The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1877-07-12
The Rutland 9ailg 6lohs
THURSDAY, JULY 10, 1877.
FORWARD OR BACKWARD 2

FORWARD OR BACKWARD
II is stated that the Ohio republicans pro-
pose to take ''step backward relative to
the question of the resumption Of specie
payments; and that they will base their
action upnn the option of no less person
than Der amin II. Bristow that it will be
impossible to resume within the time pro-
vded by The act of 1876 - namely on the
fret day of January, 1870. We must be
permitted to doubt whether Mr.. Bristow
has expressed any such opinion. His
whole course as secretary of the treasury
and all of his utttrauces during the late
campaign 60 to show that he holds no such
opiniUn. The course of Secretary Sher-
man is but the carrying our of the policy
recommended by Brstow, and the success
of this policy during the past year shows,
not ouly that resumption is possible, but
tina, In all human PROBABILITY it will take
place as elrly a. January /, 1879.
The fiscal year closed June 30, and as
resuu pton cannot take place without more
or less contract, of the paper currency,
let US see what steps have been taken du-
ring the Y, ar toward resumption, and juege
thelefrom of tie possibility of resumption
at the date named and of the probability
that Mr. Bristow has expire ssed any sucn
opinion as that ascribed to him. The de-
crease of bank circulation, under the act OF
1875, during the year vas upwards OF
twelve millions of dollars-$12 55S 1888
and this net decrease was Effected notwiIh
standing 4esTY the sane iss "dagnEf tas t Gas
been going on steadily, but increasingly,
during the year, the decrease in June alone
being over two millions Of dollars.
BY the act of 1875 it was required that
there should be redeemed aod Cancelled le-
gal tender notes to the amount of eighty
per cent. of the new bank notes issued as
additional circulation, so that over ten mill.
ions of dollars-$l0,OO7 952-of green.
backs were retired during the year, making
the whole reduction Of paper currency,
aside from the practical currency,
during the year, $22 $50, 159. During the
year there was, also, something over four
teen millions of dollars of fractional cur
rency retired, so that the whole contrac.
tion of paper currency was nearly thirty
seven millions OF dolars-$36, 600 608 SO
and of this, three and one-half millions OF
dollars was effected during the month OF
June.
Some there are who believe, or profess
to believe, that resumption can only be at
'ained by boarding specie, and in this re-
spect the showing is equally good. One
year ago the coin balance Of the treasury
was nearly foriy-flve millions of dollors,
while on the thrtieth Of June it was over
seventy-ihree and half millions of dollars.
1t 10 true that this is only an apparent bal
ance-some called bonds and unpaid inter.
est to be offset thereto-but the real bal
ance shows an increase of over thirteen
millions of dollars Sl9 sol ,46l-dunng
the year. In addition to this, the currency
on hand has increased about three millions
OF dollars, so that taking into the account
the decrease IN the volume of outstanding
paper currency and the increase of coin
and currency in the treasury, the country
is some fitty-slx millions CT dollars nearer
resumption than it was year ago.
10 addition to these encouraging features
Is the fact that the government four per
cent loan now commands par In gold, so
that not only can the Ave and six per cent.
bonds be retired and thus a vast al nusl
saving in gold interest be made, but all the
gold and greenbacks necessary for resuup-
ton, il any. can readily be purchased there
with. There lie, then, every indication
that, If the president aud secretary of the
treasury so will, specie payments can be
resumed on the fl st day of January, 1879,
and the fact that these two tfficlals are
Ohio republicans alone gives significance 10
the action of the republicans Of that state
on this question.
1t is possible that the Ohio republicans
will let themselves down on this resump-
ton question. They have won two splen-
did victories by placing themselves fqlarely
In favor of The right. If they back down
now, 1t will mean, we fear, defeat---and
this we apprehend is what some of then
desire. they think that, perhaps, In this
way they can rebnke the president, make
him believe that his southern policy and
his civil service reform policy are unpoou-
lar. and SO compel him to abandon them.
This, We think, Is the meaning of this
greenback talk, and however much we
should regret defeat in Ohio, however
much such defeat might cripple the ad-
ministratioD, yet VIC have faith to believe
that the triple policy of the administration