New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-18
SPECIE PdYNEhT rs.
from ne Ealiinor, im>riesn

"1he way to resume Is to resume!' was the
terse sentence which Horace Greeley condensed his
views the question OF resumption OF specie pay
mcuts He was bitterly rdicued by the financial qui1-
nuncs that being about the only point upon wboh any
two OF them known 10 agree TheY denounced
Greeley As "A fool, innocent ola mbccile aud then
rambled off all manner OF dsagrcoments as 10 how
and when, some day IN the dim future, specie pay
mpDts might possibly be resumed without producing
great ana manifold disasters to the country, certain
impossible eyenS were to have occurred, and n
they we're night and Greeley wrong there could
never possibly DO resumption that WOmd nOt
produce financial ruin. IL will he remembered by the
readers Of The American that we we're among the very
commercial papers In the country that agreed with
Mr. Greeley In the assertion that the way to resume
was to resume :" We believed and still believe that the
Was gamblers would be the only sufferers, and that
an occasional explosion in that quarter purified the
hnaDclal atmosphere OF tue WhoG country IhelrpOwer
evil has been checked, and the consequence u that
gold and greenbacks are now only SIX per cent apart
with an indication that they VIII soon come IN much
closer contact. The gold gamblers are helpless to pre-
vent IT, and IL therefore the time for resumption.
We DO earnestly hope that President Grant aud the
Secretary OF the Treasury Will use all the power OF the
Government To effect an immediate resumption. Let
have coup d6tot that Will overturn ana settle forever
the financial theories OF men whose interests in
volved in teaching false doctrines OF finance If the
history OF the resumption OF 1851 studied It will be-
found that all the evils and disasters that pre-
dcted then 10 fall upon the country. That
sumption was effected, however, by a comp detnt ON
the part of the NewYOrk banks, and all the fine spun
theories OF the hnancialists fell 10 the ground.
The State banks Of the country then assembled
Convention at NewYOrk and for ten days discussed
the question Of resumption, finally resolving to resume
the first OF the ensuing July day about six months
distant Fully Ouriths Of the delegates voted for the
sreuuOusy opposed them. and the resolution
was adopted, retired from the Convention. They as
sembled separately In other words, they "bOlted"
After a short discussion they adopted the Greeley
idea that the way to resume 10 resume" In
stead OF putting of the dreaded day for months,
they resolved 10 resume immediately" and the next
morning specie given out freely their counters
for all their liabilities The people, who had been 80
long strangers To the sight OF specie, with their
to obtain the coveted cOin hut in few days
very willing return it TO the banks. At the end of
the week the amount OF coin on deposit in the New
York banks exceeded that which they had Resumed
Those had boarding the precious metal were
glad of opportunity TO put 1t In place OF safety In
days the banks OF Boston, adepha and Baltimore
also followed the example OF the NewYOrk banks ana
in ten days all but few of the wildcat banks were
paving specie for their notes The predictions OF the
croakers that time proved faacous, and the speeu
atOrs in gold who had long deluded the people with
false theories and predictions retired dis
committed and refuted. Mr.. Greeley had lived through
several suspensions and redemptiODs aud il doubt
less experience rather than theory that he exclaimed
"The way to resume IL 10 resume"
Gold Is now at 81, and greenbacks command a pre-
MUM OF per cent, while specie Is at the banks
ing very willing cash the greenbacks with silver coin
In some instances silver has been exchanged at New
York at fraction discount for currency, and LOT OF
$4,000 silver Friday refused in exchange for
greenbacks par. The time has evidently come for
resumption, and pleased to learn by dispatches
from Washington that the President Ia fully alive 10 the
exgencies OF the occasion, and preparing plan for
the accomplishment OF this much desired result When
have the ability OF demanding and receiving specie
for notes, public confidence Will be restored and the
vocation Of the gold gamblers will come eud II
President Grant accomplish this result, Will he
the browning glory Of his Administration, aud lac win
prove That " the way TO resume Is 70 resume"