The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-01-13
Payne's Resumption Bill

considered as settled.
Payne's Resumption Bill
Some Republican party organs bitter
ly denounce the PAYNE resumption bill
agreed upon at the Democratic confer
enee last Saturday night. The New
York Times says the five per cent. Of
coin to be retained as a Resumption
Fund will yield only $19,oO0,o0o per an
nun; and at this rate it will require
thirteen years to accumulate an amount
of coin equal to one-third of the cur
rency now extant; and only upon this
proportion could resumption be at
tempted.
Upon what data this estimate of the
annual accumulation is founded does
not appear. Osher estimates make the
annual accumulation almost double the
amount stated by the Times, $35, 600, 900.
Now, the amount of currency outstand-i
ing in the hands of the public, at the
close of 1875, was 1854 $50, ,602. To reach
one-third Of this, by an annual accumu-
lation of coin at the rate OF $35,00O,Oo0,
would require but little over five
years,-say by 1881.
The "Sherman sham," as it is popular,
1y called, proposes resumption two years
earlier, in 1873. But it makes no special
provision as preliminary steps to re-
sumption. Without this there is nothing
to inspire public confidence in resump-
tion as a reliable fact. True, it author
ICES the Secretary of the Treasury to
sell bonds for coin wherewith to bring
about resumption. But this only shifts
the form of the debt; and the change
would be to our disadvantage, because
Of creating bonded debt with interest
to cancel currency debt without in
terest.
But if, on the other hand, we can set
aside annually a sufficient amount in
coin to reach, within reasonable time,
say four or five years, an accumulation
sufficient to make resumption an assured
fact, the currency OF the country, ou the
reasonable assurance of that fact, will,
within three years, gradually appreciate
10 very nearly the par of coin. Fer it is
not so much the actual coin that will be
needed upon resumption, as the certainly
In the public mind that the coin can be
of England resumed specie payment in
1921, alter her suspension of one-quarter
Of a century, the amount of coin actually
demanded as redemption of her notes
tion. Resumption being established as
= fact, her notes appreciated to par with
coin, and then the public preferred them,
in business use, to the coin ITSELF The
could be taken to make resumption GER
tain within some reasonable limit OF
Time. And certainly the establishment
by law of specific Resumption Fund,
of adequate proportions, would be the
best possible mode of fixing this cer-
tainty and of making assurance doubly
sure to the public mind.
This is matter upon which party diff
ferences should have no manner of influ-
ence. The country is craving relief from
the troubles and mischiets of an irre.
deemable currency. The people have
been exercising patience and long suffer
ing with most. eommendable irmness.
But when relief is invoked, they care not
from whichparty IL may come, so that 1t
be substantial and judiciously devised.
From neither party will they be content
to be fed on chaf. Promises as empty
as the east wind will not suffice. II the
Republican scheme as indicated by the
Resumption Act OF 1875 be found un'
sound or insufficient, let us turn to the
plan proposed by, the Democrats, and
examine into its merits to see if 1t pre-
sents modes of procedure more efficient
and practicable. And to the plan Of &C
cumulating Resumption Fund therein
proposed we really can see no formida
BILE objection, provided the rate Of &C
.cumulation be sufficient to attain th,
end. desired within proper limits Of time
This last consideration is a question o
fact and figures which may be deter
mined from the data that will be place
in the hands of the appropriate CON
..mittee.
Some of the papers oppose the pla
because it shows favor to the imitation
lists; while others oppose with equs
vchemence because it favors the bullior
lists. In this regard we utterly fail I
sec how 1t can be said to favor eithsl
gts aim is to reach, in reasonable tine