Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-10-17
The Greenback Surrender.

The Greenback Surrender.
Mr.. Brisbin Walker, editor of the
Washington Republic, the national
organ of the Greenback party, and
whose recent interview with Score
tary Sherman excited so much COM
ment, admits that it is impolitic any
longer to oppose the resumption of
specie payments on the let of JAM
uarv next-the date fixed by Com
gress. The logic of events has con-
WINGED him that the equalization of
paper and gold values, by the course
of trade, is natural process which
cannot be thwarted by legislation.
He admits that the business interests
of the country must be respected,
and whatever plausible objections
may be presented against resump-
ton in political point of view,
they must be regarded as OF second
airy character. He is pursuaded that
to put back resumption would be to
proiong the present state of uncer-
tainty and doubt. Now that we are
so near the end Of suspension of
specie payments, it is better to 60
forward and finish 1t. Cali the
DANA ge," he says, "that can be done.
is done. There can be no further
evil from the Resumption act. Three
years ago we opposed the Resump-
ton act, and demanded its repeal.
Now we say, let it stand. 60 on
with Resumption"
A more complete surrender of the
leading feature of the Green back
platform could not well be made
than this Of its accredited organ at
the National Capital. 1t is not SUR
prising, however, that so intelligent
an observer of events as Mr.. Walker
should see the folly Of any further
resisting the inevitable. When Con.
gress, in January, 1875, fixed jan
uary l, 1879, as the date for the
resumption of specie payments, it
gave the government and the coun-
try ample opportunity TO prepare
for that desired event. No resump-
ton can take place, after q long
period of suspension, until after long
and careful preparation. Commerce
and trade must have time to adapt
themselves to the new state of things,
and the government must be allowed
sufficient time to replenish its ex-
hausted Golfers with specie in order
to be able to redeem it's paper issues
in coin on demand. Both requisites
have been met. Business is reviving,
and in great part from the surety of
better times, through stability of
| fin ncial values and the prices OF
every species of merchandise. The
paper money of the government is
no longer an object of speculation at
the stock boards. When it was
poured out IN constantly increasing
volume during the war, the premium
on gold rose to s1.60; it fiuctuated
for time as much as ten and twen-
ty per cent in the course of day.
1t was not till resumption at long
date in advance was fixed by law
that the premium on gold began to
decline. Since then it has steadily
fallen, until paper is now virtually
at par with gold
The wisdom and sagacity of Re-
publican legislation has been tri.
umphantly indicated. Short sight.
ed men, who look at only one side
of the question, have repeatedly at
tempted to nullify the resumption
act, or postpone it indefinitely. The
prevailing distress which has per
vaded all commercial nations. and
which was due for the most part tc
the disturbances in trade produced
by domestic and foreign wars, and
the inordinate speculation connected
| with them, was attributed not 10
such natural causes, hut to viscious
financial legislation. 1t was urged
that the postponement of resump-
ton was necessary for the relief Of
commerce and trade. Fortunately
Gen. Grant and his successor in of.
flee, and the Republican mem bers Of
Congress, stood firm for the public
credit and the business interests
All that they hoped for and predict
ed has come to pass. The Treasury
is full to repletion with gold and sill
yer. 1t is now ready to resume.
Greenbacks are as good as gold
ADD the horizon is everywhere brigh
tening. Our annual exports over,
balance by 5000. 100000 our imports
the public debt is being paid off with
sufficient rapidity the government
can borrow money at per cent
the amount of annual interest on the
bonded debt yearly grows less and
less; only about $3.50, 0O0,O 900 of the
National debt are now held abroad
and the credit of the United States
| government stands higher than that
of any other nation. One of the
most eminent of English statesmen
recently spoke in the highest terms
of the consummate skill and wisdom
with which our finances have beer
managed, and the honorable manner
in which we have met our obliga
tions. To turn back now, to re.
commence the unlimited issue o.
government paper money, to destroy
the National Banks and enforce the
sudden calling in of their hundreds
of millions of credits, to revive the
era of speculation and initiation
would be as an act of madness. There
is no safety but in resumption. We
echo the sentiment of Mr.. Walker
Go on with resumption. Let the
| act stand |"