Daily Kennebec journal., 1878-04-15
Resumption Close at Hand.

The reader of the daily papers notices
in the financial columns gold quoted at
lO0l4 Oaly difference of Ia OF one
per cent between the value of gold and
yreenbacks the least since 1862.
But fact of more Importance than this
is the success which Secretary Sherman
has had id closing contracts with New
York bankers for S50, 900 600 in gold, to
be supplied him in exchange for United
States 4 l-2 per cent bonds. With this
amount OF gold in addition to what he now
has in the Treasury, there is no doubt
about the ability of the government to re-
sumo and sustain specie payments. "lie
has" says the Tribune, $3.50, 900, 900 now,
in excess OF all coin demands, and he can
issue at least Sl0,000,000 of coin certiii-
Gates in excess of coin deposited, and
holds at least $4,000. 900 for which no
demand will be made. With $50, 900
more. TO be paid at the rate of $4,000, 600
per month, he will have Sl4J 900, 600 by
the first of January, even if the Treasury
is not able to accumulate coin from its or
dinarv receipts. But ii is not doubted
that large sum may be thus accumuIat-
ed. DuriLg the past year the Secretary
has added over $40, 900, 600 to has stock OF
specie not covered by coin certificates,
and he added over SOC ,000 900 from April
to January J.. The condition OF foreign
trade promises at least AS large gain
this season, unless Mr.. Woods Tariff
Bill materially affects the coin revenues,
and it is probably reasonable t. hope that
the Senate will not pass the bill III such
shape as greatly to diminish receipts. II
the Secretary gains nothing by excess OF
coin receipts over coin expenditures, he
will still have about the sum required for
resumption in January next, and the pros
pect is that he may have $40, 600, 900 more
than he has deemed necessary
The only danger apprehended in the
early march to resumption is from possi-
BILE unfavorable action by Congress. But
the ground for this is very slight. Con
gress is weary OF financial discussion and
appears willing by general consent to al
low the Secretary TO 90 forward with his
plans for resumption.
II no obstacles are interposed by Con-
gress it is altogether probable that green
backs will be at par with gold by the first
OF July next, and specie payments may
be then resumed.
When this occurs the greenbackers will
find their vocation gone. Agitation about
the currency will die out as soon as resump
ton is an accomplished fact. Then gold
silver and greenbacks will be equal in val
ue under the law. The currency which
the laborer will receive for his tol, The farm
er for his produce, the mechanic for the
skilled workmanship of his hands, will be
just as good as that which the holder OF
government bonds will receive for his
coupons. The greenback will be exalted
In honor and dignity far beyond what the
greenbackers would allow ii, for ever,
dollar OF il will command dollar of coin
that will pass current for its full value the
world over.
Probably the greenbackers will make
desperate efforts to keep up their courage
and hold Together such organization as
they have, but fate is against them and
they will have to suecumb, or, it is more
in accordance with facts to say-they will
be saved from the errors into which they
have fallen, to enjoy equally with those
who believe in and have advocated
sound currency. the blessings that will fol-
low to our country from resumption oil
specie payments. They are not the first
who have been deluded by specious theor-
les concerning paper money aud proba-
bly, will not be the last.