Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1877-12-07
The Comptroller Of the Currency on Re-
sumption.

The Comptroller of the Currency, in HIS an
nual report, makes comparison, from such
data az Ia now obtainable, of the condition OF
the banks during previous periods OF suspen-
sion and resumption with that of the present
time. From the comparisons made it isargued
that the average strength OF the National Banks
for the last eight years is fully equal TO that OF
the State banks during periods Of suspension
and resumption in former times; and, II re-
sumption is to take place upon any fixed date,
the National Banks will be certain, az matter
of precaution, to strengthen their reserves be-
yond the averages here given. IL cannot De
doubted, therefore, that the National Banks
will be prepared to redeem their circulating
notes at any date Of resumption which may be
fixed upon.
I'm England, in 1921, after resumption, there
was but little demand for gold, nor was there
in France, after resumption by the Bank OF
France in 1850, nor in this country in 1898 or
1858. The Bank of France is at present in a
state of suspension, but Its notes are pre-
ferred by the public TO specie, and the bank
has found il difficult TO reduce the volume OF
its circulating notes in exchange for coin. All
thought of demanding actual payment In
specie will vanish soon as resumption is as
sured, and those timid bankers who fear that
their dealers will demand coin for every dollar
of their deposits can reassure themselves Dy
an agreement with their dealers that their de-
posits shall be payable, as at the present time,
"in current funds" which will then consist
Of legal-tendcr notes and the notes of specie
having banks. There Is no greater bughear
than the oft-repeated cry that the treasury
and the banks must provide specie for the pay
ment of the two thousand millions of deposits
before resumption can take place.
Resumption does not mean the actual use
and handling of the gold dollar in every trans
action. Coin and currency are but the small
change used In the retail trade Bank checks
and bills of exchange are the instruments em-
ployed in all large transactions. A single
check pays for whole invoice of goods, for
car loads of coal, and for houses and lands.
Resumption means only that the dollar repre-
sented in the bank check shall be equivalent
to twenty-five and eght-tenths grains OF gold,
as the pound represented upon the beam of
the platform-scale shall be equivalent to six
teen ounces avoirdupOis.
Congress, on March 1S, 1859, passed an act
in which "the United States pledges its talth
to make provision at the earliest practicable
period for the redemption Of United States
notes in coin,n and on Jan. IA, 1875, day was
fixed for that purpose. The paper dollar is
now worth 9715 cents in gold, and represents
a weight of about twenty-five grains Of that
metal 1t has increased in its representative
value and weight 40 per cent. during the last
ten wears, more than 10 per cent. during the
last two years, and nearly per cent. witmn
the last six months; and there is no apparent
good reason why il should not soon become oi
the full standard value, when both the paper
and the gold dollar will be an equal measure
of value for the rich and poor alike.
The Government and the banks of the cOun-
try suspended specie payment on Dec ~
1861; and it is believed that the National Banks
will cordially unite with the Government III
restoring the true standard of value whenever
the acts of Congress referred to shall be car
ried into effect.