New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-20
HnAr RESrMPTlOY MEMS.

WHAT RESUMPTION MEANS.
IF the Republicans should be defeated in any
Western State, it will be because they have
not taken pains TO remove the misapprehen-
sions which prevail as to the meaning and
effects of resumption. Especially i'll Indiana,
where men remember the wildcat banks with
curses, the safe and uniform national currency
is liked, and the notion that resumption means
the withdrawal of that currency has led many
TO ioin in the cry, "No resumption"
who would not knowingly help the re-
pudiatoTs. What is rcsumphOni 1t is
simply the performance of a pledge of
the public faith written on the face of the
dollar note-the payment of as many of them
as the holders do not want to retain. Some
assert that the people want and need them
all in that case none will he presented for pay
ment, and resumption will be completed with
out any other step than the Offer to pay. If
the United States declares It's readiness to
meet these notes, but no one chooses to present
them, resumption is complete They are de-
mand notes; il nobody pleases to de-
mand payment the pledge is redeemed
and the value of the mites established
by the mere knowledge that the coin
can be had for them. at pleasure. But it is
mistake to suppose that none will be pre-
sented, unless their volume and relation to
coin are changed. Those will o., presented,
and only those, which the pCOp!o 10 not wish
TO keep in circulation when they know that
the coin can be had for them at pleasure. AS
many as the country needs will then remain
in circulation, and not one more.
How many does the country needy No one
can tell. The question can be decided only by
the voluntary exchange of the notes for that
which has recognized value. Whenever that
exchange of notes, for coin or for anything
which the people prefer as the equivalent of
coin, has proceeded so far that the people
offer no more notes for exchange. then we
NAV know that the work is done 1t
may require a payment of fifty millions
or of one hundred millions, but it will
not require the payment of single
note which the country needs and the people
are willing to use in circulation. The phrase
"forced resumption is a fraud and cheat
We might as well speak of forced eating. Re
sumption is n voluntary process on both sides; ;
when the Government pleases to pay Its debt,
the people call for payment OF as much as
they please and no more. The force Is all on
the other side; at present the people are
forced to go without payment and to use
as currency notes which tiuctuate anu are
| deprecated simply because the Government
does not keep its pledge, and pay holders who
want payment. The WORKMAN is " forced" to
take his wages in poorer money than the
bondholder gets; the farmer is forced" to
take for his wheat or hogs dollars worth 80
cents instead of dollars worth 100 cents. For,
whenever the Government pleases to perform
| its pledge the same paper note which we now
use will be worth 100 cents, and the farmer
and laborer will have as good money as the
| bondholder.
"But it is impossible to get the money for
resumption" say tho Democrats. Part OF
them are ignorant, and the other part lie.
The United States has just made a contract
for the sale of $500 100000 of dig per cent
bonds at par in gold Under that very con-
tract, and by aid of the same combination OF
bankers it can pay, if it pleases, all the United
| States notes which the people want paid. The
process is simple; the power unquestonable.
| The same bankers who pay gold or six per
cent bonds for the 4l2 per cents would sell them
even more readily if the Government would
| take its demand notes, OF, what amounts to
the same thing, sell the gold in open market
| for the notes. A portion of the legal tenders
would be drawn into the Treasury instead OF
bonds the value of the notes would rise; and
rs soon as the people became unwilling to ex-
change any more of them for coin or its equiv
alent, the price would show that the work OF
resumption was practically complete. 1t would
only remain TO make formal offer of pay
ment to the creditors who had already re-
fused to be paid. Resumption is nothing
but the honest payment of debt 1t is
nothing but justice to the people who hold
the notes, and to the millions whose wages,
earnings, and investments are in these notes,
That it is easy the contract just made by the
Treasury conclusively proves. Can any man
say why the Government should keep its
pledges to foreign bondholders, but repudiate