Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1875-01-01
The Finance Bill,

The veXed question OF the finances
and the resumption of specie pay
ments seems likely to be speedily
disposed OF, SO far as Congress is
concerned. The differences dcvel.
oped among the Republicans at the
last session have been happily com
promised, and bill, previously
agreed to in a caucus of the Repub.
lican Senators, passed that body last
week by strict party vote, only one
Republican, Sprague, voting nay, and
one Democrat, Salisbury, voting fol-
it. The leading features of this bill
are:
EIrst-Frec banking to be open
to all individuals and associations
without limitation of capital.
.Second-Thc retiring of an amount
Of greenbacks equal to so per cent
of the amount of the new National
Bank notes issued until. the green.
back circulation shall be reduced to
s3OO,OO0,OOO; after which no further
reduction of yreenbacks is to take
place. 1t is claimed that by this pro.
vision there will be neither expansion
nor contraction of the currency, as
ABOUT 20 per cent. is now required
~ bank re, erves.
lh,tf-The withdrawal and de.
Struction of fractional currency and
the substitution Of silver coin, the ar.
rangement to 90 INTO effect as soon
as practicable under the direction OF
the Secretary of the Treasury, who
is authorized to use any surplus mon
ey for supplying the silver coin, and,
If this is not sufficient, to sell the re-
quisite amount of bonds of the new
series to obtain the funds for that
purpose.
Notwithstanding the cost for
the coinage of gold at the several
MINIS.
FVth-Resumption of specie pay
ments 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 if that is not suf
ticient, to sell bonds in order to OBJ.
tain gold to pay treasury notes. But
this latter provision does not, like
the others, 90 into immediate effect
The Legal Tender act remains undis.
turbed.
The Democrats, without attacking
the merits of the bill, endcavorcd by
every factious means to prevent its
passage, but without success. Com
ING up in the House the next day, the
same tactics were employed to pre-
vent vote on the bill, Mr.. Beck of
kentucky boldly declaring that it
was the purpose Of the Democrats in
that body to prevent a consideration
of the measure before the 4th OF
March, when Congress adjourns. 1t
was finally postponed until after the
holiday recess, and it was made the
special order for the 18th of January.
The indications are that the bill will
pass the House, Notwithstanding the
factious opposition of the Democratic
members, and become law by the
signature of the President before the
close of January. The measure is
received, generally by the advocates
of both sides of the financial ques-
ton, if not with unqualified approba-
ton, at least with graceful acquies-
ence, as the best thing attainable UNI
der the circumstances, and infinitely
preferable to the state of suspense
and uncertainty resulting from the
contest OF opposing theories Of fin
ance in the last Congress. The re-
sumptionists congratulate themselves
that it definitely fixes time for the
resumption of specie payments, and
that it means contraction to the extent
indicated, while the opposite side are
pleased with the free banking clause,
and comfort themselves that neither
contraction or specie resumption will
be possible under the provisions of
the bill. AS measure of comprom-
Use and unity it affords an agreeable
indication that the Republican ma
.jority in Congress is disposed to de-
vote the session to practical legisla-
ton. Their opponents, the Demo
Gratis, as plainly signalize their inten-
ton to clog and hinder the wheels of
legislation to the extent of their pow
cr.