Rensselaer Union, Volume 9, Number 36, Rensselaer, Jasper County, 24 May 1877 — The Resumption Day. [ARTICLE]

The Resumption Day.

In a little more than a year and a half the pledge of ths government, made by the act ot January I4rh, 1875, iu respect to tlie coin redemption of legal-tender noted, will mature for fulfillment. The law say* that “on the Ist day of January, 1879, the secretary of the treasuiy thall redeem in coin the United States legal-tender note* then yufe standing, on their presentation, for redemption at the uflice of the assistant treasurer of the United States, in the city of New York, in sums of not less than fifty dollars.” This is a positive duty imposed upon the secretary of the treasury, and it is equally a positive pledge made bv the government to the holders of these notes. The not es legally mature for payment, on tire day specified, under tbe expres* provision of law; and paid they must be, as presented, Of the government will break it* faith. The secretaryofthe treasury qa*not make such payment* Without an adequate quantity of goW With which to do so. Nu sucli quantity is now held ih the treaWfyf Or Kls been since the passage of the law, or will be accumulau&Utmle** some seasonable steps are taken for this purpose. Thfe law authorizes the secretary, in hisdirfcrel'lbn, to U*de, sell, and dispose ofj atnotTess than par in coin, bond* of the Utiiied States, similar to any of those mtortioned in thb act of July 14th, 1875, to the extent that may be necessary to carry into effect the provisions of the law. Aimed with this authority, he can sell bonds for gold, and retain the gold in the treasury for the purpose of redeeming the legal-tender notes, whenever he shall think tt expedient to do do. Mr. Sherman, ns a senator of the United State*, drafted the bill; and now, a* secretary; it devolves upon him to apply it* provision*. We suggest to the secretory whether it ii not about time at least to commence the process of increasing his gold resources by the sale of the authorized bunds, a* the means of providing fm- resumption at the time appointed. The four and a half per cent, bonds now 'sell al par in gold; ami ts he ahonbl see tit to sell ,75,000,000 or IUO.QOOjUOO of these bonds, and omit to cull in a corresponding alrtomit of fivetwenties, the coiifteqtrance would be an 'fncrease of gold in lhe tre tsury sufticivut in ail ''probability V» answer the purpose on |lie redemption day. We see no otltcr way Of accumulating the requisite amount of gold. There will uu no surplus revenue adequate to the end. The gold must be bought, ami there is no way to buy it except by the sale of bonds. I* it not tnfie'jio begin?—New York Independent.