The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-09-12
(For the DEMooRAT)
REVIEW OF M'KTNLEY'S SPEECH

produce IL DbCdub6 III 10 hO liVIlo hhC"~l
90 that the people can see for themselves
that what we have said is true, and Tor
the purpose of further exposing MChin-
Lewis political dishonesty. We omit the
second section, as it only refers to the
charge for coming bullion.
SEC. /. Be IL enacted &C,-That the Secretary oi
the Treasury Is hereby authorized ana required
az rapidly az practicable TO cause TO DC coined ~
the mints of the United States, silver coin OF de'
nominations of ten, twenty-five, and hlty Genus,
of standard value, and to issue them III reuemp-
ton Of an equal number and amount oi iiaCtph bIs
al currency OF similar denomin alton; OF, az nis
discretion, he may issue such silver coin tnIough
the mints sub.treasuries, public repositories ana
post.ofices Of the United States, and upon suCn
issue he Is hereby authorized ana required 10 Ie
deem an equal amount Of such fractional curren
cy until the whole amount OF currency outs1anu'
ing shall be redeemed
SEC. /, Part l.-That section 5,777 Of the Revised
Statutes OF the United States, limiting lhe aggre
gate amount Of the circulating notes OF Nat0nsi
Banking Associations be and is hereby repealeu
and each existing banking association may IN,
crease It's circulating notes In accordance WIN
the existing law without respect TO said aggregate
limit. and new banking associations may De or
ganlzed In accordance with the exl5tlng law,
provisions Of the law for the withdrawal and re-
distribution Of National currency among me sew
eral States and Territories are hereby repealed
Part2.-And whenever and SO often as clrcula.
ting notes shall be issued to any such banking as
ISOLATION 80 increasing It's capital or circulating
notes or so newly organized as Aforesaid 1t shall
he the duty of the Secretary Of the Treasury TO re-
deem the legal tender United States notes In ex-
cess only OF S300000 900 10 the amount OF eighty
per centum Of the sum OF National bank'noteR so
Issued to any such banking association as afore'
said and 10 continue such redemption as such
circulating notes are Issued until there shall be
outstanding the sum Of S3O00O0000 Of such legal
tender United States notes and no more.
Part Sand on and after the LIST day OF Janu:
ary A. D. 1879 the Secretary Of the treasury snail
redeem in coin the United States legal tender
notes then outstanding on their representation
for redemption at the office of the Assistant Trea-
surer Of the United States, in the city Of New
York, in sums Of not less than $50.
Part 4-And to enable the Secretary OF the Irea-
sury to prepare and provide for the redemption
In this act authorized or required, he is author
| lied to use any surplus revenues from time 70
time in the Treasury not otherwise appropriated
and to ISSUE sell, and dispose OF at not less than
par In COIN either Of the description OF bonds OF
| the United States described In the act OF Con-
gress approved July H. 1870 entitled an act to au
tnorize the refunding Of the National debt with
like qualities privileges and exemptons, TO the
extent necessary to carry this act into enect and
10 use the proceeds thereof for the purposes
aforesaid.
Part Sand all provisions Of law inconsistent
with the PROVISIONS Of this act are hereby re.
pealed
1t will be seen that the words redeem
and redemption are similarly used in
section one, providing for the redemp-
tion of fractional currency; part 2, sec. 3
providing for the redemption of green
backs in excess of $900,000,000 prior to
Jan. l, 1879, and part 3, sec. 3, providing
for the redemption of the $4,000 900
after Jan. |, 1879. Now we fully know
what redeem" means in the lst section.
We know that the fractional currency
has been effectually redeemed" out of
existence. Mckinley and all Republi-
cans admit that redeem means the pay
ment and destruction of greenbacks in
part 2, sec. 8, and $36,0O0,000 have been
redeemed under it out of existence. Now
the words redeem and redemption in
part 3, Sec 3, in connection with the
$500, 100000 are used just the same with
out any qualifying, limiting or restrain
ing words, and hence must mean the
same, the payment and destruction Of
the $300,000,000 of greenbacks. This
is placed beyond doubt by part l., sec.
8. Had Congress intended only to retire
from circulation the greenbacks in ex-
cess of $300,000,000, it would only have
authorized the increase of bank notes to
the extent of that excess, but as the law
is, banks are made free, 30 that bank
notes can be issued to replace all the
greenbacks. To further show how the
government understood the resumption
act, we give what the Secretary OF the
Treasury, Morril, said in his report to
Congress message and documents 1867,
page 81:
"By the act OF Jan. 1875 resumption
"act), Congress declared the purpose of
resumption of specie payments Jan. l,
1879, and to the end, and in execution
"of the pledge of the act of 1869, provid-
"ed for the redemption of the United
Estates notes, and for the issue of Ma
"tional Bank notes in lieu thereof, and
"thus, amid conflicting theories, declare
"in effect monetary system combined
"of coin and National Bank notes re-
"deemabe in coin at the option of hol-
"der, in harmony with the Constitution
"and the traditional policy of the Amer
'ican people"
"By this legislation it will beseen that
"the United States is fully committed to
"the resumption Of specie payments on
"a given day in Jan. 1879, by the method
"of resumption of United States notes
"as lawful money, and the substitution
"therefor of National Bank currency, the
equivalent Of coin by its convertibility
"into coin on demand"
And again, (page SO, 1870.
"That policy which tolerated the con.
"tinuanCe of these notes as money after
"the close of the war must be regarded as
"a public misfortune. At that time they
"were, according to original design, and
"by the logic of their existence, to be
funded as an obligation Of ofindebtedness.
ITO be embodied with the public debt,
"and not to be treated or tolerated as an
element of national currency. They
"were to pass ont of the category of currency,
"and take their place with the public
"debt. Congress in 1879 treated them as
"a portion of the public debt, and pledg-
"ed the faith of the nation to their re-
"demption as such at the earliest praCtic-
"able period, aud the act of 1875 contem.
plated their redemption in Jan. 1879"
"By this latter act resumption act)
"the policy of speedy resumption of spe-
"cie payments is not only declared, bit a
monetary system for the United States clear
"Ly indicated, NTH provisions for the redemp
''tiOn of irredeemable paper, current as mon
"egJ, and the issue in lea thereof of National
Bank notes, redeemable in coin, at the
"option of the holder, and return by
'that method to the metallic standard of
"the Constitution"
So Secretary Bristow in his report to
Congress in Dec. 1875, is equally emphat-
ic. He discustes es the resumption bill at
length and suggests additional measures.
He adVices, as preparatory to resump-
ton, using his own words, that "Con-
''gress should abolish the legal tender quality
"Of the notes as to all contracts made ard
liabilities arising after fixed day. The
"1st day Of Jan. 1879, being already fixed
"by law as the time when the redemp-
"tion of the United States notes, then
HOutatandinO ahall hpuin II vUould ha