The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-06-27
Gbs GnteILiaenttr,
,,o,r., So.. Is and ~ Fourteenth street
rhr Hon. John BInlr IIoRe on Resump.
finn

ul THIS Stute, WIS IAlcIS luLeENlOHeu kOuCu'
ingthc political issues Of the day. II
seems that he Is an inyalid-at least not in
very robust health-and he coniesses that
he has been 30 much engaged in his
official duties for some months past as not
to be very well "up" In current events.
On financial matters he seems TO be
especially in arrears. II he was not we
should suppose that he would hardly
make such declaration as the following:
will not resumption, Of itself, finally
settle the currency qustiOn?"
"RcsumptiOn2 Oh, that Is too long a
story. suppose IL is universally admit
ted that the splendid economy and SELF
denial which the disasters OF 1873 forced
upon the people produced their legitimate
effects upon the country. We ceased to
buy aud continued to sell. Instead OF be-
lns debtors to the world, we became It's
creditors, and were paid in gold
The large and continuing balances
of trade settled the question.
The resumption net had no more
to do with resumption than II Con-
gress had enacted that the snow should
be ten inches deep on the 4th OF July.
The laws which regulate the seasons are
no further beyond the control OF legisla-
ton than the laws which govern trade
aud trade regulates currency. No; the
utlCe OF the RESUMPTION act was to reduce
all enterprise to doubt and all business to
want OF confidence, aud to thrust all who
were not capitalists in the true sense OF
the word-into bankruptcy. Such was
the admitted consequence OF the mere
announcement Of the purpose to enforce
resumption.
Judge Hoge is probably not aware that
the law to which he refers, Of January IA,
1875 provided for the sale OF bonds for re.
sumption purposes, and that without that
law the Secretary Of the Treasury could
not have accumulated the Sl3s, 900, 900 Of
gold that he now holds for that purpose in
the government vaults. Hence without
that law, which the Judge pooh.poOhs as
of so little account, we would not have
had resumption on the lst OF January
nor since. We refer him to the law,
which he will find to be in the following
words:
"And on and after the first day Of Janu.
AIRY, 1870, the Secretary Of the Treasury
shall redeem in coin the United States
legal tender notes then outstanding, on
their presentation for redemption at the
office OF the Assistant Treasurer Of the
United States, in the City OF New York.
in sums OF not less than fifty dollars And |
to enable the Secretary Of the Treasury to |
prepare and provide for the redemption |
in this act authorized or required, he is au.
thOrized to use any surplus revenues, from |
time to time in the Treasury not otherwise
appropriated, and to issue. sell, and dis |
pose OF, at not less than par, in coin,
either Of the descriptions OF bonds OF the
United States described in the Act OF Con. !
gress approved July II, 1870, entitled An
act to authorize the refunding OF the ma.
tionNl debt, with like qualities, privileges,
and exemptions, 10 the extent necessary
to carry this act into full effect, and to use
The proceeds thereof for the purposes
aforesaid
In order to show Judge Hoge how wild
is his statement in regard to the resump-
Iion act, aud how little he has properly
estimated the scope and agency Of that
act in bringing about specie payments, We
call his attention to the following remarks
on pages sth and 9th in the report Of Sec.
retary Sherman Of December last:
"At the date OF my annual report TO
Congress in December, 1877, It was DEEM
cd necessary US a preparation for resump-
ton t. accumulate in the Treasury coin
reserve OF ut least forty per cent of the
amount OF United States notes outstand.
ing. At that time it was anticipated that
under the provisions OF the resumption
act the volume OF United States notes
would be reduced to $300.000, 900 by
the lat of January, 1879, or soon
thereafter, and that reserve in coin OF
one hundred and twenty million dollars
would then he sufficient. Congress, how
ever, in view OF the strong popular feeling
against contraction OF the currency, by
the act approved May 3lst, 1878, forbade
the retirement OF any United States notes
after that date, leaving the amount in cir
culation S346, ,8Sl ,OlG. Upon the principle
OF safeiS upon which the Qepartment MAS
acting, that forty per cent OF coin was the
smallest reserve upon which resumption
could prudently he commenced, 1t became
necessary to increase the coin reserve to
$l3S,0O0.000.
At the close Of the year 1877 this coin
reserve, in excess OF coin liabilities,
amounted to SOS, ,Ol6,0 $50 96, Of which Sl5,.
100000 were obtained by the sale Of four
and a half per cent, and SIS, ,000,0 900 by
the sale OF four per cent. bonds, the resi-.
.lue being surplus revenue. Subsequent.
ly, on the llth day OF April, 1878, the Sec
retary entered into contract with certain
bankers in New York and I.Ondon-the
parties to the previous contract of June 0,
1871, already communicated TO Congress
for the sale OF $50, 900 fonr and half
pea cent bonds for resumption purposes.
The bonds were sold at premium OF one
and half per cent. and accrued interest,
less commission OF one.half OF one per
cent. The contract has been fulfilled, and
the net proceeds. $50, 500, 900 have been
paid into the Treasury in gold
Culu. The S5,500,0O0 coin paid on
the Halifax award have been replaced by
the sale OF that amount OF four per cent.
bonds for resumption purposes, making
the aggregate amount of bonds sold for
these purposes, So, 800, 600, OF which $685.
WWOO0 were four and half per cent.
bonds, and $30,50O0O0 four per cent.
bonds. To this has been added the sur
plus revenue from time to time. The
amount Of coin held in the Treasury on
the 2Sd day Of November last, In excess Of
coin sufficient 10 pay all accrued coin la.
hilities, was $l4l ,SSS, ,l00 and constitutes
the coin reserve prepared for resumption
purposes. This sum will DO diminished
Somewhst on the LIST OF January next by
reason OF the large amount OF interest
accruing on tiiSt day in excess OF the coin
revenue received meanwhile"
These figures, thus given from the Sec
retary's report, will show to Judge HOge,
and to many others less intelligent,
how crude Is their talk about the ei-
feet OF the resumption act whenever