Thank you for visiting SNEWPapers!
Sign up free
Editorial
January 3, 1876
The Daily Gazette
Wilmington, New Castle County, Delaware
What is this article about?
An 1876 editorial critiques the Resumption Act of January 14, 1875, for failing to expand currency, revive business, or hasten specie payments. It caused $36.7 million in contraction, worsened trade depression, and is called a fraud by journals and Senator Carl Schurz.
Clipping
OCR Quality
98%
Excellent
Full Text
WILMINGTON, DEL., JAN. 3, 1876.
The resumption act of January 14, 1875 which was expected by its friends to accomplish two incompatible things-increase the volume of the currency and hasten specie payments besides reviving business, has done none of the three. It has resulted, as the money editor of the New York Herald shows, in the permanent retirement of $10,700,000 of legal tenders and of about $20,000,000 of bank notes and the temporary withdrawal from circulation of some $16,000,000 more of legal tenders-total contraction, $36,700,000: and the depression of trade has been worse since its passage than before, while no one will say that the nation has made any progress toward that great desideratum, the specie basis. Evidently the leading journals of the country and Senator Carl Schurz were right when they denounced the Sherman resumption bill as a fraud, which could not possibly do that which it was ostensibly designed to do.-Times.
The resumption act of January 14, 1875 which was expected by its friends to accomplish two incompatible things-increase the volume of the currency and hasten specie payments besides reviving business, has done none of the three. It has resulted, as the money editor of the New York Herald shows, in the permanent retirement of $10,700,000 of legal tenders and of about $20,000,000 of bank notes and the temporary withdrawal from circulation of some $16,000,000 more of legal tenders-total contraction, $36,700,000: and the depression of trade has been worse since its passage than before, while no one will say that the nation has made any progress toward that great desideratum, the specie basis. Evidently the leading journals of the country and Senator Carl Schurz were right when they denounced the Sherman resumption bill as a fraud, which could not possibly do that which it was ostensibly designed to do.-Times.
What sub-type of article is it?
Economic Policy
Partisan Politics
What keywords are associated?
Resumption Act
Currency Contraction
Specie Payments
Trade Depression
Sherman Bill
Legal Tenders
What entities or persons were involved?
Resumption Act
Senator Carl Schurz
New York Herald
Sherman Resumption Bill
Times
Editorial Details
Primary Topic
Criticism Of The Resumption Act Of 1875
Stance / Tone
Critical Of The Resumption Act As A Fraud
Key Figures
Resumption Act
Senator Carl Schurz
New York Herald
Sherman Resumption Bill
Times
Key Arguments
Act Expected To Increase Currency And Hasten Specie Payments But Failed
Resulted In Permanent Retirement Of $10,700,000 Legal Tenders And $20,000,000 Bank Notes
Temporary Withdrawal Of $16,000,000 Legal Tenders
Total Contraction Of $36,700,000
Trade Depression Worsened Since Passage
No Progress Toward Specie Basis
Denounced As Fraud By Journals And Senator Schurz