The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1879-08-09
RAISING THE CURTAIN.
Resumption, Why Stingeth
1T not?

who favored it, and who opposed it,
and why? 1t was embodied in the
act of Congress passed some years
ago, by Republican Congress, and
approved by Republican president,
enacting that by the first day of Jan
nary 1879 the Government paper or
Greenback currency Of the country,
then amounting to over seven hun
dred millions Of dollars, exclusive of
nearly fifty millions of fractional cur
rency, should be reduced to three
hundred millions and with the cur
rency so contracted and reduced, the
Government would on that day re-
sumo specie payment of its indebted
ness, in gold. But be it understood
that by another act that same Con
gress demonetized silver, so that in
fact and in effect, nothing was left to
resume with, but the gold of the
country at the command of the Gov
eminent, and that did not exceed one
hundred and fifty millions all told.
This gold could not 60 into circula-
ton among the people but must be
drawn in to redeem these three hun
drcd millions of Greebacks, when de-
manded, as it might be at any mo-
ment; so that of this three hundred
millions, not over one hundred and
fifty millions, the amount Of gold to
redeem with dare be put in circula-
ton. This act of Congress if carried
out according to its full import, would
have practically locked up all the
gold; reduced and destroyed all the
Greenbacks but three hundred mil
lions, and with silver demonetized,
and with not exceeding one hundred
and fifty millions of gold to resume
with; and thus instead of at least
one thousand millions, including
Greenbacks, gold and silver then in
circulation, would have left in circu-
lation on the day fixed by that act
for resumption, all told, not exceeding
one hundred and fifty millions of
money to supply the wants of our
furnishing people. And as an effect
ito sharpen the sting, would have com
PEELED the Government to increase its
bonded interest bearing debt just in
proportion as it diminished the volume
of the Greenback and fractional cur
rency of the country. And 30, while
it would have paralyzed and crippled
the general business of the country,
by leaving practically nothing in the
shape of money, (the life blood of
trade) to do cuisines on, it would have
nearly doubled the interest bearing
Indebtedness of the country. Taking
this view fthat iniquitous act of Re
publican administration Matched into
life by the Bond and Bank -ocracies of
the country for the purpose of increas-
ing the purchasing power of their
bonds and money made payable in
gold, and crush and bankrupt the
masses. The Democratic party, al
ways true to the masses came to their
rescue by opposing this scheme, and
advocated the repeal of the resump-
tion act. Here then was the issue;
with Republican President and Sen
ate backed by thousands of National
Banks, and the mass of bond holders,
on one side; and Democratic House
of Representatives and the honest and
toiling masses, on the other. And
while Democratic House, and (now
the Senate) have not been able, owing
to the want Of 'two-thirds" to repeal
this act downright, yet thank God, it
has been robbed of it's sting by and
through the persistent and patriotic
efforts Of the Democratic party. The
first grand advance toward the thwart-
ing Of this wicked scheme, was the
passing Of the act forbidding the
further contraction of the paper cur
rency of the Government, thereby
holding it's volume at the seven hun
bred millions as it was when the re-
sumption act, SO called, was passed.
So, for four hundred millions OF cur
rency We are indebted to the persist
ent efforts of the Democracy. The
next great advance was in the act
to re-monetize silver and providing
for the coinage of from two to four
millions of silver monthly. The effect
of this legislation was, not only to
add to the volume of our circulation,
the forty-eight millions Of new silver
coin, at par With gold, but to let loose
into general circulation the old silver
coins of the country, then boarded up
and demonetized to the extent OF hun