New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-10
INDIRECT ATTACKS on RESUMPTION.

II is now well understood that no direct at
tack upOn the Resumption Act can succeed.
Ihe act will have fair trial if no indirect leg
islaton interrupts its operation. Hence its
enemies have already turned their attention
to the means of Out-flanking resumption. Not
daring TO assail 1t directly until Its success or
failure las appeared by experiment. and pre-
tending to give it fair trial, they propose
measures which are represented as Offering
no impeachment to resumption, or as designed
20 render it more easy, though in reality they
are calculated to defeat it altogether Chief
among these are bills for the increase
of silver coinage, or to compel the
Treasury or the banks to make payments
in silver. Putting aside for the moment oil
argument for or against such measures which
involves the question of the expediency or in
cxpedicncy of the double standard, we hold 1t
most important to take note that these bills
are calculated at this time to render specie
resumption impossible, and therefore should
not be considered if ever, until resumption
has become fixed fact
Resumption is the performance of pledge.
1t is an act of restoration and establishment
Of the public credit. It's object is to secure
for this county all the acknowledgement they
are many and great-which the Nation and ali
its commerce and industry may derive from
condition of established and unqnestioned
credit. OF the nature and magnitude OF
these advantages it Is not necessary now
TO sneak; those who do not appreciate
them must be expected to favor any measure
that leans toward Reputation. The only dan
ger is that men who do comprehend tho vast
importance of firmly established public
credit may fail to realize the effect of pro-
posed measures. The United States has Dor
rowed about $3.50, 100000 of its citizens, and
Its current obligations form tho basis of our
! present currency and valuations of property.
| As long as its credit is fuctuating or at q
discount this country ia at a disadvantage in
ali its industry and in its commerce with all
the worId. The object of resumption is to
nut az end to that disadvantage, by making
the currency of this country AZ good and as
stable as that of any other nation with which
we deal.
The solemn pledge of the United Stntes,
made in 1876, was that the legal-tender
notes should be made redeemablo on demand.
after fixed date, in coin of the United
States. At that time, the United States had
no coin other than gold in which 1t was pos
sible to redeem. its notes. 1t has no coin
now, other than gold, IN which 1t would be
possible 10 meet for a single week the de-
mand for redemption of notes. The pledge
was necessarily understood when it was
made, and is necessarily understood now, as
pledge to redeem in gold coin. COnse
auently, the legal tender has advanced, not
only far beyond its market value, con-
sidered as q promise to pay 412l2 grains
of standard silver, but beyond the &C
tual market value either of the standard
silver dollar, or of the trade dollar contain
ing 400 grains of standard purity. To-day,
although the coinage of the standard dollar
is restricted so that it is really a subsidiary
or representative coin, yet it will sell for less
in the market than the paper promise or rep
respntatiye of gold. For the United States
has pledged its faith to redeem the paper
token in gold, but has not promised to redeem
the silver token at ALL excepting as 1t may
be received for duties and taxes. Redemption
of notes, or payment of any other coin in
debtedness of the United States, in standard
SILVER dollars, would be a violation of the in
tent and meaning of solemn pledge of the
public faith, rs understood by Congress when
it was made, and by the executive depart
ments and the whOle-peOple to this day.
Such an act of bad faith would not restore,
but would undermine -and break down the
public credit.
Enlarged or unlipited coinage of silver. or
legislation to compel payment in silver by the
Government, tend to make the legal-tender
silver note, whereas it is now gold note, and
therefore to make it much lower and much
more tiuctuatlng in value. 1t is an utter mis-
take to suppose that increased coinage can
raise the bullion value OF silver. for we have
in circulation so large volume of paper notes
that, as exp. rience has shown. 1t is impossi-
BILE to force coin into use as currency.
Hence. whether the coinage be greater or