The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-05-14

cheaper for the syndicate TO supply the
fifty million of gold recently contract
ed for by the Secretary Of the Treasury
but be 10 that extent a cheek upon the
flow OF gold from customs into the
Treasury. United States notes would
in that event be paid for duties during
the three months, and lessen by that
amount the gold that would otherwise
be accumulated. This would bear with
greater force to any period earlier than
July.
The ability with actual means to re-
sume specie payments is Of far more
significance than a question OF three
months time and the small resultant
reduction OF the currency, when viewed
in the light Of the release by the re-
sumption of all the gold of the country
10 form a part Of and swell the volume
of the circulating medium. The ques-
ton narrows down to one simply OF
policy, not OF principle; i. is an item Of
time in place of a surety against disa-
bility. Practically, question if there
will be any difference whether the
United States notes are made receiva-
BILE for duties October /, or July /, for
1 believe that on the passage Of the
measure greenbacks and coin will be
at par before July /, next, and the
matter of difference OF time as TO value
OF notes be disposed of in advance. At
the same time prudence and wise fore
thought demand that reasonable pre-
caution be observed when a period is
10 be ushered in that is TO make all
forms OF money Of equivalent and per-
maneAt value.
That do not overdraw this effect of
what seems already to have influenced
the public mind, / have but to refer to
.succassive notices in the public prints
of business firms and banking associa-
tions in various localities and States,
acting upon what appears TO them the
inevitable by announcing that they
resumed specie payments In advance OF
| the time fixed for resumption by the
| Government. 1t is gratifying con-
| cession TO this auspiclous event that
moneyed circles of the west aud south,
which sections were the early and per-
sistent advocates of what Eastern CEN
| ters termed ''irredeemable paper"
''rag money" and "debased coin" are
the first to vindicate their faith by acts
and are unfurling in the face Of Wall
streets bated breeze the nations
finance banner, inscribed "Greenbacks
as good as coin" Wall street growls
and halts at the advancing era, borne
aloft by berated 'lunatics' and idiots
| but it must learn the irrevocable lesson
that all knowledge on finances does not
| dwell solely with the wise men OF Goth
am. The country is acting upon the
conviction that on money questions as
we'll, all sections are wiser than one
center. and that all men know more
than any corner of men. New York
city, so clamorous during the many
dreary years OF perplexity and loss, for
early resumption, seems the last to re-
spond to the welcome advent. The
| CITY OF Albany and others which adorn
that Empire State are promptly meet
! ing the inevitable by exchanging cur
rency at par for coin. How long will
our metropolitan city cling to her per
cent? New Orleans, Mobile, Atlanta,
Louisville, Indianapolis, Cincinnati,
Detroit, Chicago. st. Louis and other
cities feel the impulse to break down
the barrier by treating the currency
equal 10 coin.
This early movement OF individuals
aud associations to resume, springs from
| the conviction, which IS becoming wide
spread, that the government will, on
| the ist OF January next, abundantly be
| able TO resume and maintain resump-
tion thereafter. Forty per cent. of coin
to the volume OF currency is an average
of reserve considered by wisest fnan
ciers as sufficient 10 maintain specie
payments, and the Treasury will have
on the day Of resumption over two hun
! dred millions of coin to maintain its
three hundred and forty millions of
Treasury notes, while the banks will
hold sufficient OF Taeasury notes and
coin with which TO maintain their three
hundreds and twenty-five millions OF
bank notes.
With an annual product Of ssi, ,000,-
600 of coin and balance OF trade in
our favor of sl5l, ,l52, ,09i for the year
ending June 80, 1877, and for the last
nine months ending April /, 1878,
s203, ,229, sol, being sis, 453, 500 more
than the corresponding months ending
April /, 1878, who will hesitate to re-
sumo and who can fear resumption In
the presence Of these favoring facts,
that assure ample resource with which
TO warrant a return to specie payments
and our ability 10 maintain them, there
can be no reasonable nor financial
grounds for now taking any backward
step.
Every principle OF sound policy in
vites the intelligent reviewer OF our
! financial condition TO move in hand
with these facts by approving meas
ure which will settle our finances upon
such n substantial basis as shall regu-
late the money question from the halls
of Congress to the marts Of commerce.
IL is far from wise 10 halt now, to
recount and assail what has been done,
or TO restate what might have been
done. 1t is with the present we haN
10 deal. Like the evil OF the war, the
results of the panic will gradually dis
appear. IL were as protitless 10 dwell
upon the sacrifices OF one rs TO recall
the misfortunes Of the other, as a pan
acea for the ills OF the present. How
much sooner we may differ as to what
might have been, we certainly should
agree upon what is to be. The past we
cannot unmake, but the future is ours
to make. Disagreement now upon COM
paratiyely non-essentials, which agree
ment is so vital in fixing at this oppor-
tune moment what shall be permanent
relief to the people, will be well nigh
criminal indifference to the PROSTATE
appeal OF a suffering nation. Union OF
moderate views when extremes are we'll
nigh met is safer than to divide upon
points which under other conditions
might be duty 10 maintain. The silver
bill is an instance OF extreme views
harmonizing upon a moderate basis. IL
ia now accepted with greatful testlmo-
nv OF approval by many who feared its
passage would widen the breach Of
onr difficulties. It's salutary effects are
seen on every hand in the confidence 1t
inspires as an efficient factor in the
final solution. Silver certihcates-the
most beautiful specimens of note-en-
craving art, are TO penetrate our count
less exchanges and become the IA
vorite token OF our restoration. The
Rreenback advancing so nearly in vail
ne TO coin will yet distance its silver
companion and demand a premium for
portable conveyance over ponderous
coin. cite as proof from the New
York Times OF the 10th Of last month
this paragraph:
PAYING PREMIUM ron oRrESpAcKs
SAX FRASoIsCo, April 24.-In this
city recently small sums OF greenbacks
have been purchased for gold coin at
a premium Of soc for 81, 900 in notes.