Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-11-06

ton OF specie payments, and why did the step
) tnat were taken meet with 50 strong and per
sistent an opposition. Simply because It !
one OF the weaknesses Of human nature, wheI
you desire the accomplishment OF certain
end, yet to Fecol from the means necessary
Tor the accomplishment Of that end if thos<
means threaten to be painful. "A person sui
ferng from toothache may ever so much
desire to be nd Of the decayed grinder, yet he
Will shrink from the dentists instrument with
which 1t is to be pulled, and Involuntary
exciaim, swat little" and thus you resor,
to chlorotorm or laughing gas to Be unconscious
OF the pam when the operation IS performed
II, IN 1865, after the War was closed, the Gov.
eminent had possessed some power OF sorcery
to transform over night without PAIN to any
body,
OUR 1RREDKEAABlE PAPER CURRENCY
into money system, based upon the precious
metals, IS there single individual IN the United
States who would not have clapped his hands
Tor satisfaction and joy to be thus nd OF the de-
cayed tooth, and to feel like well man? But,
unfortunately, there is no laughing-gas for the
correction OF great economical evils. 1t is an
easy thing under certain circumstances to intro
duce an irredeemable paper currency, but, when
1t has long existed and produced its effects, it
terribly difhcult to get nd of it. Its lntroduc-
tion Will drive out the precious metals. Its ex-
Panslon Will diminish its purchasing power and
run up other values to a fictitious point. A re-
turn to the specie basis requires the acquisition
OF the precious metals necessary for redemption.
1t requires reduction Of the paper money with
In that volume which the business Of the country
will be able to hoat in the shape of specie and
paper convertible into specie. 1t requires re.
trenchment and economy in the conduct of bus
mess and all kinds Of expenditures. Such
operations cannot be affected without some
painful sensations. They do not involve the
destruction OF any real value, but they do in
Solve the destruction of hctions in business, of
the delusive estimate in which men hold their
possessions and prospects. 1t is another Of the
weaknesses OF human nature that we dislike to
be shaken up from dream to sober reality
when that dream was pleasant, and thus, when
the practical preparation for redemption are to
be taken in hand People, although they may
ever so much desire to be cured OF the ailment
are apt suddenly to fear the remedy more than
the disease, and thus, like the man with ne de-
cayed tooth who shrinks from the dentists in
strument, will cry out,
"HoLD ON, WAIT A LITTLE"
Now, what is our case? The painful conse-
quences which were feared from the practical
preparations for resumption came upon us
through the crisis of 1873 in the way Of a
natural development without there being any
preparations for resumption made. Previous
to 1873 no purchases Of specie had been set on
foot with view to redemption. From 1869
to 1873 the volume Of the currency was ex-
banded from S6o3.946, o56.6I to S75o,o62,-
~ 81, H.
interest rates. And yet the collapse came.
From 1873 to 1874 the currency was further
expanded from $3.50, o62, 1856 90 to $751; AGO.
oI6 II, and yet the depressione continued,
which proves most conclusively the crisis was
not caused by contraction, and that it would
neither be prevented nor removed by expan-
sion. But in this way speculative business
collapsed, the bubble of fictitious values burst,
and those values gradually adjusted themselves
again to the specie basis without any inter-
ference on the part Of the Government in the
way of preparing for resumption. Meanwhile
the banks were and remained full of money
but that money found little or no employment;
it became evident, not that we had not money
enough for the business of the country, but
that we had not business enough for the money
in The country. Then
REDUCTION OF THE CURRENCY
set in also by the operation of natural devel-
opment. Congress, at the instance Of the very
men who insisted that the business of the
business of the country demanded more cur
rency, gave greater facilities for the emission
of National Bank notes. But, instead of in
creasing the volume of the currency, as had
been predicted would be eagerly done, con-
siderable number Of banks withdrew their
notes simply because they could find no profit
able employment for them. Thus consider
able reduction of the currency was effected by
natural process, and the notorious fact that, in
spite of that reduction, all the banks remained
full of money without adequate use, was a
new proof that our trouble had not been for
want of nourlshnent, but was clear case of indi-
gestion. In the meantime business men had
brought their operations within prudent limits.
Retrenchment and wise economy had become
the general rule. Alarge amount of indebted
ness was liquidated, and unsound enterprise
weeded out in the business world.
Thus that part of the necessary preparation
for resumption which is most painful in its
effect had operated itself in the way of
natural process, without the Intervention of the
Government As is frequently the case when
physicians are at fault, Nature had made an
effort to right itself At last the Secretary of
the Treasury, by virtue Of -ftrY a3a7 .irq
THE RESUMPTION ACT OF 1875,
proceeded to accomplish with comparative ease /
what by the opponents of resumption had been
predicted to be utterly impossible. He
acquired for the Treasury an amount of gold
sufficient for the purpose ofcommercial redemp-
ton. and now, in spite Of all our hesitation and
stumbling, the goal is reached Our oppo-
nents have vociferously asserted from day to
day, and proved as they thought with facts and
figures, that we could not get there. But,
gentlemen, we arc there The Government /
can resume specie payments to-day, more than
three months before the time fixed by the law;
and if we do not proclaim resumption to-day,
it is only because the law stands in the way
The word has only to be spoken, and our pa
per dollar, irredeemable for fifteen years, is
again virtually asgood as gold The laborers'
and the pensioners dollar is as good as the
bondholders' dollar. The business of the
country has again the foundation of a rational
and stable value currently under its feet, and
with full confidence in the money it handles. |
1t can now enter upon new career of enter
prise and prosperity. This we have accom-
orJ &c I cro,1,, Ill; go.