The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-04-19

body having been afforded an opportunl'
ty 10 resist its passage.
There are many reasons why the oeu-
ate should act promptly IN this matter
In the "interview OF the Committee on
Finance of the United States Senate with
Hon John Sherman, Secretary OF the
Treasury. in regard to the repeal OF the
resumption act" we are told by the Sec
rotary of the Treasury that since the
passage of the resumption act the green
back currency has been contracted, IN
round numbers, $34,0O0.OOO That the
National bank circulation has been con-
tracted $25, 900, making sum in the
two currencies of $50 100000, or, IN
round numbers, about S6O,OOO,OOO ana
that the increase 10 the reserve OF the
National banks has been S3l, OOO,OOO, SO
that in that length oftime the circulating
medium of the country has been dlmln-
ished S9I,OOO,0O0. Thus, according to
his own statement, taking the figures
that he has given US, and which
we find also in the report OF
the Comptroller Of the Currency
and the finance report of the Secre-
tary of the Treasury, there are issued
and outstanding to day, green backs,
about S348,OOO,OOO, and Nationsl-bank
paper $209,O00,000, making In the sg-
gregate $647,OO00000. The National
banks alone have in their vaults as re-.
serve fund the enormous sum Of S22O,'
100000, q reserve fund drawn from the
circulation of the country, which sub
tracted from the amount OF S64I, OOO,OOO,
the aggregate amount OF the National
bank paper and the green back currency,
leaves only $427, 100000, and If you SUBJ
tract from that the S35,000,000, which is
about the usual amount OF currency thst
is kept in the National Treasury, you
have in circulation to-day on y $685.
100000 for all purposes, and if you sub.
tract from that about 10 per cent, that
has been lost by fire or otherwise, you
will only have in circulation for the use
of the people of this country s35OOOO, 600.
Is it any wonder then, ask, that we
should have the financial paralysis that
is now prevailing this whole country
from one end TO the other with only
$350000,000 of greenbsck and National
bank paper in circulation?
The Secretary OF the Treasury tells US,
in this same interview, as l said mo-
ment ago, that the National banks had in
round numbers $220,000,000 in their
vaults in reserve; as a reserve fund tor
what? Why it is held in reserve2 1t
is to prepare for this great day, the lst
day of January, 1879; and what is more
remarkable in that simple statement OF
his is that this S220,0O0,O00 that is held
in reserve is $84,000,00O more than the
law requires the banks to hold in reserve.
Why, l ask you, Mr.. President, are the
National banks keeping locked up In
their vaults $84,00O.000 more than the
law requires2 Simply for the
purpose OF getting ready to meet the ex-
igenc.es of the occasion on the frs! day
OF January 1879. l say when we see
contraction going on at this rate 1t IS
high time that this act should be re-
pealed, and that this sword of Damos!cS
should be held no longer over the heads
of tho people. If 1t is to continue, Mr.
President, at the same rate that has been
gong on, the paralysis will continue and
bankruptcies will increase throughout the
length and breadth of this land.
| will not take the time, Mr.. Presi-
dent, to give additional reasons why this
act should be repealed, and repealed i'm
mcdiately; but l shall content myself
for the present with having given some
of the reasons which induced me to IN
troduce this resolution, and l now give
notice that shall, urles: the Senate de
sire to act upon it sooner, ask tor vote
upon this resolution tomorrow.