Democratic Sentinel, Volume 2, Number 5, Rensselaer, Jasper County, 15 March 1878 — REPEAL THE RESUMPTION ACT. [ARTICLE]

REPEAL THE RESUMPTION ACT.

Grateful as this measure of ( Relief [the Silver bill] -will be to the business interests of the country, it will fail of the full measure of success unless it is complemented by a repeal of the act fixing the date for the resumption of specie payments. That statute is one of the prime factors of our financial distress, anifit js as wrongful, mischievoiip, and unjust as was the .act of demonetizing silver. It is by ths repeal of the Resumption act that we will relegate to the laws of trade the fixity or relativity of mofiey values. Under.thesela'Ws we believe silver will soon appreciate to the gold standard of the United States, which is sixteen to one. The absorption of currency in business .will be the reliable measure for the volume’of the circulating medihm, and" hence in flic future this great money question will virtually settle itself and be kept otft of ■Congress, exceptewhere interference, by the National Legislature is warranted by the organic-law of the nation.—Philadelphia Inquirer. JBANKS. The following; ft&ws flip jiurabm of national banks tei ■afch Slate and territory, as well as in the leading cities erf the country, as reported last year. It will be seen at a glance that the great preponderance of them is in the East, and that will go far toward accounting for the great strength of the money power in that quarter: SVATEfI. Tennessee 11 New Hampshire 24 0hi0.... 11 Vermont 17 Indiana 36 Massachusetts ..IC9 Illinois 47 Jihads.Island,.. 21 Michigan .34 Connecticut..: 44 Wisconsin .............17 New York >. 123 10wa,.... ........32 New Jersey 37 Minnesota.,.,.,.. .14 Pennsylvania 81 Missouri 11 Delaware ............. 5 Kansas 7 Maryland 8 Nebraska ... 4 Virginia . ... 13 Oregon w.-. J West Virginia.. 4 Ca1if0rnia. ...u...... .. 2 North Car01ina........ 6 Colorado. 6 South Carolina f> Utah.......i.j - IGeorgia 10 New Mexico... 1 Alabama 4 Wyoming 1 Cexas.. 8 Idaho 1 Arkansas ............. Montana. 2 Kentucky 14 Maillevs. ..j...... 24 CITIES. Louisville 7 Boston 43 Cincinnati 3 New York .43 Cleveland 5 Albany. i... 5 Chicago .4........ Philadelphia 13 Detroit 3 Pittsburgh. 14 Milwaukee....... 2 Baltimore...,; 11 Bt. Irtnis .....:.a.'4 Washington...... •...... 4 Sab Francisco .... .... 1 NewOrJeans,.i...... ~.7 WHAT WAS PAID FOR THE UNITED STATES BONDS.

People forget statistical facts very quickly, and what they retain of figures and quantities is apt to get mixed up with error. In regard to the sale of the bonds constituting the national debt, many people think they were mainly purchased with gold—at least all that portion whfch found a market in England. Others are in the habit of declaring that the bonds realized the Government but 37 cents in coin value to the dollar’s worth of bond. It is true there were a few. sold in 1864 as low as 37 per cent of com, and'the whole year’s sale of 1864 only realized 46f per cent, gold Value, but that was the worst year of alh A statistical table has been prepared during the debate’on the Silver bill and bond question showing just how much the Government obtained each Cfrom the sale of its 5-20 and 10-40 a All the bonds were sold for greenbacks at their nominal value, regardless of their gold value. Secretary Chase maintained that it was better to disguise the actual discount on the bonds by receiving depredated greenbacks at par than to sell them on a coin baais for their market price, and thus expose the frightful loss of credit caused by what was deemed by capitalists “a doubtful struggle,* * anti yet every intelligent, man knew from month to month what the depreciation actually was. The follow ng is the table referred to: Ctxrcis. . Amounts. Sold for VM. Profits. Js62 -S 60 982,450 $ 44,030,649 $ 16,951,801 1863 160,987,650 101,890,854 59,098,694 1864....... 381,292,250 186 697,636 191,594,614 '1865 279,746,150 208 214,090 71,502,080 1866 124,914,400 88,591,773 26,322,627 1867 4'41,469 550 303,216,503 118,254,047 1868...... 425,413,800 312,826,323 112,617,477 6 per ria.. 195,136,550 122,957,410 72,18'2,140 $2,059,975,700 91,371,424,888 $678,551,460 - The 5 per cents, in this tabto emmist of the 10-40 bonds; nearly all toothers were 5-20 s. Several hundje<ClhwOns of these,bonds have been called in and paid off, and $700,000,000 of them have

beeu 1 0Oftiw3rt0d ; into 5,4 j, and 4 per cents. The amount of toss on ifie sale of those bones originally exceeds $678,000,000 of dollars.—CAicat/o TVitune.