The daily gazette., 1878-06-14
JUNE IL. 1878.


Democratic party in Convention resolved
that forced resumption is inexpedient and
dangerous. There can be no doubt that |
the country concurred in this sentiment at
the time. The introduction of silver as
a legal tender and the enforcement of its |
coinage by law has raised greenbacks to
par, and may have rendered the repeal of |
the resumption act unnecessary and OF
doubtful expediency. Nevertheless, the |
Democratic party was elected to clear the |
decks of such legislative trash as they |
found it encumbering the way to return |
to business revival; and in good faith this !
ought to be done. The Democratic party |
is not called together in national council
for nothing. 1t is bound to show the |
people what it proposes to do. And it
should do what it promises. There may
arise circumstances that will justify a
modification of national platform: and
in such cases it would be right to follow
the course of natural events. But in this
case the doubts are on the other side
Trouble and severe strngency is likely
to arise from an enforced resumption on
the first of january and it is hardly wise
to add any more difficulties upon the
already burdened business people whether
this is to increase the wealth of foreign
bondholders or not.
There is large class of intelligent
gentlemen, many of whom are connected
with the National Banks too, who declare
they do not believe resumption is possible
on the first of January-and that an at
tempt to resume by force and failure
would throw the monetary interests of
the country back number of years; and
some of these gentlemen argue that this
is just what the great Wall street specu-
lating bankers and brokers want. They
would thereby secure five or six years
more in which to deal in bonds and specu-
late upon gold. There is force and reason
in this argument. 1t is not the language
of partizans in Office or those whose repu-
tation depend upon speeches in Congress.
If the government is able to resume
on the first of January let it do so. 1t
could do so as well without law as with
law. But it is doubtful whether it can dc
so. The very fact that John Sherman i.
boarding and buying gold at higher rate
than the market price, shows that he him.
self has doubts of being able to pay all
the government demands in coin, not
withstanding the great advantage the
passage of the silver bill has given him.
But then the resumption bill is a sweep
ing affair. 1t carries with it every state
municipal and individual debt. Every
one OF them that is due will be collectablt
in coin. Now, no one need tell us that
those who have loaned all the debts, ant
we believe the amount has been calculat
ed up to many thousand millions, will no
want their money. They will call for i
as sure as January comes. They will eX
pect to seize upon that occasion to add t.
their gains by bonuses, as sure as the da
arrives; and many of them will say, the
loaned money as good as gold and have
right to demand money in coin. This i
all true. But it is not fair for the GOV
ernnent which caused all the trouble b
pluhglhg into an unnecessary war to sue
an extent as to require thousands {
millions OF paper money to carry it OF
and thus wrecked the fortunes of man
millions of people; and then by tinlteril
with the currency wrecked millions mo,
OF people, to repeat the operation to O
back to specie payments through forcib
experiment when specie payments won
come about gradually as it is doing wit
out incurring any risk.
We declare that the GAZETTE II
always been for hard money-gold a,
silver-as the constitutional currency
fht country. And we confidently belle
the government could pay specie now,
John Sherman were not bigoted pf
tizan fool as well as knave. lie is hol
ing and boarding to conform to partiz
majority bill passed under his leaders,
i'll the Senate; and we believe if he We
to commence paying out gold and sill,
sumption could be maintained. eas
tad naturally, and confidence would
restored.
But We doubt whether a forcible
sumption in January can be maintained
either the government, the bankers or
people. In this shape resumption is V,
different thing, and with all our preferel
as an individual, partizan, and busn
manager, for hard money and spe
basis, We fear that forcible resumption
January is too hazardous to experim
upon. We cannot concur in measu
calculated to add to the perplexities of
industry otthe country which is now O,
borne with taxation. We prefer to v
a little longer and to come at orr de-
gradually and without the force of Law