The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-08-07
The Resumption Act.

The vote of the House repeating the act
providing for the resumption of specie pay
ments in 1879 was unfortunate. The atti-
tude of Mr.. Cox in moving the repeal and
forcing the vote under the previous ques-
ton will not add to the fame of that shifty
politician. The course of Mr.. Cox has led
to the impression that he is a hard money
man in the East and o soft money man Ill
the West. He evidently had no heart in his
work. but acted under the pressure of dem
ocratic necessities. The only argument for
the repeal was that something should
be done to conciliate the infationists in
Indiana. Hendricks had written let
ter demanding it. The repeal is not
necessarily an imitation measure, but
it is step in that direction. 1t is the
triumph of the policy of Hendricks over the
policy of Tilden, and it shows that the reso-
Lutte leader of the Western democracy means
that his wishes shall govern the campaign.
We are told that the Resumption act was
o menace to the business interests of the
country; that there could be no prosperity
while it was in existence. Surely this argu-
men. The Resumption act was a promise
to pay specie for our legal tenders at GER
tain time. Even if Mr.. Tilden were to be
elected President this act gave him nearly
two years in which to redeem its
pledges. Was this time too short?
The friends of Mr.. Tilden do not
say so. Parke Goodwin is one of the
ablest of his supporters, and he has said
publicly, as a reason why Mr. Tilden should
be elected that in three months the new
President would have our finances in a
healthy condition-in such a condition that
if we understand him correctly, resumption
would be on easy task. II this is true, if
three months are all that is needed to ar
range the finances, why should the demo-
Gratis repeal an act which gives Mr.. Tilden
nearly two years for the work?
The repeal of the act is, we repeat con-
cession to the Hendricks wing of the party
the mad infationists of the West, who be-
lieve in the communism Of rag money.
Now, if the democrats begin o re-
form campaign with one concession to
the spirit of reputation, when will
they be called upon for other concessions
That is the question which all friends of the
national credit will ask. In passing this
act Congress made pledge. 1t said to
every holder of government note that on a
certain day it would redeem that note in
gold. Was this an unreasonable pledge?
The late Mr.. Chase did not think so, for
eight years ago he said THE only way to
resume is to resume" He knew the finances
and the resources of the country he knew
all about our loans and our issues of notes,
because he was the author of them. If an
authority SO illustrious thought that resump-
ton was possible in 1865 why should we
decline to name q day for resumption Why
should we revoke this solemn pledge with
out at least making an effort to re-
deem it? The democratic House has
been in power since last Deem
Der. It has had abundant opportunity
to deal with the question. What has it
done? 1t is controlled by the friends of MI.
Tilden--by the men who will control it
should Mr. Tilden win the Presidency.
Will they vote against resumption now, only
to vote for it two years from now? We do
not think SO. The men who repealed the
Resumption act on Saturday believe that re-
sumption is q mistake, that we need more
greenbacks, that illimitable paper issues will
ease the country. They are not men to
abandon their belief. and Mr.. Tilden cannot
resume without their aid.
1t would have been much better for Mr..
Tilden to have held his party to the promise
to resume, and, in the event Of his election,
used all the powers of the government
and his own great ability to redeem
the promise. If he failed then the
act could be repealed. 1t is really
weapon in his favor if he means to bring
back specie payments Now the democratic
party proposes to throw that weapon away
and 90 over to Hendricks and his friends,
who do not mean to resume SO long as it can
be avoided We do not doubt that the action
Of the House will, Us Mr.. Hendricks said in
his brief letter, aid the democracy to carry
some districts in Indiana, and perhaps the
State But so would bill directing the
Treasury to issue thousand millions of
greenbacks. The whole business is bad,
very bad. 1t is blow at the credit of the
country. 1t shows willingness on the part
of the democrats to make terms with the in
Aationists. 1t may be that in this degrading
effort to carry Indiana Mr.. Cox and his
friends may lose New York.
The Sermons Yesterday.