New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-09

=" time, during the course OF Ine com'ns Joon9'
without violence, without difficulty, TINS
"change, this return to the old condition.
"wlIl gradually go forward until the whole
"oliect is accomplished, and like the dawn
ling of the sun we will never know
chow it was accomplished. we
have started in the right direction. All
natural forces come 10 help us; INDUSTRY
twill return to its accustomed channels, ami
/" its reward will come When we undertake
4" TO do this all nature helps us.
believe that resumption is the crownlng act
" Of the war; and with it pass away all the
consequences of the struggle, and peace ana
"prosprriry will ensue-such peace and pros
"perity as it has never seen before"
1t is cheering fact that these declaratlonsr rep
resent the almost unanimous conviction OF ousi-
ness men and bankers throughout the Eastern
States IN respect to the practlcablllty OF re-
SUMPTION, and It's beDeticent effects. because
n great many have believed that resumption
was not practicable, or have feared that IL
vould involve evils and sacrifices almost in
calculable, il is the more encouraging 10 nnu
that the reslstless logic OF events mas con-
ymced them tn the contrary. Resumption Is
at hand, without the disorders and losses
which were feared. II is so close at hand
that every one now sees how easy ana saie
are the steps which appeared to many so
difficult only short time ago. Undoubtedly,
the manifestation of this confidence, by such
a body of representative bankers aud business
men is was gathered at Boston, will go far
to remove the difficulties which remain, to
render the success of resumption more GER
tain, and to hasten that revival OF confidence
which will bring the prosperity desired.
In another respect, the opinions expressed
at this meeting, though they are not shared by
a large and influential body of citizens, viii
nevertheless be heard with satisfaction even
by those who oppose them. powerful ele-
ment in this country firmly believes that the
Resumption Act was designed and will tend 10
put out of existence the greenback circulation,
and to secure for the National banks mOnOp-
DIV of circulating notes great part
of the hostility to resumption has come
from belief that this was really
the kind of resumption designed by Eastern
bankers. Now Secretary Sherman does I'M
doubtedly represent, in this respect, the wishes
of q great proportion of the friends of re-
sumption at the West, without whose aid it
could never have been reached, nor could the
assaults of its opponents even now be
resisted. He represents the true intent
of the Act of 1875 namely, to make
the legal-ten as good as the gold
which it promises and to keep in circulation
as large a volume Of legal-tendcrs rs the
country may wish TO retain when they are re-
deemable on demand. That, we have been
told by some Eastern persons, Is not resump-
ton at all, but Is "A farce, "A fraud, and make
shift, certain to be only temporary. Because
some persons, supposed TO be influential, have
held this opinion, the hostility to resumption
at the West has been greatly strengthened.
Nevertheless, that is exactly the sort of re-
sumption tor which the Act of 1875 provides
be it bad or good. it is the only sort OF re-
sumption which Secretary Sherman has power
to bring about and it is therefore well that
bankers aud merchants of New-England and
Ncw-Yo have taken occasion TO declare
that they believe it a real and impor-
taut change, that it can be accom-
plshed, and will bring great prosperity
to the country. What part of the legal
tender circulation will be retired, under the
Redemption Act the bankers very wisely do
net undertake to foretell. 1t may be much
less than many of them believe or desire.
But the results of chief importance TO the
country will be surely secured, if the paper
currency Is made aud Kept equal in value with
gold, whether a larger or smaller part of that
currency is of United States notes. The re-
naming question, what part of that currency
shall be issued by the Government or by the
banks, will best be considered after the value
and redecmability of the whole have been