Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1875-10-27

IHE Cincl nnatl d1zesfe Is one of
most prominent Republican papers
in Ohio, and the following from 1t
after election, touching the financial
question, is worthy of notice. While
the government has fixed upon jan
uary l, 1879, we do not understand
that this is an ultimatum to be car
ried out without an if. 1t was thought
best to fix time for redemption, be-
cause it would be giving due warn
ing, and aid in inducing the country
to prepare for it. 1t may or it may
not have been good move. The fact
is, for ourselves, we doubt its propri-
ETY.. Certain it is, however, that we
want no more imitation, but steady
and studiously careful line OF action
looking to resumption. But while Jan.
l, 1679,dis set for resumption, it is not
to be supposed that resumption will
take place then, if il shall be deemed
likely to disturb too greatly the bnsi-
ness of the country. The Ga-ette
says:
"The Republican victory in New
York does not mean tho violent meas
nrc Of contraction which would be
required to bring puhlicand private
business to specie payments in 1879
The Republican contest was not made
on what is called the resumption act !;
it was made only against Reputation
and imitation. We k,noar of no Repub-
licans qrho think it possible 10 ca,yg
O,t that act. or who think that Con-
gress can seriously fix the time of
specie payments without providing
measures by which the currency shall
nearly or quite appreciate TO par with
coin before the appointed day ar
riyes.
"After suspension OF specie pay
mcnts resumption was never reached,
either by Government or banks, with
out previous conditions. which re-
stored the currency to par with coin,
or which left but narrow margin
between them. This is the experience
of the United States and all other
countries. These conditions are not
created by simply fixing date. Fix
ing date of resumption, without
creating preceding conditions to
bring paper money TO par, is only a
resort to fright and panic. Govern
ment must not say that when it has
set the time the people must look out
for themselves, and they who are not
prepared must take the consequences.
The people are helpless. In no way
can they prepare but by ceasing busi-
ness. To stop the use Of c, edst Is to stop
nine-tenths Of business. Government
made the currency situation, and il
must not revolutionize it in such q
manner as to destroy the people and
besides, the Government would as
sumo the burden of furnishing spe.
Gle for over $76O,O00,000 of paper
money, payable on demand in coin,
To borrow coin by selling bonds to
attempt this impossible thing, would
be sclling bonds to buy coin to pour
into gulf. The Government would
break down, after having spread pan.
ic over the land. And this, with the
failure of the government, would be
extremely hazardous to the public
faith.
"No rational man believes it to be
possible to maintain the coin convert.
ibility Of $780, 0,OOO, 900 Of paper money
Even, if by borrowing coin on public
bonds, and by an imitation OF creduli
ty,it could be kept up for a shor,
time, it would be mere kite-fying; i,
would not be specie basis, and liable
at any moment to break down. Wha,
field would such q situation offel
to rings and spectators, who woulG
borrow means to lock up gold"