The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1875-10-06
WHOLE NO. 1867

luG %! tEa- -eI luI. every sra'r
monopoly bad been swept se y {
b, -y-rm. fhi- deliberate "a = tt-
arl iif D. e-r O. ato
BEES "a .a.. piai rul.
Was i tAv .vsang "a sti +, ".t
copy ef 81 in my baud The g.
>ec,i'u gr dr> tlr me c..aipZ at 81
mint of Ien, t~eus,-liyr ans o.,
cent pieces for he redemption rf thl
friS-hv. mi.lipn- fracu nal 20.
feney uow 5ut
Tue secuad section repeal> ID,
charge Of Is OF Que per eeaIdm fol
converting standard gold bullion mt
cUIu.
The third section and | ask spscia
attention 10 thls-repeal, the limit .
circulating notes Ot national -bssk-
IL authorizes each existing bank q
inc. ease its circulating n0tes undr
the law without respect 10 any hmi
heretofore made.
IL authorizes new banks 70 be or
ganized, uader the law, without r.
speet 10 aay previous limit
Aud 1t repeals all previous provis
ions of law for the distributor 0
national bank currency among th'
Stats aud Territories.
Ii also provides that as new H0tei
are issued 10 exisGi. Z or u He =
Oanks, 1T shall be The duty Of the
Secretary Of the Treasury to redeem
the leg4.-Jeader Uni;ej States note:
10 excess only Of three hundred NIL
lions OF dollars 70 the amount 0.
eighty per centum Of the SUN Of Ia.
tlonsl bans notes so issued to any
such banking associations as afOr-
said, aud 10 continue such redemp-
ti0n as such circulating notes are L.
sued until there shall be outstanding
the sum of three hundred million dol
lars of such legal-tender United States
notes, AMI no more.
1t also provides that on and after
the lst day Of January, 1885, the
Secretary Of the the Treasury shall
redeem in coin the United States
legsl-tender notes then outstanding
on their presentation for redemption
81 the Office Of Assistant Treasurer OF
the United States in the city Of New
York, in sums Of not less than fifty
dollars"
And it is also provided that TO en-
able the Secretary to prepare for this
redemption, be is authorized to use
any surplus revenues in the Treasu-
~ not otherwise appropriated, and
70 sell, at not less than par in coin,
either Of the descriptions Of bonds
named in the act OF July Il, 1870, to
the extent necessary to carry tins act
into full effect, AID to use the pro-
eeeds thereof for the purpose atore-
said.
1t will be observed that the pFiyi-
Iege Of free banking was instantane-
Gus upon the passage Of this act, and
1t is to-day in full force and effect
Whenever and wherever more eircu
iation may be needed it is competent
for parties in interest TO organize q
bank aod secure notes for the trans
action Of business. As fast as new
banks may be organized an enlarge
ment of the currency will be secured.
snd such relief obtained as nav be
possible from that source The in
crease is absolute TO the extent Of
twenty per cent Of the amour, OF the
new circulation issued, and after the
reduction Of the legal tender. to
three hundred millions 800. 900 OO0)
the increase of the currency will keep
pace with the increase Of banks, and
will respond to the demands Of trade
Under this act of 1875 the Secretary
Of the Treasury has already, | un-
derstand, retired eight millions (S,-
000. .0e0 Of greenbacks, and has issued
ten millions Of dollars Of bank notes,
showing that up TO this time there
has been no contraction Of currency
as q result Of the passage OF What l.
known as the resumption act t.
most minds q system Of free banking
appears to offer the best solution Of
our troubles, and it was in confident
reliance upon the healthful operation
Of that influence that the Republican,
II this State relied when in their
platform they resolved in favor OF
free banking. a safe and uniform cur
reney adjusted to the growing wants
If the business interests Of the cOun-
try, and q steady reduction ofthe ma
tiJnal debt"
The DATE yOR RESUMPTION
And now as to the date OF resump-
.on. The history Of the act shows
that the Gate finally selected was a
between those who, like
the President, thought it possible 10
resume by the Fourth Of July. 1876.
aud those who urged date five
years later or more. The first Of
j January, 1879, was finally bin upon
as putting the business men Of the
country upon sufficient notice, and
them to adjust their busi-
ness to that new condition, and a.
the same time giving 20 TIE Govern
ment ample opportunity to fOrtify IL
self for the event IL was deemed
necessary TO DO something 10 that
in order to test the public
for il. The day was. Of
course, an arbitrary selection, made
upon judgment, upon
such facts connected with the money
condition of the country as we're ap-
parent Some gentlemen voted
against the bill because the day was
too remote, others because il was zoo
early. No man in bis senses would
adhere 10 q fixed day, in the face Of
eiea. evidence that adherence 10 1t
would involve disaster 10 the people
Nor would sny reasonable man sban-
don the honest effort 10 resume until
clear evidence appear that the eouD-
try is not ready for it, Time alone
will disclose the force Of the inHu-
ence now at work TO solve this prob
lem /; and there is abundant opportu-
nifty FOX an appeal to the lsw-making
power, should change Of date be
demanded
DEMOCRATIC VOTE on RESUMPTION
But whenever and By whomsc-
uo-.~r.sr- ,.ax ba r,.aIa of -