The New York herald., 1876-12-06

Total. ..................$ $50 600, 600
per cent bonds have been made, reiundng opera
lions are stili IN progress
RESUMPTION SPECIE PAYMENTS
In March, 1869, by an act entitled IAN act TO
strengthen the public crcdit,n tho Of the United
States WAS solemniy pledged to the payment in Coin
States, not bcurng Interest known as United States
notes and o all the interest bearing obligations OF tho
United Ssates;' and, further, to make provision, ut
the earliest practicable period for the redemption of
tho United States notes IN con.'
BY the act Of January, 1875, Congress declared the
purpose OF resumption Of specie pay yments January
l. 1872 and TO that end, and In OF tho pledge
OF the act ot 1863 provided or the redemption OF the
United States noscr and Tor the uc of bank
notes in lieu thereof and thus, amid conflicting
theories declared, in effect monetary system CON-
bined Of coin and national bank notes rcdccmabc in
coin ut the demand OF the hoIdor in harmony with the
constitution and the traditional policy Of the American
people.
OF resumption, holding II national duty, and proceeds
TO consider the adequacy OF the provisions OF The
measure LOT resumption IN 1879 20 ac-
complish lis object As further provision
deemed essential tho purpose Of rcsump-
ton, It is recommended that, addition to the auho-
rity OF tho Secretary OF the Treasury already
ferrcd TO provide for redemption Of legal tender
On and after the day provided Tor resumption, by the
ulaiou Of an adequate amount OF gold 10 meet
the volume OF $500 Of legal tender which
will then be outstanding by the sale Of United States
bonds authority DO given To be realized IL Is believed
nam outstanding IL will be observed that, In
temptation OF the act the Secretary is limited IN
issue VI fVcT coin Dy tue sum VI fractional currency
TO be redeemed BY II and reduction OF the legal
dcrs TO the amount In sxcess vi $500, UOo, O00
Besides this he required make ado
quate preparation and provision Tor the
redemption ia coin, OF legal tender outstanding
at thc prescribed period OF resumption is apparent
that the silver coin may be substituted Tor the
tohal currency ana the gold coin increased. while
there is iitto probability Of retiring the
OF legal tenders excess Of the 500 II will
no observed that IL incumbent the Secretary 10
prepare 10 provide tor tho redemption OF all legal
tender notes which may bc utter that
date, aud that tho means at his command thus end
are The surplus revenues existing that time not
otherwise appropriated sud the OF the ISSUE
salc ana disposal OF certain descriptions OF United
States bonds at In coin TO tho necessary
carry this act eject THIS involves the necessity
OF tho accumulation OF TO the amount oi the
ctuai demand for redemption OF these notes that
d y and any day thereafter There will likely be at
that not less than $500 600 900 and
probably no inconsdcrable amount in OF that
Here. Il will be seen, Is an imperative requirement
Of tho Secretary 70 redeem In coin, on gwen day,
the legal tender notes amounting to $500 000 00U aud
authority to prepare and provide Tor IT, lie may soil
United states bonds 10 obtain tho neediu tho
extent neccssary TO carry this act uly into effect
Tho act contempatcs tho accumulation Of the necdful
amount OF coin against the day Of resumption,
the necessary amount on given day is dctcrminhtc
only Al the option Of the holders OF the notes be
redeemed, The amount 10 DO provided for Is ncccs-
sarily uncertain, and, as will depend upon
events condition Of things which ne has lttlo
control, impossible Tor him 10 determine. lilo
IL authorized II In his judgment deemed necessary 10
carry tbs act into effect 70 accumulate an amount OF
gold equal 10 the entire amount OF tho legal tenders
outstanding on that day. nut this II u were not
ally impcssioic. would be 80 inexpedsnt. as financial