Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-12-24

RemonetfxAtfon OF silver and Re
sumption of specie Payment.
To the Editor Of the Ledger:
These great economic measures-two,
as they are made to appear in federal
legislation-are really but components
Of one whole, and are. in the present
conditions Of all the interests and in
luences to be affected by and bearing on
them. dependent for success in their
practical operation and carrying out,
upon the effect that each will have upon
the other, and that the two combined will
prospeetively and actually exercise for
the promotion of general prosperity,
which, it is believed, will, as effect does
cause, naturally follow such combination
BY stimulating the now slumbering en-.
ergies Of enterprise, tact and talent, once
so rife and so beneficial to the prosper
ity and progress of the country, into the
adventurous activity sorely needed to
again place capital and labor in the nor.
NAL relation Of employer aud employed,
which There being a reciprocal relation,
each in turn being the other, labor en-
ployiug capital and capital employing
labor), providing work for the one and
use for the other, and compensation to
both, creates in communities buoyarcy
and prosperity as certainly as the abb
sence of such relation, through the en-
forced aud unnatural idleness Of
both, causes depression and adversely.
These measures, seen from this stand
point, are but interdependent factors of
the long pending change in the currency
now approaching its elimination, il is
hoped, in the establishment of an equita-
Bile and q practicable redemption policy.
In this view it is assumed as pre6icates:
First-That resumption Of specie pay
ments is to be formally entered upon On
January l, 1879, in accordance with the
act of congress to that effect.
Second-Thatif attempted fNelnsively
in gold resumption cannot be accom-
plished; it other words, it is an impossi-
bility.
Third-Thst resumption is feasible if
silver be restored to its cid time use as
money in its full legal tender sense.
Fourth-That promptness in remone-
tizing silver, replacing it fairly and
squarely on the footing it held previous
to its surreptitious demonstration in
1873, will, by %quadrupling the ability of
the government to call in its six per
cent option bonds aud immensely cut
down its annual interest expense, pro-
~portienably advance the industrial inter.
ests Of the whole country.
Fifth-Thst, to facilitate the aecumu.
lation Of a suficiency of silver and as a
convenience hat would prove acceptable
and advantageous to all in the paying of
large amounts, congress should author
ize the issue Of silver in bars rs coin,
having the weight and the value n dol.
lars stamped thereon and to be legal
tender therefor.
Ia regard to the first and second
predicates resumption in January,
l879-little need be said. Everything
affecting the question in Congress points
to it as SO determined, the only struggle
as regards it being, shall it be attempted
in gold, BOW the only legal tender coin,
as, On the day of resumption, it will be
the only legal tender currency, or shall
silver then be ito auxiliary as paper now
isl If by gold alone. then will property
of all other kinds depreciate and the
purchasing power Of bonds be greater
with business depression glooming worse
than ever; the rich will at once be
richer, the poor poorer. If silver again
Gomez 70 the front, expansion Of a sound
and permanently fixed currency being
the result of it, the incubus clouds OIL
economic arrangement caused by tbs
abnormal severance between two Ell
ments that are mutually dependent
capital and labor-will be lifted and tbs
sun Of prosperity again shine forth upon
a scene illuminated into happy and har
nonious business relations and activities
| propose to continue the discussion il
another number.
PHLo JUsTITIA.