National Republican., 1878-09-26
WHAT Is RESUMPTION

"ANHINGTON, sept. Elt 1915.
To he Editor Of Tie National Republican
SIR see day by day at the head Of the
editorial column Of your paper, in large figures,
the days before resumption takes place. To-
day 1t Is 102 Monday Il will be 100, l suppose.
This day Of resumption must mean something
Of much interest to the people, or you would
not day by day keep them advised OF II. VIII
you tell your readers what resumption means,
and the effect that IL will have on business2
All admit that financially the people are In
great distress at this time and earnestly
hoping for relief Tho Secretary will have In
tho Treasury nearly, or quite, S30OOOO,OOO OF
gold and silver for resumption purposes. Will
resumption put any more money In circulation
than there Is In circulation nowf In what
way will resumption relieve the peoplep
Where does the benefit OF resumption come
in' WIN the people be benefited by putting
greeubacks into the Treasury aud taking out
the same amount OF gold II resumption will
help the people let us know wherein, that we
may try to live on hope until the happy
deliverance. II. T..
We feel great delicacy in attempting to
cnlighten our correspondent, for if he has
not been able to divine the benefit Of hav-
ing a currency that Is to be redeemed in
specie, instead of that which only repre-
sents itself we have not confidence In our
ability to educate him up 10 that point.
The United States issues its promises TO
pay in denominations from 81 TO 81 900,
and this the people accept and circulate as
money, for they have confidence to believe
that ii represents the standard values,
which the civilized nations of the earth rec
oInize rs money. C., gold and silver.
The redemption Of these promises to pay in
coin has been suspended for some fifteen
years by the provisions of law. Pending
that suspension silver was demonetized,
and gold became an article of merchandise,
subject 10 heavy fluctuationsin value. In the
meantime our paper money consisted oI
greenbaclis and national bank notes While
they served the purposes of domestic trade,
they would not pay either customs duties
or for goods purchased abroad, or the inter
est on our bonds, and hence gold must be
purchased OF spectators ut heavy premium
by those who bought and imported goods
from Europe and had to pay customs duties
on the same The Government made one
hand wash the other in paying the interest
on its bonds, for IL used the gold received
| for customs dues for that purpose, while
| business men had no such resource, aud
hence were subjected to heavy sacrifices on
their currency.
On the lst day of JANUARY next, period
which we note day by day, the Government
will by authority OF law redeem its paper.
money issues-its promises to pay-in gold
and silver. This, OF course, puts our paper
at par with gold, and relieves the business
community from the sacrifices heretofore
made under the fluctuations of an irredecm.
able currency. We think, therefore, that
the business interests of the country will be
benefited by resumption, for there will be
no huctuation in the value of our currency
tn he values OF property will be more stable
and wider and more healthy confidence
will be restored to the marts Of trade and
commerce. The business OF the country
will strike bedrock when gold, silver, aud
paper money have ceased to huctuate, and
when it moves it will he in the direction o
prosperity. When business becomes health,
and prosperous its influence pervades al
classes and interests, except those of the in
dolent vagabond and idlcr, who will no
earn bread by the sweat of his brow.
If our interrogator fancies that money i
to be given away to those who do not worl
and earn it, or who have not some values I,
exchange for it, when resumption comes, h
is doomed 10 disappointment, for, thougi
the Treasury building were packed full o
gold, silver, and greenbacks, he who woul
have it must exchange either labor or prop
erty for it or go without, unless he steals il