New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-28
RESnMPTION-TWO WAFS.

We should have chosen 10 postpone FInan-
cial controversy till after tho appearance of the
Presidents Message and the Treasury Report
but this is precluded by the eagerness with
which others rush into it, and especially the
advocates of further initiation and interminable
suspension, who act as though they dare not
give the people chance TO consider and re-
fleet. They are our natural enemies, with
whom we are content TO be at war evermore.
They are the lineal successors of the men who
in 1875 surrounded the Legislature of New
Hampshire in session mt Exeter and endeavored
TO coerce it into a fresh issue of paper money and
who soon afterward cOnvused Western Massa-
chusetts with the insuueotonary outbreak
known in history as ShAys's Rebellion. They re-
appeared in Kentucky after the close Of the war
of 1912, and were known there as the New
Court party that Ia the uphoiders OF
scheme of relief by obstructing the legal
enforcement and collection of debts, in spite OF
the Supreme Courts decision lin the Vermont
CASEY that no State stay-la has any legal force
or efficacy, being precuded by that clause of
the Federal Constitution which ordains that
"No State shall pass any act impairlng the
obligation of contracts" With the Buffers,
Pendletons, Roses and John Laws, we are at
open feud and are content to remain so.
But when those who profess 10 desire "a
"Speedy return TO the Sepcie basis" talk of re-
samiag in 1SG9-say, two years hence-as
Messrs. Low, Winston a. Co. do in their report
to che Chamber of Commercially perplex
and annoy u.s. What is the obstacle 10 resum-
ing now7 Has not our Government O revenue
more than adequate to meet its current ex-
penses, including the interest on its Debit Is
not our National Industry in fair condition
Were not the crops of 1867 good9 and are they
not selling at fair prices Have we not
large surplus for sale and are we not export
ing and selling i'll Are we not importing less
than we lately did, and would not Resumption
manifestly increase our exports, and still
further reduce our importsf Suppose our Gov
eminent needed to borrow, could it not do so on
fair terms7 Would not Resumption improve
its credit and enhance the price of its secur-
ties, whether at home or abroad What is it,
then, that should induce further delayH Messrs.
Low g. CO. truly tell us that Suspension to-day
causes Millions on Millions of our National Sc
curities TO go abroad and be sod-though draw
ing six per cent. interest in gOld-for three
fourths of their value, whether nominal or real.
Must this 90 on through two more years7 DO
we not owe Europe quite enough already
Do let us know why country that steadily
produces One Hundred Millions of Gold and
Silver per annum cannot or should not have n
currency at par with that of other civilized
nations
The only real obstacle to Resumption is a
want of will 1t is the shudder of one who
oh la no oil hat fot liab ha hoa
stripped, though he knows it will invigorate
and exhilarate him. He wishes the first shock
were well over, but he breads that shock
and recOils from il. So. when he should be
bathing, he is only taking cold
Suppose VIC had resumed last New Years, n
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" Wait twenty years, and
the lame ducks will be as lame MS they are to-
day. and there will be more of them.
But, had we resumed year ago, we should
all have done better business since than we
have DONE Prices of all sorts-wages included
would, from the start, have been 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 haye sold their stocks on band at
nominal loss; but they would not have been
steadily losing ever since, by buying cotton
(for instance) at 30 cents per pound and selling
II in fabrics when it had fallen TO 20 or ~
Just SO with our merchants, wholesale and re-
tail. Our capitalists would have said, "Nor
/" we can build houses stores, factories, &c, ana