New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-31
MP. VJLLJS AND RESUMPTION.

We are glad that Mr. Willis, in a letter else
where printed, shows his sincere desire not to
DISREGARD pledges of the public faith. If con-
WINGED that the repeal of the Resumption act
Of 1875 would impair the public credit he
surely will not favor that repeal. Mr.. Willis
has thus far been a useful member, has JUS
tilted the hopes of those who supported him,
has won position not generally accorded so
soon to new members in the House, and
las given promise of greater usefulness in the
future. Hence it ia the more important that
his influence should rot be impaired by an
error of Judgment in vital matter, and his
error in proposing to repeal the act of 1879 Is
the more to be regretted because Of his evident
purity Of motive. The very reason which Mr..
Willis gives for that repeal is an acknowledge
mcnt that it would shock the public
credit. He says 81 the popular belief Is
that the existence Of the promise af-
fleets business injuriously," and hopes by " the
"repeal of a promise" to "dispel prejudice
:" and create confidence This is an acknOwl
edgment that the repeal coupled with such
provisions as his bill contains, would be popu-
larry regarded as dcferrinS resumption indefi-
nitely. If the apprehension caused by the
IRE which really substitutes for that promise
a certainty of performance would affect bust
ness still more iniuIi0usly. No bill can dis
opel prejudice and create confidence" unless
it produces a popular belief that resumption
will not be effected by the time named in the
act of 1875. But any act which does create
such belief will necessarily be regarded as a
reputation of the pledge to resume at that
time, and hence will impair the public credit.
From this alternative there is no escape.
Mr. Willis feels sure that the exchange of
greenbacks for four per cent bonds would bring
about RESUMPTION before 1879. AZ the same
time he virtually admits that the public wOui3
believe Just the contrary. Does he not see
that this public belief, this shock to the public
credit, would lower the value of the bonds?
Does he not see that the false confidence which
he admits would be created would cause re-
vival Of speculation, fictitious advance of
prices, a shrinkage in the purchasing power of
LEGAL tenders q rise in the rate of interest, and
thus would cooperate with the impairment OF
public credit to prevent appreciation of bonds!
Ii is mistake to say that four per cent
bond Of our Government is now worth par IN
gold. If we create false confidence, and thus
divert to speculation the capital which now
lifts the value Of Governments and other in
ycstmcnt securities and at the same time
check that severe economy which is now ac
cumulating new capital, can Mr.. Willis seri-
ously believe that four per cent bonds will
then bring price which We have not yet been
able to get for four and a half per centSi
Resumption in fact and the promise to resume
are both dreaded for the same reasOn-men
are unwilling to have prices and wages sink
70 the gold standard, to pay debts at 100 cents
on the dollar, and 10 continue those economies
by which the people are slowly but surely ac-
cumuating the capital necessary 10 make
resumption possible. But by no conceivable
process can we reach resumption without that
adjustment of prices and wages, that period of
economy and thrift and reduction of debts,
and that withdrawal Of means from gambling
ventures Nor can any other human device
cause these changes as surely and effectively
as a solemn pledge of the public faith to pay
III coin on fixed day. That pledge operates
TO prevent the creation OF new debts
uayable III currency Of uncertain yalae.
1t causes the economy and caution by