, 1873-09-29

otaion, mud may provo all. Important help. To
bo sure, n roconnoitering expedition may provo
that protected military enterprise iB imprnctt-
stantty aend thom, ont TO fool Of tho
onomy, discover hiB position, aud test
hia strcngt'', even WHOM nothing in OK
peotud beyond . moro. complete knowl-
tllo atrairs Of lnn,lcc which, taken at tho proper
stage, loads Oh to resumption, 1t would bo . mis-
fortune to 1niss 1t. We log to call attention to
sono Of the oircumstanceB Of the presont din.
trossinR position which nro favorable to lmtno-
liate resumption.
Resumption Of spocfo payments les M heretofore
md 1t waa chiefly tho dread Of this which ca,laol
tho country to rocoil from the experiment. Dut
prodigtous fnuoistata'y contraction ilaa now
taken place In spite Of ,1n and since we aro COM
pollod to pay tho price Of resumption lb 1t wlse
to reject tho bonotit After re hnvo stood
80 long timtl and shivering on ono bank Of tho
stream which separates ua from sound cur
rcncy droading to mako tho cold plunge, md
sudden tornado precipitation ,la far into tho
water, Ia 1t not wiser to buffet the Btroam and
almost equal difficulty to tho shore Of inlation7
There Ia leBs money in circulation now, and, do
tho bess wo cnn tlloro will bo less money In cir
culation for quite porio0 to como, than there
process Of returning from tins extromo point Of
depression to more abundant currency, nc
shall reach etnge at which tho amount Of
| available money will bo equal to tho amount rc-
quirod for tranaaotlng tho businoes Of the coun-
| try on Bpocie valueH. Why cannot wo resolve to
stop Mt that point, aud not pass it7 We arc go.
Ing through oil tho diBtresB and convulsion-aul
! more thnn tho distress aud convulsion-that
| would have attended Bpeoio payments had thoy
boon forced BY nrbitrary Legislation. 1laving
paid this great penalty, ID it not folly, is IT not
madness, to 60 back to tho same condition at the
cost Of passing through similar calamitoua OK
pcrionco ut Boino future tinlo7
| We can neycr expect again Bllch remarkable
combination and concurrence Of circumstances
| favorable to resumption aa exist In this dis
tressing conjunctnro. The high prices OF tho
groat staples Of England, tho country with which
tionB; whilo on the othor hand, we have an
abundant grain crop coinoiding with short har-
yostB In nanyparts Of Europe, aud surernsiye
cotton crop encouraging foreign buyers to lay IN
| largo stocks against tho contingency Of poBBi-
bic scarcity of cotton noxt year. largo expor-
tations Of commodities accompanied by moderate q
importations, is the very state OF trade which all
good Judges havo insisted waa tho necessary
nd a a,as Or spe'S as Pay
footly hs 1t iB eTer lkoly to exist in o'1r time,
and it synchronizos (Which 1t may never do
again) with snch an enormous contraction OF
our available circulating medium that an expen-
sion reaclinE the nmount Of crlrroncy which
would be used on a specie basis would bo great
and comforting relief from tho present depreH-
sion.
Two years ago a citizen Of Chicago WHO
should lave ndvocatod tho pulling down Of oil
its wooden Btructuros and tho tearing up ct Its
wooden payementB to replace them with brick,
iron, md stone, could not hayo gaiued q hear;
ing. But after tho dovonring coltlagratton Ind
ewont over tho city aud consumed 1t, tho quoB-
ton of rebuilding III some less intlamnlablo ma
torial WAS certainly in order. Reconstruction In
wood might havo boon spced|or and clleapor, but
it WAS wiser aud truer economy to lay tho tor.
rbe lesson Of tho fro to hcart.
CALLING uroN HERCULES.
Frern the Eeu 1'ork Ertniha foSt, Sept Is.
It is TOO much tho habit Of cortain people,
when thoy get in strait, TO hsk othors to hell
them out, instoad OF holping themselves oMs.
Government, rs II the Government wore sorl
of divinity, possessed OF the omnipotenco Which
IL equal to ill efforts, and, what il moro impor.
tant, Of the omniscience which diacerns TIC
sisest means to oyery end. Now. unfortunatoly
Governments aro not onaoTed1witli either OF the
divine attributes. They are, on the contrary
limited in power, and far moro limited in wisdom
They can do. we admit great deal; thcli
influence upon political social and iinancia
events ia tremendous; but, according to o,l,
prevailing experience in tho past, when the,
undertake to oxort it, thoy arc moro likely to &c
mischief than good. Tho mon who are usual,
iutr,stcd with tho administration Of affairs, ane
who, az tho mysterious abstraction called Gov
ern,nent, assume the largest proportions, ar'
> worry much like other mon as to the falbility o
their Judgments. They, may nal;a mistakes
error is disastrous just In proportion to til.
power Inscribed to tho instrument they WELD
! They should, therefore, always net with tei
tituen or a hundred times tho caution Of priyat
mon, wloae conduct reaches only tho narro,
| circles In which tloy move.
THUS for the National Government las be
haved With proper degree Of prudence and re
sorye. It has seemed to be conscious Of the re
spousibi1iticB laid upon 1t, OF tho domands Q
| inf dan rofO
that may DO wrestel to tho most injurious ends
1t has not been carried away by tho contaglou
oxoitements Of the street, "a thoae in the inme
date vicinity arc apt to be, eyon financial writer
! manfuIly withstood tho pressure from broker
who arc already shaken to pioccs, and from mot
chants who aro neodlessly panic stricken loh
they should bo. What it ia allowed to dot an
| what it ia able to do, it has confessed willing
nosB to do. 1t has consented to redeem ita 5-2
; bonds to tho extont Of $40 000. COOS We BOO no
y son why it should go on ledoeming as long a
these bonds arc offered; it is thereby only pay
t pays out is distresHodly needed indeed. VIC lin
. no objection to tho proposal that it provide Il
! the bonds duo In January next al this time.
u tho contrary, it Heems to EB eminoutly fitting,
q not imperative. But further than this it 1nut
<. not 60 without the profoundest doliboration an
j. TIoy Who counBo it to q direct issue Of Il
= reserve Of s4i 000, 900 which 1t hRB on hand,
:, not cOuu9ot W1Hely, III ollf oplnloh. II inc ut
! place, it has no law for any such proceeding, {
d we have demonstrated tme and time aglin, wit
: the concurrence Of the bost authorities Ia Il
sccond placo, such un issue can bo but pal
q tive which mitigaates the more, imnlcdin
J. symptoms of tho diBeaBo, but renders q fat
!. termination of it more certain md, in II
y third place, it will iutorloro with normal al
J. hoalthful process Of recuporation, which Las 9
q ready begun, as We think, and which, IT not i
It torruptcd, will put III IN a really sound cond
tion much sooner and moro permanently ths
10 all tho doyices and xpedionts-luaok nostrun
J. recommended in Wall Btroot.
II SPANS we shall yot ARve-f0r NO are in tori
d bly, iisoased condition; they may eycn amon
H. to conyulsioil-but they will DO tho signs
~ returning hoaitEa, not of deepening nsalady,
u! lilo charlatans are kopt away, md wllat the Q
~ psychologists used to call tho I
u 1aedicairsz nntu,1u-the eBaential lfe-giyii
or | prucjplaR nf the sYatnul:-bQ por1nittt