The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1876-12-21
.SsO.OOO.OOO
Issues to the extent of SIS, 674 $50 of four and
half per cent. bonds have been made, and refund
ing operations are still in progress.

half per cent. bonds have been made, and refund
ing operations are still in progress.
RESUMPTION OF SPECIE PAYMENTS.
In March, 1869 by an act entitled - An act to
strengthen the public credit the faith Of the
United States was soemnly pledged to the pay
tons Of the United States not bearing interest,
known as United States notes. and Of all the in
terest bearing OBLIGATIONS of the United states;'
practicable period, for the redemption Of the
United States notes in CON-
:, BY the act of January, 1875, Congress declared
the purpose Of resumption OF specie payments on
Jan. |. 1879, and to that end and in execution Of
the pledge of the act of 1862 provided for the
demption Of the United States notes, and for the
thus, amid conflicting theories. declared. in ef:
feet, monetary system combined of coin and
the notes to be redeemed. the amount to be pro-
yided for is necessarily uncertain, and, as it will
depend upon events or a condition of things over
which the Secretary has little control lnlpossi
BILE for him to determine He is authorized if in his
Judgment deemed necessary to carry the act into
effect, to accumulate an amount of gold equal to
the entire amount of the legal tenders Outstand-
ing on that day; but this. if it were not morally
impossible. would be so inexpedient, as a finan
cial measure. that it is not to be to have
been contemplated by Congress. and so not in.
cumbent on the Secretary. Still he is expected
and required to meet the demand OF redemp-
amount, at his discretion. with no certain
data for his guidance in the exercise of 1t.
What is essential for him to know in order to the
will certainly be presented for reclamation on the
tainabe, he is left to deal with what is probable,
causes as will Re likely to attend that event. Il
would not be difcult in the present state Of none
tary affairs to make probable estimate Of the
place in January next; and it is probable that an
accumulation Of an amount of coin equal to a
moiety of the sum total of these notes would be
ample preparation; but, while it is to be hoped
that the credit Of our bonds may not be less in
1873, it may not be known that in other respects
the situation will favor such result 1t is however
monetary AFFAIRS that If no inconsiderable reluc-
ton of the volume of these notes should be made
in anticipation of the redemption Of 1879, the
the demands Of January. 1879, and immediately
thereafter must be at least an equal proportion Of
the sum total of the notes outstanding. AS to the
ton, such is the present and probable fu-
ture of these revenues and the demands
upon them that it is not deemed at all probable
appropriated could be devoted to this end. In
this connection, however, it is proper to
observe that now, for the first time in many years.
owing to the large reduction of currency pay
ments the sales Of gold, to obtain the equivalent
currency therefor, are no longer necessary, and
thus considerable accumulation Of gold may
be anticipated from the surplus from the customs
revenue.
By the act Of Jan. II, 1876, the limitation upon
the issue OF National Bank notes was repealed.
and the volume Of currency left to BE determined
by the business demands of the country. The
Secretary Of the Treasury was required to retire,
Of legal tender notes eighty per cent Of the sum
Of National Bank notes then issued in excess Of
$500 100000 The amount Of additional currency
issued since the passage of this act is 06O355
and legal.tender notes to the amount Of 81, 49,,
2SS have been retired.
might withdraw their circulation in whole or in
part by depositing lawful money with the Treas
urer, and withdraw proportional amount OF the
toretire legaltender notes to the extent Of eighty
der this act, "a q iegaisender note. have
bank notes, accordingly, have been redeemed and
The amount Of lesal-tender notes outstanding
. circulation was 2o910,9 4s. The amount Of Ma.
tional Bank notes in circulation on that day was
than on Jan n 1s75-a total decrease in circNla-
ton, under the operation Of the act Of $43 60, 7aS
From these facts, as well as from the large &C.
s sce 81 6
volume Of currency ID largely in excess OF the real
az nan "eS ne ns
without embarrassment TO- the business Of the
country.
In the interest Of permanent redemption, and as
4 means Of maintaining the same, It il deemed
provision should be made requiring the National
nanks to graduay provide coin In such ratio a.
hold the same as . part Of their legal money re-
serve 60 that said reserve, on the list day Of Jan
to ai
psdient thst not Only ahes wcunm caus Cd thereby
y the matter Of change should be made good, but
that, as additional change, the volume of silver
should be increased to the amount Of at least
$4,000, ooo and silya made legaltender to the
mount OF ten dollars IN al cases except the %