, 1877-12-03

slblc 10 resume sj,ccfc rayinrn.s Without the
euFsst distress; 1T" every peraon." ne ral'l,
officer, Or an annultans, It Is n period Of loss,
danger, Ihssitu,tc nf trade, fall of ". ges, sas-
| pctston ot ehtcrprlte, bnnkruutey. nt'i tllsas-
tss In1 as smEnntisal,y "a a' my mn eollt ac
| Britain the eorest distress. AEatn,t these
distinguished nnh cven grcat authorities fien.
t'nrtlr1d sc's up two sotcs Of .layl;i',
U,ielv uncan1il, md TINT NJ Miss Marttncau,-
of all human animals most forfoEn. woman
atheist, ,-whosc narration Ia = IncTc rcttcralton
" Mr.. Tookes, wl,ose follower she was Rea-
| ta,at tho Resumption act waa the CAUSE Of tho
WHAT RESUMPTION REQUIRES.
Ncn Gariicll ntrscs lite acEustDn that It Ia
possible TO rcattsnc apcete paytncnts at the time
fixed br the Resumption act-that Is to soy,
Jun |, ls7a. Has ny oil fricnd reflected ul'ita
the vast magnitude IT tlIfs work Of Ecsumpsont
Let tuc call Ills attention to Two or three facts.
| Lust wear tho clearinghouse ezchanges In
| fifteen cltIes amounted 10 tnnre than $5o,uD,-
! 00,000. These were exclusive OF that rast
aggregate Of transastons Of which no rccerl ta
ot the country cannot be less than s2s0,-
0O0, 0,G00,00o, og which at this time not
moro than / per cent proceed upon tho gold
basis. Tut resumption Of specie payment:
| per cent Of the ,whulc stuucndous fabric OF
| American traffic, hus Of 100 per cent Of II. IL
means tic actual physical presence Of Rolls IN
every county III thc country; in every bank,
| whether State bank, private bank. awnings bnnk
or National Bank, and .u all lilo PUBLIC treasur-
les, Fesicraa, State, and municipal. It neats
Into which not only all tie circulating paper
| notes, both Of tho Government and the baniss,
uro to be convertible at the will IT the holders,
| -rnany of wlom will demand Rold,-5ut all tho
r$t k,ry,t ali &1xr
debts of the States auu municipalities, al Of tic
It means tho extension Of gold into
| actual physical uso aa the instrument OF
$a5o.Uo,ooo0oo of exchanges which All.
nually take place among us. OF ths
nature OF this work Of extending the Use OF
gold let mo give yen an illustration. The t., t.;
showed that there was a. TINT ting In the whole
The condition Of those bnnks At that tt'ne (and
tere a hce' ~ arp.ssablo shapgo s!ncs
three reportcd themselves a. f,av!ng no specie 1T
all; III l,atl less than $100 ench; 5t,S ad less
than $500 cacll 3iG l,ad less than q, 200 each;
.4O had iess thnn 5000 eavh, and Of the whole
had less than SIC, 600 each. So you see that CIT
SatIoual Banks had lcss than $TO tu specia
zach: and that 1,:Wo Of them had less than
es yas sSt sy,te og Il 'psss m y hon
|
not the confidence game piayed by Btate banks
| upon tho people Of this country for seventy
Years, un'ler n pFetense Of paying n appellee
cateti in thirty States and Tcrritorles-arl
~ au absolutely preparation for rcsum1>-
| tiull-tu,.st 1u trawn gold enough to meet de-
ma1nls amounting to hundreds of millions ot
sclf as to the demand tint will br made for
gold lie showel IN ls speech tllat tho hank
u France, In order to contract It's paper nutes
s100, ,0d0, had pushed into tho circulation
umpllantly says nv old friend Garf!cld, tic
! Bank nf France Is within ffty days of tcsulnp-
tton: Perhaps %. Il apparently dIl not occur
to him that VT, ooo, 700 Of gold and silver we're
necessary to bo inlretcd Into the circulation! of
francc,-a country nslouE wl,o:e people 4nl IN
wl.ose bank, ofhrr tlIan tho Natona! Bank,
there was already 81 ,nD 0o0 VI tho precious
ish, pS,1,S5ly e' m :, M e 1 tnjcs
least, into tho American bnnks aud aruong
the people a. necessary prssaHtio s W H. tswart
been "pa'leu" INTO t'.ous slrer!.at'o,,, 1a an
cral Trcasury md IN the banks of e43O, 0o0, ,0tU
or $4i1,0AW,60o. ten VIC, to.,, n,ay. noeftby be
within iltty dnvs ot rcsutnpilon. Mcanttne tho
condition Ut tho National Banks Ia Fr!llclGn1y
illustrative OF the. extent Of the ..pushing "
vet tn l,e done; and lbdlit resumption 1ven In
france we shall probably know moro In atty
lAys tlnn VIC KNOW now.
| NDT 10 LIE luNR III 3ll1HIAHH hUsEHH.
Gen. Gar1cld, Hike most men, coni"tntls two
things tint arc widely different. 1fc evidently
supposcs that l'ecausc the premium on Eull Eus
fallen TO ~ or per cent wo arc therefore upon
y. To.lestroy the premium on gold Is ono
thing, mud might bc dune without tho inttrvcn-
tton ii single OUNCE of tho metal; but to sil.-
stltnto gold into actual use ~ the measure of
:alue an! instrument NJ exchange is quite IN.
other; to 10 this It Is manifest WI must hare
tho real gold; for Inv run there be speeic.pny-
ments without spcco to pay whit And Is It
not even obviously true that It is utter thu differ
psss. 1S,See ss the os5 eets eae fe soa sa "s
circulation m,lst hcglu, II 1t hcglns ut al!
Sur nuAt It be supposed! that thu withdrawal
Of paper notcs aud tt,e substitution Of gold will
pr6ccch pari- i-,nssH,-tl.at H. that ~ dollar ot
papeF Ii Withdrawn dollar Of gul'l will stcp In
n1Nl tako 1tx plaec,-fur 1t Il not ~. We 1nilst
pr'rure onr gull BY giving In e5<hangu for Il,
not our nalcr anl'as, oat @ thG ssa,,zeu % captat o.
dollars to Englishn,cn and Frcnchmen, Or to
tllc American gu1'mtncrs, for gold ones-tloifar
for tlo1lar-wc should su.fcr gool deal lrss
hardship aud embarrassment In tho work Of
work involves two disttnct operations. We
inust get rid of OUT paper BY ono pr0ecss aud
ur,iu!rc our guild BY anotlser, There L oaly ono
Cd. 4 yoil must l,s created u this monetary
circulation 10 tremendous anu extenstra that
guild will lahor ~ tsom forc!an countries 10 MI
1t ups It Is y. fhia way only, ny feleutlrsay
taking away from the people theiF accustomed
monetary Fucllttlrs, antl ln ucr.llessly
destroying thu, value Of thcir property,
that W. aliall get our gull. This OK
tcut to which this prucess ot destruction
must ~ Is witnessed by the eoudlttan of tho
Satfuilat Hanks, t.6o0 Of which hayu tu their
yau!ts nj this yery hour. tu tho acgrrgatc, less
than 81, l,An,to0 of gold. Docs Go!l. G4r.rld or
any other suns man think It possible to accom-.
p,!sh thu Stupcnsloi.s work In thirteen months,
q In thirty, md without tue most trennendon:
t!r ruuntryt ln polnt of fact VIC have tl,ado no
more tilan q fair tcgtnnfng upon thu work ol
resumption; there must na further '!cpses.
average than ~ per ceut,-anti ussert-asitl ex-
ersrusc Will s1,n!lrsn what .ny-that the work
yet to bo lullg fur rxveus In magnitude und
nuprcsstycl.esa the work that lsaA t,cch tinne.
Yut lien. thu duId allegcs thu condition Of th,
country, to lIu upon thu whole sonstd and satts.
factorY! but what fearful Mockery II this ol
tho tlcsolatiou, and anxiety, and artua! want
that reign In tel,s anil hundreds Of thousands