Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-11-10

axe a tWO-thlrdS vote to pass it lover
lis head, which cannot. be had in
he Senate.
The bill for the repeal of the Re
Act has also been lifted
tut of the limbo of fflibustering
squabbles and been made the order
Of the day for last Thursday, with
the understanding that the debate
on it was to proceed till next Tues
day, when the previous question
IS to be called, shutting off furth-
er debates and further amendments.
The members. opposed to the princi-
pie of the bill have not, however,
ceased to resist, but changed their
tactics. They know that direct
vote of the House would at once
carry the bill, therefore they do not |
an open vote pro and con,
but try to kill it with amendments;
seven of these are entered on the |
notice book; we have only space for
one, that of Mr.. Fort, notice of
which was given before the bill had
been made the order of the day.
Mr.. Forts amendment is to the
effect that only that part of the third
section of the Resumption Act shall
be repealed, which provides for the
resumption ofgold payments on our
currency notes in 1879.
That our readers may understand
this vitality important question we
print the whole of the third section
of the Resumption Act, placing as
terisks between the portion which
will be retained and that which will
be repealed, if the present bill is
amended as proposed and carried as
amended:
8. That section 5,l77 of the Revised
Statutes OF the United States, limiting the
the aggregate amount of circulating notes
of National Banking Associations, be and is
hereby repealed and each existing Banking
Association may increase its circulating
notes in accordance with existing law, with
out respect to said aggregate limit; and new
banking associations may be organized in
accordance with existing law without re-
spect to said aggregate limit; and the pro-
visions of law for the Withdrawal and re-
distribution of National Bank currency
among the several States and Territories 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hereby repealed.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, so newly
organized, as aforesaid, it shall be the duty
of the Secretary of the Treasury to redeem
the legal tender United States notes in ex-
cess only of $780, 100000, to the amount of
eighty per cent of the sum of National
Bank notes so issued to any such Banking
Association as aforesaid, and TO continue
such redemption as such circulating notes
are issued, until there shall be outstanding
the sum of S300,000,000 of such legal tender
United States notes, and no more.
& = % . q" = Il " = :
And on and after the LIST day of January,
a. ID. 1879, the Secretary of the Treasury
shall redeem in coin the United States legal
tender notes then outstanding on their pre-
sentatiOn for redemption at the office of the
Assistant Treasurer of the United States in
the city of New York, in sums of not less
than $50. And to enable the Secretary of
the Treasury to prepare and provide for the
REDEEM ptlOnS in this act authorized or re-
quired, he is authorized to use any surplus
revenue, from time to time, in the Treasury
not otherwise appropriately nd to issue, sci
and dispose OF, at not less than par i'll coin
either of the descriptions of bonds OF the
United States described in the act of Con-
gress approved July Ii, 1870, entitled AN Act
to authorize the funding of the National
Debit with like qualities, privileges and eX-
emptions, to tine extent necessary TO carry
this act in full effect, and 10 use proceeds
thereof for the purposes aforesaid. And all
provisions of law inconsistent with the pro-
visions of this act are hereby repealed.
Now understand that if the bill
passes unamended, the whole of the
section will be repealed; but if it
passes with the Fort amendment,
then only that part which follows
the asterisks will be repealed.
It is our opinion that Mr.. Forts
amendment ought to be disputed to
the death. 1t would not only give
the National Banks all the power
they now hold, but would increase
their powers and set aside all con-
troll that the Federal Government
posses over them. The process that
has been going on during the last
two months has been a cOpious re-
tirement of greenbacks supplement-
ed by a corresponding increased issue
of National Bank notes. This process
will continue al Ij6itttm if Forts
amendment be carried, until the
notes of the National Banks, shall
be the sole currency of the nation,
and those institutions will control
the business and, ultimately, the po-
litical action of the nation.
1t would not be a new thing if it
were to be found that the Demo-
cratic party is playing the game of
the Republicans, the latter sitting
by and drawing the stakes while the
former take all the responsibility.
The bulk of the Radical party care
little or nothing for immediate re-
sumption, and many of them would
gladly see the scheme abandoned if
it could be done without visible sac
rifice of consistency; so the Demo-
Gratis, it is hoped, will do it for them.
On the other hand, the Radicals
dearly love the National Banks and
hope that the Democrats will blum
der into increasing their powers.
Let Democratic Legislators beware;
the monkey hopes to make use of
the cats paw and devOur the roast
chestnuts himself.