New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-06-20
DAY OF HOPE.

The Nation has triumphed. It's honor has
resisted fierce and repeated assaults. Repudi-
alton has been prevented. The silver craze
was robbed of its power to bankrupt the
country. Every attack upon tue Resumption
Act was repused. Even the efforts to cripple
the Secretary by indIrectiOn, and thus to make
resumption more difficult, have been beaten In
every particular save one and if he finds il
necessary TO exercise other powers which re-
main with him, it will be a matter Of no con-
sequence that the formal retirement of legal
tenders during the next six months has been
sioppcd. He has declared that he will try to
"kcep in circulation all legal-tenders that
"cqa be maintained at par IN COIN and thus
shows that, with sound legal sense, he regards
all late amendments as TO be interpreted IN
harmony with the main object of the Resump-
ton Act, and with the refusal OF Congress to
reDeol that act. Hence the Fort BILL requiring
him to "keep in circulation the legal-tenders
now outstanding, must be construed as requir-
ing only that they shall not be cancelled, but
held on the Treasury books as still outstanding,
and ready TO be used, like ordinary balances in
the Treasury, whenever they can be so used
at par IN coin. and without causing depFecia-
tion. This sentence of the Secretary shows
the barmessness of every change made in the
law at this session. 1t Is his first duty to place
and maintain the legal tenders at par In coin.
II will do no harm for him to keep in clrcula-
ton whatever amount of notes can be thus
maintained at par.
There is cause for great JOY in the fact that,
after a trying campaign Of eight months, in
which, as in the campaign OF the Wilderness,
there were many dark days when IL seemed
that defenders Of the Nation and its honor
mugt suffer defeat, the end is victory. Not O
single change materially affecting the solemn
pledge or the practical power TO resume specie
payments on a fixed day has been effected.
For we do not regard the Silver Bill which
passed as having any material effect, either TO
increase the difficulty of resumption or to en-
danger It's maintenance Experience proves
that the people do not want and Will not take
the silver dollar for any other purpose
than for payment of duties, and the Sec
rotary has ample power, and holds il
his duty, to prevent any such issue
of silver in place Of legal tenders,
while the latter are below par, as would re-
suit in the indirect payment of duties with
tenders as equivalent to gold notes can be
justified as intended to make them equivalent,
but only when the Secretary IS satisfied that
the end can thus be accomplished. After re-
sunption, as before, room can be made for
tbe circulation of silver dollars, merely as
subsidiary coins, by the gradual withdrawal
of small notes. 1t is important, for the mme-
date welfare of the country, TO understand
fully that the storm has passed, and has left
the Secretary rigidly required and abun-
dainty empowered to accomplish that resump-
ton of specie payments for which everything
in the domestic and foreign commerce of the
country is fortunately preparing.
Commerce and industry may also rejoice
that every effort to NEEDLE with the tariff has
been defeated that the attempts to cripple
the Treasury by cutting down the tobacco
tax have failed that all efforts to break
down the National bank system or impair
its usefulness have failed; and that the
Government goes forward to a new year with
revenues in no way reduced by new legsla-
ton, and with expenditures increased, indeed
by some knaVish jobs but probably not more
than the revenues may expand with the van
ishmg Of impending uncertainties and the re-
CuperatiOn of business. IL is still somewhat
doubtful how the repeal of the bankrupt Law
may work. In other respects, there is solid
ground before us for the next six months
10 every man in tho land it is cause foi