The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1879-01-17
rms Way TO RESUME rs 70 RRsEilE."

fecentlY Wr0Ve q 4oafhou artlcle on re-
sumption, and one Of his subscribers
'headed him off, as follows: 1--WE.
now have the exact figures from which
to make our calculations as to the val
ue of the property in the United States
and the beautiful fiction called "re-
sumption" is, by the ready pen Of our
finance chief, set forth in all Of It's
romantic charms John Sherman, the
agent of tho bankers and bondholders,
and by accident now occupying the Of
fee of Secretary Of the Treasury, says
in his report that the amount Of coin
held in the Treasury on the Esd day of
November last, in excess Of coin suf.
ficient 10 pay all accrued coin liabilities,
was Sl4l, ,SS3,llo, and constitutes the
coin reserve prepared for resumption.
Now, how did he get this coin reserve
into the Treasury He tells us that
"at the close of the year Of 1877, this
coin reserve, in excess Of coin liabili-
ties, amounted to se3,016,o5o of which
$4,000, 900 were obtained by the sale
of four and half per cent. and $780,
100000 by the sale Of four per cent.
bonds, the residue being surplus reve-
nue." Here we have St0,000,000 of
the coin that was in the Treasury at
the close OF the year 1877, put there by
selling S40,000,0 900 four and four and
half per cent bonds. Next he gives
us this bit of information: "The Sec
retary entered into a contract with
certain bankers in New York ana Lon
don for the sale of $50, 900, 900 four
and half per cent. bonds for resump-
tion purposes" On this sale he got
premium of 100000, which added to
the s50,OO0,0O0 gives $50.50O,0OO
paid into the Treasury from this SALE
But he had to pay s5,500,o00 to Eng
land in coin on the fishery award, and
again to replace this he sold four per
cent bonds to that amouHt, "making
the aggregate amount of bonds sold for
these, (resumption) purposes, So, ,500,-
600, of which sos, 100000 were four
and half per cent. bonds, and $780,
500, 900 four per cent. bonds" Thus
he has by the aid of Congress under
the control Of the bondholders and
bankers, placed debt OF S95, 500, 900
upon tho already tax.ridden people
that he might be able on the first day
Of January TO resume specie payments.
Now subtract the amount Of bonds
sold for the resumption purposes from
the amount Of coin on hand and we
ves46, 1888, 100 that got intothe. Treas
ury through surplus revenue. This is
his ewn showing. Now he tells US
the outstanding United States hotes
amount to ss46,6sl,Ol6. These are
all to be paid in coin on the first day
Of january, 1879, if presented in the
sum of $50 at the sub-Trcasury in New
York. If any one can figure this
problem he should have a gold medal
even if John Sherman has to sell more
bonds with which to purchase it. II
sl4l ,SSS, 100 be subtracted from S346,.
6Sl ,Ol6 remainder of $204,7 ,792 ,9l6
will be seen. This is resumption.
This Isl what the people have been
bankrupted to secure. If resumption is
to be a fact John Sherman must sell
S204, ,729,9l6 of four per cent bonds in
order to place coin enough in the Treas
ury to take up all the greenbacks, and
thus for the glorious privilege Of re
Summing specie payments the people
must shoulder debt Of s299, ,292, ,9l6
upon which they must pay four and
four and q half per cent. in coin in
interest, to get which, John Sherman
will have to sell more bonds, thus adj
ding annually to the debt of the nation,
for the revenues will in the future not
more than pay the interest on the old
debt. Was so great a fraud ever prac.
ticed upon free people7