New-York tribune., 1877-11-09

| Congress. except some simple measure that
will aid the execution of the present law, tlo
danger beng rather that the opponents oi resuliip
tiOn will be strong enough to arrest the movements
! already made i'm that direction. NOW, dlSinlsSinB
for the moment the extremes OF oplul0n on resuhp-
! ton the practical question is What ought 10 3e
| done nOwi Shall we abandon the progress aIready
| made toward q specie standard, aud commence
| again the wild round Of experiments on lntercoh-
| vcrtible bonds and paper money, without promise
or hope of redemption. Shall we repeat again i.I1
or all Of the financial faaues when nave i inaiNcu @
the history of mankind shall we 80 steadlly ioI
! ward until we can base all our transactions upon
! that money which, by the experience OF nII, iiI
! kind, is proved to be the best possible
! standard of the value of all labor ana pi"uuc-
tions Mr.. McCulloch saws truly that II any parry
should undertake, in the face OF the present move
ment toward resumption, now assured Pr ,vTong
thing but very foolish thing. But is IL not 'llaiS
foolish for the friends of resumption to now nlsPue P
longer as TO the best plan OF resumption IL ai '
people were agreed to the policy OF resuiHptIl'
| we should have strength enough 10 dlNlde a7 10 lio
means but when we have barely majority III l"tul i
of resumption at all, Is it not better To- chle 10 %
plan now i'm process of eXecuilonE MANY new Iuco
tiOns are thrust in this controversy that ousn !ot
to embarrass resumption. Thus, S'ehcTal E"IIe
! insists that resumption means the entIc e.
tinctiOn of the greenback cremation no u|qnpe |
many persons are III favor OF WlIhdraWlue 'Heoo
notes or repeating their legal-tender quallty' Dut
this is a question properly for the tutuie NY uNh
convection being that under existing law after they
are reduced 10 $500 100000 and have been re-
deemed, they may be reissued and that the haloa, M
ebb and flow Indispensable to every good currency
But this may be determined by Congress either way,
without affecting the virtue OF the law.
SILVER AND NATIONAL BANK NOTES.
So the silver question, entirely within the power
of Congress, may he made a most essential ald 10
resumption, if confined either IN the amount or mode
of issue or in its legal-tender qualify.
issued without limit, upon the demand OF n
dcpositor of silver bullion, il is the substitu-
ton of single silver standard instead OF tie
gold standard. Whatever decision Congress may
FfTltf a
must stand, to prevent our paper money from 1all-
ing below the specie standard fixed by Congress.
At present, paper money is worth more than SILVER,
because tn" market value of silver bullion Il greatly
deprecated The expectation Of the redemption OF
our paper money in gold, with our demonstrated
ability to do so has brought IT nearly to the
standard of cold If silver alone should be adopted
as the standard the paper Will fall even
below that standard, unless resumption in
silver j. provided for by law. The existence
AMI power of the National Banks depend entirely
upon the will Of Congress. Banking is now free and
this provision of law Is happy and wise cXpedient
to prevent any sudden contraction OF the currency,
or rs now 20 meet All unusual demand for currency
The Controller OF Currency Is prepared 70 Issue
nronptly any amount of bank-notes that will he re-
dnired. The provision for the redemption and re-
tirement of this currency is now IN succ"SStnl ope-
ration, aud may be continued m spece-Daylng tlnes
az now but Congress has power 10 further limit or
restrain this ISSUE or 10 make any provisions neces-
sary to secure the prompt redenption1i nahk hol'S'
These are all questions apart from the Resumption
Act which Is intended to secure the free conversion
of United States notes into coin, such "a
is now provided, or may hereafter be pro-
vid-d, by Congress. There only one other
point ~ to the Resumption Act that II
is necessary 10 mention, and that Is the ability
under IT to secure resumption This, admit has
been demonstrated. The accumulation OF coin and
the gradual retirement Of United States notes viii
unqucstiOnably, if continued, produce specie pay
ments before the time fixed by law. The rapid !
changes that have already been made m the value |
of United States notes by the policy adopted for the
last SIX months have been marked and decisive, and
this has been accompanied and followed by great
improvement in all branches Of industry, and has
a large crop for which there is heavy demand. |
The brightest lining of the dark cloud de
picted by some of the writers of these papers !
Is to be seen in the steady pursuit of this
policy of resumption. If the friends of resumption
will only be content with the plan of resumption |
that now upon the satutebOuk securing only !
such additional legislation in and of resumption as
Congress, III Its wisdom may see proper to grant
there need be- no fear Ot the result. We need not
raise the question presented by Mr.. Wells, nor do
that il would be effective for II law II passed
repeating modifying the Resumption Act there Is |
no authority in our government that can restrain |
its execution. Nor Is it to he presumed |
that Congress viii do anything to impair /
the public faith pledged TO any portion OF
its creditors. Popular commOt0n always |
stops short of this There is no tradition of the !
National Government more sacred than that which |
holds II to a n I'D, faithful observance of the public !
faith. II is by this alone enabled to sell our
bonds bearing four per cent interest at par III com
The confidence thus inspired and thus evidenced is
the best property of the Nation, worth more III |
times of adversely than all the gold and silver that
can be accumulated.