The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-01-12
New Resumption Plan.

p0b VA Alo QllCumdos
New Resumption Plan.
There is considerable outside pressure
just now upon the Democratic majority
in the House requiring them TO show
their faith by their works in the matter
of financial reform. Nor is there any
thing unreasonable in this requirement.
The party has heretofore been Jealous
in denouncing Republican fnanciering,
and promising reform and relief IL the
people would only place them In power.
Now they have the power, and the peo.
pie are fully warranted in demanding the
promised reform and relief.
In view of all this, and from the con.
seriousness that a do-nothing policy
would not meet the expectations and
requirements Of the people, a conference
OF Democratic leaders was held last
Saturday night, around Fernando
Woods mahogany, as usual, to consult
upon the adoption Of some financial sys-
tenn that might satisfy the popular de-
mand. The occasion seems to have been
rather solemn one. 1t was an anxious
meeting instead of love feast. The
members present felt that the imitation
lists were watching them upon the one
side, and the bullionists on the other.
That something must be proposed, and
that right soon, was! obvious; but just
what shape to put 1t In was the trouble
some conundrum.
In this predicament, Mr.. Henry B..
Rayne. Of Ohio, was appea.el to for a
programme that would suit the emer-
gency, MIR. Payne was prepared with a
"little BILL" which he submitted. and
which seemed to have been favorably
received by the conference.
The bill provides, of course, for the re-
peal Of the Resumption Act of 1875, over
which John Sherman labored and toiled,
and which is confessedly crude and
weak. Mr.. Payne's plan then proceeds
TO require that the Government shall
retain in the vaults Of the Treasury
five per cent. of all specie received
from all sources; and that the coin
thus accumulated shall constitute a
special fund, to be known as the sRe-
sumption Fund.-" for the establishment
OF which the proposed bill makes pro-
vision. 1t provides also that all the
National banks shall, in like manner,
retain in their vaults five per cent. of all
the specie received by them from the
Government in payment of the interest
on the United States bonds held by them
constitute further Resumption Fund !:
which funds shall be held as reserve
for the resumption OF specie payments.
The date for resuming specie pay
ments remains unfxed by the proposed
bill; and that matter, certainly an i'm
portant one. is to be determined by the
Secretary of the Treasury and the Ma
tlonal Banks in conference hereafter to
be held.
The Dill will be referred, on prescnta-
tion to the House, to the Committee on
Banking and Currency, and after being
there duly and deliberately incubated,
will be reported for passage towards the
end of the session, say in June next,
about the time the Presidential nomina-
tion question eliminates, in order to let
1T find its place among the planks OF the
coming platform. VI
But, regarding the scheme as entirely
separated from it's partisan purposes,
with which we have nothing to do, We
are inclined to believe that it is not
without some meritorious points. Its
repeal of the Sherman resumption act
Of 1875 will not make 1t Objectionable to
the country; for, in that bungling and
impracticable act the country has no
confidence. The Institution Of Special
s'Resumption Fund, }" under regulation OF
law, strikes US as sensible, and
perhaps a necessary, step prelim.
mary to resumption. 1t has its
parallel in the establishment OF Sink.
ing Fund for providing special means fol
the payment Of an existing debt. Wheth
er the detention Of five per cent. Of the
coin received would be sufficient to make
up the needed fund for resumption with
IN reasonable time, we have not the
data for estimating. We are inclined Il
the opinion that the rate per cent. is toe
small to effect the purpose aimed al
Within such time as should be reasona
bly, expected; though II 10 estimated
that $135. .000, 900 will be accumulated an.
nually By this percentage.
(. There can be no doubt but that under
.