The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-08-16
Silver and Resumption.

Among the topics oil the times the
''silver question" is becoming in this
country about as universal and as per-
picking as the eastern question" is in
Europe. The public interest already
enlisted in the consideration of this
question proceeds not from merely the
oretical speculations concerning prob
lem in finance, but from a universal con-
sciousness OF its practical bearings upon
our country's financial condition, both
present and fu ure.
One of he most important aspects in
which this silver question presents it,
sell is, in regard to it's influence on the
resumption OF specie payments. Touch
ing this matter an esteemed citizen
sends us the following:
FEW PLAIN QUESTIONS.
To the Editor of the Star:
VIII you be so good as to explain: First
How we are to resume without sllverI Second
With silver, would not resumption follow as a
matter OF course? lhird, Why are Congress
sional candidates "mum'' on this vital ques-
tioni
BY "silver' I of course mean the old
fashioned, honest, solid dollar of TlA grains
OF pure silver. u. IL hNIdHT.
These are sensible questions, plain,
proper and practical. They are the
questions to which plain people are
everywhere directing attention. They
are questions that Congressman, though
now 'mum," as our correspondent says,
must ere long declare themselves. The
remarkable act of 1873, by which silver
was demonetized and the standard Of
value known to the country since 1902
was changed from silver to gold, and
which was passed without debate and
without ever having been even fully
read at the desk of either branch OF
Congress, that act will have to be re.
examined in Congress; and Congress
men should be well prepared to give a
sound reason for whatever faith they
may have in them on the subject.
The question-"H0w are aoe to resume
withoM Stl0er%'-as propounded in the
foregoing note, reaches to the very core
of this matter. Ii we are to pay our
debts in coin, it is quite clear that we
must find the necessary amount of coin
WhereWith to do it. Where and whence
and how that needful amount is to be
procured is the essential problem in the
matter of resumption.
The Director of the United States
Mint reported in 1873, that the gold coin
of the whole country then amou ted to
S135, 600, 900, and the silver to So. .0J0 600;
making in the aggregate $14O,000,0O0
Since that period the silver coinage has
been increased, and probably no great
portion of the increase has been eXi
ported. Granting then tnat the silver
coin of the country has been increased
by $15,000,000 beyond expectation, we
would have then $780, 900 OO0 of gold and
the United States Treasury can not com
mand more than one-half, say, .$75, ,000,-
900.
But our legal.tender currency debt for
redemption on. resumption amounts to a.
fraction over $3.50, 100000. The amount
held in the Treasury then would be but
a small specie basis for founding re-
sumption upon. Andeven that is barely
sufficient to meet coin interest payments
as they fall due. We are then virtually
without redemption fund of any
amount.
But we may be referred to the resump-
tion law, still unrepealed except as to
its ''day-ciause," which authorizes the
sale of bonds for coin wherewIth to re-
deem the Government currency. Ii
must be remembered that other nations
are in the worlds money markets
for the same purpose. France has $780,
100000 of obligations to redeem, and
will need all the coin she can command
to that end in 1878. Italy is pursuing
the. same course of coin collection. The
gold is leaving England and moving to the
continent in preparation for resumption
there. Our gold is meanwhile going
from us to Europe. We are not increas-
ing and can not increase our reserve of
gold. Do we look to our mines for re.
iiei? We find our gold product materi-
ally diminished. In 1853 the gold yield
- 4 --Ssrs'sFs