Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-06-22
SPECIE RESUMPTION DEEE ArED.

In the last hours Of the session of Con-
gress at least one important measure was de-
feated by the Republican Senate which has
long been demanded by the people at large
to fully establish the credit and faith Of the
government. The Democratic House of
Representatives had passed, by decisive
majority, bill making the currency of the
United States receivable for duties on i'm
ports and in payment for bonds of the
United States, thus placing greenbacks on
an equality with gold, on and after the lst of
October next. The bill came to the Senate
for concurrence on Wednesday last, where it
was read the first time and objection to its
consideration entered, by which means it
was defeated for the session. Senator Voor-
bees, of Indiana, did all in his power to Sc
cure its passage, but his efforts were una
vailing, as the rules Of the Senate prevented
its consideration except in its regular order,
which could not be reached.
This is another sample of the insincerity
of the professions of the Republican party.
Ever since the war they have warmly es-
poused the cause of specie resumption, and
as long as it was impossible to attain that
object have been particularly fond of offering
measures with that end in view, knowing
full we'll the impossibility of bringing it
about. But now, when gold and greenbacks
are almost at q par, and specie re-
sumption is possible, they persist in
giving fictitious value to gold by insisting
that it alone shall be receivable for duties
and in exchange for bonds. The bill passed
by the House was designed and would have
had the effect of increasing the value of the
governments promises to pay, and would
have practically and at once brought about
specie resumption. For, once make green
backs the equivalent of gold for all purposes
for which gold alone is now receivable, and
the difference in value between the two will
be wholly obliterated. People do not want
gold. What they desire is currency that is
receivable in payment of all dues of what
ever nature, and it was to secure this cur
rency that the House bill in question was
passed.
The action of the Senate in this matter
proves that the influence of Wall
street spectators in our national
councils is still potent. Destroy
stroy the premium on gold and you destroy
their occupation. Hence they object most
strenuously to any legislature that will
bring about this result The so-called re-
sumption act, which goes into effect on the
lst of January next, does not effect this re-
suit. 1t does not enable the importers to
pay their duties in greenbacks. They must
first go to the trouble Of exchanging them at
the treasury for gold, and with the gold pay
their imposts. This species of cir
cumlocution is designed to still maintain
the gold premium, and the pretense of
specie resumption is simply sham. The
only way that our currency can be made the
equivalent of gold, and resumption be in
reality attained, is to make greenbacks an
absolute legal tender in payment of all
debts, both public and private. It is this
sort of resumption that the people want, but
it is not the sort that the Wall street specu-
lators or their creatures in the Republican
Senate want. The hypocritical pretense of
Republicans for specie resumption was never
more forcibly illustrated than in their treat
ment of the House bill to increase the value
of the national evidences of debt and estab-
lish our credit fully both at home and
abroad.