, 1877-11-12

money cold. silver and irrc'lee.nAble paper, md
The latter, whose foreign c"rntn cree ~ NC weto
recently informed ny N. I'avaleye, ts Increasing
uses irronveTtibtc paper money cxcln:tTety.-ts
due II, tina dsruGant by Germany and the United
States IF two primal laws; fIrst that It Is labor
that supports society nnd provides revenue Tor
tho world t,ycr adjust themselves 10 the r"un,c
Of money In use by The commercial nations at
inc Resumption act was tho result Of party
t,ecn permitted In either ltousc, tho laws re-
fcrrcd 10 would have been brought to tho atten.
tton of The country. and the Immense number OF
utttxena who were already suffering from the
national cr,stlt u,cl, Ind been legal tender, and
would llnSc ,na1c themselves hcarl, and would,
l bcticrct have defeated tic nlc:rstrc.
oFfS1uN or DAWN 4. WILLIS.
II from any cause the Government sflalf be
unable to meet tts negotiable md a!ll!tslcd
obligations on The 1st Of January, 1871, tho
Of failure would be IN fuli fotec an,a
and thc ralliity Of Iii. obligation, according =
the Federal Constitution, cannot he q,cstiuncsl.
Clcnriy. therefore, there Is no alternative 1nr
the Government, on the 1st of .Ta,ls,ary, lST't
hut to either redeem its notes % or pay an ., &C,
tahkruptey anl Unconstitutional reputation,
II from any cl,lsc tue Treasury is uunbc to re-
'tccrr lcEal-tendcFs at the designated time, 1t 10
certainly competent for Congress. and also i'A
duty u Or,1cr tie notes presented for rcIeinp-
t!n 10 be stamped, nr,l hear the Curret ratio of
interest from tic tiay Of demand. This ls the
legal, constitutional, and honest course, ,itlless
we propose u walk In the pnth Of reputation.
tllc1.. as follows: Redemption under tho pres
cnt net, payment Of interest from date Of de-
fault, or reputation to tho extent Ol tho inter.
est refused; and reputation cnhnot be BROUGHT
about without p'sitivo measures IN Tie part u
l'y ttiu veto Of tho Executive and the Judgment
Of The country.
The purrose Of the Resumption law y 70 tle. is.
author under tho word "retiecu,.H Thnt tho
law will effect the early and complete dcstFac-
tipn Of tho le9a'.tendcrs is obvious.
The fall Of values CONSEQUENT on ibis law has
already nearly doubled al! r.!sstss tebt:, e ~, Of
three and half times 0ur national eht. The
Acbtor-clnse, An called, hra tho chief workers OF
the la,d. fhis law robs them OF thcir property.
closes their mercantile aud manufacturing cs-
Establishments, and sets udrjft with them millions
of laborers to sink into paupcrism, vice, anl
despair. This law cnacts n robbery II debtors,
taxpayers, and laborcrs Htorc gigantic than
ever was I,crpctr1tc1 by conqucrtng OH cuu-
qacrcd ptonle. 1t uuEat not v b., and cannot
be executed.
orINtox or losEpu 3. NorEs.
II remains only to iulllteato that VIC have In our
hands simple, easy, aud most reliable method
by which tho conditions Of tho Whole problem
cln ho reduced to mathematical certainty. The
one esscntlal requisite of resumption ts to re-
tluee tue volume Ut paper c1lrrcncy to punt at
Whtuh It will etanu ot par with slccie, and t0 TO
this in way 10 lufet and Kr:,,!tial as TO produce
no disturbances lit tho exchanges a,ni financial
frnlt t1f f1N 1t1tHn1ky. TftlA }N{
done at o1lce by authorizing the sale OF per
cent bouIs at par for grccnbacks. Tha would
be n partial tnltllment OF tho original promise
matlo at tho llrst issue OF lcgn1.tcndcr notes,
and the violation uf which Is standing tilsgsnce
10 our Government. Ifern wouif 10 no 1nngcr
Of the process going on tooraptdly, for II money
became scarcc the holders ot greenbarks would
lind moro profitable employment for them than
cannot ncconle permanently s.nrcc II thf4
colirse Is pursued, for ul men will understand
that the reign oi Imitation s over, nnl will take
clrr to graduate their enterprises by their lcEtt-
innate resources. It would hc easy. moreover,
to limit the amount so funded III every month.
OPINION or SECRETARY SHERMAN.
The c,lItor OF the North .4r,eriean Lfpictu 1ays
before me several papers. prepared by gentle,
men Of tlfstInctio1, upon tho general subject O
| resumption, presenting opposite views, and asks
hardly do Ia short statement, nor IA 1t ncccs
snrv. Perhaps as the mistakes and c1aGEcrati5nl
Of cxtrGtnc opnions arc sufficiently illustrated
and auswcrcdln the opposite Views Of The writer.
Of these articles Perhaps tnc Ct!ftOr will he sat
isllel, In tbs conmcndabic search after srutt
through llseusa!ou, With q brief rcply to s0Int
Of tho general positions taken by thu two op
| posing a!los OH this question:.
| Judge Kelley and ten. Ewing NAV fairly h(
said to represent thu Imitation or cxtretno upper
u,ouey yiuw. The substance Vt their papers l.
| nn eloquent but 0yerslr1wn picture uf th'
financial distress through which We haze recent
tiaso fallen. mud Into which il is strange tha
men 30 ae,tc Of intellect as thcY are should lall
Ia 10 attribute this lnanctnt lIatrrss to tho ltc
sumption net, Instead ot 10 Its real anu onl
eauke, the unparalleled imitation OF papcr lnonc
aud crcdtts during mud slnco tho War. TIL
tossca by the Ch!cago tfre Ut lS. tho still great
tr trotl6le that illuminated III tho panic 0t 1bss
oil the losscs, failures, distress, and cnbarrast
tncnt, tile reckless unsl foolish accumulation .
municipal debts, credits. devices, and frauls
paper inuncy,--All these they abaurdly Charge t
I an llck uf Congress- that was not passed unit
January, 1915 Only ouu provssol. Of tl,ls a:t-
that ~ substitute silver money for fraetfont
yious to March lust. No Other importas
step un1rr tho Inv la.l then been takcl
and sEneu tl!cn, Ia It's practical results, Il ita
been ono Of tue chief causes Ut our preacnt IT.
proved mud improving financial cunlltton. II
strange tllat Ia tha writings and speeches {
| these gentlemen they oyerlaok0u the fact thd
the panic Of 1879, a1.l all tho wild anil vtstouar
sct,eies that preceded It, together with oil tt
train Of eyruts that led to every fnllure that III
occurred s1nce, had been fully cnnsusnnaicl d
fore tho Resumption act was passed. and tn;
tbs Resumption act was tls tGti,tly proyidt
ty Congress 10 check anti euro these nyils. Gu
Is now lii full lille Ut success ful execution The
elM,ucnce ts wasted, except to show TINT depr
etatrl and lnuttu paper money hna prOiucca
our country, ~ II llas nro'luccd In other cou
tries, tho same rcsult Ut stagnatIon, dtstrgs
bankruptcy, aHd ruin: that var. which max
necessary epscriated and intl4tea paper mone
IL tie p1ltnal uauae Ut theae troubles that
WIS ~ afier tho War Ut. tho Revolution, AFT
thu grcat wars In Europe, aud would ha
; been uYen wUr$u ih our Own country but
its wonderful yttnllty aud resources.
At the close Ut tho War, we had prompt
taken stops toward sFecic payments, lulctl
the evil would have been avoided, aild 7
municipal anA private debts wttth nov 0QFd'
our pu0pie would uever have ueen eontr.1tts
! Tic pusspoueu,ent Of resumption was gre
error, blt WIS purity excused BY thc dc.tfurEt
Of values caused by tho War an.t BY thu cxa
gcratesi fears ln thc popular mind Ut contrartt
| the currency to pGslte sta,NlA1d.
Aly onlT rrpy tu these Ecntlctncn would
that tho ,i!strcsse4 they complain Of weru /
4 l tiro,5 .Ae1+,,n anil ,tTtYtt,4 # 4