New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-27
RESUMPTION APPROACHING.

"Repeal the Resumption act" cry the DEM
ocrats. Far on the road toward resumption
we have travelled already, with much weary
effort. Now they insist that we shall lose all
that we have gained, journey all the way back
again. and begin some other course IN order
that Democrats and not Republicans may get
credit for results. Those who really desire re-
sumption at all have no better reason, but
they give many pretexts. A great many do
not desire resumption at ali. They want in
fiation, or outright reputation; they love the
preenback because it can be used by imitation
to rob the millions who earn and save money
for the benefit of the few who borrow it, or
they hate the greenback because it helped to sup
press rebellion. With these it Is a waste of time
to argue. They are public enemies as dangerous
as any who sent deadly bullets to loyal hearts
during the war. The man who wants to rob
his neighbor by imitation, and the man who
wants to dishonor his flag by Reputation, are
beyond the reach of argument. AS well an
swer rebel bullets with Wcbster's speeches, or
read the Sermon on the Mount to the burglar
at your cash box. But the men who really
want resumption, at some time, are not beyond
the reach of reason. Those who know that
specie payments must come, either by honest
effort or after terrible plunge into the gulf
of bankruptcy those who know that business
can never truly revive nor industry perma-
nently prosper without honest money, ought
also to know that having Travelled far toward
resumption, we are fools if we throw away all
that we have gained. What excuses do they
givef
/. That we have made no progress toward
resumDtiOD This is q palpable error. To re-
sumo, we must be prepared to pay so much OF
the greenback debt as may be presented for
payment. We can get the money for payment
only by taxation or borrowing, and power to
| borrow depends upon the public credit. When
the Resumption act was passed, sales of five
per cent bonds had ceased, and the bonds
were below par in gold. Now do per cent
bonds sell freely, and are above par In gold.
Our power to borrow the money needed
has been increased more than one
eighth, and that is definite progress on
| the mart of the Government. But the
Deople have made great progress
! also. MANY hundred millions have been earned
and saved, to start the wheels OF industry
| again when a solid basis can be had. Debts
amounting to thousands of millions have been
paid Prices ana wages have been gradually
| adjusted toward the coin level, so far, indeed,
| that as to many articles and trades, the result
of RESUMPTION would now be an advance, and
NOT q further decline. All these great changes
| have cost much; not too much if we are to
gain the permanent prosperity desired; far too
much if we are to throw away all we have
| gained.
ii. That we cannot resume in 1879. With
respect for many who say this, we must tell
them plainly that it is arrant nonsense. The
| Government can resume whenever 1T pleaseS
to fund greenbacks at par in bonds. 1t can
resume whenever it pleases, by sales OF bonds
| for qreenbacllS TO raise the balance OF legal
tenders held in the Treasury fifty or one hun
dred millions. II can resume in either of several
ways the doubt which really troubles men
| is whether the country will he 80 prepared
for resumption by 1879 that the change
can then be made without too great
a shock. That we can settle only by
trying. We are rapidly getting into the desired
position, and no man can tell, until the time
draws near, whether the voluntary adjustment
Of their affairs by the people may not enable
us to resume without any shock whatever. IT,,
when the time draws near, we find it necessary
to defer the date, the question can then be
considered. At present it is supreme folly to
throw away all that we have gained because
we fear that we may have to defer the date
! III. That "forced resumptiOn"-the pledge to
resume at a particular time, and the conse-
quent effort to get rcady-depresses business.
That is partly true; but in what sensef If
your factory or your barn has got out of order,
so that repairs are necessary to prevent serious
disaster, do you refuse to make them because
it will "depress business" TO put in new
barn floor, or new machinery, or new