The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-05-14

The annual product of coin in th,
country is sl,0O0,000. The annual in
terest on the public debt is col ,674, ,5i4
Under the provisions Of the act remon
etizing silver there will soon be an
average outstanding Of silver certifi
catss in circulation more than equal tC
the inteaest due TO holders Of bonds by
our citizens, aud sufficient OF these
could readily be secured for such semi
annual interest obligations; so that, in
every conceivable aspect, the necessity
for denying United States notes their
rightful place in circulation has de
parted, and it is proposed now that full
value to them shall be impaired.
L will now briefly consider the last
feature of the amendment reported by
your committee, that all United States
notes in existence October /, 1875
whether in the Treasury or outstand
ing, shall thenceforth become a perma.
nent portion of the money of the coun,
try and to be reissued from time to
time as received, so as not 20 be with
drawn from exchanges and trade MOI
permanently boarded by the Treasury.
This repeals so much of the resump'
tion act as requires the Secretary oi
the Treasury TO redeem OF United
States notes so per cent. of tho sum OF
national bank notes issued TO old Oh
new banking associations, and leaves
whatever amount of greenbacks there
may then be in the Treasury and out.
side, permanent part of the total cur.
rency of the country.
The remedy for the evils and distress
growing out of the sudden financial
collapse Of 1873 was the subject Of gen.
eral discussion and congressional de.
bate, which finally crystalized in the
passage Of bill by Congress provid.
ing for moderate and fixed increase
of national bank notes to tho volume
of greenbacks and national bank cur
rency then in existence, which bill
failed to receive the approval OF Presi-
dent Grant.
The law OF January IA, 1875, follow
ed as a compromise between the con-
tending advocates OF expansion and
contraction, and as the way devised for
return to commercial restoration
through eventual resumption. This
compromise measure, requiring a re-
demption OF United States notes TO the
amount of so per cent. Of the National
bank notes as fast as thereafter issued,
authorized an expansion OF 20 per cent
to the volume 81 both forms Of curren-
cy as fast as National bank notes were
issued in supplying the demand OF the
people. The measure repealed the
monopoly of National banking by
l.. =. A. O..
the use Of silver for fractional currency
and fixed the day for final resumption
OF specie payments on the first day OF
January, 1879.
As an advocate in 1873 Of moderate
increase of the currency, the utilization
Of silver, free banking, United States
bonds receivable for duties. preference
for United States notes in place OF Ma
tional bank notes for our currency, and
against contraction OF these green
backs, and opposed to fixing any day
for forced resumption, i, notwithstand-
ing, gave my aid in framing, and sup
port in passing that compromise meas
ure. il was the best then obtainable,
and as fair concession of antagoniz-
ing opinions as was practicable, and as
the exigency OF the national condition
demanded should be met by patriotic
legislators who could rise above indi-
vidual preference TO enact some provis-
ion, rather than none for the common
veal.
Whatever may be respective opinions
now Of the visdom Of that measure, il
afforded benefits which the people will
not undervalue. Ii ended what they
regarded an odious monopoly OF bank
ing and opened the best system ever
devised by man 10 universal participa-
ton. 1t provided for the circulation OF
silver for fractional uses, which served
as the forerunner OF the final restora-
tion Of silver 10 former equality with
it's more favored ally, gold. II also
named n day in the future when the
government would add another evi-
dence OF its time honored purposes, in
peace as in war, even at great sacrifice,
to maintain the public credit inviolate.
When the act passed. the amount OF
outstanding United States notes wa,
S3s2. OO0, 900; the amount OF national
bank notes was 1851 ,S61, i50; aud gold
stood in the market at ll2i. TO day
the amount Of outstanding United
States notes is S346, ,6sl, ,0l6, and na'
tional bank notes 1921, zoe, ,559, with
gold at 100i.
The whole amount Of United State.
notes redeemed by the measure il
$50. .3ls,9sl, and the whole amount OF
national bank notes issued since il:
passage is Si3, 14s, 730. During twelve
months past the redemption OF United
States notes has been Sl3, ,Sl3, 3SS, and
national bank notes issued dusing the
same time, sls,5l6, 735. Upon this
basis between this and October next
say FIVE months, there would be 81
723. COS of national bank notes issued
and s6,l72, ,245 Of United States notes
redeemed, leaving as tie fixed volume
OF currency thereafter in United States
notes and national bank notes 1860,
9i2. s65 against s733, SCI ,450, the vol
ume when the resumption act was
passed.
Resumption OF specie payments or
the 1st day OF January, 1872, three
months thereafter, will unlock and
render available TO the country
United States Treasury notes. ESQ. 600, oot
National bank notes. es............. 10 OOo,Ous
Gold In the Treasury ............ lSO OVoO.Oos
Silver In the Treasury ........... 2o,VOO,UV
Coin in banks and country ....... 40 600 ,OC
Making an aggregate volume of $3.50,
600, 600 of different forms OF money
Of equivalent value valuable for th,
business needs OF the country; and
this amount instead of S733, Sol 45C
greenbacks and national baAk note.
which made up the volume OF depre
ciated currency at the date OF the pas
sage OF the resumption act; and S42l,
COS. .425 more the volume OF Treasury
and national bank currency to-day.
On the threshold Of such relief, anc
with its welcome benefits already ami
mating the heart and invigorating the
body OF the nation, why cast our pain
ful faces over the past, which now can
not be changed, and why turn on
backs upon the future, which now cal
be shaped, in a reversal OF presen
light, and hope. and help, by repeal o
the measure under which we have beer
led so nearly ont Of our sea OF. trouble
Pass this complemental aid 10 the re
sumption law, and the remedy for on
commercial paralysis and financial dis
tress will be at hand.
Already its anticipted force is felt il
the livier step Of toll and buster mar
OF traffic. Make il authoritative an,
real. and the rock will be struck tha
shall gratefully supply a languishinl
people. Mr.. President, il may be said
IL this remedy is TO be found througl
the aid Of the pending amendment, VIII.
not make il sooner eiectual by fxinI
an earlier day than October l, next, 70
il 10 be operative? Why not fix it Jul.