The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-04-17
SPECIE PAYMENT.

1t is apprehended by the Treasury authori-
ties at Washington and by business men, also,
that the act Of the late Congress for resuming
specie payment in 1879 will fail of its object,
unless reinforced by further legislation. Since
the act was passed We have seen gold advance
to liza fact which proves the power of the
New York gold gamblers over the price of it,
and suggests one Of the difficulties that the
Secretary will encounter in resuming. The
act provides, first, for the substitution of sill
yer coin for the fractional currency, and the
Secretary is now having silver coined to do
this with.
The silver will at first be boarded, or ex-
ported, rs fast as paid out. but the disappear
ance Of fractional currency and the necessity
for something else to serve as small change,
will cure this and force the coin into circula-
ton. The act further directs the Secretary
to reduce the volume of greenbacks to $780,
OOO. 600, but it repeats the limit on the issue
of national bank notes. On the LIST day Of
January, 1879, resumption in full is to be re-
sumed, the greenbacks to be redeemed in
gold at the treasury and assistant treasures
in sums Of $50; and to provide the gold to
redeem with, the Secretary is authorized to
sell DO ads.
The Secretary has already contracted the
greenback volume to the extent Of 81, SOC, 900,
and is still carrying on the process; but his
ability to contract is limited by the amount
Of surplus revenue he has at command, and
this surplus is notlarge, and does not promise
to become So The free banking feature of
the act amounts to nothing, for there is no
encouragement to issue new bank notes that
will have to be redeemed in gold in 1879. It
is much more probable that rs the volume Of
greenbacks is contracted, the supply of
national bank notes will be contracted also.
In short, there will be general contraction
of the supply of paper money until it shall
be reduced to limit at which it can be paid
in gold, and there will at the same time be an
importation of gold, until the requisite
amour. demanded for maintained specie pay
ment shall have been secured. Tue provis-
ion allowing the Secretary to buy as much
gold as he needs to redeem the legal tenders
with would appear to put the possibility of
resuming beyond all question; and while,
therefore. resumption may be attended by
some temporary discouraging discourage
ments, we see no reason to apprehend its
failure. -T. Louis Republican
Mr. b. F. Butler, an e1. Congressman from
Massachusetts. has published an opinion set
ting forth that the Civil Rights bill is merely
declaratory Of the common law, and SO gives
the negro no more rights than he had before.
uc OpAuAOu cuuS Will tuAS IOuCAAu6 OuSOuIOV
on the temperance question:
am happy to say that the Civil Rights bill
does not give any right to colored man to go
into drinking saloon without the leave Of
the proprietor, and am very glad that it does
not lam willing to concede, as friend to
the colored man, that the white race may have
at least this one superior privilege to the
colored man, that they can drink in bar-rooms
and saloons, and never shall do anything to
interfere with the exercise of that high and
distinctive privilege.
| would not advocate bill which should
give that right to the colored man. If were
TO vote for any bill on this subject at jail,
It would be one to keep the colored man
out OF the drinking saloons; and hope no
barkeeper will ever let colored man have
glass OF liquor at any bar open for drinking.
Indeed. l should be glad. whenever . colored
man should 60 into drinking saloon for the
purpose Of drinking at the bar, if somebody
would at once take him and nut him out,
doing him as little injury as possible. He
could do the colored man no greater kindness.
Is MIR. 3. F. B. in training for the temper
ance vote