The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1869-12-17
VOLUNTARY RESUMPTION.

L
1t has been suggested that the people,
by simply making their contracts on the
basis OF the gold dollar, might al ence-
and that, too, with comparative ease-
resume specie payment. The FiadncfaL
Gad Commercial Chrtaicle. in an article
entitled Gold Price Tor Cotton" takes
up the idea and submits several reasons
to show its special advantages and ap-
plicability in the cotton trade. a paper
was read before the late Commercial
Convention in Louisville calling atten-
ton TO the same thought. proposing
that the South should organize banks
under state laws and on a coin basis,
and advising that planters Should sell
their commodities for coiu only and
make their contracts for labor on the
same principle.
There certainly is no legal objection
TO the adoption OF this plan. Accord
ing 10 the decision OF the Supreme
Court, coin is a legal tender as really as
United States notes; aud hence those
who CLOSE To do so may. undtr the Slic-
tons of law. conduct their business on
the purely gold basis. The whole conf
muuity, by a mutual understanding,
might put the idea into practice; and,
were il done, in point of fact, we should
then have the resumption of specie pay
gous to that of spontaneous combustion.
So fas as iRdicfdudLS may decide to act
upon ii, we see no harm TO be done to
anybody.
Looking at the question, however, in
practical light, we have some doubts
whether this idea is equal TO the prob
lem to be solved. The great difficulty
will be TO gain the general consent of
the people TO the acceptance of the meas
.ure. Until the Government is in con-
dition 10 resume specie payment aud
demonetize the United states notes, tho
great body of the people viii be likely
to use the latter as money for ninety
nine hundredths of all their transac-
tons. These notes are circulating among
them. They are convenient for the pur-
poses of trade and the payment of debts;
and, so long as they exist in anything
like their present amount and have the
character of money, by far the largest
majority of the people will undonb'ed-
~ use them as such, make their con-
tracts on this basis, and estimate prices
and values in the same way. Gold,
moreover, is not in general circulation,
and has not been for years past. It IS
not the basis of banking; the paper cir
lation OF the country is not convertible
into gold at par; and surely these facts,
so long as they remain, present for
midable, if not insuperable, difficulty
in the way of a general resumption of
specie payment merely by the mutual
agreement or understanding of the peo-
pie. The debtor classes, hose liabili-
ties amount TO hundreds of millions,
would be very slow 10 see the charm of
this plan in respect 10 their past but un-
liquidated transactions and they would
not be ready for it in the future uutil
they had safely disposed of the liabili-
ties of the past. The thing is simple
enough when all the requisite condl-
tions are supplied; hut, in the absence
of these condition (Which is the pres
ent state of The facts) we see no pros
pect of specie resumption merely by
the spontaneous and concurrent action
of individuals TO an extent that Will be
anything more than an exception TO
general rule. There is. no precedent of
/ like circumstances that we know of in
the monetary history of the world TO
show that the thing was ever done and
we doubt whether there ever will be
/ one.
| So long as we have two kinds of mon
ey-gold money and incontrovertible
paper moDey-the latter comparatively
abundant and the former scarce, the
! people will and must use the latter for
The great proportion of their business.
/ Merely to talk about the gold basis, aud
/ yet tTlHSdCI UuSlhcSs on thc papCf paSIS
/ of values. essentially changes nothing;
while it completes the matter, by Gre
ating the necessity of reducing the ig
ures in Que mode of estimate TO those of
the other. When paper money is con-
vertibie into coin at par, the gold basis
becomes fact OF itself without amy ar
gument; and this point is to be gained
by reduction of the premium oil gold
and proportiouate appreciation of pa
per money till tile sources of the latter
resume specie payment. Then The peo-
pie will, of course, do the same thing !;
and not till then.-N. Y. Independent.