Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1876-07-27

is made to precede contraction. There
can be no redemption to any extent
whatever of the United States legal
tenders unless there is first an increase
of the paper issue of the banks; and in
the event of such increase on the part
of the banks, the decrease on the part
of the Government can only be in the
proportion of eighty to one hundred.
Should the banks initiate to the tune OF
four hundred millions additional, or
two thousand millions,t the Government
can only contract to the tune OF about
eighty millions within the next three
years-for the whole amount of legal
tenders, as we have already stated, IL
only some three hundred and eighty
millions, and the process of redemp.
ton Is not allowed to 60 below three
hundred millions, initiate to whatever
extent the banks may during that Pc
Rod. Here, then, If any steps are
taken In either direction, we are to
have one hundred steps toward infa-
ton to eighty steps toward contraction;
and after the limit Of three hundred
millions shall have been reached, then
we are to have one hundred steps in
the direction Of unlimited expansion to
none toward contraction! And this,
we are told, IL the sure road to specie
resumption throughout all the land on
January !, 1879. This is all the con-
traction, all the redemption, all the re-
sumption, all the specie payments that
the bill provides for. Not a word Is
said about resumption on the part OF
the National banks, new or old; no OBJ
legation is imposed upon them to put
themselves in a condition to resume In
1879, or at any other time; no expecta-
ton seems to have been entertained Of
their resumption now or hereafter.
Indeed resumption by the banks. old
or new, is and will be q moral and
physical impossibility. They neither
have or will have anything with which
to resume. With no specie in their
vaults, with not a dollar Of their cap
ital stock under their W control, but
with their entire means to meet the
payment immediate or remote-of
their outstanding "promises to pay"
in the custody and under the control
of the Government, held there fixedly
security to bill holders in case Of a
voluntary wind up, or i~rretrievable
d~issster-to expect the banks (thus
bound hand and foot) to redeem their
bills, now or hereafter, by paying
specie over their counters, Is to ex-
pect of them an utter impossibillty;
and how the Government is to dis
its obligations to the public
in liquidating the affairs Of insolvent or
s~urrendering banks, without employ
Ing legal tender notes, or some other
description of currency notes lin oppo-
sition to the assumed policy Of the bill
is not readily perceived. But it is
hardly necessary to pursue this sub
ject further. No Intelligent Republi.
can In the East pretends to deny that
the bill il trick and a snare, meaning
nothing except a very gauzy scheme
promulgated for the sole purpose OF
securing harmony in the Republican
party on the finance question. Not
oven the Cincinnati Convention dare
stand by it, the fuglemen Of that body
preterring to retreat behind the vague
declaration that the country should re-
turn to a specie basis "at the earliest
practicable moment" But this Is
enough of this business, and we now
surrender the floor to the Enterprise or
Nems, or both.