Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1879-01-01

The firm and unyieldng course taken by
the government in relation to the resumption
of specie payments upon the first of Jan
uary had the tendency to abolish the fic-
titious margin existing between gold and
United States notes nearly fortnight ago.
To-day specie payment is lawfully resumed.
The essence of resumption, however, is not
the common use of coin in daily transac-
tions, for this Is not to be expected or de-
sired, but the full equivalence and converti-
bility of paper and coin. Resumption is a
high tribute to the sagacity and the honesty
Of the Republican party, and is another Of the
great achievements which has distinguished
twenty years of its history. The Republ-
can statesmen who had to deal with the ques-
ton found financial situation, as the in
evitable result of the war, which might well
have appalled, the stoutest hearts. Gold
has been up to s2.S5. Even after the war
it held a high premium. There was vol
ume Of deprecated currency far exceeding
any amount of paper which the country had
ever before seen. The public mind had be-
come accustomed TO the condition and the
high prices of imitation, and revolted at any.
thing like contraction. England, under
circumstances less difficult, had witnessed a
suspension of more than twenty years, and
with premium on gold not exceeding five
per cent was five years after Waterloo in
returning to resumption. Russia and Aus
tria had failed altogether to rescue them
selves from such a situation and had re-
sorted to partial reputation. France, after
the war Of 1870, with gold premium never
rising above four per cent, reduced her
paper circulation more than two hundred
millions before announcing the restoration
of specie payments.
Such past experiences and such state of
facts indicated the great difficulty of the
task. But the Republican statesmen at
Washington addressed themselves to it with
vigor and earnestness. They first built up
the public credit by scrupulously observing
the pledges and demonstrating the ability
of the nation to pay every obligation. And
then, when the time was ripe, they passed
the resumption act, and entered upon active
preparations for its fulfllment. The Dem
ooratic National Convention declared the
act hindrance to resumption. The demo-
cratic House last winter passed bill repeal
ing it. A Republican President and Re
publican Senate have alone prevented the
reversal of every step towards resumption,
even when its success had passed the period
of doubt.
To be sure it is not the proudest achieve
ment of the Republican party; but it is one
that has proved, in view of the opposition
it has encountered one of the most perplex-
ing and difficult of accomplishment And,
we think that party which saved the
Union, lifted four millions of people to free
dom and equal rights, reconstructed the ma
ton and planted the constitution on the
foundation Of liberty, re-established the
public credit and brought the public debt
within easy compass, and which now crowns
these spendid results with the success of re-
has record unqualified in politi-
cal history, and a claim to the confidence of
the people which is undiminished with time