, 1876-03-07
All thess amounts are rednced 10 coin haata, and
Include loth Tho importation and cxportat!oi. Of

now y tho goIieh moment 70 fsenmc4 Fhsh 100 "a.
@ ,lss9 losss re.ane'ien., Wsi, sSe ling h. ~ so%e.
can.s 80 Of inns M @ oonfsio bui i now abancned.
Tho third objection IL, that tho law produces great
Now d. / ouebs 10 ). ~ sonis..o M o far i i ,re lila.
to lake effect produce aorno contraction Of thu rapet
esso 4 a. T To III for uh 1ss
sumption viii psoduce temporary contraction, TO
level with ta plains. Esety time resumption haa
taken place Il, tho historical cases avu referred o.
nss II II Kmas. toF y or
remedy fot tho Gjahoaor sna ths o, q depTtci.ied
means W havs preser!bed sre eu!tablo te tho end
And sr thu degree Of contraction md Tho el1ecsH Of
lis cursency provioJ for by ths act i Ia d. snbsiI
tuition Of one form of currency for another Thus N
Pss 81. r. s ssss t + ssss IL ..s ss,
States notts Thus far fncionai currency has bse,,
fetttet but will show hereafter, We cnn now, aud
vii, tho hw Etands, isass ~ much oliver currency
any ons may wish Ii s1ehsnge for either f1eonsi
Sots g. q smoans tea .noa since o ~ took cecs
7G1 and Tho sn.ount Of un!soa ss"tss notes r.
.asSa III oast.bS,s .s as: Or nefs Than
wna outstanding when the scs Of larch, lSEs w4a
I'D liz T. as1 sse q ssn po
came. Thas appears that under no isw as sinnns
e '1 i n ss er
rcncy presctiGcd by hw ia : myth.
Dat tLsrc has boen contraction Of t'le currency
sinct The pan}c and bslof4 and &fcT ts Passages Of
tho sea ii iss which viii 90 whrnsvos il any vsJ
nsrscte-st.nalrd approaches, a.ld that IL BY no
VOLUNTARY RETIREMENT BY NATIONAL DANKs
Of Portion of ther circulating notes. This consrso
ton Il rot provided tor by the resumption net, but ID
ausazi1ed b1 ths Na.onak banking eeta. and T. Tho
ject of tho isw to seeuts Tho National Dankn retired
sa7 Of tLer notes By epotstina that amount Of
stat.s 10 bo used exclusively In redecing tho bunk
notes when presented. The only 1notiro for this do
euj.i.ns ot*s coula not b probably Ned Or they
Hsss sasis ss se ~os cs noee Tss prosess
sstene: md this Ia practically the only contraction
effected by this bill - contruetlon which Is n ths
Banks, but voluntary contraction, mada b. tls sent
operation Of The Interest Of the bank, .ho y tho soe
s snn the pea sopn q spe
resumption will thus come through the youutary Act
of National Banka eaeh letting for iisolf under tho
England, the Dauk Of Frauce, and tho New York banks
brought about and maintained resunpttu'. ! hsso
stasea notea outstanding, tor Will show, they call
10 eaHy maintained Ut pas In gold hu: t. agency o.
tue ss IN ssupg . apa e s.es sess 81 81
sollcttido. This no longer donbt or fear. Tho
whole problem consia:s In partial and limited trans-
United Atsiea bpnds to Individuals Tbs high price Of
theso londs and tho Idle capital thA sse4B Investment
IN then, win enable Zach hank to strengthen Itself
by salp Of bundB, without In tho least inpalrng a
aly to discount loan, and. " facs, to Increase ta
power 10 DO o. and he honda VII 20 absorbed ~ tho
rrnry being thus dmiotshod a. tbe tfne for rcsulnp-
ton approaches, tho tned sts!ea notes. supported by
gold feScrvo and tho poEer OF tho Secretary To sell
hauds. will easily 10 maintained at tbs gold psannrd,
n,.d tnA problem is solved.
Aud, cir i4ta partial contraction OK bank currency
will unlock and
p1sulrArE GREATER CONTRACTION
which Lag gone on since the lanio and w go on un-
sumption h not only promised. but rclerel curtain
hy tito coutae Of eYcnta An ncrease OF currency will
idle III bont-yauts and III the Treasury, md nto
Aostded III homestcads I'll oscr the land Thsre h de-
posted In tho TREASURY. without Interest md bsongns
to Ganls, $3 CVS9, represented BY currelfy certll
catca Tcru are now in tha vauts Of tho attu1l D.nts
TOO United States notes md fructiunas cur1rn
the sayfngs-bana stts banks, and olhcr banks that
nys nads returns to tic Compruer OF tho Currency,
Tug M ann os sts. - .4oy-tn IN u making tl7o3Aso9:
erased iEota ths dhy # ~ panic, o1d i may b
aarings-bauka and trust conpnnies, not less Than
saU9 0O Of currency ie. Not!ne but The boar u
accurity viii temp. II from tts hdingplacca; but that
This IL tl,o contraction OF which 10 many complain
Il IL not caused by tlo assumption ace, but by want
Of confidence In inrcatnenta that ol{er. Confidence
cannos be ressorcd by repeal, by issuing more
pottany u wiild1swsns poston Il Gs is money
aud titus reaching ssEce!e,stsntard Tho banks eau
thus X IS srona FOR resuap;ioa; Wills tisSnsessi aud aud
t.id cakts! Will gladly oat Into United staoA bon.ls
when sotd ~ tho banks. Nothing Is rantcd but cons
Alsncc falh, mud tn1o to feours The closiug triumph
Of onr wat policy by tbs redemption Of tia only PROM
Ise thcn ado that has not Geen honehtly redeemed
Tho remaining objection to tho law "a thut IL will
ADD TO THE GunpES or EXISTING Debts.
Thia objection 10 also nhCrarnble from ahy plan Of
sumption. Fossponement or rvpcal Will not help tho
Ia f{AA <1xtt nk.na nst&\ 1xv
rent ispopodnesA vax nescr less than now. lIqulda-
ton hta Gone On Iap1 since tao panic, and II many
lassags Of tho act a7o beol uads Ia Won Of rcsum
tim IL 1870. Many Of tho oil lebtB rnu for long
period o1 yeaTs asd when Issued wess @ n.a UPON
payment of beth principal anl interest Ii, coin. Ncar.
IAr Ia golA aud bought s1ai Hold GoA-value..
Current dGptA u tfulo mature An aru pail of be-
debtor md creditor adjust the modo OF payment, al
specie payments viii como At lis tine stated. as,G Tor
that lower rates OF tntcytSt stipulated tur
Let 1t onee te hxsd in tho publh, n,ind that
OIL tho ,at Of January. 1s7a. raper noauy Will b
AZ. iaietest. ospsl w!!I onssr bs aspstsl
Il x b paia ssef IN dooreclatsd paper; ~ l Sus vii
eagerly bs invested Al lower raoa Of INTEREST "a mort
gs&o Of other security u % bs paid in Improved and
pealsd Viii hopsiuy lsxsss, now ha. steoEs s1q e r.
tluecd, sud pn'dueto.n viii hays 9zed commercial
rrco4, but thclr stocks will 10 renewed u corrs-
lie sol1+4ndasd, when lnay nosl have no feaf u
changs at urloeo, ofpopt those arising fon, demand
sspP 1sIs IT, 1ss sH IN s
tho slne Is ample IN which a ossea can 10 adjusted
Never eonl! our condition y better to resume tho
.ats tho uso Of deprecated paper money, unl totally
d!sssgsea .hs Pledge of the publD f.lh to rcdoel,