. congress passed the acs % Eeo
: 1853. saspendi1G the future Te5uc-
4 ton of the currency Tue iorty-tonE
/ millions have ever been regarded as 5
! reserve. - bs used only III case ci
I enaerEencv. such IS has occurred on sew
7 srsl occasions. and must cesar when,
/ from anv cause, Revenues suddenly iAl
/ below the sxpenCiitnres sn3 uch > re
/ serve IS necessary. because the fraction
Al currency. amounting - hs,y millions
is redeemable n legal tender on call
(, nav be saii .has such return Q
fractional currency fer redemption j
irnpossible: bat let steps be taken Tor
rssrrn 10 s,accia bssis. and il may Il
foansi that silver viii take the place o
tho fractional currency As rapidly as
can be supplied.
When the premium on gold reaches
= = - :
~ limited States notes - be issued per
,,anentlv within proper limits. snd "a
( f-,sssrrx fss, 50 strengthened IS - .
! abe - redeem in coin on demand. :
! viii then be safe 10 insaEurste system
~ frae banking with suca provisions =
=, rasks compulsory the redemption .
s1,a circulating notes Of the banks 4
r,;n or United States noSes. tAeSase4vs
rSSseenabla and made equivalent 10 esaih
As measure preparatory 10 iAA
, bsnkipr. or for placing the geVsruu2ss,'
; =, = es,rsiitSosa 20 redeem It's notes II cssi
!. he earliest practicable moment, II
, revenues Of the country should ns III
,-~ssses % As II psy the current q
! ,,snSes. rroviia for the sinking t0a
: renuirsNa hv Law, Sni also surplus
, h. retained in the treasury IN gose;
: a., ~. : believer IN anv artificial Y etfts
, az making paper money equal 10 ca
! rrhey cosn Is not owned or he ready
! redeem the promises TO psy, for pap
| money IS nothing mere than pEsIllls' ps-.
: - pav. and Is valuable exactly n r
: rorsSon 90 the ara0uns Of com tiiAa
= esn be converted into. While con
! Dos us4i IS = circulaking medium,
: the currency Of the country Is not g
! 4ersStsie into Il at PAR, i i,ssSs>S<S 80
- tsrse Of cournsrce as NUS ~ ~
product The surplus