The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-07-30
The Rcsnmption rinscO.

the press as TO the ability of the country
t. resume specie payments on the first Of
January, 1879. In accordance with the prom
Use OF the Resumption bill, so-caled.
This discussion is more pointed and prac-
tical than any we have had since that bill
passed Congress. 1t is. in fact, more search
Ing than any that took place on the passage
Of that notable measure At that time and
over since, the peculiar friends of the meas
are. or we may say its political friends, were
content TO indulge in very superficial and
vague treatment of the subject; and so they
have been over since. They have never honest
ly faced the question how it was possible to
resume while no measures were taken TO re-
move the surplus circulation of both the
bank notes and the grccnbacks. They have
complacently assumed that resumption
would come about Of itself if Congress only
fixed a day. But how it was to be done, in
view of the great disproportion between coin
md paper in the country, these gentlemen
have never vouchsafcd TO inform us.
The truth il, the authors of the bill were
never In earnest. II was passed under what
was conceived to he II party necessity.
There was in some minds n vague hope and
possibly n dim expectation that something
might result from a positive declaration
that the country would resume on given
day; that perhaps Providence would come
10 the aid Of the Treasury aud the
banks in some mysterious manner. and en-
able them TO cash their demand notes
whether they had provided the means or
not. 1t was just the way we used to trust
70 Providence to get us out of the slavery
business Thus the whole movement in favor
of resumption by its political managers
has been marked by imbccility at every
step, an imbecility which grow naturally
and inevitably out Of the hollOwness aud in
sincerity Of the proceeding
We commented upon this feature Of the
case at the time, and we have been COM
mcnting upon it on all suitable occasions
ever since. We have tried to Impress upon
Mr.. SHERMAN and his colleagues the ncccs-
sity of doing something practical III aid Of
their views, If they had any views or at
any rate something In aid Of their profess
BiOns IN behalf of resumption. But from the
time Of the passage Of the original bill,
which was put through with n flourish of
trumpctS, to this hour, not practical step
has been taken to secure the profcsscd Oh
ject Of it, All that has been done has
been done by Providence. through the
operation OF natural laws which could
not be thwartcd We have been brought
gradually nearer and nearer to resumption
under a pressure of necessity too strong to
be resisted. The volume of paper money
has shrunk from natural causes which have
operated unaided by legislation When the
bubble of expansion burst, then the shrink
nge began; and though great efforts have
haan mnnp Nv tlppratisnl pnnr,la IN sNy,.ll
bubble anew, the practical SENSE OF the
financial and business world has successful
ly resisted their attempts But We are fully
warranted in saying that legislation has
done nothing in aid Of that contraction of
the circulation which is necessary to rcsump-
ton. What has taken place has been solely
through the operation Of laws Of trade that
could not be resisted. Gold, being the recog-
nilcd standard Of value through the whole
financial and commercial world, has con
stantly forced itselfto the front and made it.
self more and more felt in business trans
actions. Our paper money has not been able
to hold its ground against the pressure, and
will not, SO long as business il confined to
actual Transactions, and kiting and specula-
ton are diminished to n minimum.
But while the premium on gold has been
reduced to its present low point under the
pressure Of these conditions ii does not fol-
low that it can bc ea-ilyur speedily brought
u par by any artificial proceedings sud-
denly instituted. Our IN trade is prac-
tcally barter trade. 1t Is the exchange
OF our cotton, brcad~tufs, and provision,
for the goods of other countries. While tine
balance remains in our favor, as ii now is
and has for some time been, We ar" mot pur-