Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1879-12-11

1
This document contains but little of gen.
eral interest except its suggestions and rec
concentrations touching the finance ques-
tion. In this respect it is OF more than
ordinary Importance, as it undoubtedly
foreshadows the future policy of the
Republican party. After congratulating
congress on the successful execution of the
resumption act, and the revival of busi-
ness which followed, the President attacks
the very measures which have produced
what there is Of resumption, and aided
materially in producing revival Of busi.
ness in spite OF such resumption.
BE strongly urges upon congress the
Importance of authorizing the secretary OF
the treasury to suspend the coinage OF sill
yer dollars upon the present legal ratio,
and also urges the retirement OF the legal
tenders from circulation. The latter
measure he urges on the grounds that the
issue Of legal tender paper money based
upon the authority and credit of the gov.
ernment, except in extreme emergency, 10
without warrant in the constitution, and
violation OF sound financial principles.
This is return to first principles. After
the money power became fully incarnated
and materialzed in the Republican party
it suspended the coinage Of silver dollars,
by the demonitization act Of 1878, an act
to secure the passage Of which, British
capitalists contributed the sum Of half
million dollars, and the brains of one of
the shrewdest mOnO'metallsts in Europe.
In 1875 the redemption act was passed,
which authorized the redemption and re-
tirement OF the legal tender notes.
When the redemption scheme was plan
red it was designed to resume on IL gold
basis. The silver dollar was to be wiped
out, and the legal tenders retired, while
the bank note circulation was to be limit
ed to such volume as available gold would
furnish legal reserve for. This was the
kind OF resumption contemplated by the
original act, and 1t is the kind now sought,
under the recommendation Of the Presi-
dent
On the 2Sth of Februarv, 1873, congress,
by an overwhelming vote over the presi.
dents veto, restored the coinage of the
silver dollar, which, with available bul.
lion. has added $l00000,000 to the re.
demption fund.
On the 3lst of May, 1878, the further
retirement Of the greenbacks under the
act of 1875 was prohibited,
By this act and that of February 2Sth
u resumption fund Of $i46, 100000 was
saved to the nation, and to these acts
alone should be given the credit for what
ever of resumption we have, and also for
the business revival, so TAR as it has been
affected by congressional legislation.
The president now recommends that
these two acts be repealed, and that re
sumption on gold basis as originally
planned by the British and American bull |
llonists, be brought about. The same
policy and Legislation is urged by Secre-
tary Sherman and COmptrol 'er Knox, but
they will hardly receive an encouraging
response from Republican members of
congress this session, for as the Washing
ton correspondent of the Chicago Tribune |
says that there isa manifest reluctance |
to commit the party to such financial
policy on the eve Of presidential cleo
ton" The policy will be to deceive the
people, to keep them in the dark until the |
party secures majority in both branches |
OF congress, then spring the trap as has
been their practice heretofore.
As the president and his subordinate |
officers have thrown down the financial |
gauntlet, i'll manner indicating the de-
termination of the Republican party not |
to cease until the legal tenders are ami.
Inflated aud resumption is secured on
gold basis, with silver again virtually de-
monetized, it is not improbable that the
financial question will be the leading issue
of the campaign.