, 1870-04-05
LET QE RESUME NOW.


The predictions of many that after its re-
cent depression, it would return TO soule-
thing like its former figures, Indeed there are
to believe that but for the p1ema-
lure and il-judged agitation of the Fund
ing bill, and its eHett to depress the credit
o1 the government. and hence the gold
value of the currency, there would have
been still further decline in gold ere this
We believe the Secretary Of tho Treasury
now has it in his power to effect resump-
ton Of specie payments for the government,
the people, and the banka by simply selling
{ I'D for ats market price until it comes to
par, md then continuing to pay out
gold as it may be demanded in re-
dcmpsion of greenbaeks at par.
When, in 1865, the premium on gold was
from 35 to 80, and we had but S30, ,00o, 600
of gold in the Treasury, we wern unable to
agree with e1-Secsetary ChAse's notion that
tho only preparation needed for tho resump-
ton wns to resume. To begin the rcdemp-
ton at par in gold Of S4O0, ,O00, 600 of green
backs when they werc worth only seventy
cents on the dollar, with the small stock of
gold then held, and before the public conf
deuce had become settled in the perna-
nency Of our revenues or the stability ID
our financial policy, seemed TO Us to invite
failure But it is quite different matter
when VIC have in the Treasury SEC, ,O0o, 900
of government gold and 80, 900 Of
spectators and merchants gold, held SIM
ply in tho hopc to sell at higher premium;
and premium of only II per cent to over
como It is morally certain that tha offer
Of $15, ,000. 600 of gold for sale by the gov,
eminent would tumble the premium down
or 6per cent Why not continue the eH-
pertinent until tho groenbacka a1e at pat
and specie payments Teatorede We believe
Congress- onght BY joint resolution to call
upon and authorize the Secretary to give Us
resumption OF specie payments now.
II II within ou1 easy grasp, and II, by zig
mous manifestation OF confidence in the
value Of it's own paper, the government can
bring its promises to par, it is neglecting r
monentous opportunity in failing to make
tho effort. A readvance of gold to 80, with
the inevitable necessity OF a future rede.
cline to its present figure aud to par, would
inAict an injury on the business of the conn.,
Try which could be measured only by hun
tlreds uf millions,
For soveral reasons tho resumption Of
specie payments, If it can be brought
on nor would be Of unspeakable nd.
vantage to all our business intezests-
. l. It would revive confidence, and re-
store enterprise by impressing the minds of
a1l business men with the con.iction that
we had at last reached sound basic, and
that they might inress plan, build, employ,
and prodnce, without being held in terror
by vnst and sudden fluctuations in value:
that could neither be foreseen nor measuI
| ed
2. It would make money p1cut.
by adding to the currency, first sll tn
gold now locked up and lcbarret
from circulation, and, secondly, al
the bills that banks might desire to issu
under free banking system. Kesuuptio,
gives us at once free gold and FREQ banking
i 8. Quick resumption would avoid muc
resumption. For, by approaching the gol
standard gradually and slowly, We give tim
u to al other prices to follow that of gold
1 Bnt by quick resumption, the increase i
I the vnlue Of the currency, which resampsio
itself involves, viii come in to sustai
= prices at their present figure, or, in tealit.
to advance al values from their Ercse1
ru1ue in currency to an equal nominal yalC
Il in gold This would give prosperity instea
4 Of failure to an branches Of industry.
III II .ecent offer to sell four millions e1t,
\ could tumble go,a from lGo TO 13o, lot
, ! Try the effect Of selling SAC. 600, 900. Y
, believe it would bring il gold cusEen'
, with The sprin; swallows, and that by nj
A summer the country would be .rejoaci'
{ under the stimulating influence Of til ov
/. 4 revived rigor, prosperity, aud oonfidsns
4 VIII Congress drop the Funding bill, as
covert assault On the national credit a
q ! ozds. the Secretary to either sell hia gold
4 i reFnme9