Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-10-31
.ELMONT CHRONICLE
ST. GAINESVILLE OHIO.
THURSDAY, OCT. 81, 1873.


THURSDAY, OCT. 81. 1878.
TIE Pittsburgh papers report meeting at
the little town of Anchor, Ohio, held last
week in the interest of the Chicago & Attain
tic Narrow Gauge Railway Company, which
is engaged in constructing line between Chi
cago and Pittsburg mainly with subscriptions
Obtained from the farmers and townspeople
along the route. General Negley, of Pitts
burg, addressed the meeting. He said the line
from Salem west had been decided upon, and
also from the mouth of Compromising
creek on the Beaver river to Pittsburg. His
visit was for the purpose of viewing propos-
ed line from Salem to the Beaver. The new
road would, he informed the meeting, cost
not over Sl2, 900 a mile, while the cost of the
Fort Wayne road, with which it will compete
was 800, 900 a mile. He predicted the early
extension of the narrow guage to New York
City.-Cleveland Herald.
Orr South Carolina correspondent seis
forth some facts in his letter from Columbia
printed this morning which are worthy of at
tention. He shows that the excuses which
were formerly pleaded by the violent portion
of the Democrats in that State for their op'
preston of the negroes no longer exist. They
are not under "Radical" rule. The negroes
do not require to be repressed in order tc
break down a corrupt administration, or to
regain the controi of the co urts, or to secure
proper performance of the functions OF the
local officers. If the Republican leaders,
black or white, are guilty of the crimes
charged against them, the entire legal ma
chinery of the State is in the hands of the
Democrats The offenders may be brought
to trial, judged without favor, and punished
without fear. Yet, with all the means in
their possession to carry any legitimate ends
by lawful means, the white Democrats are as
violent, as cruel, and as cOwardly as ever in
their warfare upon the negroes, and upon
whites to dare to call themselves Republicans.
In this shameful policy-for policy it is, de-
deliberate, concerted, and avowed-they meet
with no adequate resistance or even restraint
from the officers of the Federal Government,
who are apparently helpless in the presence of
these arrogant and oppressive defers OF the
law. The empty protcstations Of the Prtsi-
ent are mere subject for laughter in South
Carolina, where the fire'eaters reason very
simply, 'sThe President is under Hampton's
thumb, and Hampton is under ours"
IN reply to recent inquiries as 10 the circu'
culation of National banks and as to whether
the greenbacks redeemed after resumption
will be ressued, Assistant Secretary French
has written letter setting forth the following
facts
Flrst-That the loss of the circulation of
Natianal banks falls upon those institutions,
and not upon the Government or people. A
National bank can not reduce its circulation
without first depositing in the United States
Treasury greenbacks to an amount equal to
the proposed reduction. These greenbacks
remain in the Treasury till the reduction is
effected When National bank goes into
liquidation, either voluntary or involuntary,
greenbacks to the full value of the circulation
of the bank are placed in the Treasury and
are permanently held there for the redemp'
tion of the banks notes. The word ''perma.
nenty" is used in the sense that, even if some
of the bank notes are never presented for re-
dempton, the deposit of legal tenders cover
ing the amount that is not presented, still re-
mains, and is not returned to the bank; what
ever of loss may result falls upon the bank,
while the Government is correspondingly ben |
Gifted Nothing illustrates more completely |
and strikingly the value of our present cur
rency, standing as it does to-day practically |
at par with coin. No human being has ever
lost a dollar from being caught by the failure
of National bank whose notes he held. The |
notes are just as good after the bank has fail |
ID as they were before, and when its solvency |
was unqucstoned and unquestionable, for the |
simple reason that the Government holds Sc.
curity for the bank notes, which security can |
not possibly be affected by any thing that may |
ha ppen to the bank.
AS to the retirement of greenbanks, Mr. |
French refers his correspondent to the act of |
May 81, 1878, which directs in the broadest
possible terms that all greenbacks that may
hereafter come into the United States Treas
ury, from whatever source, shall be rei>sued
and kept in circulation.
Under existing laws. the circulation of Ma
tional banks is limited only by the demands of
trade. The business of banking is open to all
who can furnish the security to protect the
holders of their notes. The wisdom Of this
is apparent There is no danger
that the circulation of paper money will ever
become redundant. As long as the greenback
dollar is kept at par with coin the volume of
legal tenders will remain tndisturbed. When
the time comes that more money can be used
proftably, capital will organize banking in
stitutions for its use.