Year: 1876

knowledged Legislature and In his election every form
prescribed by the United States law regulating the cleo
ton Of Senators was observed.


GROWING FEELING IN FAVOR OF REPEAL OF


THE RESUMPTION AcT-A GRADUAL REDEMP-


TIoN OF GREENBAcKs NEUTRALITY-SUSPICIOUS.


PETITION OF BUSINESS MEN.


There is growing disposition on both sides in the
House TO regard the Resumption act or at that
part Of IL fixing date for the resumption as mpracti-
cable; and this opinion seems to gain ground at the
time that there Is increasing desire for some
practicable method OF resumption which shall so into
operation at and proceed by gradual steps, Tests
Of the House will doubtless repeated at frequent
tervals upon resumption contraction but they will
be Of little Importance they have mostly sub
sidary political object. The Committees Of Ways and
Means and Banking have a number OF projects before
them and are beginning TO work upon them and as
the centennial debate is finished the whole
question will como up in Committee OF the
Whole for discussion and will be there debated
at considerable length probably for not less than
week Meantime leading Congressman OF both parties
receive numerous letters from business Ia all
parts Of the country which that there is great in
terest in the subject that the present condition OF
the currency at least, satisfies nobody.


A singular circumstance is that a petition has been
beh W tne nouse, slBneu Oy o4o Oh the principal DuS
of Schenectady N Y, asking for rcsump-
tion by the gradual redemption OF greenbacks
The merchant who sends it says, at the bot
tom OF tho list, that only ten business men
in the place declined to sign on being asked This
petition the first Its kind this Congress- forth
that:


Whereas in 1860 this nation composed Of 81 500 900
population, required but $20S 600 600 currency
about So 80 per capita with a much less extended
n fha 40
mands OF the people and trade and whereas while
population has only increased about s. 200 0O0
rency circulation has increased about $500 900 00
the enormous sum of $767 500 000 ofwhch $3 600 900
are in national Treasury notes. and whereas the credit
par in gold and whereas this country is pledged To
the credit OF her currency a gold basis at the
earliest practicable day. and as we believe the business
OF the country can only oe honestly and per-
manently revived by restoration OF conn
dence in the governments determination TO
carry out the obligations under which the
currency was issued; and whereas we believe that by
the same process by which the credit OF bonds has
been advanced above par our national notes may also
DO raised to par IL being simple business transaction
which any honest business man would adopt who had
notes under protest. he had the security which he
could borrow money TO pay his notes he would do so
and redeem his credit


Now, therefore, we, the undersigned citizens OF
Schenectady, do hereby respectfully petition your
honorable body 70 pass the bill presented by the
Hon Mr. Chittenden, OF New York, with per-
haps the slight amendment giving the Secretary dis
cretionary power TO the monthly TO be re-
deemed, say to exceed three million dollars per
MONTH also TO the rate OF interest," say ex-
ceed four and half per cent, which bill is now
in the hands Of your honorable Committee on
Banking and Currency.


Mr.. Chittenden, in submitting tho petition,
will offer with II bill directing tho Treas.
ury TO sell for legal tender notes in New YORK.
which are to be at once cancelled and de-
stroyed four millions OF four and half per cent forty
year gold bonds per month during eight months OF
each year, from February to September inclusive;
this to begin the bonds can be prepared !;
and he will ask that the bill and petition be the
Committee on Ways and Means. Other petitions like
this from Schenectady would produce good effect
in the House.