New-York tribune., 1879-09-30
HENDRICKs on RESUMPTION.

Mr. Hendricks is the Apostle of Trimming
and Tlickery. His speech at Eaton Ohio, to
which the Democratic papers give less space
than IL deserves in comparison with other
Ingenious appeals for their party, deals
with the financial question in peculiarly
adroit manner and needs some punctuTing TO
show the hoilowness of its speciOus argument.
The keynote is that resumption has been
brought about by :" the diligent industry of
"the people" and the improvement OF the
crops, and not at all by any legislative or
governmental action. AS this claim is not an
uncommon one with those Republicans who
were not pleased with the Resumption Act, or
are not pleased with those who framed and
who now administer it, the ingenuity Of Mr..
Hendricks may be appreciated. even though
his own wrecked and lost position, as leader
who insisted that resumption was not possi-
BILE, merits sincere pity.
1t is the fact, unquestionably, that the Re-
sumption Act has been much more eilec-
tive in that which it has inspired
or compelled the people to do, than
in that which it has enabled the
Secretary of the Treasury to do irrespective of
the condition of business. Therein lay its
merit. 1t recognized the fact, which some
opponents stubb0rnly denied and which others
Ignored. that resumption was something to be
done by the people OF these United States,
and not to be done by any effort on the part
of the Government alone. It's aim was to
induce them to make such changes in their
business as would render resumption pract-
cable and easy, and therein it was perfectly
effective when properly enforced.
,,+R,a. I,,t
ter, cheese, cotton. and other exportable pro-
duets than we did before the year 1875. Why
Primarily because hundreds of thousands OF
citizens have abandoned Improbable work in
mills, mines, stores and shops and have gone
to farming. 1t has come to pass, within the
last five years. that the proportion of persons
engaged in the occupations then overcrowded
has greatly diminished, while the proper
ton of persons engaged i'll produc-
ing things for which foreign mar
ket can be commanded has greatly in
creased In effect, 100000 or 4O0, 900 people
have changed their base. They could not get
paying work In occupations which used to
thrive in the flush times of soft money. There
fore they have placed themselves on the land,
and have become producers of things which
money and specie prices.
Now this change in the distribution Of indus
tries has been accompanied by another not
less important. Debts have been paid or ad-
justed To an enormous amount. individuals
and firms all over the country have given up
hoping for a return of initiation and high prices
have ceased to expect to realize profits from
purchases made or debts incurred in "flush
"times" of false prosperity, and have settled
up as best they could, and begun over again
on a solid basis 1t is impossible to ascertain
the amount of old debts which have been
thus adjusted, though it must exceed
81 600, ,0OO, 600, and no man can estimate the
effect of the change.
These two changes, whether Mr.. Hendricks
secs the fact or not, We're necessary to the
success of resumption. So long as there WAS
vast load of soft-mOneY debts To be carried,
and great excess of workers and dealers
who depended for existence upon soft-money
prices, 50 long resumption Cf specie payments
could not possibly have been effected. But
these changes have been brought about
mainly by the Resumption Act, and its wise
and firm enforcement. Not until men were
convinced that the soft-m0ney days would
never return did they reluctantly abandon old
speculations, old debts, old prices. and old
modes of living. and deliberately settle them
selves TO new conditions. Not until the pledge
Of the Government had been given to effect
resumption by certain day, backed by am
pie power TO do whatever 1t was possible for
the Government to do TO that end, did the
people begin 10 adjust their business with
a view TO specie payments. Nor did the
act itself. we'll conceived "a it was,
bring about the desired changes III any great
degree. until it was found that It's enfnrle-