The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1878-04-25
The Question Of Resumption.

W. c. Woodmun: DEAR SIK-The
House Of Representatives have direct
ed the Committee on Banking aud Cur
rency to ascertain the amount of gold
and silver coin and bullion now, or re-
Gently held by the banking institutions
of the United States, and such other
facts as in its judgment will tend to
inform the House when and by what
method it will probably be practicable
and consistent with the public welfare
to resume specie payments.
The committee will be pleased to re-
ceive your views on the question
whether it will be practicable and con-
sistcnt with the public welfare to re-
sumo specie payments on the first OF
January, 1879.
Very respectfully, yours,
a. H. BUcKNER,
Chairman of the Committee on
Banking and Currency.
The following is the reply to the
above letter, copy of which it seems
has been sent to bankers throughout
the country:
WICHITA, April 10, 1873.
Hon. A. IL. RuckRer, Chairman OF the
Committee on Banking and Cu'ren-
ca, Washington, ID. Z.
DEAR SIR:-It affords me profound
pleasure to receive at this moment the
circular of your esteemed committee,
as it extends to me an opportunity of
presenting to you the essential details
of years of profound thought upon
subject which it is the especial prov
ince of your committee to consider.
and which | have devoted some weeks
in LAYING before prominent CONNER
cial organizations chiefly west of the
Alleghanies They have ever met
with the prompt sanction OF all class
es of men, with the solitary exception
of some bankers and bond and gold
manipulators, W hose personal interest.
of course, it is to maintain the present
financial confusion, and whose field of
iilegitimate gain would be invaded by
the adoption of the provisions of the
system | have proposed, as to-day pub
lished for the first time, and | hasten
to send you two copies of it by this
post. begging forit, at the hands Of
your committee, calm and careful
perusal, aud mental digestion. As to
my mind, its provisions, if adopted,
NOT ouly provides for the question OF
resumption fully and permanently,b but
covers many points no less potent in
the interest of the country at this, Its
most unhappy moment.
A legislative sy stem of changed tao
tics, looking to an early restoration OF
the industries of the laboring classes,
is the only ward for brewing storms
of discomfort among The masses that
may result in coufusions fatal TO the
very life OF this republic. Stimulated
by these views and apprehensions. /
have conceived the theories presented
in the published speech herewith
present you, praying for it the careful
and meditative investigation the put
lie at large so fully conceive to be its
due.
In reply to your direct question as
To the amount of coin held by our
bank April l, we report; $3.50 in
gold. two American dollars, one of
which we paid TWO paper dollars for
in February, as curiosity, 10y adver-
Using for it, and some $50 subsidiary
silver coin. We have good reason To
believe the Mississippi Valley holds
but mere pi'tance OF standard gold
and silver coin. Kansas should per-
haps have s much as any other other
State, having had large foreign emf
rrst OF. o few of VIII m do not sell
their coin IN New York OF arrival,
but with all told the State olds but
thin 81 adow of t, for it IS sent east
q ID sold as soon rs it appears in the
market.
tbs our ,idiny onviction tina. dis
honor and bankruptcy is certain i'm
peudence upon f reed resumption. So
l,ng as there is turrcncy in circulation
Wit which to demand gold in pay
ment from the treasury, SO long will
a be demanded, AID the gold re-sold