The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1876-08-11

the acknowledged resumptionist, the
hard money candidate, to pronounce
the fixing of day for resumption as
"a sham, thereby permitting the Dem
ocratic House to do as it has since
done, repeal that clause, against which
repeal Governor Tilden had directed
all his forces. On the Southern con
dition, he fairly represents the dema-
gogue when he declares that when the
power of the Government Is taken from
the party in power and given into the
hands of the Democracy there will be
peace, and not till then. Yes, peace,
of the Hamburg butehery or,Ier. pro
duced by the forced subnissa - of the
coiored citizens to the demands of the.
derringer and white line policy
And now as to the honesty of the
showing. Tilden says that to appoint
a day for resumption without making
preparations To resume, is sham. So
should we say of man who had given
bis note to pay on a certain day and
had made no preparations to pay. But
We cannot tell what his preparations
are until the day of payment arrives.
II he is IA correct business man he goes
on with his preparations quietly, with
out making a great parade. and if
obliged to borrow. does not fasten in
terest upon himself before the time re
quired for payment. The resumption
act does make preparations for pay
ment, Tilden to the eontrai y notwitE-
standing, and authorizes the Secretary
to issue bonds, if necessary, to secure
a loan for that purpose: but because
the Secretary has net created great
central reservoir of coin" years ahead
of the time necessary to Use it, and
saddlcd a further unnecessary expense,
i'll the shape of interest upon the coun-
try, Tilden cannot see the preparation.
There are nearly two years and a half
of time left in which to make prepara
tions. The time is ample, and the
work can be done.
Tildcn regards the appointment of a
day on which to resume as hindranee
to resumption. In this lie is not hon
est. \ note without day depends Tor
payment upon what may be decided to
be q reasonable time, unless the maker
chooses TO pay sooner. y collection
time expires. 1t is simply the green
back promise to pay, nothing more,
and only has value because of faith i'll
the promisor. But the repeal of the
resumption clause takes from the act
its only resumption feature. and makes
il an imitation measure of the Ort hodoN
greenback school. Tillen il moi hoI
est in his statement; Hendricks Is clev
erer, because it (rrpenD achivrs the
object with which lie has been identi
fled. Tilden is neither Statesman or
All ordinary politician, if lie is ignorant
of the effect repeal of the resumption
clause will produce. Either he speaks
at random, ignorantly, or designedly
seeks to mislead, and in either case lie
proves his untitness for the position to
which he aspires. A. a proof of what
we say, we give the section of the Re-
sumption act covering the matter
aud containing the resumption clause,
which is given in italics. That clause
repealed leaves the rest of the section
in force and operative, and transforms
it into an imitation measure Read it &:
''Sec. 3. That section 5,127 of the
Revised Statutes of the United States,
limiting the aggregate amount of cir
culating notes of National banking as
sociations, be, and is hereby repealed :;
and each existing banking association
NAV increase its circulating notes in
accordance with existing law, without
respect to said aggregate limit; and
new banking associations may be or
ganiZed in accordance with existing
law without respect to said aggregate
limit. And whenever, and
so often, as circulating notes shall be
issued to any such banking association
so increasing its capital or circulating
notes, or SO newly organized as afore-
said, it shall be the duty of the Sacre-
tary of the Treasury to redeem the
legal-tender United States notes in ~
cess of the 300 millions of dollars, to
the amount of so per centum of the
sum of National bank notes SO issued
to any such banking association rs
aforesaid, and to continue such re-
demption as such circulating notes are
issued, until there shall be outstanding
the sum of $500, 600, 900 of legal-tender
United States notes and no more.
And on aud after the 1st day of .Jdnu-
arg, Il. d., 1879, tie Secretary IF the
Treasury shall redeem in coin tie
United States legdi tender notes then
outstanding. on their presentation for
redemption at the office Of tie Assistant
Treasurer IF the United States in the
city Of Ne,O York. in spms IF not less
than fifty dollars"
Under this banks may be created and
currency issued to the extent of hun
dreds of millions, but the greenbacks
may not be contracted beyond the
$500, 600, 900 specified. All, therefore,
issued beyond the so, 900, 900 of green
backs which may be Withdrawn is
clear initiation. Initiation is natural
hindrance to resumption; therefore
the repeal of the resumption clause, by
encouraging and promoting initiation,
becomes n hindTGnce to resumption,
or just the opposite of what Governor
Tilden claims. The Confederates have
not improved their prospects by their
letters.