New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-07-29
THE PROBLEM OF RESUMPTION
TIE POLITICIAN "srArESMAN" usELEss-CpCNSEL
FROM EXPERIENCED FINhNCllEs 10 De SOUGHT
-BIUNDEES OF LEGISLATURES.

SIR: In TIE TRIBUNE | recently read an
editorial entitled The Time for Statesmen 1t begins
in this way: "Small politicians waste their time IN
trying TO make capital out Of temporary cHctcmeh'S
Continually striving to catch the changing phases OF pu
lie opnion they total sooner or later ana teh
dron ont of srt forever Statesmen devote themselves
TO large and lasting pnbc interests, and when they pre-
vail win power which cndures."
So much truth is rarely put into few words. But
the definition Of the word statesman ana the COM
mon understanding Of the elements that 70 to make
statesman" in the field Of politics or the halls of
LEGISLATION differ almost greatly as straight me-
which has beginning and end. from circle that mas
neither Have we not had little too much " states
mauShip" since the close OF the kcbclhont Arc We
not having little too much yet. when men III hlsh
legislative position, men believed To be honest ana
supposed be capable, propose TO undo "ha' men
in the same leg Islatiye position deliberately sur
veyng the whole field of action and moved by the
most patriotic motives. did in the month Of January
1881 In asking these questions do not mean 10 ais
parage statesmen or to mdcgrltc staicsnah'iHp' h"'
If seems to me that the present Is the time'
and prcGmin ntly So for practical ana eNrcii'h'eu
fnancicrs f. come 10 the 'front.' and with them neEeh'
and cutcI,ri-rr merchants and manufacturers and MP
right and downright business men in all the departments
Of productive industry and healthy exchange. Chi'f
among tp evils cu,alcd upon the country by the re
bcllion was tho suspension Of specie payment ny uo
banks and the Government First among the duties no"
de ,oyed upon the Government and the banks u tue re-
sumption of what vas at time suspended The Gov
eminent has taken first step and proposes Ia take h'
scco,d which will consist in preparing and providing
for Inc third and for all the additional steps that may hc
faand Necessary reach ana establish sound SAFE Sn
fcicnt convenient and rcdecmGhlc currency The banks
are expected, within their appropriate sphere" of'I""
/ the example set by The Government, and have been
warned to get ready Can Jney 10 50 Are The indus
tries and the exchanges OF the country now such as TO
/ justify the attemptl
These are questions that appeal TO the financial Gle
reut Of the notion for much more tau to tie
political or legislative element. The present Is, In my
ud.1nout less the time FOR statesmen" than FOR fnan-
cier,-for The east Of indicated in the preceding
por,graph You have such near YOU; why not call upon
Them or one OF thcm! Mr.. l.. c. ~paullug OF Buffalo,
author Of that Than ordinarily valuable work the
" History o. Icsal-Tcndrr Paper Money issued during
the Grcat Rebellion" shows qualities IN that Volume ~
he had previously shown qualities while member ~
Congress that would render OF the utmost pfac' cal
value at this time q statement and opinion from him
touching the problem and i,s solution. Mr.. G'"ig"S
Coc President o. tine American INcnsc Nationa! BANK
NcwYork. and author OF admirable paper IN recent
number 81 The Bdutcrs Nog1.iUe entitled The fnnn'
cal History u tie War;, exhibits III ~, pnpi',
be has often exhibited els whpr'a fuluc-- ~ view
c"ancss Of expression and an ntGtry OF fp1't VIZ
cminrntly qualify him 10 present The SiInr subject 10 t,
country. THESE gentlemen WON hc listener 70 ny
al class az intelligent pcoNc with pleasure INNS
WITH profit an certain WoaId there DE any inprp-
pylciy IN calling lhrm oLi-clitrr OF h'hi -, - p'
I
there are gentlemen similarly qualified ID BOSTON ihA
del phia and other great c'ni'T5 81 money anu ua''.
lie occasion l. urgent The statesmen Tor whom
Won call surveyed the entire ground more thah y year
would De unjust say OF iuuat" That to the ""fs tr
undertook they did not apply their fnlt knowlclsr" i
whatever kind with al honest and determined purpose
10 do an they could for Tie best. Tier opinion.
cry $ allied ''afJcr many DAYS ana no" exit
in tbc BODY of the law Of Jan H. l~7j known a. the
act Ia prnyidc FOR tie resumption Of specie pay nrui~
+ The machipey- therein sc ny sufficient aud Of the
frf Id hp
The Tin horns and break the cOrn-i1lk clubs no" coming
un,u tIc scene To frehtcn away the operatives aud
Lti tiat machinery 10 uocc. II nay. then Con-
grcs, put in operation In mo present CONDITION nt 1
that will answer the purposef The problem mere pre-
secuted, in my opinion. the average nnnccr can soNe
better than the average statesman We nave IN. "'t'
statesman in Congress II Is "nIy ialI 10 ~
! bat among the class = substantial bu,lh, mon
of whom have spoken thrro iDt "n ~, %,
| age nnauccr, but much better thni me hItI'L'
hnancicr Let The people soon near coing ON, iI"il
among them, deliberate ANA clear voice INFORMED WIN
J practical knuNirdgc, and Instinct Win q wisdom Fa't
men ana true, engaged IN lhe NiFed ndh-Hi'h % ,'
land auEius and cXpccnut, but discouraged ana par
italy parlyzcd by what they near and around Them
are awaiting just such voice In that fcctiOn oi the
country to which belong mis- r. conspicl9nsy the chss
for WONDER have 10 some extent lost confidence IN Their
power 10 regulate things though thor yolnbliy
il about a pnndcrouS In Of the States Of
mi, ~ of the .carcity nj iaharrT. and The Lcgi,a-
tue of The state hos since been discussing The pro-
pety Of an organized movement 10 induce ahd chcpur
in many conaiics. and believe that in nearly all,
| men are running aboat idle because they have
nothing better to do; and they have nothing better
To do because tine Of farms, the proprictors
Of factories, ana the handlers Of the products Of both
| there and elsewhere, distrust the management VI
statcsmanship" puzzled by the discOrddut and
anagOnl.tIc views which prevail here In relation
10 the currency and specie resumption, aud lack conf
dcnco In the demand OF the future the Conmudi-
ties they have and desire to exchange for money and
~other comnOdl les and hence Tear OycIpruducon and
feel compelled to shut down against tnc very element
which statesmen seeking 10 enlarge, although 10
about asking for employ mcnt, and will yet
be heard begging Tor bread, unless something shall
Ist, Inc TAIN
in the nature Oi certainty than anything that -
| pIc.rut exists touching lAOr and compensation for
labor the productive industries and the medium that
their exchange. Or course there IL u shadow Of
manic iu all this but what are "statc-Icn" doing IN
congress what Is craftsmanship" doing out OF Con
gr. 10 prevent this shadow from becoming substance
For answer 90 these questions pam ana unnlstaka
| bic, to pubic intcunE' mere ana lhtic ana
columns almost everywhere, ana next To
the reports OF proceedings" IN Congress A. general
utle the newspapers frank ana ouispok' u. They
Gnn thcmselyC, iOg bank, ana acknowledge the TACT
As paipablc fact, Congress ~ neither frank nor out
spoken. ID in tie tOgDk but docs not acknowledge
the out OF that ncbulDus chaos have recently come
few luminous n.hcs. revealing something OF financial
fact history, but nothing Df financial experience or
practical wisdom. No real pan purpose has been cX
pressed except to undo now what was done ytaS ago
The uttrTHcc Of to-day COntradics the uttcrincc Of
| Yesterday, and the utcIancc OF tomorrow VIII be
lining dcreN either. There Is ability enough, but
il direction; there Is something OF Intelligence,
but IL reveals purpose there IDEAS but they have
DO let as have something better than this
! A great mistake made by the last Congress-
| told vHeE IL PASSED the Resumption bill. Admitting
m. (which do nOt, IL may very safely be sad that
far greater mistake viii bc made by the present Congress,
Viii more readily pardon several mistakes than viii
| pardon such cOwardce as now SITS III high places
w.D.G.
| Washia1ton CitY, june 30, 1876.