Daily Republican., 1878-11-29
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rhe REPdBLICAN has the larry est
circulation Of smy paper In Dele.
ware. AdverttAers take = note Of
this.
Resumption.

Redemption.
From present Appearances there Is
nothing in the way of resumption be-
coming an assured fact by the first Of
January, notwithstanding the fact that
the Greenback snd large proportion
of the Democratic party, all over the
country are predicting all kinds of dire
calamities that they are sure will over
take the country. The success of r.
sumption will b- another OF the great
financial successes which have been
projected and carried through by the
Republican party, which has shaped
the government of the nation since
1860. Though no grea. change need
be expected either for better or worse
in the resumption of specie payments,
the thoughts Of the business commu-
nifty reach out towards January, the
day Set for the fulflm-nt of the PROMISE
contained in the resumption act Il
June l4th, 1875. Three years and six
months have elapsed since its passage,
during which time it has been made
the target for designing politicians,
who would, if they could, ride INFO
power even if they had to disrupt our
whole system OF government to accom-
plish their selfish ends. 1t is due to the
frmness manifested by Republican
Senate and a Republican executive that
we ar, not to-day tossed about on a
financial sea of difficulties, without any
definite financial policy to guide us
There is sill one thing to be guarded
against. and that is the expectation
that better times will follow resu,np-
tion. 1t is not beyond the range of
possibility that better times may spring
us, indeed the tendency is in that di
rection, but il they do it will b. more
caused by the natural laws of trade-of
demand and supply-more than from
the mere fact that resumption has com
menced. The premium GU gold for a
year past has only been nominal--not
SO high as to effect the interests of
trade, and so low that the graGual slide
into resumption will make no percepti-
BILE difference. Th- only thing that
has caused any doubt of the success of
resumption and acted as check to
business was the opposition of the
Democracy in Congress to resumption,
and that party being in power in one
House, and the Senate being made sure
to them in the next Congress, there
has been an unsettled, feverish anxiety
for fear the back track would be taken
In finances, and the commercial and
manufacturing interests be damaged
thereby. Happily the late elections
have effectively settled that question,
And thong Il the Democracy are in power
in Congress, the minority is so power
Jul that all Inischievous tendencies will
bs promptly nipped in the bud. 1t is
gratifying to know that notwithstand-
Ing all the vitupetative slander that
has been heaped upon Secretary Sher
man, he has held and Is still holding
the helm steady, having made careful
and ample preparations, and the con.
dtion Of the finances proves that fail
ure now is impossible. On the day set
the Treasury will contain $50, 900, 900
in coin for the purpose of redemption.
or nearly fifty per cent. Of the whole
amount Of outstanding legal tender
notes. In addition, the Government
and its agents hold 800, 900, 900 OF
Treasury notes, which, of course, can
not be presented, thus lessenihg tht
real amount outstanding to about
$246, 100000. 1t is estimated by com
petent authorities that the Who'll
amount that will be presented for re
dpmption will not in any event reacl
5000, ,0C0, and it may not be one-fft
of that sum. This will leave upward
OF 500, 600, 600 in coin in the hands {
the Secretary with which Resumption
can be maintained.
The fear that the Treasury may be
come depleted of its coin reserve, an
that in Consequence the experiment
will be failure, is not supported b.
reason or eXi 'rience. With paper an
goll equal in value, as they certainI
will be after January First, people wi
naturally prete. the more conveniel
medium Of exchange, which is pape
In San Francisco the Government
now buying gold bullion at the rate
$40, 900 per week at par for Treasnr
notes. After January First the Govern
ment will have the option of payn
out gold, silver or paper money, an
it is quite certain that its creditor
will prefer notes to standard silver do
lars.
The Secretary possesses ample powe
to curry out the provisions of the Re
sumption act, and with the earnest &C
operate of the principal banks OF tn