New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-15


of Gov. Hendricks to an Indiana member, OF
removing all doubt as TO the true meaning OF
the St. Louis platform, bill has been passed
by the House, 81 Democratic members voting
and 81 being paired in its favor, while only
% voted against it. This bill proposes to re-
peal tho resumption-day clause" of the act
of 1875, "said clause being III the following
words"
And on and after the lst day OF January 1879. the
Secretary Of the Treasury shall redeem III coin The United
states rgaltcEGcr notes then outstanding on their pre-
for redemption at the Office Of the Assistant
Treasurer Of the United states in the City OF Newfork,
in sums % not less than so.
This ia ingeniousy styled "tho resumption
day clause The intent of the party Is to
pretend that the powers conferred by the ne
sumption act, in order to prepare Tor redemp-
ton of United States notes, are not repealed,
but remain in full force as originally granted.
The cheat intended is to make hard-mOney
Democrats believe that the process of pre-
pairing for resumption is rot to be interrupted,
and that the only change Is to he in the date
of resumption. We call this n cheat, and JUS
tify that term by quoting the entire act of
1875 as it viii read with the "resuinption-day
clause" repealed and omitted:
BE ,aacitd By ne Scnac and House Of Representatives
ofhc united states Of Amo'ca "a Compress assembled.
nat the Secretary OF the Treasury Il hereby authorized
and required rapidly practicable. (" cause TO he
coined the minis Of the United States silver coins OF
tine denominations Of H. % aid 30 cents, OF standard
value nd 10 issue them In redemption Of "n equal mum
ber and amoant Of fractional currency Of similar d,rom-
nations or ri his discretion lc may ssre such silver
coins through the minis. the subtcasurie public de
uos.tarics and posofrcS of the United states and.
upon such ISSUE lie is hereby authorized and required to
redeem an equal apOTu OF such fractional currency. un
I'll the whole a;no;at 81 such fractional cuTfecy out
standing shall he red, cincd.
SIC 9 That 80 much OF Section $685. OF the Revised
Statutes OF the United states provides tor charge Of
cncNfth of one per ccnm fos converting standard gold
bullion into coin ia hereby repealed and hereafter no
charge shal! b. made Tor that service.
SIC g. That Section 5l77 81 tie Revised Statutes Of
the United states limiting the gate amount 81 cir
cu.tins notes of National banking associations, be, and
Is hereby repealed and each existing banking assoca-
ton may increase its circulating notes IN accordance
with existing law without respect to said aggregate
limit and banking associations may DC -aniscd IN
accordance with existing law without respect to said
aggregate limit; and the provisions Of law Tor the with
arawal and redistribution Of National bans currency
among the several states and Territories hereby
pcaled. And Whenever and So oi' circulating notes
shall BE- i,u,d TO any such baking association, 50
iucrcasin its capital circulating nJts. or 50 newly
organized aorc aid it sal be- c duty Of the secre
I
S!atcs notes in excess only Of SJOO,CJOG1O 10 the
amount Of per cent Of the Of National bank notes
80 issued any banking association ~ Aforesaid and
10 continue such redemption such circulating notes
issued until there shalt be outstanding the sum of
$500 900 900 Of such legacnIer United States notes,
aud no rnorc. And To enable the Secretary Of tie
Treasury prepare and provide for the redemption in
this act authorized required, hc is authorized {" Use
any surplus revenues from time to time, IN the Treasury
otherwise appropriated. aud 10 Issue, sell, ana us
nose Of at less than par, In coin, either o the
description. Of bonds Of the United states described m
the acS OF Congress approved July H. $50 entitled
An act 10 authorize the r,fudng Of the national debit"
with like qualities, privileges, aud exemptions to the
extent necessary carry tins act u;o fun effect and 10
sc proceeds thereof FOR the purposes Aforesaid ANA
all provisions OF law inconsistent with the provisions o.
this act are hereby repealed.
Every reader will see, % That the first see
ton refers rot in any way to redemption OF
! legal tenders but to substitution OF silver for
| fractional currency. t2) That the second sec
zion refers not in any way TO resumption, but
! to the charge for coinage. CD That the part
| of the third section which prccedCs the re-
| praled clause refers, not in any way to re-
sumption, but TO an unlimited issue of bank
notes, and partial compensation by reduction
| of legal tenders now 1869, Gl9 ,22S) to but,
not below, 1900, 900, 600, a point which will
be reached when $s7,o2l,O10 in new bank
circulation has been issued. Up TO that point,
| this provision permits initiation amounting to
only ST., 4Oi,Sl2 afterwards it permits I'M
! limited initiation. az That neither III this
clause, which the Democratic party re-
! tains, nor in any other preceding the
| clause repealed, * there one word in re-
! gard to the redemption of United States
notes, or authorizing or requiring their
redemption at any time. (1) That no
powers are conferred i'll thc last clause OF the
act excepting for the express purpose of en-
aiding the Secretary :" to prepare and provide
81 for the redemption in this act authorized or
required" But no redemption whatever is
authorized or required in the net after the
repeal OF the clause omitted. Hence all its
grants of power for that purpose become void.
| CO That the only power conferred to raise
money beyond the unappropriated revenues,
namely, the power TO sell bonds, is in terms
expressly limited " to the extent necessary to
carry this act into full effect" But with the
resumption clause omitted no sale of bonds
| whatever could be " necessary TO carry this
act into full effect and therefore no sale of
bonds whatever for the purpose of providing
means for resumption at any time, would be
authorized. In short, the repeal of one clause
has precisely the same effect as if every word
in the act, in any way referring to redemp-
ton of United States legal-tcnder notes, had
been repealed.
There are many citizens who want this act
repealed Some of them believe that resump-
ton is impossible. Others believe that it is
undesirablc-that it would depress industry
and work injustice to "the debtor class" We