Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1878-04-18
Washington,
nrSoUHII LAV4. -, 4,..-.r

New York advices of the 10th state
that there is probility of immediate re-
sumption at the city banks. The only
thing remaining to consummate the act
of 1875 is the taking out of sixty mil
lions of new bank circulation upon
which the greenback issue OF the
| treasury will be reduced before the
first of January to a fixed minimum of
$500, 100000, and we understand it is in
contemplation to make up the list to
be taken out in coin in proportion to
the sales ofthe new Il per cent. bonds,
by first national and Anglo-American
syndicates by monthly installments. The
amount of government bonds which this
movement will require to be lodged
with the bureau of currency at Wash
ington, is $67 100000.
The Bulletin says the syndicate has
already sold overthree millions of a
per cents.
THE SENATE ON THE RESUMPTION ACT.
Washington advices of the 18th inst,
state that the exact position of the SEN
ate finance committee upon the bill to
repeal the resumption act, and upon
questions affiliated to it, is undoubtedly
this: The committee, with two excep-
tions, will report against the house bill,
which provides for an unconditional re-
peal of the resumption act, and will re-
port substitute embodying the features
embraced in the four points here cited:
1. -Four per cent. bonds shall be ex-
changeable for legal tender notes at
par.
The vote upon this proposition was
unanimous, with the exception of
Dawes, who is in Massachusetts, and
did not attend the meeting.
2. Lega[tender notes, on July l,
1878, shall be receivable for custom dues.
The vote upon this was five ayes to
two noes.
8. That section of the resumption
act which provides for the retirement
of so per cent. of the circulation shall
be repealed.
Upon this the vote was five to three
4. The resumption act is to be con-
strued to mean that legal-tenders shall
be reissued after redemption Jan. J.,
1879, and shall not be destroyed.
Upon this the vote was five TO three
The Committee did not decide as to the
total volume of legal-tender notes to be
kept outstanding. Senator Allison is to
embody the points indicated in a bill,
and to report to the Committee Tues
day.
THE TREASURY.
A Washington dispatch to the associ-
ated press of the 10Th inst, says the in
dications at the treasury are that the
currency balance at the beginning of
next month will show not less than
81 100000 and the coin balance will be
largely increased from the first of the
present month.
THE PACIFIC RAILWAY BILL.
A Washington press dispatch under
date of the 18th inst, states that repre-
sentatives of the Union Pacific and Cen
| tral Pacific companies evidently fear
| that the Thurman sinking-fund bill will
pass the house without even reference
to committee The tactics of the op-
position are to have it referred from the
speakers table to the judiciary COM
mittee, for the reason that the Pacific
roads committee is favorable to the
| Thurman BILL The Union Pacific
people regard the Pacific Railroads
/ Committee as Tom SCOTS Committee,
and charge that the Scott interest is
| laboring to secure the passage of the
Thurman bill in order to injure its
rivals. Pending the preliminary con-
test over the reference between the
two committees, Cox, of New York, IN
timated his purpose to move to pass
the bill from the speakers table
without reference. whenever the par
liamentary situation permits it. SO the