Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1875-10-17

w A
THE REAL INFLATIONIsTs.
It 10 amusing to note the sudden flop
Of the Republican press Of the coun-
Try on the currency question. Stulti-
flying themselves, the record Of their
party and tho written truths of history,
they have In one brief year executed
Q com plsts somersault with reference
70 this important subject. Nine DEM
cratic State Conventions have declared
for specie payments and but two for
imitation. The rag baby was throttled
In Ohio and the National Democracy
will have mono of It. How stands the
case with our Republican friends who
have lately become such violent advO-
Gates Of hard money? At tho risk Of
being . little tedious We must crave in
dulgencs while VI examine and pre-
sent the record. Fortunately the na-
sional platform Of the Republican
party bearing upon tho currency 10 al
ready constructed. 1t is embodied In
the "Financs Bill" passed last Winter
by the votes Of the Republican MEM
bsrs Of Congress, As compromise Of
their conflicting views ON this great
question, and il now hold to by the
leaders Of the party throughout the
country - . fnality, not TO be ques-
toned or disturbed by tho primary
action Of ito members. There stands
the law, and there it must stand ss the
national financial policy OF the party.
The nrst section Of the ''Finance Bill"
authorizes the redemption ~ soon as
practicable. in silver coin, Of the en-
tire outstanding fractional currency
issued by the Government, amounting
70 some forty millions. A provision
for borrowing this necessary forty mil
lions Il . ruinous rate Of interest is also
incorporated. When this shall have
oil been done, Eastern fihanciers con-
tend, with = good deal Of reasoning,
that by virtue of tho premium on sill
yer 1t will all b boarded or exported,
leaving the poorer classes Of the people
without . circulating medium to meet
shsir small daily purchases. Section
two Of the bill 10 unimportant, but sec.
tion three contains nutriment. 1t IL as
follows:
Sec. 5. That section 5,777 Of tho Re-
vised Statutes Of the United States lim-
ting the aggregate amount Of the cir.
culating notes of national banking as
~sociati0ns be and 10 hereby repealed,
and each existing banking association
may increase its circulating notes In
accordance with the existing law, with.
out respect to said aggregate limit, and
the provisions Of the law for the with.
drawal aud Redistribution Of national
currency among the several States and
Territories are hereby repealed, and
whenever and no often ~ circulating
notes shall b. issued 70 any such bank
association, 20 increasing its capital
or circulating notes or newly or
gsnixed a. Aforesaid, It shall be the
duty OF the Secretary Of the Treasury
n redeem the legal tender United
States notes In excess only OF $780,
100000, IN tho amount of eighty pei
centum Of the sum of national bank
notes 20 issusd to any such banking
association as aforesaid and to continue
such redemption Is such circulating
notes are issued until there shall be
Outstanding the sum OF $500, 600 900 Of
such legal tender United States notes
and NO more.
This 10 the record Of the dominant
party, and It must stand - it, plat.
form In the presidential contest next
year. It will be zen that the section
quoted repsals all limitation Of the ag-
grsgats smount Of the circulating
notss Of national banking associations,
allows Zach existing banking association
70 increase Ito circulating notes In accord
ancs with the existing law, without
ysspsct 70 that aggregate limit. au'
shorisss Whist 10 called "fres banking >
or the equalization Of new banking -
soslations under the existing Law
without respsot 70 said aggregate limit
and yspsals the law for tho withdraw
ii and redistribution Of national cur
ssncy among the several States and
Territories. Here 10 the authorization
q On almost indsfnits expansion
on the part OF the banks. 1t IL On
expansion limited only By the sg'
srseats amount Of the bonded debt Of
She country. less 10 Per cent. The
section authorizes an increase Of bank
sirculasing notss 70 the ffightful ag.
grsgats OF more than two thou
sand millions of dollars! for under
shs "sxistlng law" banking sssocia-
sions now or hereafter established,
can obtain sinsty dollars in circulat.
ing notes for every one hundred dol.
lar bond deposited in the United
States Trsasury, until the whole bond
"a debt II exhausted, or to the extent
these institutions can possess them
selves Of the bonds.
The I'd section further provides
for the redemption Of eighty per cent.
49,