The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-10-10
THE RESUMPTION PROBLEM IN A
NIT SHE'LL

NUl SHELL.
The only obstacle to par between
gold and greenbacks, with our exist
ing volume of currency, is our debt
to the foreigner. No one questions
the ability of the foreign creditor to
so drain our gold supply as to force
suspension of specie payments if we
should resume on Januafy 1st, 1879.
Then the complete solution Of the
whole problem rests upon the true
answer to this one question: What
perfect assurance have we or can we
have that the foreign creditor will not
so drain our gold! No man can
honestly and intelligently advocate
resumption who cannot give salts
factory reply to this question.
Without exception, every person
examined before the Committee on
Banking and Currency during the
late session Of Congress, even those
urging resumption, admitted the
ability of the foreign creditor to
force suspension by drawing gold.
and all of them admitted they had
no assurance whatever that this
might not be done at any moment;
that in fact it was only question of
time when he would make drain.
and no one could foretell when that
time might be. And yet this is the
foundation upon which the coming
resumption is based. We are told b.
these advocates of resumption, in re-
ply to this danger. ''Let us resume
anyhow and take our chances and
hold on as long as the foreigner will
let u.s. These advocates for resump-
ton, before the Committee on Bank
ing and Currency, were very en-
phatic, and made reiterations Of the
assertion, that our people would not
drain the Treasury and the banks of
gold, if they only knew that they
could get it for the asking, because
they had no need for gold; it was the
foreigner alone who wanted gold to
send abroad; at home our greenbacks
answered every purpose.
Now, as these gentlemen truly say
our people have no occasion for gold,
where is the necessity for attempting
a resumption, which, confessedly
can last only until the foreigner
wants, and then, confessedly, suspen-
sion becomes inevitable, and even
the foreigner can't get it! Then
why attempt a resumption which,
confessedly, can last only SO long as
neither home or foreign need shall
want conversion and when either
shall want it, suspension comes and
neither can get it. There are seven
hundred millions of actual paper to be
redeemed, besides twice as much
more in deposits, together over 1000
millions of dollars. Will these gen.
tlemen tell us how the holders of
Of this large amount can know that
they can get gold on demand at any
time they want it seeing that the
fund for redemption does not reach
two hundred millions!
No one, we think, can read the ex.
positions made by the advocates for
resumption before the banking com.
mittee, without receiving the con.
viction that the resumption act was
the furit of a conspiracy on the part
of the banks to get rid of greenbacks
and to monoploiZe the currency fol
themselves. Unless the condition OF
affairs renders gold and greenbacks
par, it is admitted, law cannot give
that ability; and if that condition is
brought about, they would be par
without exaction of law. All that a
law can do when that condition does
exist is to force an abortive attempt
to render them par. AS a real, genu.
inc, enduring par is altogether indie.
pendent of law, why harass matters
with law, of necessity impotent to
accomplish such an end! Why not
limit legislation to measures which
will bring about a normal par, when
anybody can get gold ut par who
wants it ~. II. ". in The Erenin g
Express.