Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1878-08-30

January, 1873 the Secretary of the Treasury shall re
deem, in coin. the United States legal tender notes
non al the office of the Assistant Treasurer OF tne
United States, in the city Of New York, in sums OF
not less than $50" This is the Odious resumption @
act wnleh Gen. Ewing thinks brought death iliO
the world, and all our woe with the loss OF Eden.
RESUMPTION NOT CONTRACTION.
By the continued force of natural laws since its
pasSge-tor 1t has not yet gone into eifect-the cur
reney has appreciated at the annual rate of the
per cent. until it has reached within = per cent OF
par. doubt having arisen whether, under It's
provisions, the Secretary OF the Treasury couId
again pay out these notes after redemption, secretary
Sherman entertaining the opinion that he could,
Congress, at its late session to remove the DOUBT
enacted:
THAT from and after the passage of this act, it
shall not be lawful for the Secretary of the Treasury
or other officer under him, to cancel or retire any
more OF the legal tender notes. And whenever any
OF the said notes may be redeemed received into
the Treasury under any law, or from any source
whatever and shall belong TO the United States tney
shall not be retired, cancelled, or destroyed, DuI
cuaton."
By this act the existing volume of legal tender
notes is made permanent factor in the circulation,
which not be diminished but will, after the 1st
OF January be of equal value with and exchange
able for, coin at the pleasure of the holder This IS
resumption. II permits neither contraction nor ex-
pahsion stability and exchangeabilty being its IN
flexible policy.
FREE BANKING.
The national banking law authorizes any number
of natural persons, who shall deposit in the Treas
ury bonds sufficient secure the people against loss,
to associate and engage in the business OF banking
OF notes which such associations might issue was
limited to S540O00OO. The act Of January IA, lts,
removed this limitation, and provides:
That each existing banking association may in
crease its circulating notes without respect to said
aggregate limit, and new banking associations may
be organized without respect to said limit in accord
ance with existing law
By this act national banking has ceased to be a
special privilege If the business wants OF any 10
men can associate their capital and supply the de-
mand as freely they engage in any other buS1-
ness requiring associated capital
BALANCE OF TRADE
BY economy, industry. and firm adherence 10 a
prudent and steady financial policy, the balance OF
trade with foreign countries, which had heretofore
been against u.s. is turned in our favor, and an
nually exceeds $3.50 600 OOO By the expectation of
home products in excess of purchases abroad, the
foreign drain upon our coin resources has ceased.
Hitherto this favorable balance of trade has been
satisfied by the return of our bonds held abroad
But this of satisfying it will cease, when
the current of coin will begin to flow in.
PRODUCTS OF THE MINES.
The annual production of the gold and silver
mines of the country exceeds SS4, 1000 With
favorable balance OF trade preventing the foreign
drain of the precious metals, this annual produe-
ton alone can not fail in brief period to largely
and permanently augment the volume OF coin cir
culation
These are the existing conditions and this the
financial situation, which the Republican
platform asserts are sufficient to and will,
if unvexed by the agitation Of financial crusaders,
revive confidence, restore the equality of money
values, stimulate the industries, and re-establish
prosperity on solid and enduring basis.
A COMPARISON.
Before the war the volume of paper currency was
less than S210 000,000 now it is nearly 900
Then its per capita amount was lest than seUeR dOt
lars; its per capita is only fraction less than
SIS. Then tie per capita amount of both currency
and coin was less than SIS; their per capita
ceeis So Then the per cent bonds of the govern
ment were at II Der cent. discount; now its per
cent bonds are at par. Then the government was
under Democratic rule; now it is under Republican
rule.
FLUCTUATIoN OF CURRENCY.
The following official statement, furnished by the
Treasury Department, shows the volume of the pa
nt the seueral rerinds Sta ted.