Millheim Journal. [volume] (Millheim, Pa.) 1876-1984, 1879-01-02

And now, Jan. 1st 1879, the g00t
timc 81 long promiscd-looked and
longed for hv the people for years
with such extreme and painful anx-
ietv. IN here at last--on pdl.er.
At this junrturc II may be peril
npnt To ask I: What is Resumption !
We will not attempt ID trace and
treat the matter through all the lab
yrinthian mazes OF speculative theo-
~, for that would he attempting to
rise far beyond oar plane of think
ing. Oar knowledge of finances IL
Of a severely practical kind, contin-
I'd TO first principles, and even here
in we have far more neydtire than
positive experience. We know
when We have little money aud
when We have not.
To us Resumption simply means
that the Government agrees tn act
honestly with the people, after Jan.
lst. II will take its own c"rrrncy
of par. For II decade aud u half it
has acted like man who refuses IL
take his own ~ omiSary noe in pay
ment Of q debt due him. unless the
paver agrees toa good discount. BY
this course gold and silver have
been forced into retirement and
have not hpen used IA currency Il
all. hut only asa commercial com
modify for speculation, To the great
Injury of the legitimate and solid
industries Of the country.
The philadelphia Times in the
following article draws Il very pleas
ing little picture of the dressings
that are expected q1'udully 70 follow
Resumption. We pray that the
fond hopes may be fully realized
For seventeen years capital has been
tossed about the sea of uncertainty Ike a
ship without rudder. but q few days
hence 10 win fnd its Ararat in q return to
specie payments. On the lst pr1ximo the
United States C 0yerament AMI the ra-
tional banks will make payments in spe'
cie-a result brought about rithcr bv M
tural causes than Ivy forced legislation,
thus showing that the country il prerlaad
for IL and that il has come 10 stlv. ResInp-
Hon il no.. as sore misSHprehent, infll-
tion, but in this Instance it Is undoubtedly
expansion. i'm Inuch IS il will unlock the
gold supply Of the country, which. since the
act OF 1867, has been 1at VI clrculltiln. and
turn it into tie viults of tn nlfilpal
oanks. wha'e it win take the pia'e of the
paper now held bv them Is reS,rve. Thi
is undoubtedly the natural Course for gold
"a take. tn banks bein. in poSit ON to-
day In meet a7v demand for gal which il
likely II - made on them by the holders
o. their mites, 0y 1rlgi1g on tAa United
States Trelsarv - the extelt OF thei- re-
serve. The rc'Stian. thsrero-e, b,tw sen
the national banks IN | III, government on
the question OF rcSumotion + silap'y this:
The goveTnm-7. agrees IL take cur NJ the
former. II wl'lld b. safe - e7,,nlte thar
reSurpS!nr viii atl t0 n = p-Asan. c'rcl'1
ton Sv tn abov y process = hg1 Ire mil
Hon dollars The actual effect nj again
plaein, ou- country on sle>Is bass VIII
lie to give Dc-nlnen y u va'ueS. The
cautious investor has been waiting for
wears ~ this AMI. the tiina hg,ing arrived
he VII DE anxious ~ and clannaI ala for the
eno. y a9l. " lis '!oit II whero tla latter
viii - avIillb.e tDr inc7ma ir<tnal OF bc-
Ing locked Up In sinking funds AID hanE
vanlts. The ras1It viii b. \ demand fol
rea! estate, railroads securities, the invest
Tnent OF caoltll in IN N lfa,tIrinz, mining
3ni o.her IN lus.-iol cI!ral2rcl to ucyeiop
The Taalth Of our con airy