Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1876-08-24
News

amount of fractional currency of similar de
nominations, or, at his discretion, he may is
sue such silver coins through the mints, the sub
treasures, public depositarics, and post-office:
of the United States; and, upon such issue
he is hereby authorized and required to re
deem an equal amount of such fractional cur
rency, until the whole amount of such frac-
tional currency outstanding shall be redeemed
SEQ. 2. That so much of Section 1924 Of
the Revised Statutes of the United States a;
provides for charge of one-ffth OF one per
| centum for converting standard gold bullion
into coin is hereby repealed, and hereafter nc
charge shall be made for that setvice.
SEQ. 8. That Section 5,177 of the Revised
Statutes or the United States, limiting the ag-
create amount of circulating notes of National
banking associations, be, and is hereby, re-
pealed; and each existing banking association
may increase its circulating notes in accord
ance with existing law without respect to said
aggregate limit and new banking associations
may be organized in accordance with existing
law without respect to said aggregate limit !;
and the provisions of law for the withdrawal
and redistributiod of National bank currency
among the several States and Territories are
hereby repealed. And whenever, and so
often, as circulating notes shall be issued to
any snch banking association, so increasing its
capital or circulating notes, or so newly Or
ganized as aforesaid, it shall be the duty of
the Secretary of the Treasury to redeem the
legal-tender United States notes in excess only
of $500, ,000, 900, to the amount of 80 per
cent of the sum Of National bank notes 80 is
sued to any banking association as aforesaid,
and to continue such redemption as such cir
culating notes are issued until there shall be
outstanding the sum of $500, ,00O, 900 of such
l.
more. And to enable the Secretary
of the Treasury to prepare and provide for
the redemption in this act authorized or re-
quired, he is authorized to use any surplus
revenues, from time to time, in the Treasury
not otherwise appropriated, and to issue, sell,
and dispose of, at not less than par, in coin,
either of the descriptions of bonds of the
United States described in the act of Congress
approved July IA, 1870, entitled ''An act to
authorize the refunding of the national debt =
with like qualities, privileges, and exemptions,
to the extent necessary to carry this act into
full effect, and to use the proceeds thereof for
the purposes aforesaid. And all provisions of
law inconsistent with the provisions of this act
are hereby repealed.
Every reader will be, q That the first sec
tion refers, not in any way to redemption of
legal tenders, but to substitution of silver for
fractional currency. (s.) That the second
section refers, not in any way to resumption,
but to the charge for coinage. (3.) That the
part of the third section which precedes the
repealed 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 $3.50, GIG, ,22S) to but,
not below, $500, 900, 900, point which will
be reached when $S7, ,024, ,O4O in new bank
circulation has been issued. Up to that point,
this provision permits initiation amounting to
only $17, ,404, ,812; afterwards it permits un-
limited initiation. a. That neither in this
clause, which the Democratic party retains,
nor in any other preceding the clause repealed,
is there one word in regard to the redemption
of United States notes, or authorizing or re-
quiring their redemption at any time. 90
That no powers are conferred in the last
clause of the act excepting for the express
purpose of enabling the Secretary ''to prepare
and provide for the redemption IN this act au
thorized or required" But no redemption
whatever is authorized or required in the act,
after the repeal of the clause omitted. Hence
all IFS grants of power for that purpose be-
come void. CO. That the only power con-
ferred to raise money beyond the unappropri-
ated 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 resump-
tion 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 redemption Of United
States legal tender 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
undesirable-that it would depress industry
and work injustice to ''the debtor class" We
dissent from these people, but have given
them credit for sincerity in their beliefs, and
for respectable manhood in their methods.
They have not tried to cheat any one as to
their purpose, but have frankly demanded
'.'the repeal of the Resumption act" But the
Democratic politicians who seek their votes
lack their manhood These politicians pro-
pose, not only to defraud public creditors,
but to swindle the voters, by measure
which, they hope, will be understood in New
York as mere postponement of the day of
but will be understood in Indiana
as a complete abandonment of the attempt
and purpose to resume at all. To voters who
are sincere in their beliefs, this dishonest trick
ought to be in the last degree offensive. If
we are to repudiate, let us do it in a direct
and decent way. The act is base enough at
best; let us not make it the meaner by cow
ardice. We intend that this scheme shall be
thoroughly understood, in New York as well
as in Indiana. Then if the people adopt it,
with them will rest the blame. The Demo-
Gratis are welcome to prove in Indiana that
their scheme is q virtual reputation of the |
pledge to resume at any time, and of all pow
ers granted for that purpose. But they shall
not be permitted here in New York to pre-
tend that they repeal only the date of resump-
tion.-[N. Y. Tribune.
DIR. Sage's Catarrh Remedy
Is NO PATENT MEDICINE HUM /
BUG, got up to dupe the ignorant and