Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-11-07

xuMPTTionH.~

,ur readers clear
..>..sstandin., vi what all tho noise
just now made in the Lower House
Of Congress by Ewing, of Ohio, is
about, we give the following, from
the Chicago Tribune:
"Mr. Thos. Ewing, Of Ohio, ambi-
tions Of distinction. presented himself
before tho House of Representatives
ON Wednesday, in an endeavor to
have Congress by law approve the
platform Of the Greenback wing of
the democratic party in Ohio. He
bill professedly repeating
so much of what is known as the Re-
act as fixes date for the
Of greenbacks in gold.
But Mr.. Ewing was not content with
that; he thought to bulldoze the
House into doing something more, SO
he reported q bill to repeal the
whole of Sec. 3 of the Resumption
act. which section reads as follows:
SEES. 3. That Sec. 5,l73, of the Rcvis-
ed Statutes, limiting the aggregate
amount of circulating notes of Ma
tional Banking Associations, be, aud
tho same is hereby repealed; and
each existing banking association
may increase its circulating notes in
accordance with existing law without
respect to said aggregate limit; and
new banking asiociations may be or
ganized in accordance with existing
laws without respect to said aggre-
gate limit and the provision Of the
law for the withdrawal and rcdistri-
button of National Bank currency
among the several States and Terri
tories, are hereby repealed. 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 aforesaid, it shall
be the duty of the Secretary of the
Treasury to redeem the legal-tender
notes, in excess only of $500, 600, 900,
to the amount of so per centum of the
sum Of National Bank notes SO issued
to any snch banking association as
aforesaid, and to continue such re.
demption as such circulating notes
are issued until there shall be out
standing the sum of $500, O0O,O00 of
such legal-tender United States notes,
and no more.
And on and after the first day of
January, 1879, the Secretary Of the
Treasury shall redeem in coin the
United States legsl-tender notes then
outstanding on their presentation for
redemption at the office of the Assis.
tant Treasurer Of the. United States
in the City of New York, in sums Of
$50. And to enable the Secretary oil
the Treasury to prepare and provide
for the redemption in this &C,
authorized or required, he is author
lied to use any surplus revenues, from
time to time, in the Treasury not 9th
erwise appropriated, and to issue
sell, and dispose of, at not less thar
par in coin, either of the descriptions
Of bonds of the United States de-
scribed in the act Of Congress approx
ed July Ia, 1870, entitled can act tt
authorize the refunding of the nation
al debt" with like qualities, privile
ges, and exemptions, to the extern
necessary to carry this act into full
effect, and to use the proceeds thereof
for the purpose aforesaid. And al
lprovisions Of law inconsistent witt
the provisions OF this act are hereb,
repealed.
Mr.. Fort, of Illinois, moved al
amendment to Ewing's bill, combining
the repeal to the last paragraph ofth'
third section of the Resumption law
being that part beginning with tn,
words "and Oh and after the frat day
Of January, 1872" etc.
l 1t will be seen that Ewing's bill re
pealed the law which authorizes fire.,
banking, making National Banks tn
monopoly they were before January
1876, and allowing no new banks, no
any increase of bank circulation.
also repealed the provision for the re
demption of $50 of greenbacks for ev
cry 500 Of new bank-nOte circulation
issued. The bill as reported by Ew
ing did not meet the question Of re
sumption in January, 1879, fairly. /
did not present that question alone
1t included something more. 1t en-
braced the abolition Of free banking
and therefore did not present. tn
question of repeating the time fixet
for resumption directly and fairly
1t was an attempt to make those VIII
favored the repeal of the time fixet
for resumption vote also for some
thing in no wise connected with it
Mr.. Forts amendment, however
meets the question directly. 1t re
peals the date, and repeals the author
ity to borrow gold, by selling bonds
to redeem on the date named. TIL
votes on the several motions, Will
: they indicate a majority in favor o
repeating the date fixed for resump
tion, do not indicate that Ewing
bill can paas without being amended
Because Mr.. Ewing has talked tn,
abolition of the National Banks ani
the imitation of the currency success
fully to the Democrats of a portion Of
Ohio, it does not follow that thu
House of Representatives, however
favorable it may be to repeating thu
date prescribed for resumption, will
therefore adopt Ewings pet schemes