The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-09-11
HOW TO RESUME.

templsted by the resumption act OF 1910
having PES ed, it is well to take account
of the progress we have made. While,
by that law, the Secretary of the Treas
ury was only authorized" not required,
to make preparations, the country could
not believe that Congress would pass a
resolution of such solemn import, and
then make little more effective provision
Tor its accomplishment than they would
20 secure a snow storm on the day
named. And the popular instinct knew
that we had to go back by the same
road by which we came; that if excess
OF paper money had caused speeu-
lstlon, extravaganza and gold
premium, the corrective of these must be
found in the contraction OF paper issues.
Business has, therefore, continued to
cover and shrink IN terror, with falling
prices stagnstion and masses of unem-
ployed labor, resulting in the terrible
strikes which have caused mems souls TO
Quake in dread. Gold, which stood at
lis when the law was passed, has de
clined to 104; but, if the remaining pre-
MUM should be overcome next yesr,
that would be only the first step. A con-
ST iersble margin of gold is necessity,
bat the available stock OF specie in the
treasury has not increased, and that in
the banks has diminished. Since there
j.. 80 AT as this evidence goes, not the
slightest prospect OF our drifting into
actual specie payments IN another
YEAR. what difnite action can
be taken to secure that result?
Two methods, and oaly two, appear to
MIR. Bradford to be worth discussion,
either an increase in the stock Of gold or
decrease in the quantity OF paper. Ii
we adopt the first plan, the needed &C
cumulstlon could not be made for many
Years, and Congress, influenced by popu-
lar clsmor, might be forced TO abandon
it at any time, more than undoing all
that had been done. Then the contrsc-
ton policy would be successful If 1t was
pursued long enough; but if it would pro-
duce stringency, as it certainly might,
Congress, anxious about the elections
would infallibly stop it, even if they did
not order fresh issues of paper. In 1873
An illegal and unauthorized issue of &c.
100000 of legal.tender notes by
Mr.. Boutwell, was passed over in
silence by Congress, only too
glad to leave the response
bility on his shoulders. But still
greater question lies in the background.
The whole future system of currency for
the country has to be adjusted. Since
the United States Bank, We have never
had national currency until the present
legal tenders were issued Are we to
have greenbacks, national bank notes, or
State bank notes? After all, The most
necessary thing, in Mr.. Bradiords opin
ION, is a calm and courageous temper of
the public mind. Its present dstrustfu'
state is fsvorsblet TO nothing good, and it
is absurd to try 10 amend it by public
discussion. The effect of public meet
ings to consider these problems is ain o't
always the wrong way, since just now
superficial knowledge and popular
rhetoric are almost wholly on
the side of paper. The coun-
try is drifting in the wrong
direction, not because it is pig-headed
and corrupt, but because 1t is trying to
deal with something which it does not
and cannot understand. Nor is the case
any better when we come to Congress.
It's members, instead of trying to guide
the public through present sacrifices to
future good, are trying to follow the pub
lie freaks aud whims, TO set their sails To-
catch every breath of popular impulse
This is not the fault of the men, but the
system, and the country ought to be con-
WINGED that no good result can be ex
pected from it. Mr. Bradford, and We
are here simply quoting his ideas and
suggestions, does not, it will be seem
take a very rose-colored view of the pros
pect. What we need is definite policy
better bad one than none at all, and
such policy must come from q
head, and that head can be none other
than the Secretary of the Treasury, who
must be gwen seat in the House OF
Representatives, that he may answer
questions and defend himself from criti-
cism. We shall have to do with sec.e-
taries as we did with generals during the
war, try one and another until the man
is found who can cope with the problem
before him. Open debate in Congress is
the only field in which the test can be
applied. And this course IS best for all
Ii the sober and deliberate sense of the
country, after full discussion, is in favor
of imitation, then let us have initiation to
the bitter end, and get through with it
after the old French fashion, and
then the next generation may
come to Its senses. If, on the other
hand, as Mr.. BRADFORD fully believes
the majority only want what is wisest and
best, then, though they may not agree to
support theory, they may agree to sup
port a man. The seating of the Secretary
in the House is the first thing to be done,
4 N.-s.zoo, will NOT allOuy fb;. p,til -