The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-29
RESUMPTYON-TWO WAYS.

We should have chosen to postpone financial
controversy till after the appearance of the Pre-
sidents Message and the Treasury Report; but
this is precluded by the eagerness with which
others rush into it, and especially the advocates
of further imitation and lnterminable suspension,
who act as though they dare not give the people
a chance TO consider and reflect. They are our
natural enemies, with whom we are content to
be at war evermore. They are the lineal sue
cessors OF the men who in 1855 surrounded the
Legislature of New Hampshire in session at
Exeter, and endeavored to coerce 1t into fresh
issue of paper money, and who soon after
wards conVulsed Western Massachusetts
with the insyrrectIo1ary outbreak
known in history as Shays Rebellion. They re-
appeared in Kentucky after the close of the
war of 1872, and were known there as the
New Court party'-tnat is, the upholders of
scheme of "relief" by obstructing the legal en-
forcement and collection of debts, in spite of
the Supreme Courts decision lin the Vermont
case) that no State Stay law has any legal force
or efficacy, being precluded tby that clause of
the Federal Constitution which ordains that mo
State shall pass any act impaiIing the obligation
of cOntracs.n With the Buffers, Pendletons
Roses, and John Laws we are at open feud, and
are content to remain so.
But when those who profess to desire "a
speedy return to the specie basis" talk of re-
Sanetng IN l869-say two years hence-as Messrs.
Low, Winston & Co. do in their report to the
Chamber of Commercially perplex aud annoy
US. What is the obstacle to resuming now?
Has not our Government a revenue more than
adequate to meet its current expenses, including
the interest on its debt? Is not our national
industry in fair condition. Were not the crops
of 1867 good? and are they not selling at fair
prices? Have we not large surplus Tor sale ?
and are we not exporting and selling it {?
Are we not importing less than we lately
did? and would not resumption manfestly
increase our exports, and still further reduce
our imports? suppose our Government
needed to borrow, could it not do so on
fair terms? Would not resumption improve its
credit and enhance the price OF its securities,
Whathar at hOmn ahrOad2 What 10 ~
that should induce further delay? Messrs. Low
& Co. truly tell us that suspension to-day causes
millions on millions OF our National securities
to 90 abroad and be sold--though drawing six
per cent. interest in gold-for three-fourths of
their value, whether nominal or real. Must this
go on through two more years? Do we not owe
Europe quite enough already? Do let US know
why country that steadily produces one hum
dred millions of gold and silver per annum
cannot or should not have currency at par
with that of other civilized nations?
The only real obstacle to resumption Is want
of will. It is the shudder of one who shrinks
from the cold bath for which he has stripped,
though he knows it will invigorate and exhila-
rate him. He wishes the first shock were well
over but he breads that shock and recoIls from
ii. So, when he should be bathing, he Is only
taking cold. -
Suppose we had resumed last New Years, a
few prodigal sons would have gone to the wall;
and that must occur whenever we dO resume.
"Paint an inch thick, to this complexion we
must come at last.n Wait twenty years, and the
lame ducks will be as lame as they are to-day,
and there will be more of them. .-s9f1 'l
But, had we resumed year ago, we should
all have done better business since than we
have done. Prices ofall sorts-wages included
would, from the start, havegbeen twenty to
forty per cent. lower than they have been;
but, having gone right down at once to rock
bottom, we should have thenceforward pro-
ceeded without peril or fear. Our manufac-
turers would have sold their stocks on hand at
u nominal loss; but they would not have been
steadily losing ever since, by buying cotton
(for instance) at 80 cents per pound and selling
1t in fabrics when 1t had fallen to rs or 20.
Just so with our merchants, wholesale and
retail. Our capitalists would have said, "Now
we can build houses, stores, factories ETC., and
not be discouraged by the fact that the struc-
ture which cost $40, 900 to erect will be worth
but Sl5, ,000-perhaps but $l2, ,000-when we
shall have resumed specie payments.n So every
railroad or kindred enterprise requiring present
outlay to secure future advantage Is paralyzed
by the consideration that $l40O 200 expended to-
day will accomplish no more than $l00, 900 ex-
pended after resumption. The farmer says:-
ment must wait till we get back to specie cur.
reDcy, when can hire labor at something like
old prlces;n and he dislikes even to cultivate
thoroUghly, fearing that the bin OF grain that
I costs him $500 lin paper) to produce Will not
/ bring him so much when grown, because the
currency will have meantime been contracted.
Every sound interest, and all solvent men, Ii
seems to US, have common interest in gettnn
7 down to hard-pan--not gradually, ultimately
but at once, and noao,-N. Z. Tribune.
Governor seymOur's Letter DscItnInR
Il a Nomination for the Presidency.
Toll inuf Ia 4r1a off "a