The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1896-05-14

tne SITUATION wnen congress undertook
to provide for the resumption of spe-
Gle payment upon its public obliga-
tons. The very important act for
that purpose was passed January ID,
1875, known as the resumption act,
which provided for the retirement and
destruction as rapidly as possible of
fractional notes and substitution there
for of silver coins of the denomina-
tons of ten, twenty-five and fifty cents,
and for the redemption in coin of
United States notes on and after the
first of January, 1879. To accom-
plish the objects of the law the secre-
tary Of the treasury was authorized to
use any surplus funds of the govern
ment and to sell for coin United
States bonds provided for by the act
of 1870, relating to the refunding of
the public debt. Finally the act con-
templated the gradual reduction of
United States notes to three hundred
million dollars by substituting United
States bank notes for the eighty.two
million dollars heretofore authorized
exceeding that sum. Under this law
four and four-and-a half per cent. in
terest-bearing bonds to establish and
maintain the reserve fund or redemp-
ton fund in question through the sew
eral intervening years between the
passage of the act and the year 1873
were issued by the United States and
from time to time were sold by the
secretary Of the treasury, subject to
interruption of his work by the pas
sage of the Bland silver bill through
the House of Representatives, No
vember 5, 1877, by the large vote of
one hundred sixty-three to thirty-four.
That bill (Which will be presently de-
scribed) stopped the selling of bonds
by the secretary at home and abroad
and threatened the measure of resump-
tion with failure. Striking, as it did,
a powerful blow at public credit, it
created alarm and evoked resistance
in commercial circles and was the
occasion of vigorous protest from the
secretary Of the treasury to members
of the Senate against its passage.
Eventually, to save resumption, the
bill was amended in the Senate by
changing one Of its most dangerous
features in consequence of which
amendment resumption was accom-
plished at the time fixed for it and
has been ever since maintained by
government. But it was for a time
in deadly peril from the Bland silver
bill and narrowly escaped destruction.
THE BLAND SILVER BILL.
The Bland bill above referred to,
as it passed the house of representa-
tives provided "That there shall
be coined, at the several mints of the
United States, silver dollars of four
hundred and twelve and a half grains
troy of standard silver, as provided in
the act of January eighteenth, eigh-
teen hundred and thirty-seven, on
which shall be the devices and super
scriptions provided by said act, which
coins, together with all silver dollars
heretofore coined by the United
States, of like weight and fneness.
shall be legal tender, at their nomi-
nal value, for all debts and dues,
public and private, except where
otherwise expressly stipulated in the
contract and any hOlaer of Hla,er
bullion may aebOsite tie same at any
coinage mintOr aSSay-o67te, TO be coin
ed into such a0llarS, fer his 6enefk,
upon tie same terms ami conditions
as geld 6Hllion is aepoated fer coinage
nnaer existing LavS.'
Here was provided for unlimited
silver coinage with express legal tender
capacity for the coins issued, with a
full right in any person whether native
or foreign to deposit silver bullion
for coinage into dollars for his or her
benefit without any mint charge for
coming. The words "for his benefit"
are the pregnant ones in this clause !;
for they mean simply that whenever
silver is below par with gold, COM
mercially or in open market, the profit
resulting from the coinage of his
bullion shall go into his own pocket.
That monstrous bill, however, en-
countered opposition in the senate
from friends of the resumption of
specie payment who saw in it the
defeat of their favorite measure, in
which was undoubtedly involved the
prosperity and welfare of the country;
and thereupon bargain was made
between the silverite and the resump-
tion interests, the terms of which ap-
pear upon the face of the bill in the
form In which it was finally passed.
For, by agreement, the words above
cited in italic were struck out and the
following words substituted therefor :
| ga nd the cacratorU of tba traoc,.,, =.