Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1878-12-13
RESUMPTION.


first water of the stream over which 1t has
so long before making up its mind
to try it. On that day everybody who has
greenback will be able to get gold for it
if he likes, or pay his dues at the custom
house with it if he deems proper. These
greenbacks have been out sixteen years,
though it was not until nine years ago that
Congress passed the act removing all
doubts about their redemption in coin. by
enacting that they were TO be SO paid.
Even then it did not say when, and that
was not settled until four years ago-when
the first of next January was fixed as the
day. The popular idea is that when a
man proposes to pay his debts on certain
dav he has his preparations made, but
that was not the case with the govern
ment-it merely made preparations to pay
its debts by borrowing money to pay them;
that is to say, it authorized the Secretary
of the Treasury to sell four per cent. bonds
cat not less than par in conn.," to OBTAIN
the right sort of money to redeem with'
having four per cent. interest for money,
with which to redeem nOn-interest bear
ing notes-a very questionable financial
operation. And especially SO as the whole
outgo was to be raised by means OF oof-
rowed money. The Secretary, it is true,
was authorized to use any surplus reve-
nues in addition. but the ''surplus reve-
nue. under the administration OF the
government, since the passage of the bill,
has been nearer a deficit that u surplus
and SO the whole thing has to be done on
credit. The chief point, that OF resump-
tion. not the mode of resuming. has had
no important opposition. AS early as
1867 Horace Greedy raised tile cry that
afterwards became SO familiar, that 1.-THE
way to resume is to resume" and TO MN,
more than any other, is due t5e feeling IN
the Republican party that after many
wears gave 1t the nerve to attempt it, with
what success time will show. The Demo
cratic party, d lard money party by ira
dition, has been more cautious. charac-
teristic rather supertluous in this case, see
ing that it has had no controlling voice in
the government while the question was
pending. 1t has coupled It's unqualified
approval of resumption itself with the as
sertion that the government was not
ready for it. At It's last national cOnyen-
ton it went so far as 10 denounce the re-
sumption bill now about to go into opera
ton. as a sham, but this did not affect
Secretary Sherman, who has gone on
steadily borrowing the gold to pay off
with, and to-day has $14O,000,00O in gold
with $25,OO0,O 600 in silver ready for the
opening day. Mr.. Sherman, we may
mention here. is a reformed green
hacker who, while United States
Senator wrote letter in favor OF paying
off that portion OF the U. 5. bonds issued
during the War and not made payable in
coin on tie face, in greenbacks. The
amount OF United States Treasury notes
or greenbacks now in circulation is 1922
O0O, 900, which ia, would, if heavy pres
sure was blou sht to bear in redemption,
leave the U. S. government short by $751;
600, 600, that is if dollar for dollar were t
| be demanded. Of cOui Sc there will be no de
mand like this, but still there will be one
VIII oh may have very SCI ious effect. The
| New York banks alone hold $4,000 900 III
| Treasury notes which will be presented
for redemption, the country banks who
must have gold themselves will send Ill
| their notes. and then if the gold interest
payment comes along and with it Euro
pean drain for the metal, resumption gots
under, Or Secretary Sherman is forced L.
90 into selling more four per Cent bonds
to keep off tine calamity. 1t is unques-
tionable that many specul+tors in tht
great marke.s are laying up gold with an
eye to the chance OF resumption proving
a failure. ii fact that still more strongl.
draws our sympathies to the government
ard inteI,sifies our desire that resumption
may be successful and may be in reality
resumption. The matter is too important
! to the welfare Of the country to admit OF
finding any mitigation of the calamity i'll
the fact, that it was brought about by the
opposite party. Having been entered up
on, it. is of vital importance that it should
succeed and the question Of who may REAP
the glory of it is SIN Ill in comparison.
| Tho New York "TimeS', hpojn to see il