Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1876-08-16

In his letter of acceptance, Tilden en-.
dorses the repeal Of tho Resumption Act
passed by Congress July IA. 1874. We
judge that the details Of the bill are IA.
miliar to few, and indeed much of the
debate concerning the Act seems only to
prove that the heated controversialists
are. respecting the matters OF dispute,
like the farmers two sons. +" One of 'em
knows nothint and the other does. e"
Yet even the reproduction of the words
Of the bill might convey but little salts.
factory information, because of its in
volved sentences and previous legisla-
ton. A summary OF it's features, may,
however, be not without use at this time.
The Act comprises three sections-the
Hrst relating to the substitution of sill
yer coins for the fractional currency; the
second abolishing the seigniorage or toll
for coming bullion at the mints, and the
third making those provisions regarding
the withdrawal OF greenbacks. the issue
OF National Bank notes. the accumula.
ton Of the metal. and the redemption Of
greenbacks on January 1, 1879. Section
lst directs the coming OF silver coins OF
the denominations of 10, 25 and so cents
Of " standard value" and their issuance.
This value is on debased standard, the
old dollar containing 4l2Hls grains OF sill
YER. the one prescribed in the Act 1886. 8.
The reason given at the time was tina,
the fractional currency would have to be
replaced by silver some time and that the
possession Of silver might have moral
effect In turning peoples minds to hard
money.
Section 2 takes of the charge for coil
ing standard gold; the intention being
to remove all obstacles, as far as posi-
BILE. to the conversion OF bullion into
American coin.
Section 3 first repeats that part OF tn
National Bank Act which limited tn
aggregate amount OF national bank notel
to $500, 000, 900. thus permitting eacl
bank to issue according to the demand
made upon it. without regard to tn
amounts issued by other banks. 1t re
moves. also. the restriction drawn by tn
old limit OF circulation to the formation
OF new banks and repeats the provision
for the withdrawal and redistribution {
national bank currency among the State
and Territories. II leaves in force tn
provisions representing the capital an
organization OF the national bank
and the deposit requiring depos
of United States bonds in return for cir
culatiDg notes to ninety per cent. OF Il
current value of such bonds. 1t direc
that on and after January LIST, 1879, q
United States notes presented for :
demptioh in sums Of hot less than 81
shall te taken up in COIN. And to pr
pare for such redemption, the Secreta
of the Treasury is authorized to u
''any surplus from time to time In Il
Treasury not otherwise appropriated
and to issue and sell, at not less TIL
par, in coin, bonds Of the character al
thorized in the funding act Of 1870; th
is, bonds bearing interest at AZ r
cent. redeemable at any time after tifte
years from the date OF issue. 1t is 4
our intention to discuss it but simply
present 1t intelligibly no that the late d
cussion about it may b. understood
The power given the Secretary OF
Treasury was certainly limitad and
most important provision sadly ha
psred in its well-meant endeavor
public good.