Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1877-08-04
RESUMPTION.

law!rSS rioters, there has sprung ny Il
discussion OF the merits Of the resump-
ton act which has set il before the
people in i clearer light than they have
ever seen it before. y year or two ago
when this question was discussed, dem
ocratS everywhere asked the question
they ask to-day. How are you to re-
| deem seven hundred million dollars in
currency with one and a hait or two
million dollars in coin =" The bill
having been originally passed rs a party
mcasur to deceive the people, was re-
ceiYrd by republicans with much the
same kind OF faith that the ostrich is
said to have, that it is securely conceal
ed. when only its head is buried i'll the
sand Though its authors must have
known Just rs well Is o when they
into effect. their orators and writers.
with u blind >ubScrviency To party. de
clarcd from the rOstrum and IhruuT h the
press that ii "rt$ Il practical measure.
They succeeded by their dogmatic as
S]erti"m> i'll ~Jc.uiim. their partisan fol-
lowers. who entertained Il vague kind
OF hope that something might turn up
II enable the government to fulfill its
promise. But, though requested 10 do
- time ami AGAIN. neither Mr.. SvhurI.
Mr.. Nhel man. nor any other republican.
has ever. either i'll congress or on the
stump. in 4 plain and comprehensive
manner stated 10 the people what the
mojtt> "pef0ndi OF the execution of
the law would be. As the Cincinnati
chamber OF commerce tersrly set forth
II their resolutions which We printed in
our issue OF the lith ult.. 1t is imapON>t-
bic TO withdraw seven hundred million
dollars in currency with but two mil
lions :" pay tor it, or to maintain coin
payments with this d~i>proportion be
tween the two. 50 .Ung Us customs must
be paid in gold. which creates 4 market
for that commodity and it i not likely
from the signs of the times that the bal
ance in til. treasury Wi! be much
larger in 1879 than it is al present
Feeling confident that the contraction
OF the currency which has been going
on Tor some vcarS-without cessation Ill
times Of business depreSsion-has Grip
pied the resources OF the country by
destroying confidence, and driving cap
ita. Il ofindustriai pursuits into bonds.
We rejoice To see many influential news
papers. which have heretofore strongly
advocated resumption. call q halt. The
It. Louis Republican rs we have hereto
fore shown is one Of these; and Il later
accession Is the New York sun. 4 paper
whose circulation frequently runs up to
over one million copies per week. In
answer TO the argument that contraction
will reduce the premium on @old.that pa
per says: But while the premium on
gold has been reduced to its present low
point under the pressure OF these condi-
tions, it does not follow that it can be easi-
y or speedily brought to par by any arti-
ticia. proceedings suddenly instituted.
Our foreign trade Is practically a barter .
trade. Il is the exchange OF our cotton.
brcatstutt>. and provisions tor the
goods Of other countries. While the
"'''''''V i''"''.- 81. 49, .-..~~. 80 =. no.,
l. and has for some time been. we are
not purchasers but rather sellers Of gold.
God to pay balances is not wanted,
and II Is thus easy to understand why
the premium is 50 lOw. But if it is
suddenly attempted to put the paper
circulation and the domestic trade OF the
country upon Il specie basis. the circum-
stances OF the trading world will lie 81
altered that from being 4 drug in the |
market, tor the reason, mentioned. gold
would become an object OF quick and
general demand. 70 attempt resump-
ton therefore would be likely to adj
vance rather than reduce the price OF
coin. such are our circumstances at
this moment. Cur official iinancicrs
think they are moving toward re>ump-
tion. and that their efforts to pay specie
will operate To reduce the gold prcmi-
UNI Bun they are manitcstlv in 4 great
error. The beast they think they
have cornercd will! directly turn
and rend them If then this
beast will turn and rend them,
there is but one other way in
which this law can be carried out, and
that is to sci! Understanding bonds,
and with the proceeds take up our non
interest bearing debt. W. have not a
doubt that Mr.. Sherman is capable of
doing this. He and his colleagues
changed a debt contracted to be paid in
~greenbacks into 4 gold debt, a piece of
lulguity which alone should have con-
signed their party to oblivion, and which
would have done so but for the section
4. fires which they kindlcd, under whose
smoke they ~perpetrated impositions up
"n the people, which were morally
crImcs-Une of these the characterization
OF silver. We DO not doubt that Mr..
Sherman would do this thing if he
could, but the people are in no mood
tor financial management which shall
increase their sufficiently heavy bur
dens. As the Sun says in the article
from which we quote above, the public
therefore may Just as we'll conclude first
rs last that the resumption scheme to
take effect in January, 1879, is to be 4
total failure and as congress will
probably meet in three months it would
be As well for the representatives of The
great state OF Missouri TO get in line, on
this question at least. that the country
may see how our people stand.
Ii is thought that the great machine
shops and other railroad buildings, de
>troyed ut P~ittsburg, will be rebuilt
elsewhere. the railroad authorities think
ing it dangerous to have their valuable
property located in a city where it is in
constant danger OF destruction by mobs
and rioters. Thus the work!nrmen OF
that pifI will Sl,tfa,- ,rr,.I, pno,,,,,,.o