The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1876-02-03
SPECIE PAYMENTS.

that in this category we find 50 few Demo
engaged in the effort to still further post
ponc resumption. A specie currency-th,
circulation of Benton Mint drops, as the!
were once called-is one Of the time honoreC
legends Of that party, and it is really surpris
ing that we find no prominent Democrat will
ing to step forward, and set that old, SOLITARY
bail in motion once more. There must Ger
tainly be change somewhere, and a grea
one too, to bring about such a state Of things
Democratic principles, which led to the wal
against the rag barrons' in the good ole
times" certainly does not prove immutablC
in this regard and we are really sorry for it
But no matter what Democrats may in
cline to do, Republicans in Congress dare not
hesitate in the performance Of their duty.
The pledges Of the government made i'll IT.
days of trihulation, stand unredcemed as a
rcproach against us for nonfulfillmcnt, and
the more thoroughly they labor to restore the
financial status Of the country to what it wac
before the troubles of the war began the more
surely and speedily will they have performed
their duty. As war measure, aud Us a
necessity, gold was driven out of circulation
into market as a commodity for barter and
sale, under pledge that on the restoration
of peace. everything would be made to re
turn to the old channel, and the paper dollar
again become in fact the full representative
Of the gold dollar. Ten years have elapsed
since the restoration of peace, and still gold
Is quoted at a premium, which in PLAIN, Un-
vanished english means government proml-
ses to pay at discount. This is not only
disgraccful it is really dishonest and should
bring shame to our law makers, and deter
Iniuation speedily to reform the evil. No one
member Of the party, either IN Congress or
out Of it should be content with doing little
towards the accomplishment Of this end, but
each one should strive with all his might,
nor rest until the end was attained.
And yet it will not do to build too fond
hopes upon what the resumption Of specie
payments will do towards the restoration Of
those good times, the absence of which We
all mourn 50 truly. Resumption will only
operate as a means through which TO accom-
pli>h the end each individual must do his
part by Kidding himself Of the cXtravagant
notions, which plenty of money, such as It
was, during the last fourteen years engender-
eI. Experience does not show thatresump,
ton after suspension leads to III edlatc
prosperity yet by educating the public mud
to economical thoughts and habits it leads
the way to safe and legitimate conduct of
business and to good times built on a solid
basis. This we may confidently look for
through resumption, and it will not be well
to look for more if we would escape disap-
pointment. But is it not well to strive even
for this? And especially so, when by the
striving We inaugurate redemption Of the
most solemn pledges!
Our countrys history is marked with three
general suspensions, and three partial ones
I,y the banks making six altogether. The
first Of these commenced during the war with
Great Britain, in 1914, and lasted three
years, until 1917. The Government itself
could get 10 coin and was compelled to yield
to the inevitable and to rely on paper in the
transaction Of It's business. Only the New
England banks withstood the pressure. In
the latter year Government resolved that
after February, it would receive and pay out
nothing but specie, its own notes and the
iI0tas Of specie paying banks. This spurTed
che Banks to action, and in the same year
resumption became general. In this case
business he2aH 20 look up before resumption
cook place. aud tbis was urged Us a reason
why the banks could safely resume Again
in 1879 the country underwent 4 memorable
financial prostration the result Of which was
suspension by a few Of the banks for short
periods AMI the failure OF many ttlers. In
fiation Of the currency followed this pC"lot.
bat not business prosperity. The action o.
the United' States Bank, and Is numerous
branches, because Of the itfuI spells of con
traction and expansion INDUCED In by them,
were blamed as the cause Of the financial
troubles Of this period Again in 1887 d
financial crisis fell upon the country This
suspension, Ike that Of 1914, was for time
general, and included the government, which,
for time was compelled to pay even the
Congressman in irreIeemaJle paper. Und.r
compulsion Of law the banks of sJuIe Of the
States resumed, but the resumption was not
complete until 1871. This was the reign Of
panic during which the United States Bank
OF Pennsylvania, commonly known as Nick
Biddle's Bank went down and carried with
il the fortunes Of thousands who had inves-
ted in It's stocks, or made it the depository
OF their funds The trouble was generally
believed to grow cut Of the over reaching
efforts of Biddlc and his directors to control
the monetary and business affairs Of the
country A revival Of business did not pre-
cede resumption in this instance nor did it
follow it to any great extent ii WAS this