The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1879-01-02
RESUMPTION.

RESUMPTION.
The first of January has come and
with it resumption, without particle OF
injury to the business of the country.
. The government now, as well as indlvid-
uaIs is bound to redeem its pledges to
creditors. We are no longer a nation IS
suing an irredeemable currency. The
issue of the government is now worth
one hundred cents on the dollar, and in
creased confidence will 10 doubt have a
tendency to enliyen every kind Of legi-
innate business. The occupation Of gold
brokers is gone and their attention must
be turned to some business which will
add to the wealth of the nation.
1t will be in perfect keeping with the
vain-glorious policy of the republican
party to take all the credit for the state
Of affairs which now happily exists.
While it is undoubtedly true that adverse
legislation would prove injurious to re-
sumption, it is equally true that legisla
ton of itself is not sufficient to bring
about healthy financial state. Com
merce unrestricted by legislation will in
the course of time make for itself a sys-
TEN OF finance superior to any framed
by legislation. The perfection to which
exchange and the balancing Of accounts
through the medium Of clearing houses
has reached, has been the growth of
want, financial evolution. Legislation is
in no way entitled to credit for it. 1t has
not contributed one particle to the perfec
ton of the system. 1t is just SO with re-
sumption A return of commercial pros
perity is the means through which resump
ton is reached. The mere announcement
that specie payments would be resumed
on a certain day was not sufficient to
bring about that desirable state of affairs.
Prosperity and economy were needed to
back the promise, and it is a severe
structure on the management Of the re-
publicans, having years in which to pre-
pare for the event which had been fixed,
that the bonded indebtness Of the United
States had to be increased in order to
keep faith with their creditors.
Legislation subsequent to the passage
of the resumption act is what makes re-
sumption certainty to-day. Resump-
ton as contemplated by the law first
passed, unmodifed by the later acts,
was calculated to bring ruin upon the
nation and upon individuals. No pro-
vision was made for the reissue OF green
backs after their redemption. They
were not declared to be legal tender after
the date fixed for resumption. Hence
they were not legal tender as their issue
was regarded as a war measure and there
are doubts expressed that even a decIar-
alton by congress that they shall be lie
gal tender, is constitutional 1t is eyi.
dent then that without an express pro-
vision, greenbacks would not pass as cur
rency after the date fixed for resumption
and it is quite easy to see that under
these circumstances every dollar issued
by the government would be withdrawn
from circulation and sent to New York
for redemption. No less gold coin
would be sufficient, than an amount equal
to the notes of the government outstand
ing. The treasurer has now but 40 per
cent. With the law rs it then stood re-
sumption was impossible at the time fix
ed. Not only this but all debts would
be made payable in gold. Business
would have to be done with the compar-
atiyely small sums of gold in the pos
session of the treasurer of the United
States and this would soon pass into the
hands of Wall street brokers'. 1t is quite
easy to see what resumption would be
without the passage of those acts making
greenbacks legal tender after the first of
January 1879, and prohibiting the de
struction of greenbacks in the possession
of the government. Those acts were
denounced at the time Of their passage
and democrats held up to ridicule and
reproach because they advocated their
passage. But without these acts resump
ton would be a disastrous failure. The
reconciliation of silver was another i'm
portant aid to resumption and with
proper restrictions very wise enact
ment This also was pet aversion with
republicans. Sherman was well aware
of the rush that would be made on the
treasury in the event of the demonetiza-
ton of greenbacks and consequently was
anxious to destroy all that came into his
hands rs secretary.
Before republicans take all the credit to
themselves for the success Of resumption,
let them consider what laws have been
most instrumental in securing resump-
ton: The law stating that resumption
should take place at a certain day, or
those which made resumption easy by
placing greenbacks at par with gold, and
giving the secretary additional resources.
Democrats have made greenbacks the
currency of the country aud have pre-
vented their destruction by the republic
can secretary.
REPUBLICANS quite generally rejoice at
the appointment of our renowned can
gus on the investigating committee, and
no no hoe ,.,r-, e.,