, 1879-01-04
LET Us REJOICE,


LET Us REJOICE.
Tho events Of tho first business day aftor
the formal announcement Of tho resumption
Of specie payments furnish the OCCASION for
great national rejoicing. They confirm The
predictions Of those who havo been tho most
confident in tho easy success Of resumption
at tho date aud undor tho ter1ns liked by the
Inv Of 1876. Among these TaA CHICAGO
Ta1nuSh olaims foremost place. It hns
insisted ateadfaatly upon return to specie
basis, not merely as nensuro demanded by
public faith, bus ns the w,sest policy aud
easy Of accomplishment. It has veuturcl
tho prediction on more than ono occasion
that the attemps at resumption would not
only be successful, but would actually result
IN pouring more coin into tho Government
vanlta than would be taken therefrom In
exchange for Rroanbacks presented for re-
denption. The very flrst day under tho new
policy verified this prediction. Tho Goyern-
ment received at tho sub-TreasuEy in Now
York nearly four times as much coin Us
1t paid out In exchange for United
6tatos notes. Az a matter of fact, the coin
resources Of tho Government wero even
mora largoly Increased than this single fact
would indicate, for the intsrest.coupons
maturing Jan. !, 1870. we're paid almost en-
tirely IN greenbacks, whereas gold would
have been exactsd by tho holtlors, a. it
always has been, under condition Of sus-
pension. The experience Of the hrst day Of
resumption Ia but forecast OF what will &C.
cur undor the nsw order Of things; the
Government vaults will become u vast safoty-
deposit tor coin, md The stock will continue
to inorease, In the absence Of dIattsbipg log.
istation, until thero shall be dollar for dollar
OF outstanding Government notos,
Thuraday's experience in Now York was
repeated In MI the fargo cities throughout
the country. Tho banks had provided then,-
selves with stock Of com (not that they
wors obliged to pay 1t out) to accommodate
any customers who might doaire 1t, but,
when tho uuestion was asked whether
the person drawing tho money desired
grceubacks or gold, tho preference waa al-
most without exception iu favor Of green.
backs. The Now York banks had nothing TO
do but turn back their coin Into the Sub
Treasury, aud soluo Of the banka elsewhere
are Inclined to think tLoy haye provided
more coin than they can use conyenlently.
Gold, groenbacks, aud Tia silver dollars were
on an equal basis, and oven tho associated
banks Ut New York, which had toolishly 70.
solved to treat ths silver dollars as !" uncur.
rent funds" ropented of their folly aud sci.
tied their balances indiscrjmIuately in either
form OF legal.tendsr. Tho destination be.
tween coin aud Government notos haa beou
abandoned In the Keeping Of Tho Govern.
myut accounts; the clerks lu Tie Nsw Yorl,
Sub Treasury who lad been assigned to the
duty Of reisemtnK Rreeubacks had scsrcoly
work enough 10 keen t1,o,n out Of mischief ,
there wos not a ripple of excitsment mn,
there would haye bseu no sjup at onvthino
unusual l.ad 1t nut boon for tho f1ar. tl,at
wore tlyipc from tho Government Luilf,,ncs
anil tl,e cannon TINT were fired OF iu honor
Of ths event,
The most significant eyort of the dnv waa
ths closing OF tho famous and infa,uo,,s old
"dola,Roop," where fortunes haye bae,,
lost aud won turing tho last seventeen wears
without contributing psnnv IN tl,a ,1ov,1nn.
mont of trple or liz nnttou'a uroanar,tx
Tho announcement OF tho Register. ~ Ia
olosql hIa tlesk, that "Yo,,'ye sssu tho Ana ol
It," wax tho Rlat1cst tldinua that this conntry
has ha1 sIucs tue uovg of LEy'n surrsndar.
The closing Of the Gold.l .l,oom vas uore
properly tho ending OF tho War Than way Ii.
event Ut Anromattox, for it sjguihcd thu f,na]
recovery from tho financial ,ljatress wl,ic,,