Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-05

January 1873 the Secretary of the Treasury shall
deem, in eoin the United States legal tender notes
then outstanding their presentation for redenp-
ton the Office OF the Assistant Treasurer of the
United States in the city of New York, in sums OF
not less than $50" This is the odious resumption
act which Gen. Ewing thinks brought death into
the world, and all our woe with the loss OF Eden"
RESUMPTION NOT CONTRACTION.
By the continued force OF natural laws since its
paSSage-for it has not yet gone into eectthe cur
rency has appreciated at the annual rate of the 2
per cent until it has reached within = per cent OF
par A doubt having arisen whether, under It's
provisions, the Secretary of the Treasury could
again pay out these after redemption Secretary
Sherman entertaining the opinion that he could,
Congress, al It's late session TO remove the doubt,
enacted:
That from and after thspassage of this act, ii
shall not be lawful for the Secretary OF the Treasury
or other officer under him, TO cancel or retire any
more OF the legal tender notes. And whenever any
OF the said notes may be redeemed or received into
the Treasury under any law, or from any source
whatever and shall belong the United States they
shall not be retired, canceed, or destroyed, but
shall be received and paid out again and kept in cir
culation."
By this act the existing volume of legal tender
notes is made permanent factor in the circulation.
which not be diminished, but will after the 1st
OF January, be of equal value with, and exchange
able for coin at the pleasure of the holder This is
resumption II permits neither contraction nor ex-
panslon stability and eXchangeabiity being Its In
flexible policy.
FREE BANKING.
The national banking law authorizes any number
of natural persons who shall deposit in the Treas
ury bonds sufficient TO secure the people against loss
TO associate and engage in the business OF banking
and issue circulating notes Formerly the amount
OF notes which such associations might issue was
limited to SS5i 600 QUO. The act OF January A. l6S,
removed this limitation, and provides:
That each existing banking association may in
crease Its circulating notes without respect to said
aggregate limit, and new banking associations may
be organized without respect TO said limit In accord
ance with existing law"
By this act national banking has ceased TO be a
o.
cty demand an increase OF circulation its business
men can associate their capital and supply the de
ness requiring associated capital.
BALANCE OF TRADE.
By economy industry, and firm adherence 10 a
prudent and steady financial policy, the balance of
trade with foreign countries, which had heretofore
been against us, Is turned in our favor. and an
nually exceeds $3.50. 00O By the expectation of
home products in excess of purchases abroad, the
foreign drain upon our coin resources has ceased.
Hitherto this favorable balance of trade has been
satisfied by the return of our bonds held abroad.
But this source OF satisfying it will cease when
the current OF coin will begin to flow in.
PRODUCTS OF THE MINES.
The annual production of the gold. and silver
mines of the country exceeds SS4 900, 600. With a
favorable balance of trade preventing the foreign
drain of the precious metals, this annual produc-
ton alone can not fail in brief period to largely
and permanently augment the volume of coin cir
culation.
These are the existing conditions, and this the
financial situation, which the Republican
platform asserts are sufficient to and will
il unvexed by the agitation of financial crusaders,
revive confidence, restore the equality of money
values. stimulate the industries, and re-establish
prosperity on solid and enduring basis
A COMPARISON.
Before the war the volume of paper currency was
less than $40 0O0000 now it is nearly 500 900 000
Then its per capita amount was lest than SeUen dol
lars; its per capita is only fraction less than
SIS Then tie per capita amount OF both currency
and coin was less than SS now their per capita ex
ceeis Sd. Then the per cent bonds of the govern
ment were at u Der cent. discount; now its per
cent. bonds at par. Then the government
under Democratic rule; now it is under Republican
rule.
FLUCTUATIoN OF CURRENCY.
The following official statement, furnished by the
Treasury Department, shows the volume of the pa
per circulation at the several periods stated: