The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-12-04
Resumption OF Specie Pay mentA.

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Resumption OF Specie Pay mentS.
In view Of the meeting Of Congress next
Monday, and Of the fact that the House
Of Representatives is Democratic, and Of
the further fact that the Democracy have
had much to say in the way Of buncomb
about the Republicans having raised the
value Of greenbacks to the advantage OF
the bond holders and to the detriment OF
the masses, it becomes an interesting
speculation "a to what the party will at
tempt to do with the bill that was passed
on the l4th Of last January providing
for the resumption Of specie payments on
and after the lst Of January 1879.
This bill makes it obligatory on the
Secretary Of the Treasury, at the date
named, to redeem all United States notes
in sums Of $50 and upwards, in coin,
and to enable him to do this he is empOw-
cred to use the specie in the Treasury,
not otherwise appropriated, and also to
sell bonds at par in coin bearing interest
ats, Al or per cent, "a the case may be,
and use the proceeds to redeem green
backs.
His ability to commence resumption
IS Of course contingent on his regular
accumulations Of specie over and above
the liabilities Of the Government, and
his further accumulalions from the
sale Of bonds at par in gold at the
rates Of interest named. II the treas
ury is not supplied with the means
from these two sources it can rot
Of course commence the work Of redemp-
ton, III is, it must commence, There
Is no alternative.
The public debt statement for Decem'
Der LIST, published in the ISTELLEGENcER
Of Thursday, shows that the Treasury
held in coin, SO, 4O4, G76 and in currency
Sl2,Ol4,962, but against these are to be
Offset the interest that will be due on the
frat Of january on the public debt, and the
amounts necessary for the current civil
and military expenses Of the government
50 that II the 6rst Of January 1879 was
now at hand there would be a very small
amount in the Treasury available for the
redemption Of greenbacks. But the stu.
alton to-day can not be compared with
the situation three years hence. The
public debt Is being slowly reduced
Nearly every month sees decrease. As
the principal is paid of the interest
grows less and less. Three years hence
the debt and interest will be materially
less than now. Already about 40 per
cent OF the coin debt bears only 8 per cent
interest, and as the principal dimin
ishes the rate Of interest will also decline
80 that three years hence the credit OIL
the government, as things are going, ought
to command money in Europe at per
cent. It is therefore probable enough
that the Secretary Of the Treasury be-
tween now and the first Of January 1879
can sell four per cent bond at par
and with the proceeds commence to re.
deem legal tenders. So that so far
as the mere question OF ability
Is concerned 1t may be assumed that the
government Of the United States has 1t in
It's power to bring about specie payments
three years from this time. The question
Of great moment to every body, espec.
tally to the debtor class, is,will there be a
movement this winter to repeal the law Of
January last andindefnitely postpone the
redemption provided for in it. Up to
this time there has been a wide spread
unbelief throughout the country as to the
return to specie payments in 1879, and u
vast number Of people are not only in.
credulous about it but very hostile to it.
II is supposed that the present Demo.
cratic House represents this widely pre-
valcus feeling, and that among It's early
acts will be the passage Of bill repeating
the law Of January last. Taking for
granted that times will be hard
this winter, and that they will
continue depressed next year, the Dem.
ocracy will naturally seek to enter on the
Presidential campaign with record set
to catch the popular breeze. Their pro.
gramme will be to hold the Republicans
responsible for the non.recovety Of the
country from the panic, by intoxicating
the idea that every species Of business
and enterprise are kept down BY the bug.
bear Of specie payments in 1879. The ar.
gument will be that capitalists will vol.
unfairly hold on to their greenbacks, be.
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