, 1877-09-03

reserve Is more l.an onc-haIf the amount Of It's
nnc,, md there is murc t!an s:fn,yrlMfl NOR"
Of ct'in in the tnEntrrtlan PAPER tn lie rt'lecinrl
II 1cfnhntfcEi. tn nak" long Story slnrt, he
fore we can rtsumr specie payment. anil stay
Fc.ltmcd. We mist increase nnr stock Of ct,fn,
anil decrease "ur. vulu'nr Ut paper until the
coin tlall at least ic ca''af to the PAPER:
Most men would say ti.e coin must exceed
the volume nt Iarr. But am careful mot 10
| orcratatc what must be done 10 resume spcelc
payment.
Now, upon tIIts moderate statement
WHAT Mtt.T lie BONE To RESUME
| IS simptc question of nrttllmetc,-stmpic atli-
tion aud subtraction. Thcrs I. now In circt,la-
tton about e''5o, ,MD.'f1 of papcry-ercchlmchs
nndbank.notct. Thcrs IL Of ruin in tie country
| ahnut $l10, ,0Nl,0n. 10 mnk,. the rolumc Of
puoer equal to the vtlumcot chfn rs necessary
to decrease the tapcr and to inercase the coin
By $11D, tnU, INC carlt.
II VIC ret}uce the ''apcr by that sum we shall
have of paper money $400, IN lUx). II we IT.
trca'c t!.c colt, hr that sum We shall have f4G9
i WAtO0 of coin IN the country. 49,.
thing 10 he donc. but assume /, /. possle,
II tic 'awt authorized It, to iunI tn:
grccn''a:k., as ..:np'.cd by the National
HturI nj Trade ut Milwaukee, in bt,nds, Mt thc
tlIcm i thn. werc done, t!e Satl"nal i'as,ks, "f
necessity, w,.ll'I he e,anpc1lcl to retire tlleir
currency at TIC sarr, or At greater rate, or ev
int., , !.ank1aptry; Tt,ls would, IN twelve a.sl a
| HAli lIpHhIEs sSAAIC udAAttfE vi FlFC4 W
ts:10 oo', ,ool. And as.utnc aiso that the sec-
rctary Of the Treasury tt,tl,c iaw authorized It,
might fcll uur bonds abroltl 4, the amount Of
sEA.0N.tD1 for coin. aud thus produce III,
| equality between thu volume OF paper aud tho
volume of cu!n.
The currency is 10 country what
THE ntpop II CIRCULATION
| fs to a Truman tHFfy.
s,,,r. ISL, "nc. seventh part Of the blood |, as
been drawn nut, business Ia siagnai,t. tncn of
cnte1prlc are paEatyzc1; many wllo still stuusl
nse weakening; they feel themselves beginning
| ft drawing out onc.sevenih part Of the blood
of The AystcIn IN two years l,as proAurcd that
result. what effect will lullow II you dtaw nut
fn one year tHure than onc-this'l Of all that Ia
left I'll the systenl
die III the operation, Twt-thlrls Of oil tlls
ss mep txs4x Ill, standing . wi, 20 to
viii change hands. The forccd and suiden
I change III tho meaning md increase tn the
value of the dotlar will hiring Upon tho cnuutry
nore destruction III fortunes aud values than ii
Rcposter-l3ut how can that. bc. as gold aud
greenbacks are now 50 ncar pasi Is I. not strll.
plya question Of pcr cent'
Air. Doo'ittte-l mn Eta'i youaskcd that 1ucs.
tTo,1. and arn gla,i to antwes It. Let snc as.
sure yuu It Is not simple question ut ! pei
rent. Ten times t per Cuslt Is involved 1T Il.
Facts arc worth more than theories. The his
turyu
RESUMPTION IN ENGLAND
Is full OF instruction upon the very question.
During the wars with Napoleon anil after they
werc over for nearly twcuty sears thu Bank oi
ES 5 nsq s'Pene ul reats sseG II ,s rae at II
paper currcncy rose tu be nnly per cent below
coin. Peel and tsicarslo urgetl ufon Parliament
rcsunpts!i.! In fur years: They. eati: as so1l'
ton: VIC have already discounted nur sulfcrsnEs
II Is only u question Of = per cent. Ricardo
sa,tl. " The wlo'y difficulty would 10 IN ruisius
the value Of the currency per Cunt"
the t;uycrnnr aud Directors u the Bank Of En-
CIa,ri warned Parliament ri the danger OF con
tracsng the currency, as they must be compelled
tn TO r., r. ,,s tssl,ne fG fur mr., ;ysars.-ye
they yarrlesl "reef's Resumption Act" tiisougl
, tho House Of Eoununs ly q i,lantmou. vote
But one 1an stood out against it, and thcr ere
! | persuaded l,}ut To lcuye tho Chamber when TIL
. | 1nous.
WHAT WAS THE RESULT. ,--
Sir Archibald Alison, In Ills history, tells III
" tic effects Of this extraordinary piece q
, legislation we're soon apparent. TIC lndustr
Of thu nation was speedily congca1cd, rs n now
tug strean L. by the severity nr au Arctic win
,ss s ss sp'1s e eFiato" ;ss i9 & E"sa9a r.
. lroiigious contraction Of the currency wer
: soun apparent: and tlles rendered the next thrc
In tic Britl.Ii Islands, Tue discounts at til
y "1}ank Of England, which IN 1910 Ind l.ec
: sllE0Al, ,0Qo, and in 1875 not'lrss than sl03.0u
= NM, sank in 1sao to fsk1jo, ,ooo. and In ISL I
i immediate mud appallIug.'' The rate Of wing.
/" From the tremendous reduction lii the pnc
r OF fhs.d," ;" says Mr.. I>ouhlc'iay, Z" which no,
X took place, Tue estates barely sold for as muc
\ Wnll1tl uH tt5n n.il n,CUrf