The New York herald., 1878-12-30
Resumption Day.


over the Union, Resumption Day" will be
one of the notable days on our historical
calendar. For the present. it must be con-
fessed, we are not all agreed upon the
merits of the law which will give it its
name though the opposition to resump-
ton of specie payments has, after the
American fashion, determined to let the law
take its course and to place no factious OBJ
stacles in the way of return to specie.
The great discussion concerning paper
and coin, silver and gold, irredeemable and
redeemable notes, government issues and
bank issues, stops, therefore, to give the
Secretary of the Treasury fair opportunity
to try his experiment, or rather to carry
into effect the law which stands on the
cerely believe that return to q coin STAN
dard will be an injury rather than benefit
to the country and there are yet others
who rs sincerely believe that resumption
is impossible, and the attempt must
fail. But both and all agree to let the
effort be made and to cease their opposi-
tion. They are, of course, wise in this, for
the attempt to obstruct the carrying into
effect of law at the date and in the man
ner declared in the law would only bring
those who made it into general disrepute,
and those who believe that Mr.. Sherman
must fail probably see that if they made his
task more difficult his failure would be
properly laid upon their shoulders by the
people. But, all these merely polite con-
sideratiohs aside, we repeat that the oppo-
nents of resumption deserve credit that
they have ceased active opposition, because
they thus display the true American spirit
Of fair play and respect for law.
We do not propose to discuss with them
DOW the merits of the policy they dislike,
opinions that financial policy of any kind,
to be tolerable, must be permanent, and
that, whether it is wisest to use coin
or irredeemable paper, in any case
stability is the one essential ele-
ment required to give confidence
to the operations of industry, libe-
rate capital to be used for industrial
purposes, and secure steady and remunera-
tive employment to workingmen. The
supreme Importance of this is seen and felt
already, as resumption day draws near, in
n general renewal Of public confidence.
Men begin once more to talk of new enter
prises; the future looks brighter and more
promising; the prospect of a general revival
of industry and prosperity is in every
body's mouth; and it would be difficult to
find man of sound judgment who does
not believe that the mex. year will be far
brighter year to every legitimate interest in
the country than any yes since 1873.
Now, Of course, what everybody, be he
for gold, silver or paper, really wants is to
see the country restored to prosperity-to
see return of good times. III specie re-
sumption, when it has had q fair, unob-
structed and thorough trial, is found not to
help but to hinder the return Of good times,
then the advocates Of irredeemable paper
money will easily be able to carry the coun-
try with them for their plan. They will be
entitled to hearing and to a trial Of
their method. But in the meantime,
and while the present experiment is on
trial. we have q right to require that every
body shall cooperate with at least good
will to make it succeed. The country has
suffered q great deal from confused councils
and from the lack of fixed currency pol
plan, determined by law, and to unscttle it,
to attempt to interfere with what is now
doing, is to plunge it into still greater dis
tress to derange and disorganize all busi-
ness and industry. That is what all sensi-
BILE and good men, no matter OF what faith
in currency matters, should now unite to
prevent.
What such general and prudent consent
to q definite policy-when, as now in our
case, it has been decided by law-can do
for a country we see in the case of
France. The French suffered enormous
losses in men and property in the Franco
German war they lost two rich provinces
they were obliged to pay an indemnity SO
vast in amount that men looked aghast
when the German requisition first became
known and yet, in spite of all these
losses, which threatened their ruin,
they are to-day the most prosperous,
and in fact the only prosperous nation in
Europe, and they are SO because the French
public supported unhesitatingly fnan-
cial policy early determined on and infex-
IDLY adhered to. with the benefcent result
that credit and confidence were never
shaken with them; all their industries went
on with confidence; the heavy war taxes
we're paid without distress, and from the
day the German occupation ceased to the
present the French people have been
profitably employed and their wealth has
increased. They had stable, settled cur
rcncy; the kind, size or value of their
franc was never in this period the subject
Of partisan disputes, and it is 10 this general
agreement upon definite financial pro-