The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-08-11

debtors may be suddenly thrown back upon
the American market and sold, and specie
demanded; and that it is in this sense that
we are liable to bc called upon for the full
amount of our foreign Indictment, which, OF
course we could not pay IN coin. The con
clu-iun reached is the absurd ono that as
this is q thcorctio possibility, therefore re-
sumption is an impossihilty The practical
fact is, il is no possibility at all. The thco-
ri-ts overlook the triilng circumstance that
the Atlantic steamers run both ways. aud
that while bonds may hc returned for sale
In New York 10y one ship. the same YES
sci can carry back similar or u larger
quantity TO he sold in Europe in either one
Of half a dozen markets, where they will al
ways bring az much AZ they will in New
York. 4 movement for II drain Of specie
therefore, 10y the sale Of our securities
in our own markets. could thus he, and
would be- promptly and successfully met to
Whatever extent was necessary The as
sumption or presumption that If we should
Resume. the salcs would Ice all ON one side,
and that present buyers would suddenly be-
come eager sellers of our bonds. is n gro
tCsuuc fancy not worthy Of consideration
1t rests ON no solid basis whatever Amcri-
can bonds i'm Europe are Tor the most part
in the hands Of investors. and they do not
buy To- sell. hut to hold. II they want gold
for their bonds and other securities, they
need not wait for resumption to obtain it
The bonds will bring the gold any day in
any European market. This fact and also
Tia" fact that they are steadily held in Eu-
rope at advancing prices, ON II constantly
"uidising market, is conclusive evidence Of
tine folly of the suppusition referred TO- So
long as our credit is good in Europe, there
Will always be growing demand for our
securities; and a. it will improve that credit
to Resume coin payments. the act itself will
hc the -ure~t protection against the return
of those securities.
Tine only grain Of truth that we can admit
tocNistin the Wholesale assumption of the
theorists Is this That in the exceptional Sis,'
of a general European financial CONFUSION
we could not expect to wholly escape the
couscquouccsof it. In general demand for
money in a time uf scarcity We might Toe cX-
pcctcd to furnish share. But if this fact,
To the extent that it is fact, should lead to
Increased prudence in the administration Of
American finances, it is not an event to be- de-
plorcd or avoided. but rather TO he wei
coined asa curb ON some of our constitutions
al pcculiaritics. ltmight save Us from some
cNtra,agancr. But to argue from such
possibility that We ought to remain in a
state of perpetual Insolvency in order To-
avoid perfectly just and natural con-r-
qu'nccs Is a conclusion not to bc accepted,
except by ahicct towards.
We have natural financial international
relationships that necessarily impose bur
dcns But these burdens are the result Of
our circumstances, as "A constant borrower.
1t Is at once the part Of wisdom and manl-
ness to assume them fairly and squarcly
before the world in ali the markets Of the
world. We are n great, solvent. aspiring
nation W" ought to Ice ashamed IT our
dawdling and lodging to escape these ohli-
cations our enterprise and our national
wants bring US into intimate association
with European finance. We cannot escape
the responsibilities growin; out Of this cir
cumstaucc if We would. II is but graceful
and digniiied that We should promptly ac-
knowlcdg" and discharge thcm, without
laughing and pcttifogglng. as We are too
often advised to do, especially 10y lawyers
who try 10 play the part without having
learned the art uf statesmen.
We have no need 10 fear the consequences
Of resumption. We are too great for that.
We should approach it ~ Il national duty 90
be- graycly and thoroughly Discharged We
ought not toh. swaycd from this course hc-
cause Of the folly of our financial admins
traitors ON the one hand, or the hahhle of
fools ON the other.