, 1877-02-05
A MAN WHO DOES NOT BELIEVE REsUMP.
TI0N IS COMING,

a fAf f3ftSnr rf The T-fhuoS
cucAoo Fsl,. i.~Sow Il lint 'a4nI n nian Ina ,,ccr
Adopted oy both Houses ot Congress for the
'ett'en'ent OF our residential question: aud
determining who Is fairly entitled to the presI.
eh should Il 0 s ete nss @ eta'1ss to tss
and Among these place foremost ] in npor,sueo pts
o'', nnnela, . % one' upon ~ls! s,, action should oo
haa t's scfe'on' ~ ala 1u.'y aware tnat p"ol1c
| legislation OIL th!a question, being settled Il
| the conviction that VIC are rcrtainly pulnr into
r.,un ntior. and th- nr-lct,v, now !. ,~ttf,
n,r a. e on'r W a,so,', er ,ant no mH
that VIC snail reach sprtte-paymcnts, practically,
bcfora tho time dxed-Jauuary, ls7p-fur re-.
sumption formally.
ln The faee oi tlis settled eon11dcnceit Is clear
10 my n'lnu 1hat We afc 1apor1ns unues tic
gravcst Of errors In basing cur ability to resume.
on our volume Of circulation, upon the present
assuming that We cati resuinc, as II uood many
o! our leading anansiers argue, by a combinctl
effort Of the banks aiding the Government. and,
BY ,S nsre ast ni tue
tng confidence, We ignore and overlook the In
VI Our currency which givcs value u 1t, and
EnHkG& " H1QHtf rs E&t0u aH EUlLl 4nT O1f use,
With a tew exceptions. In1nk.notes are not
1tgal-tcntlcrs, hut arc worth As much ns grectl
baske.-En.J include tue whole volume Qf our
circulation - leEa!-tcn.ler, for y 70 practically
tclng sham 10 under tho workings
| of our system, 10 fur as testing It's
value compared with gold. That q
dollar Of our, currency will buy now a5l3
trt'vc1te; but the quehtlon H. WIN Il buy TINT
| amount Of gold, stripped OF Its lc2altcnder
quality, or 6asis Of va!uel ltank. notes nil!
S1y 1ae t5as r We seH,ss
its present basis Of valnc has been takc,i away,
| ar,d It stands IN dtroct and open rclatiun ii
| gold, rcdcemahlo at thu option Of the holder
crnn,cut which has given vaIuo AMI, ma.le It
money to IN, hut fts lfeal.tcncr uuajity,-arb-
| trary forre VI the law. With tho sanc ilentl-
cal Ipgai.tcu.,cr quality, 1T this tins last year
| grccnhaek woulsl only buy " cents Of gold.
Since then The forr1n balance OF trade has
tuwcd in our favor; tho fractional silinplastcr-
currency has been redeemed ii silver, swept out
large sont,ac,ion I,otI, of grccnGacks ai,d bunk.
notes, and wu arc within iwrnty.tl1lce months
Of the ttlnc fixed for resumption. l,o-
eysr M leaves ,,.s IL tao powerful lntaense Of
sons from imperfect anu fras.entary
aro defective and lncorrcct.EEp.j Nc ono viii
contend that VIC would have accepted and used
| u rs uOnty upon LIE InltA OF tA0 N0Ptfnncnk
ouly, especially with no limo fixed for rclcmp.
tiut, a.id, 90 fony a. thla legal.te,tlcr fcaturp
Il in fnrrn tl,sfaintnr IT, M Il tiopa to-day ns
much as eyer. We carsno{ measure its Value Ly
tho 1oll standard. The basis Ut value now must
ho taken uway. or lts lrrai.tcnlcr 0unl,ty ren.
tlerci PRACTICALLY iuoperstiyu, before wc ran de-
fermiue the yali,c Of our money yUtnuarcd Will,
un1I. Fran long use. and liz umifor,n fsrc-
value, which could moi be otl,c. wise under tho
ffrce uf ,hc law. We },uyo como to regard it
as rosnl IA rpfi IN preut ,nany at icnstH
and our eunhdeusc Ii, It 10 50
strong lint IL aiinost urcc)ules Investigation
nn1y 7ntn tha rcoi rf,arnefrr ~ n,,r n..,ncy
ifu,cr n,,r srstr1n IL valn,. Ia m"n.urnI a.