The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-04-25
The Passage Of the asesumPtion
ACl q Greal Crimea

{ Z - : Fl
What the threat of the perricious
Resumption Act has done and IL doing
with the volume of currency may bs
learned from the published intervit "
Of the Committee on Finance of the
United States Senate with Mr.. John
Sherman, Secretary of the Treasury,
March -, 1873.
When the Resumption Act was
passed (January IA, 1879, the out
sanding grcenbacks amounted to
$685.. .OO0.C0O. March l, 1878, they had
fallen to $34S,6lS.O24. Contraction in
three years, s33 3Sl, ,796. page 5.
Pamphlet copy.
December IL, 1875, the outstanding
National Bank notes amount to $346,-
479, 1855. February %, 1878, they
amounted to $299,240,475. Contrac-
ton in little over two years, $47,-
239,2S page 5, Pamphlet).
Since the passage of the Resumption
Act, the contraction of the greenbacks
and bank notes, amounted, March 10,
1878, to the sum Of $8O,62l ,227, or an
average of $26, 6,S73, ,752 each year.
Mr.. Sherman estimated that, de-
lucting those that may have been lost
or destroyed, and those held for out
standing bank nOtes-of banks in pro-
cess of liquidation-the aggregate Of
bank-notes and greenbacks was ct
that date March I8. 1879. S643 Co.,
600. page 6, Pamphlet The amount
of silver circulation February %, 1870,
was $3S, ,479, 1903. page 6, Pamphlet.).
Let us ascertain from these data how
much money was in circulation among
the people at that date of that inter-
view,
Greenbacks and bank-notes out
standing seq WUOy ~ J..
silver 3s.4DSS
$ss, 47s sOs
Deduct bank reserve page 12)......-. ss0.a7s ~;
Total cnI rency among the people,. .o0 ~. oos
So much for the facts and figures
furnished by Mr.. Sherman in his inter-
view with the Committee on Finance
II the Senate, March 10. 1873. They
tell Of the steady contraction of the
currency that has been going on since
The passage of the Resumption Act.
The cause for the continued hard
times, and the failures and bankrupt
sies that are constantly occurring, can
he found in Mr.. Sherman's facts and
figures. A constant contraction 0fthe
:; rrency has been going on preparatory
% resumption of specie payments. the
existence of that perniciOus act on the.
statute book has been . discourage
anent to enterprise and business. Eve.
ry body knew that resumption meant
contraction that resumption could
not be without severe contraction, and
therefore, no person chose to do busi-
ness, to any extent. on . falling mar
ket, extend his business, or engage in
any new enterprise. Nor was that the
worst effect of the perniclous act. 1t
compelled the closing Of furnaces,
mills, manufactures and other indus
trial pursuits, because to continue
work could only be done at a loss.
Thousands and thousands of working
men were thrown out Of employment,
ind themselves aud families left to
destitution and want. Business fail
ures succeeded failures more rapidly.
BANKRUPTCIES multiplied, crimes in.
creased ssShe jails and penitentiaries
overfloWed, and suicides became pain
fully frequent. Moral decentralization
was never go widespread, and never
before reached SO near the very heart
of society. The passage of the Re-
sumption Act was great crime.
There was no public necessity for it.
There was no call for it except by
money sharks. It should be repealed
without delay, for, if continued, this
misery, justly chargeable to its &C.
count, has not been half told.-[Enq.