Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-03-21
WE CAN RESUME.


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On Tuesday Secretary Sherman APP
before the Finance COMMITTEES OF
The Senate. to answer certain questions
with regard to the proposed resumption
OF specie payments on the first OF jan
uary next. A report Of his statements
to the committee has been t~elesrsphed
to this coast. but its extreme length pre-
vents the News from publishing 1t in
full. The sum and substance OF 1t Is
that the Secretary Of the Treasury Is
still oppossd-as every honest man is
and should bs-to the repeal OF the Re
sumption Act. upon the faith Of which
the credit Of the nation Is now 10 Sc
cursly based. that he proposssto resume
in 1879. unless prevented BY the action
Of Congress. and that he Is satisfied that
on the frst OF January. the date speci.
ned by Law. there win DO ample coin and
bullion In the United States Treasury to
meet all the requirements OF the Re
sumption Act. What effect the figures
and arguments will have upon pending
legislation, 1t il. OF course, impossible
to predict, but va are confident that II
the population act passes the President
will veto II. and that there Is still hon.
ssty and integrity enough in the United
States Senate to prevent its being carried
over his veto.
This resumption business seems to be
very much misunderstood by the vast
majority Of our citizens. To resume
specie payments 1t is by no means nee
sssary to tske up every United States
note outstanding. and leave nothing but
gold and silver in the country. The
only thing requisite is to make those
notes interchangeable with coin. and
thus bring them at once to q specie ba-
sis. The idea that all our legal tenders
will be presented at the Treasury for re-
demption IL an absurd one. They are
better than gold or silver, provided they
can at any time be redeemed In gold
and silver. because they are more con.
venient to handle. This fact insures
their continued circulation. They will
still be the great medium Of exchange in
this country. but instead Of remaining
at q discount. they will at once resume
their proper position ON a par with in
transitional. metallic currency. That Is
all which resumption means. and II 1t
cannot DO safely accomplished now. 1t is
safe to say that Il never can or will be.
Secretary Sherman says that there is
now in the Treasury some s92. OOO, 900
in coin and bullion. available for re-
sumption. and Of course that amount
will DO increased to quite an extent dur
ing the next nine months. The balance
Of trade with Europe Is in our favor to
the amount Of nearly slG0. 0O0. 900 an
nuallv. Now. even supposing that not
q cent was added to the present deposit,
il 10 an absolute certainty that this
s92. 900. Oc0 would not all be called Tor
In redemption Of our notes. The mo-
ment holders Of our paper know thai
they can at any time exchange IL fol
coin. that moment they will hold on to
il a. q batter. because more easily hand
led. money. than either gold or the more
bulky silver. II this is not q self-evi'
dent proposition. as ii should be to the
man Of average intelligence. its truth
has at least been established by the
financial history Of all nations. Money
is simply a representative OF value. aud
90 long a. its representative power is
kept at par. II matters not whether II be
gold. silver. paper. or even cobble-
stones.
The Resumption Act. then, which ii
10 now proposed by the regulators in
Congress to repeal. is simply a law maxi
ing our paper dollars equal in value and
interchangeable with our coin dollars.
II Is q very simple financial proposition,
and ii is surprising that any man claim
ing the least degree Of intelligence can
not understand il. Il il n solemn prom
ise Of the United States to receive its
own paper in payment OF government
dues precisely rs IL now receives gold
and silver and to redeem its own paper.
dollar for dollar. in coin upon presenta.
ton. II makes tho dollar which the Ia
borer receives in wages equal to a hun
bred cents. which 1t Is not nov In
short. IL is u measure to upheld the
honor and tho credit Of the nation. and
II this Congress repeals II after listening
to the figures and the weighty arguments
Of Secretary Sherman. IL will brand
itself a. the most idiotic or the most
corrupt body OF Legislators that ever dis
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