The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-03-06
r,ha.Rasnmntio,. Pan.

Ine msl0rfty OF LE6# 0el4VSths'S eNSe'E
committee were to report on Saturday TO
the caucus plsafo resnmins specie,pay-
nen,s and for otherwise disposing OF the
finaucial question, which {p!an) seems to us
to be even more Objectionable than that
adopted By Congress In 1875. Hero Is the
plan as reported By the New York Tribune
pr1 ro PROVIDE roR rHE GRADUAL RB.
SUMPTION OF sREoiE-PAYhENT.
Be st enacted, &C., That it shall be the
duty of the Secretary Of the Treasury
during each and every year from and after
July 1. 1870, and until helegat.tepder notes
Of the United States shall be appreciated to
par value with gold and shall be convertible
iuto coin, to cause It to be,set aside and re-
tsined in coin an amount equal to three per
centum Of such legal..ende der notes outstand-
ing, aud from the date Of such convertibillty
as aforesaid, the amount Of coin set aside
aud retained az aforesaid shall be held as q
resumption fund in respect to said legal
tender notes, and shall at no time be. less
than thirtyeper centtm OF such outstanding
legai-tender notes Provided, however, That
the coin so set aside and retained as above
provided shall be counted as part OF tue
SiEhiuS-iuuU iOI CuC pAiSuoso "a VIZ Ply
mens, of the public debt, as required by Sec
ton 8 694 Of the Revised Statutes. -
Section 2. That it shall be the duty OF eacn
national banking ASSOCIATE On darlng each and
every. year from aud after July 1, 1876, and
until the full and complete resumption OF the
payment in specie of its circulating notes, 10
set aside and retain from coin receivable anu
Interest on the bonds deposited with the
Treasurer of the United States as security
for its circulation an amount equal to three
DIR cent. Of its circulating notes issued 10
such association aud not surrendered, anu
from the date of its resumption OF spec'e'
payments as aforesaid the amount oil COIN 10
he held and maintained as resuDption-iunu
shall a, no time be less than thirty per cent.
of its outstanding circulation; that the COIN
nv this section directed to be set ASIDE anu
retained shall be as part of the lawful money
reserve which said association are by existing
laws required to maintain.
Section 3. That so much of section OF
an act entitled "An act to provide for tne
resumption Of spece-payments," approved
January IA, 1876, az required the Secretary
of the Treasury to redeem legal.tender notes
to the amount Of eighty per centum OF the
sum Of national bank notes issued to any
banking association increasing its capital or
circulation, or to any association newly or
gsr'zed as provided in said section, and also
so much Of said section as relates to or pro-
vides for the redemption 10 coin OF the U nltea
States legal.tender notes on or after January
l. 1879, and all other provisions OF law in'
consistent with this act, are hereby repealed
The proposed repeal of the act Of 1875 is
The only good feature of this bill. The sub
stance of the first two sections is the hoard
ing of gold as means to an end. That Is,
the caucus instead of GOES 'antly utilizing the
water Of their financial stream, propose to
dam it up for years and then s'let her
slide" 1t is the old story Of learning to
swim before venturing into the water.
GREELEY said, s'The way to resume is to re-
sumo" or, the way to learn to swim is to
go into the water. We have in our office a
dumb. waiter whose movement is regu-
lated by a small rope. Hold tight
to the rope, and the waiter moves
not ct all, let it be. laden as heavily as you
choose-untlt The rope breakS This bill is
modelled after our dumb'waiter. Resump-
ton is the dumb.waiter, and it is to 60 on
from and after the passage Of the bill. Then
it Is that the word /" Resume" or "Go on"
is to be heard. But simultaneously the word
ia also to be given, Hoard your gold" or
" Hold on to the rope" %; and so the bill cuts
its own throat, and there can be no resump.
ton till the rope breaks. The locomotive
is to be put upon the track, but the track is
to be creased. The sails of the windmill are
to be boisted, but the wind is to be bottled
up. And by the way, the banks would have
about as much success in boarding gold as
Mr.. Cox would have in bottlipg up the wind.
Let US have done with such nonsense. Re-
peal the resumption act and provide for re.
ceiving greenbacks for eustoms-du!ies, and
let the finances take care of themselves. The
actual operation Of that act could not and
would not do any harm, perhaps, if the pub.
lie did not know of its existence. 1t is the
FEAR that it will operate disastrously that has
caused all the mischief.