The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1877-08-31

Resusn ID Extracts from Secretary shcr-
mans speech M Mansfield, OHIO.
And now, fellow citizens. this brings me 20
the question upon which there Il so much a.
verrify of opinion, 80 many strange uclurinhs'
and thar u, the question of specie pay m.n's.
What do we mean by this phrase - y .na'
we are 20 have no paper money IN circuia
tion2 II 80 am ~ much opposed I" y ~ any
~ You. IL II that We are Go rottre our green
back circulation u 80 am OPPOSED 20 y,
Gle payments T. simply thnt paper money
ought to be made equal 90 coin, 20 thzi whth
you recci,cit, il viii buy ~ much beef, corn
Or clothing ~ coin. Now,t the question ~ ~ 70
TIM TIME AND MODE
hy which this may be- brought about, and on
this subject no man should be dogtnafic, or
stand, without yielding, upon plan 81 ms
own but should be willing 10 give and take.
securing the best cNpcdicnt that pubic
opinion will allow 10 be adopted. The pur-
pose and obligation 90 bring our paper mon
~ 10 the standard Of coin have been over
and over again announced by acts 81 Con
gre-s and by the platforms ~ the great pulit-
ical parties OF ING country y reSnl", .'.'.
mcntS. We would have been there long ago
but the diversity of opinion ~ % the mode
now twelve years after the close ot ny "hr
still leaves our paper money ~ discount
az per cent Until this H. removed there
will 10 no new enterprises. hut money Will
lie idle and watch and wait the changes that
max be made before We reach the specie
In isis Congress pledged the public faith
that the United states would pay gold or ril'
Yer dollars for United states notes. Again,
in january 1873. after NOR. than years de-
bate. Congress declared that by the flrst 81
January. lSsa, the United states would pay ifs
notes In coin
The secretary ~ the Treasury is expressly
required a. prepare for, and maintain. the re-.
dcinption Of all United states notes presented
AZ the Treasury on and after thai unte ana i"r
that purpose he Is authorized g. use al the
surplus revenue, and 90 sell bonds OF the
United states hearing four, four and one hall
and i've per cent. interest az par IN coin. It's
rHE RESUMPTION Acr.
now 80 much discussed III the papers, that
imposes upon the office hold, most diiilcult
ana important duties, ana without replying
10 any attacks made upon me- ! am ANXIOUS
20 convey 10 Nod personally, what have done
and must do in obedience 20 the provisions OF
this act. II j. said that the Law j. detective.
but. II the great object and policy 81 the Law
T. right tile machinery OF the law could easily
bc changed by Congress. That resumption
can be secured and ought 10 be secured under
this law. II viii be my purpose to show You,
and shall not hesitate To point out such de
fleets in the law As have occurred 70 me IN IT.
execution.
There are two modes ~ resumption--either
70 diminish the amount OF notes 20 be re-
deemed, which i commonly called con
traction OF the currency, or by the accumu
iation 81 coin In the Treasury 70 enable the
Secretary 10 maintain resumption.
THE ONE PRACTICAL DEFECT
in the law l.. that the secretary l. not NJ nd
United states notes but must sell them Tor
coin. A. coin j. not in circulation among the
people. he H. practically prohibited from sell X
ing bonds 20 the people. except by an evasion
Of the law. and through private parties.
BOnds are In demand and can readily be sold
az par ia coin, and still easier al par, or AZ a
premium. in United states notes. The pro
cess Of selling for United states notes need
not 20 far before the mere tact that they are
receivable for bonds would bring them up 10
par ia coin, and that H. specie payment.
fnf the of the refusal oil CONGRESS
10 grant this authority. often asked Of 1t, was
that il would contract the currency. and the
fear OF contraction has thus far prevented
Congress from granting the easiest. plainest
and ~ure-f mode of resumption. 10 avoid
contraction. II provided that National
Bank notes may be issued without limit
~ 10 the amount. and that when issued,
United states notes might b. retired 80 the
extent Of four fiffhs Of the bank notes issued
This was the only provision for rcdeeinii,;s
United states notes that Congress made 90
would make. and this, II was supposed, would
reduce the United states notes 20 s3OO,noOvo
before January 4 1879. The actual experiment
only proves the folly Of the cry we have had
for more money more money
HERE MAS FREE BANKING.
"A free and almost unlimited right 20 every
4 body 20 issue more money, but nnluckiiy fnr
visionary theorists, II was money that had a.
b. secured. not Wild -cat money, but money
that people ~hnIld sleep upon without fear ~
breaking. The result wn~ TINT under free
banking the issue ~ circulation ha~ been fiji
less than was expected, and, therefore. the
reduction of United states notes wa~ less.
>till there was some reduction.
IrcenbackS have been retired under the
act ~ January ls15, tothi- tifnetnt the amount
81 So 900. 700 AMI near 80 5000 of circulation
were issued "a National Banks.
since the In Of March last the reduction 81
United states notes has been ~ Ia ,2Hi. and
this reduction was preceded ~ new circuln.
ton issued 20 banks. amounting - near AZ,
5pOUu0.
10 not say thar this Il the only reduction
v 81 the currency that has happened, but ~ y
the only reduction that was made by th,
4 Emitted states.
THE NATroSAL nASKs,
under 4 different law and from she very ne
ccSSity OF free banking, are AT liberty % retire
their currency a. well rs to increase ~. and
Y this has been done NY them sine. the lst "a
January, ISIS, to the amount ~ SD.tf2i ,Gi2. But
4 this H. reduction effected by each bank
4 guided ~ it, own interest, and the circula'
tion Il can safely and prndenfly maintain.
There are now deposited with the Treasury
\ by private corporations, banks and indlvidn-
ais, S57, 10000 Of United states notes. OF this
| there we're deposited by the National Banks
AZ their last statement made June -. So AGO..
1 600, and they have In the cash reserve held bs
them so. 900 more than he amount rcquir
cd by law, clearly showing that there J. nc
| want Of currency when demanded for the re-,
| uuirerncnts ~ business.
| Since January 1, Is7s. the United states has
issued s3l.25s.ooo ~ silver coin, and has r.
4 deemed with that SCI $50 600 fractional cur
4 rcncy, now almost superseded BY silver coin
and also holds =. 100 s5s of United states notes
| for the redemption OF fractional currency still
| oyerstanding. In this there was no contrac
tion. bnt "A substitution of coin for fractional
| currency.
4 II was nm error to make their retirement oI
| United states notes depend upon the issue 81
bank notes. The two had no relation 70 caci
| other, but the retirement OF United States
notes should depend entirely upon the
\ amount necessary 70 be withdrawn, TO nd.
vance within the limited time the residue Il
par IN coin, and the simplest mode Of doini
/ this was 10 authorize
THEIR CONVERSION INTO BONDS,
ut the pleasure Of the holder, the bonds Il
| bear the lowest rate Of interest that would II
ordinary times be maintained nj par IN gold
| To this the objection Is made that we con
| vert non interest bearing note into an In
terest- bearing note, and that Is true, bu
! what right have we as n nation, or has an,
bank or individual, 70 force into circulation
as money It's note, upon which Il pays no IN