The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-04-18
'4IlB. BgMOCR1TIg -FREyy.
PUBLISHED EACH THURSD Y
Il II R M g.


General Ewing OF Ohio, In -N6M.
York city as member OF q sub-com
mittee of the House, had q conference
with prominent bankers and capital
lists on Friday, on the subject Of re-
sumption. OF course they were AL IN
favor of Sherman's policy and insisted
resumption was possible BY the firsf
of January. Opinions differed as TO
the amount of gold in the country,
some putting it as high as a$150, Co.,
600 aud others at $l35, 900, goo. Other
estimates make the coin in the country
gold and silver-about $l8O, ,OO0, 600.
There seems to be no disputeI that the +
obligations which might be offered for
redemption wonld aggregate two
thousand millions. Ofthis sum $780,.
100000 are legal tenders; $3UO,OOU,OUO
in bank deposits, SC. The vital ques- .
sumption with the demand claims, for
coin, in the proportion to the coin In
the country as eight is to one. General
Ewing takes the position that no ma
tion has ever. resumed specie payment
unless the amount OF coin in the
country and available for the purpose
was at least equal to the outstanding
paper circulation whose redemption
might be demanded. This is the exc
perience of other nations Of the world.
In France we lately saw that the day
Of resumption was put off until tho
requirement that there should be .
franc in coin behind every franc In
paper was fully met, though coin cir- I
culated freely in the nation at large
before this. At the present time we
have, as stated, about $lSO,OOO,OOO in .
coin in this country. Now, be it re-
membered that our paper circulation,
is $3.50, ,OOO, ,OO0-in other words, there
are eighteen dollars in coin to sixty
five dollars in paper. In 1851 the gold
and silver coin in this country was
$3.50 900 600 and the bank note circula-
ton was S2O2 600. .O0O-that 10, at that
time we had $25Oin coin to every $202
in paper. At the present time in
England there is estimated to be the
equivalent of $64O, ,OO0, 900 in circula-
tion of which $5O0,OO0,O00 ia in coin
and only $40. 600 GOO in paper. If we
go upon the experience of France and
England resumption next January IL
impossible, simply because there is not
available for the purpose.
But even while the government may
be able to resume, aud we presume it
could do that at any time, 30 far as its !
own oblie ations are concerned, the
national banks will not be able to do
80. The Graphic, commenting Onthis
point, recalls the fact that while the
sOlvency OF the Treasury is undonbt-
ed, il might easily happen that design
ing men might make raid on ten or
twenty, or one hundred of the 1000
national banks and compel them to
suspend. A difference of one. eighth
between coin and national banks could
cause a "run." A chain is only as
strong as its weakest link, and if re-
sumption breaks down when the ma
tional banks try it it breaks down eve
erywhere. Secretary Sherman him.
self does not seem to have any conf.
dence in our ability to completely re-
aume next January. He has an idea
shat he can pay gold for all the green
backs that may be presented, but asks
authority of law TO pay out those
greenbacks again. England postponed
her day of resumption three times,
and when it came was at day earlier
than the law fixed. This shows the
question of resumption is entirely in.
dependent of law, except the laws OF
trad ;. It was a solid truth in the
St. Louis platform, that the Resump-
| ton law was an obstacle instead OF an
aid to the specie basis. 1t curtailed
| and demoralized the business of tho
| country, sent thousands into bank
ruptcy, and is largely responsible for
starvation wages and unemployed la
bor.-[ Pittsburgh Post. e. 80 IA.