Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1876-07-27
Tus REsUMPTI0N ISSUE IN THE
CAMPAIGN.

TuE REsUMPTION ISSUE IN THE
CAMPAIGN.
Thetwaddle daily appearing in q por-
ton Of the Republican press Of Ne
vsds on this subject 10 really sicken-
ing. Here Il . sample from the Gold
Hill Nescs, the o.called Resumption
sot being under review:
Under that act for every dollar in
greenbacks which Is now circulating In
the East, . dollar In silver will be re-
quirsd. Under the act nearly the en-
tire production OF the Comstock lode
will be absorbed in the next two years.
A market for our great commodity has
thus been created by the Republican
Congress Of the United States, and If
the Resumption act goes into operation,
tiuued, sivler will very so0n regain Its
trade dollar 10 now practically demone-
remains to bring Nevada's commodity
demand for It. The Resumption act
crsates that demand.
And here is . little more of the same
kind Of Cruel from the Enterprise:
The charge that the Republican par
~, by congressional enactment, has
permitted imitation. Is groundless, be-
cause for every eighty cents issued a by
the Government In National Bank
notes q full dollar has to be deposited.
The Reueille, and some Of the rest of
the small instruments, have also
chimed In to the same music. The
most charitable view that can be taken
Of the case is that these people know
absolutely nothing concerning that Of
which they write. Let us wade through
that boosted Resumption bill a little
and see just what manner of measure
it Is and what 1t amounts to. Sections
one aud two are unimporiant, but sec-
ton three has nutriment in it. 1t Is as
follows:
SECTION 8. That section SIT Of the
revised statutes of the United States,
limiting the aggregate amount of the
circulating notes of national banking
associations, be and Is hereby repealed,
and each existing banking association
may increase its circulating notes In
accordance with the existing law,
without respect to said aggregate limit,
and the provisions of the law for the
withdrawal and redistribution Of ma
t.onal currency among the several
States and Territories are hereby re-
pealed; and whenever and so often rs
circulating notes shall be issued to any
such bank association, so increasing
its capital or circulating notes, or new
ly organized banks as aforesaid, it shall
be the duty Of the Secretary of the
Treasury to redeem the legal tender
United States notes in C only of
$500, 000, 900 to the amount of so per
csntum Of the sum Of national bank
notes so issued TO any such banking
association aforesaid, and to continue
such redemption as such circulating
notes are Issued until there shall be
outstanding the sum of $500, 900, 900 OF
such legal tender United States notes
and no more"
There, you have 1t all; this tumble
is the fall text and scope of that won
derful Resumption act, about which
we hear so much. 1t is this marvel
Gus piece Of rational legislation, ac-
cording to the Gold Hill Ne,Os, that is
to make a market for all Of u silver.
Bah Out OH all such nonsense and
humbuggery. And we are told also
by the great financial doctor of the En-
Prise that imitation under this act is an
impossibility. Well. we will see about
that, too.
The section quoted above, as will be
observed, repeats all Limitation of the
aggregate amount of the circulating
notes of the national banks; allows each
existing banking association to increase
its circulating notes without respect to
the aggregate limit; authorizes what is
called free banking" or the organi-
zatiou of new banking associations
without regard to said aggregate limit,
and repeats the law for the withdrawal
and redistribution OF national currency
among the several States and Terri
tories. Here is the authorization of an
almost indefinite initiation on the part
of the banks. 1t il an expansion linn
tied only by the aggregate amount OF
the bonded debt of the country. less 10
per cent. The National banks, under
this wonderful law, may increase their
notes to the frightful aggregate Of more
than two thousand millions Of d ollars!
for banking associations now in exist
ence or hereafter established, can OBJ
tain ninety dollars in circulating notes,
active capital, for every one hundred
dollar bond deposited in the United
States Treasury until the whole bonded
debt is exhausted, or to the extent
these institutions can possess them
selves of the bonds.
The funny part of this immaculate
bill is, however, the provision for the
redemption Of eighty per cent. of the
legal tender United States notes for
every one hundred per cent. increase
- A. .-t~- c1kac 80 Tho harbc