, 1876-07-24
REPEALINc TIE RESUMPTION ACT,

IikSDR1cKs or soft-monoy wing Of tho DEM
ocratic House Of Representatives has been
laboring to pass bill repealing 30 much Of
tho act Of 1875 rs nominally fl1aH tho lat
day Of January, 1879, for tho resumption IT
specie payments. The most extraordinary
efforts have boon made, bat M two-thirds of
tho House have been necessary, the bill has
failed to pass. In oase bill can be reported
from tho proper committee, it will only ro-
qnire minority. Two hard-monoy Demo-
crats on this Committee have SO far unitod
with the Republicans as to prevent the re-
porting Of such bill. It is now stated that
Alr. W1KE, ct Illinois, hos relontod to tho
extent Of conscnting to report bill, so tho
House will probably be brought to o direct
vote On tie subject. In tho meantime, TIL
DEN is laboring to defeat the repeal.
Whit do theso men expect to accomplish
by tho repeal Of this act? They know
HEspn1cKs knows, and VooauEzs knows, and
Bn1 ALLEN knows, and every intelligent
man lmows--that the 1aw as 1t stands docs not
provide for resumption at tho date named
nor at any other date, II tomorrow wore
tho 1st Of January, 1870, the Secretary Of
the Treasury could no more resume specie
payments undor that law than ha could l.ayo
dono on any 1Ht Of January during tho Inst
ton ycara. The law WIS piece Of sentiment
alism, with no provision for making tho sen.
timent practical. It Is the same as If the City
OF Chicago should enact TINT on The 1Bt day
Of July, 1877, 1t will complete now Court
House building, without making my appro-
pnation or other provision to purchase
material, hiro labor, or to raise tho money
for that purpose. Tho act OF 1876 required
subsequent legislation designating the man
nor and providing the means for resumption.
We can understand tho Democratic oppo-
Bition 10 resumption, and the demand for
initiation Of tho currency, mud even LAapERs'
proposition for irredoomable paper money
rs substitute for notes; but we fail to un-
derstand how any ono Of tho various Demo-
cratic paper.monoy schemes can DO promot-
cd in any way by the repeal of this empty
declaration that specie payments will bo re-
sumcd In 1879. There is nothing in that
declaration which can In any way interforo
with any scheme Of finance which Congress
lA0Pt1 VI W A43 wing OA kAu
Democratic party may be devoted. It's re-
poal will accomplish nothing. Tho st. Louis
Convention demanded the repeal because tho
empty promise to resume was IN htndrance !"
to resumption; but its repeal IL demanded
in Congress NOT for that reason, but under
tue pretext that It stands as monaco to bus
iness,-a throat to resume, and because re-
sumption III opposed by these paper-nonoy
people.
l. cannot be claimed that tho net Of 1876
Is Responsible for tho Commercial and 1uan.
oial depression; that came In tho summer of
1873, nearly two years before the date OF
this net The collapse hal been complete,
the tlesolation had bonn wrought, specula-
ton had boon puucsurotl, credit mud conf
aonco had boon destroyed, 10 repeal this
act will not Infinite the currency, nor make
,nonoy plenty, nor establish credit or restoro
confidence. Thero is no scarcity Of money,
hut there ia no disposition to invest 1t.
Manufactures aro depressed, not for want Of
money, but for customers for their goods.
Tho depression continues because tho copn-
try is settling up its aGair' 80 violently dis
trrbed In 1873. Tho country is paying ita
debts, aud getting down daily nearcr aud
nearor 10 llard-pau, and this necessltates ro~
trenchment !n expenditures, reduction OF
the cost Of living and OF tho cost of produc-
ton; In fact, tho country Ia still engaged in
sesc,,ing from tho rains Of the disaster what
over Ia Of value. When tho bottom has beot
reached, when tho cost OF living and the cost
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