New-York tribune., 1868-01-04
CUPPRNCY IND FINANCE.

"Why won't you Resumptlonlsts just DC
T." s,;u and let us come back to Specie Pay
"ments gradually 2" we are frequently asked
We answer-"The other side will not allow us
"to do as you wish, even if we were Wiliing'
The last Congress, by nearly unanimous
vote, directed that, after q certain DAY, four
Millions per month of Legal Tenders Green
backs) should be destroyed until Resumption
sbould be effected. This was regarded at the
time rs satisfactory mean betwlxt the e&-
tremes of instant Resumption and Indefinite
Suspension. But this Congress mad scarcely
convened when resolve was rushed through
the House, by n large vote, directing the oec-
retary of the Treasury to stop the contraction
aforesaid-which he, accordingly, has dOne'
though the Senate has not yet concurred.
We have no faith in postponed Resumption
any moro than in postponed repentance. Inc
sot who firmly resolved, last Autumn, that no
would stop drinking at NewYear's, is probably
drunk at this hour. Yet, if the lnfationistS
would agree to resume merit New-fea OF
even six months later, and would consent that
the requiste steps be taken to render such Re
sumption cert Unity, we have no doubt that
our side would roadily unite with them on that
ground. But they will never be any better pre-
pared for or moro reconcled to Resumption
than they are to-day.
We are favored with letters (often anony-
mous) from inflationists, foreshadowing dread
full things to happen if we press Resumption
one of them being q Copperhead triumph IN
the Pres lential election. And, as there VIII
always be elections ahead, we perceive that this
reason for non Resumption is not likely to wear
out this century, But we believe in doing right,
and letting consequences adjust themselves 10
our action.
Ono correspondent conjures up, for the fiji
tietb time this bugbear:
"fhe race OF hoardcrs of gold In old stockings &c. not
being extinct likely 20 become So would not all
the gold in tho Treasury-and more too-taKe that
direction SO rapidly that IL would not last ten days after
Resumptoni Aud then, too. there are muudes OF un'
believers In the peTmanency OF the resumpton' VINO
would hoard gold tho extent Of their ability on specu-
latIon You know human too well TO doubt It,"
This argument, it will be seen, is not
merely good against Resumption nop. but
against Resumption at all. Human nature,
human ayarice, human skepticsm, Twill be the
same ten Years hence as they are to-day.
And, if they present such obstacles to Re-
sumption as our correspondent supposes, then
it is clear not only that Resumption nerer can
take place, but that it neper did. We appre-
hend that this is a little more than our cor
respondent is ready to stand by.
Contraction is what our opponents dread
not really Resumption. They are in debt, and
want TO stay there, to get out cheaply; and
they can't bear the idea of paying their debts
at specie par. So we have waited for them
two years since we should have resumed, yet
they are no better prepared for Resumption
than in January, 1885, And they never will
be. individuals may be; but the class who
want to maintain and hope to profit by well
watered currency is as strong to-day as ever,
| and not likely to grow weaker. Very soon,
they will plead that we have been so long on
an irredeemabe basis that vested rights have
accrued under initiation which Resumption
would impair or destroy.
We throw aside many ingenious projects
| that reach us for resuming Specie Payments
without hurting or annoying any one. What
| is needed is the UiI to resume-that secured,
the ,ray will not be wanting. One difficulty is
that good many want to pay Of they must
paw $4,000 OF debt with $4,000 or $4,000
worth of property. We are not sure that any
scheme, however ingenious, will achieve this
| end,