The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-07-24

divisions In our camp about money ma
tiers while our old enemy Is revivlng II
lost cause and Is sapping and mining Ii
National Government.
Mr.. Sherman, after referring TO the pan
Of 1873, and the causes which brougt
about the crisis In the financial and indni
trial affairs OF the country, which EVENT.
ally led to the passage Of the resumptio
act, spoke Of the
- SUCCESS or RESUMPTION.
Let us now examine which OF these OF
posing opinions has been proved to b
true by the test OF experience.
The success OF resumption depended en-
tirely upon the ability OF the United States
by the time fixed, 10 accumulate In tn
Treasury an amount OF coin sufficient Il
meet any demands likely to be made upol
It. This coin could only be obtained b,
surplus revenue, or by the sale OF Unitet
States bonds, full authority for which wa
given by the resumption act, In April
1877, 1t was announced by the Admins
tration that from the first OF May the
Treasury Department would accumulate
coin at the rate Of q, ,000, 900 q month, and
accordingly that sum was set aside from
the sale Of A per cent bonds, up to the
LIST Of July.
The very announcement OF the purpose
70 resume, with definite plan OF resump
tionat once had reviving effect upon the
public credit, increasing the sale OF Al pet
cent bonds. This induced the Treasury
Department on the 23d day OF May, 1877,
to withdraw the a per cent bonds, and
on the 9th Of June, 1877, to place the
per cents upon the market TO be sold al
par in coin, both for refunding and re-.
sumption purposes. This was critical
experiment, the expediency OF which was
gravely doubted by many friends OF re.
sumption, but it proved perfect success.
THIS course was pursued until November,
the price OF coin constantly declining and
confidence steadily improving, when Con.
gress met, and bill speedily passed the
House OF Representatives to repeal the re.
sumption act, This and other proposed
measures affected seriously the public
credit, and stopped the sale OF bonds as
with clamp. An examination OF finan.
cial problems by the committees OF both
Houses and the debates in Congress caus.
ed the Senate to refuse the bill for the re.
peal OF the resumption act, and finally
prevented the passage OF any bill that
would cripple that act, and left the Exec.
utiye authority to pursue its duty as pre-.
scrlbed therein.
On April s, 1873, the Department was
again able to resume its policy OF pur.
chasing coin by the sale Of Al per cent
bonds, and shortly afterwards TO COM
menCe the sale OF 4 per cents for refund.
ing purposes, and this policy was steadily
pursued to the end. During the process
coin constantly declined and the sale of 4
per cent bonds steadily increased. In
1878 we sold $50, 100000 4! per cent bonds
at premium Of /! per cent, and Sl2S,-
6S5, $50 4 per cent bonds at par. Ninety
million dollars Of the proceeds of bonds
sold in 1877 and 1878 were held in coin as
a part OF the resumption fund, and the
balance was applied to the payment Of 6
per cent tive.twenty bonds. At the end
of the year 1878, and before Congress had
convened, we had thus accumulated, in.
cludlng surplus revenue, coin reserve OF
SlSS, 100000. Resumption had practically
come one month before the day fixed by
law, as quietly and TRANQUILITY as vessel
would float from the river into the
ocean. Our notes were no longer at a
discount They are at par with coin. The
same money was paid to the laborer, the
farmer, and tho bondholdcr, and all as
good as the best coin issued from the
mint. On the lst day OF January, and OH
every day since, both gold and silver have
been ready, and have been paid tO every
holder OF greenback who desired. So
complete was the success OF resumption
that all the notes presented for redemp.
ton since the lst OF January, and prior to
the lst OF July, amount to 81, ,076, sos, while
gold coin has been freely deposited in the
Treasury in exchange for United States
notes. The total amount OF gold coin and
bullion in the Treasury on the I'd day OF
January, 1870, was $l35, ,3S2,6 $50 AZ. On
the lst day OF this month the amount OF
such coin and bullion was Sl35, ,4S6, ,474 62;
and the amount OF silver dollars has in.
creased from $l6,607,3 ,3SS in January to
s2S, 1851 July |.
The law provided for the redemption Of
United States notes only ut the sub!Treas.
ury at New York, and captious critics,
who said that resumption was sham, oh.
)ected that notes were not redeemed in
other parts OF tho United States. But, in
fact, resumption did occur in all parts OF
the United States; and in the far west, and
In California, greenbacks rose TO and are
now at premium. To remove the com.
plants oil few persons, that they could
not get gold coin in Philadelphia and
other cities, the Treasury has supplied the
demand forgOld coin whereverit has arisen,
but United States notes being redeem.
able in coin are SO much more convenient
for all the uses OF life that, in practice,
they are preferred everywhere, and are
now in full circulation and credit, not only
in every part Of the United States, but in
every leading European city, and in the
islands OF the Pacific ocean.
RESULTS OF RESUMPTION. ".
Let US now see what have been the 10.
gitimate results OF resumption.
Since the LIST OF January, and prior TO
the LIST OF July, 1870, We have paid about
81 100000 coin certificates with United
States notes, and have paid SllO, sol, lO00S
United States bonds with United notes.
OF the enormous sum Of called bonds by
the Treasury, so far as Is known, not a dol.
lar has been demanded in coin, and thus
by resumption we have paid, and are pay.
ing daily, the tive.twenty and ten-forty
bonds in currency.
Priorto deinitepreparations Tor resump.
ton, it was impossible 10 sell four per
cent bonds OF the United States at par In
coin. Alter such preparations We were
able to sell in 1877, S75,000,00O four per
cents, and 1878, SIPS, BS5, ,450; but the mo-
ment that feRumntinn waa CnnonlaIa
the sale OF bonds increased with