The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-06-04
Official Press of King County,
Tuesday, June 4, 1878.
HOW 1T WORKS.

January nrst, next ComiuR, VIC eui
rency OF the United States will become
convertible ON demand with gold coin.
There il . great clamor to repeal the
resumption act, as if that would benefit
the country. but we think it will net
avail. Our statesmen have gone for
ward steadily and conscientiously in
their purpose to provide the nation
with en- honest and solid currency des-
pite the mad howls of demagoguism-
the threatening menaces of selfish capital
OH one hand, aud Of INSCRIPTIONS
worthlessness on the other Unswsyed
from justice by the sophistries and
threats of the one party, as by the tenn
porsry and incidental suffering which
that course necessarily inflicted on the
other, we are convinced that alike on
the Silver law, the Bankrupt Repeal
and the resumption act, times develop
ments will prove that they have
builded wiser than they knew"
In the midst of the commercial havoc
that the resumption act has wrought
in the East, it is a satisfaction TO con-
template the good which that act is
doing. Iu the first place the evil of a
Auctuating. unreliable currency the
foot ball of gamblers and SPECTATORS,
is got rid Of Property is given q
fixed and stable value and all kinds of
wealth is set on IA solid bottom Real
estate, for example IS brought right
within the reach of poor and industrious
men by the fabulous fictitious initiation
of price which made it the luxury of
the speculator and capitalist. being
lopred off. When the revival comes,
many poor mau will be found in the
ownership Of homes which they would
not have been but for resumption and
the hard times.
Again. resumption by checking the
fictitious initiation of business in the
East, pushes armies of able bodied i'm
migrants, thrown out of employment in
the East, out West, and out to the
vacant lands of our Territories. at is
al i'll wind that blows nobody any
good" The destruction of the old
States is the life of the new. Out of
destruction and overthrow of homes in
the East rise brighter and happier ones
in the West. If it were not for the dis
tress in the great manufacturing and
commercial States, our own growth
would not be so great as it is.
Again, the money channels of the
country are again refilling with gold
and silver in consequence. 1t is the
very best kind of protection. A
cramped exchsquer is the surest check
on excessive importation. the surest
iDpedipent to stop the drain of money
and property out of the country. and
the most emphatic spur to home indus
try, and incentive TO commercial indie
pendence and patronage of home re-
sources. Business will revive again
after the temporary browse, and will
be all the healthier and more vigorous.
SO far as the fact is concerned that
the resumption act is not solely
responsible for the collapse of business
that has prevailed. facts and the testi-
mony of history certainly sustain the
negative. As Stanley Matthews said
in bis speech in the Senate on the 10th
Of May. in opposition to the Resump-
ton Repeal bill
There are two facts. which unfortu
pately are too notorious to admit of
denial, which are inconsistent with the
theory that the present depression OF
BUSINESS and consequent distress of
this country are attributable solely to
the prospective resumption of specie
payments. and for which the advocates
Of that theory have thus far been 10.
tally unable to account
The first of these is that the collapse,
of which our present condition is but a
continuance, occurred In September,
1878. beginning with the sudden fail
ure of Jay Cooke Il Co, and the sus-
pension of their enterprises in connec-
h. ID. 4
At that time. and up 10 that time,
everything had been going ON ia the
accustomed way, without suspicion on
the part ut the general public Of any
impending disaster. The panic created
by that suspension was simply reve-
lation TO the public IF the hollowness
of the existing condition of business.
Ii was followed by all the evil things
which We have seen and our presen,
condition is simply a continuation OF
that order of things which was intro
duced by that apparent disaster. Ii is
quite certain that the origin of our
existing trouble is not due 10 the
passage OF the resumption act of 1875,
Tor Ut that time il was not even contem.
plated, and IL could hardly be supposed
To have acted before it begun 10 exist
Ii Is possible that il specific prepare.
ton for resumption under that act had
begun, the expectation of the change,
which was ordained TO take place on
the first of January, 1879, has had a
tendency TO prolong the suspense. and
it 10 not impossible tina, il would have
been better to have established in the
act OF 1875. instead of liked arbitrary
date when resunfption should take