Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1878-04-11
Specie Resumption.

ventlon.
Specie Resumption.
The resumption Of specie payments
has, for long time, and particularly
since the enactment Of the law look
ing to resumption on the 1st Of Janu-
airy 1879, been freely discussed and a
great variety Of opinions have been
expressed. We, in common with our
contemporaries, have our opinions
and propose to give them to our read
ers. The late Horace Greeley, in his
terse and characteristic style, said
@tho way to resume is to resume.
This may or may not have been prac-
ticable at the time it was written; but
we are inclined to believe that even
then, with proper legislation, it might
have been practicable. The dire re-
suits that are anticipated to follow
immediate resumption, are more
scare-crolU than realities. For years
we have had a continual agitation Of
the currency question. and, as a con-
sequence, confidence has been shaken,
capitalists have withdrawn their mon
ey from manufacturing and other bus
mess enterprises, and invested 1t In,
bonds, locked 1t up In vaults, or in
some other way retired it from circu-
lation. We are told that the resump-
ton OF specie payments will cause
such shrinkage in values as to ruin
business men. Gold has already
shrunk from premium Of $50 to 1
per cent. II the business OF the coun-
try has withstood a pressure OF 179
per cent. 1t can certainly stand now a
pressure Of / per cent, especially so
since 1t will restore confidence and
put In circulation all the money need
ed for the transaction Of the business
Of the country. Secretary Sherman
has declared that he will, under au-
thority of the present law, be author
lied to reissue or retain in circulation
$500, 0O0. 900 OF legal tenders after spe-
Gle payments are resumed. Then, as
the Secretary suggests, with no out
standing liabilities, and with sl25, 600
900 specie In the treasury, resumption
will take place. The national banks
cannot @buck" against the govern
ment, for IL they attempt a run the
treasurer can compel them to redeem
their own notes in legal tenders or
specie, and the attempt to collect suf-
f1cent greenbacks to make run on
the specie reserve would bring them
at once to par and thus stop it. To
us, it seems that Secretary Sherman.
In his recent conference with the
House Committee on Currency and
Banking, has shown that he is on the
right track, and 1t Is the duty Of Con-
gress and the people to strengthen
his hands and allow him to proceed
1t should be the Governments pur-
pose to bring greenbacks to par with
gold and there keep them. The only
persons anxious for the premium on
gold to remain are gold gamblers
who desire 1t for speculative purpos-
es on change. The day that green,
backs are worth as much as gold
the gold exchange will go into invol-
untary liquidation, and @bulls' and
"bears" will be compelled to adopt 6
new mode Of gambling, or be forced
to follow some legitimate business
for support. Again, who wants gold
1t Is not needed in ordinary or the
most numerous business transactions
Gold and silver is not what the peo
pie need, but confidence. Gold Is al
present needed for foreign exchange
and the payment OF duties. but aside
from this with a currency good from
one end OF the land to the other, ant
which in every contingency will be a.
good as gold, it will be found that VIZ
have IN abundance OF coin for all le
Ultimate business requirements. LIE
the government then say to the PEG
pie in a plain and simple way, oul
ereenbacks are as good as gold III nee
essary let them be received for duties
on imports. Our banks will then pa.
out gold just as the Atlanta bank die
the other day; specie payments will
be resumed, money will be withdraw
from the vaults and placed in circula
ton, the spindles will commence Il
turn, old enterprises be brought to life
new Industries developed, gold, silve
and greenbacks will circulate together
and, as it is the rapidity with which
money circulates that makes it plenty
we shall soon have another era o
general prosperity:
The election in Rhode Island
Wednesday, OF last week, resulted il
q sweeping Republican victory. Tn
Republican candidate for Governo
receiving a majority of $500 over al
other candidates. Last year his ma
jority over all was only AL. Com
menting on the falling off OF the Dem
ocratic vete, the Boston Jourr1o