Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1877-09-13
business and Resumption.

philadelphia Evening Bulletin.
! The true logic of events seems to be knock
ing to pieces the false logic of the base money
| theor: 3ts and the advocates of the repeal of
the specie resumption act. In the very face
OF the demagogic denunciation of that act and
the assertions that it will not be possible TO
resume by the 1st CT January, 1879, without
financial ruin, business affairs seem to be
getting better, railroad and other securities
that were almost crushed by the late commu-
nlstlc outbreaks are recovering, and the pre-
MUM on gold as compared with paper money
has come down to point which brings the
fact of resumption much nearer in prospect
than the date determined on by the act of
Congress
1t is not novel case that law deliberately
prepared and solemnly enacted by legislators
and politicians should be rendered nugatory OF
superfiuous by the natural action of the laws
OF trade, OF commerce, Of production, of
supply and demand. These laws are beyond
the reach of the camor of demagogues and
the theories of visionaries, and such charac-
tiers are sure to be confounded, bewildered
and crushed, if not converted, every now and
then, by. the simple process of the unwritten,
unenacted statutes that control in every coun-
try where industry and intelligence have full
sway, as they have in the United States.
There have been four years of almost unpar
allied trial to the people of this country,
q I,.l,,.
suddenly after still longer time of exuber-
ance, extravaganza and over speculation. The
maximum of the consequent dstres was
about reached last month, when the revolt of
the poor workingman" against the relatively
more impoverished capitalist" broke out;
and perhaps some convulsion like that was
needed to bring about solution of the diff
Guilty. just as the convusion of the sl.vehold-
ers rebellion was needed to bring about the
abolition of slavery; violent maladies requir-
ing violent remedies at times, in economies
end politics as well as in therapeutics
The act of Congress relating to specie re-
sumption in January, 1879, was passed with
the very proper motive of giving a new
pledge of the integrity of The Government
credit. OF course circumstances might arise
and may yet arise, to make its exact execution
impossible. So an act might have been
passed, with possibly similar motive, fool
ishly fOrbidding specie resumption before
January, 1879, and circumstances might have
arisen TO make such prohibitory law i'm
possible oil execution. Gold goes up aud
down, or rather gold remains stationary while
paper promises go up and down, not according
to acts of Congress, but according to the
unwritten laws of industry, which compre-
hends agriculture, manufactures, mining,
mechanical trades and many minor pursuits.
These, in an expanded and still expanding
area like that of the producing and consuming
pant OF our country, are, after all, dependent
10 large degree on the soundness of cur rail
road aud other carrying companies, and on
their capacity and willingness to do the work
offered to them at rates suitable to their
customers, and at the same time fairly remu-
neratiye to them and their stockholders. And
here we interject remark, which deserves
expansion and consideration, that Cornelius
Vanderbilt, now dead, and his son, William
FL. Vanderbilt, still living, are, in conjunction'
with John w. Garrett, responsible more than
any other two or three individuals or ary
mass of people for the condition of the great
trunk lines of railroad, and for the embarrass-
ment which has made it necessary to curtail
all expenses, including wages of their work
men, from which reduction resulted the riots
and destruction of railroad property last
month. The miserable ambition to carry
freight and passengers at lower rates over
their longer routes than the Pennsylvania
Railroad Company demanded over its shorte.
one, was cut purse as well as cut throat
ambition; but this is only one branch of
subject which has many branches, each of
which may deserve special study.
With reasonable and honest management of
the great carrying lines, and with tariff of
rates fairly arranged, without sinister design
OF underselling rivals, there would be healthy
business on all the lines, and mas much as