The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1878-09-26
RESUMPTION.

rency are based on the most superficial
knowledge OF the subject, or more fire.
quently on matters having no connection
whatever Herewith. The greatest dan
ger which threatens the country from
the ascendancy of. the greenbackers is
the institution of what is known as fat
money. The postponment OF the day
set for resumption, the abolition OF the
national banks and the discontinuance of
the policy of obtaining coin by the issu-
ance Of 4 per cent bonds, are not Of
themselves disastrous but that they are
SO many steps taken toward the insensate
demands Of the extreme greenbackers.
The fate of national banks is sealed.
That concession at least will be made to
the people who quite unanimously de-
mand it. They are a convenience merely,
and no essential part of a superior
financial system. As their being is not
q necessity their abolition viii work no
injury to the country. Were it not for
the fact that the national banks, for the
purpose Of gain, are disposed to seize
upon unfavorable complications likely
to arise from the fear Of greenback legis-
lation, resumption could be achieved
without disturbing the country by even
a ripple of excitement. Here seems to
be the trouble, The greepbackers are
powerlesss OF themselves to embarrass
resumption. But their willingness to
obstruct resumption coupled with the
| ayarice of the national banks, produces a
| condition of affairs which threatens SER
ious consequences.
The fact that greenbacks are now nearly
at par with gold is owing to the conf
dence the people have III the ability OF
government to meet its obligations and
not to the near approach of the day fixed
for resumption. The republican party
would have it believed that the present
high standing of the treasury notes is
owing to the excellent financial policy
which it has pursued. But this is by no
means true. 1t is the solvency of the
United States which has brought the
value of their notes at par with gold.
! Had the government been administered
economically, there would now be sutti-
cient coin in the treasury to sustain re-
! sumption even without the sale of bonds.
\ day was fixed, upon which specie pay
ments would be resumed by the govern
ment. The republican party, like Mic
awber, who thought his mote of hand
settled all debts, remained content with
the passage Of the law and made no eff
fort to prepare for the resumption, which
was declared should take place on q GER
tain day. Had the expenses of the gov
ernment been lessened, had not the
revenue of the government been squand-
cred in various ways, there would now
| be so much coin in the treasury as to
furnish no preteXt for the repeal of the
resumption act. There would be no me-
cessIty of issuing those interest bearing
bonds which now give the greenbacLers
opotent an argumentagainst resumption
which can only be secured through In
creasing the indebtedness of the country.
Resumption now, is easy if the country
were united on the subject. The gov
eminent has larger percentage of the
notes omitted by it, III coin, with which
to redeem these notes, than banks
were required to have in reserve to re.
deem their issue. But the country is
not united on the subject, and in order
to remove the possibility OF failure and
to silence all objection, the government
| should have a coin reserve almost equal
| in amount to its notes in circulation.
And this amount Of coin should have
come through the legitimate revenues of
! the country and not from the sale OF
bonds. Republicans are wont to claim
great credit for their persistence IN de-
claring that resumption should take
place at the time stipulated by law. To
favor any other policy would be to ac-
knowledge that the extravaganza of their
administration left them in no condition
to carry out the provisions of the law.
The greater part of the coin now in the
treasury has been secured through the
sale of bonds and not through the excess
OF receipts over expenditures. Is not
the republican party responsible for this
condition of affairs. And can they with
good grace ask to be continued in power
| on account Of their sound theories on
! finance? They have squaudered the
money of the country in mythical fleets
and Indian bureaus and with all impoy-
erished treasury and a promise to pay
accrued, ask the country to continue
| them in power because they are sound
on the money question. This effrontery
is characteristic OF the party. They lay
claim to all the honesty and make no pro-
vision for the payment of a debt. They
denounce the democratic party for n
change Of front, on finance and laud
their own action which really consists in
borrowing money with which to dis.
charge other obligations. The republi-
cans are to day responsible for all the
wild and dangerous schemes afoat af
feoting the financial condition of the
country. They have sown the seeds of
dissatisfaction which promise to mature
in disaster. 1t is the sacred duty of
every citizen to wrest the government
from the control Of a party which has so
corruptly and unwisely administered its
affairs.
Hon. MATT. CARPENTER has responded
to the call signed by number of Mil
waukee people, requesting him to be a
candidate for the L. s. senatorship. He
expresses his willingness to sacrifice