The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-04-22

H. will be universally seen that the latter IL
lust what we pronounce IL to BE-, namely,
technical, bogus, worthless, and cmbarrass-
ing.
Doubtless the friends Of resumption, I'M
der the present enactment Of Congress, hope
for something bcttcr than this. The pres
ont low price of gold, arising from tho alb
scncc Of demand, encourages them to hope
thnt through some hidden prOccseu finance
this condition will not he disturbed till
everybody has become used tO paying ia
gold and everybody to cxacting II, and that
this may be continued til Congress shall
got over its silver frenzy. or be suppantcd
by ono holding different financial views.
We may wish we'll to such sanguinc outi-
nsts, and appreciate their hopes without
sharing their conclusions. And we imagine
no very great length Of time will elapsc be-
fore these hopes will be buried under an
avalanche Of silver, which, though yet fall
ing ia gentle llakes, is certain to end in n
mountain Of the cheap metal that will final
ly break and scatter itself over tho country.
We are unable to understand why Mr.
SHERMAN should labor under any concern
Of mind about his being ablo TO maintain
resumption under the existing laws. He
Processes To accept the Silver bill In good
faith. and says he intends TO recognize and
carry out, 50 far as depends on hln, all its
-iiuultions Now rs the Resumption law
will be FULLY satisfied 10y the payment of
grconhacks and bank bills IN silver dollars,
and as nobody wants silver for either, It fol-
lows that ne can resume on very small
quantity Of such money. lie will have more
in his possession In three months than will
serve both banks and Government FOR any
possible use they will have for 1t. llo may
have to pay out his gold 80 long as II lasts,
hut il il certain he cannot be exhausted Of
his stock of silver. for nobody wants it or
will take il. Thus we think we could safcS
guarantee specie payments by nll the ban'>s
In this city ON a stock ~ les than five mil
lions II silver Indeed. we may say none ut
all would bc needed; for II the banks declined
to pny in anything but silver no pay would
hc required.
# Il thus that our existing laws are such
as 10 secure and maintain Il bogus rcsump-
tipn which will probably he taken to be the
real thing until certain financial changes
shall occur to reveal its genuine character.
When these changes come, a. in time they
certainly must, the country will suffer all
the mischicfS ana cmharra ments Of re-
ncwcd suspension. Then we shall have tho
same fluctuations in the value Of our circu-
latiun that We have experienced in the last
few years The only difference will he that
these fluctuations will he less excessive. by
being confined within the limits Of tho
difference between the value of gold and the
value Of silver bullion in the European mar
Eots; and this difference f. not likely 10
exceed ten per cont But until tn" laws are
changed. or silver rises in market value we
shall be constantly liable 10 periodical iluc-
tuatons IN our currency. just such a. have
pcrplcNod and injured trade, commerce, and
production during all the years since the
war.
But now, and in the time to come. until
things are changed. We shall have brokers
and bankers carnival. The ups aud downs
in the value OF the circulation will Ice ali for
their advantage ard 10 the injury Of every
body else They will fattcu while others
grow lean: and this Is to hc the upshot
and outcome Of the recent legislation. pro-
claiI.cd by gnordnuscs and demagugucs as
being for the special advantage of the great
mass of the people. The fluctuations and
uncertainties which have discouraged and
embarrassed trade and enterprise so long
are to Dee prolonged and continued under Il
new system. disguised toy the prrtcu-ion Of
a return to just methods and OF plan 10
alleviate the pressure upon the debtor in
forest The whole course Of our legislation
on the financial question has been OF a
character which reminds us of couNcrsa-
tional rcmaIs ui ions iEIoHr in regard To-
fl,, lNul -l Parliament ia. said l. luttll, 4.