The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-07-05

of that bill provides for the substitution oil
silver coin for the fractional currency.
The great influx of silver and the general
consent of the people to this change does
not demand its repeal by reason of any
failure in accomplishing the result
| proposed, and hence It can remain, es-
pecislly as the bullion has been purchased,
and coined, and is in process of cow
sion. The second section repeats the la
which allows q charge for converting bull
ion into coin. No one objects to this, an
1t may stand. The remaining section,
and the one to which the platform refers:
"Removes legal restrictions aud limitations,
go as 10 allow Tree banking. 1t also provides
that upon the issue of bank bills TO the banks,
the secretary of the treasury shall redeem le-
gal tender treasury notes to the extent of
eighty per cent. of the bank bills so
ssaf tender treasury no oeme
million dollar. The effect of thst provision
is to substi ute national bank paper for legal
tender notes 10 the extent of about eighty
iwo million dollars of the latter. The section
then provides that" on and after the first day
OF January, Ammo Domini eighteen hundred
and seventy-nine the secretary of the treas
ury shalt redeem in coin the Uoited States
legal tender notes then outstanding, on their
the assistant trea surer of the United
states, In the city of New York, in sums of
not less than fifty dollars. and, TO enable
the secretary of the treasury TO prepare and
provide for the redemp tion in this act author
lied or required, he is aut horized to use any
surplus revenues from time 10 time In the
treasury not o herwise appropriated, and TO
issue, sell and dispose OF, at not less than par
Ia COIN, either of the description of
bonds OF the United States de- rfbed
in the act of Congress approved July IA, eigh-
teen hundred and seventy, entitled IAN act to
authorize the refuu ding of the public debt,
with Ike quail les, privileges and exemptions,
TO the extent necessary to Try this act into
full effect, and TO use the proceeds thereof for
the purposes aforesaid. And all provisions of
law fncOnsis ent with the provisions OF this
act are hereby repealed
This is the resumption clause, en-
brscing not only repeal of fixing the
the same in the method therein provided
There is no logical consistency in making
any distinction wha ever. The word re-
sumo or resumption does not appear in the
section. 1t is all of a part, all having d.
rect relation to each other, and the plat
form resolution might be applied to the por-
ton touching the preparation to resume as
we'll as to the redeemiDg on certain day
The particular features of this bill were
such that it caused a contraction
OF the currency, no: so much of the green
backs, but that it caused the retiring OF
the national currency, the banks being
first to hedge end prepare for resumption,
on the day fixed. The Sentinel will refer
to this subject again as we are persuaded
that the first impressions of many, were
wrong in admitting the construction
placed upon the platform of Mr.. Ewing.
To place this matter beyond all dispute
and give the country an authoritative ex-
position of what the convention did de-
msnd. let the Democratic House at once
repeal this resumption clause OF the Sher-
man bill, adhere to their own sp-
bills as pledge that economy
In expenditures shall be the preparation
the Democracy would make for meeting
the obligations of the government on de-
msnd, and it will not be long until the
currency known as greenbacks
will be as convertible into gold in any
banking house as the Bank of England
paper.