, 1879-01-03

and except, also, tho,e political prophets whose
Ia gone by the explosion OF their
theories and the failure Of their predictions.
RnsUMrT1oH 4 SUCCESS.
telfEgent men no longer dOnbt+
There are locked ~ in tho yaultaof the Treas
ury to-day 1+0,mI,0oo 81 cpsn, with no Other
grccnbaek at psr. Al experience declares that
this reserve Is amply sufficient tn maintain ro-
sumption. Hhouth It prove insufficient, tho
Secretary Of tho Treasury has both tho authority
The people will l,avo no motive to demand
any great amount OF coin, for tapcr at par ts
more conyanient thai gold % silver. Tho banks
are bound. both by law and iaefr Own tntcresta
10 aid 10 maintaining rcsutn npt[on. This afnouht
OF national bout1s now held abroad is too small
to enable foreign creditors to dratn us Of ottr
coin. II necessary, we can sell to Europe more
Of our Der cent bonds than she can send home
Of our q pcr ccnta.
now RgsEArEIoN MAR Re DEFEATED.
but We must not assumo that al dauEer fa
past. Resumption can be defeated IN unc Of
ny, l,ka wnr or tho ecnsrsl fn1lnrc ol our crops
which should tttEu the balsuco Ut trade ngntust
Us; Or, second, bv tho husttlc legislation OF
Congress. Tna probability ot the former is too
Of this hitter must b. prevented br the intelll-
gencc and vigilance of our people.
Though the opposition to resumption. hns
shown great strength 10 Congress, even down
Seen 10 fs feae M Ssc!s "' % be 0 os e1
assaited hr direct legislation. Tho itstlhct OF
scll-preservatton vii probably lead politicians
10 abandon such efforts. The real danger lies III
wars. II the expenditures OF the Government
should be increased by large appropriations fnr
the various sctlen'cs which nrc urged upon Con-
Eress so a. IL pro,tucr deficit in the revenues,
rather than levy additional taxcs Congress Will
be tempted to fselie more Hrrenbacks. and carry
expansion to point at which resumption will
break slowu. Rigorous economy, aud persfet-
ent maintenance NJ revenue sufficient for uccch-
esry current expcnbPA nhl for the Sinking
Fund, viii be our safeRuarti In thts direction.
TIE BANK QUESTION.
The most dangerous, Indirect assault upon
resumption ia ihc sttempt to. abolish tho Ma
backs in place OF bank-notca.. ThA effort will
call TO its support the sentiment wllch. 10 eome
extent, prevails against in0neyel corporattons.
Should the attempt succeed, It Will Inevitably
reau,t In suspension Of spcctc-paynirnts. While
tho Treasury, aided hy the bankst eau now easl.
ly maintain at par tho outstanding volume Of
grcenbhcks, resumption would un4uestionahly
break down, il tho volume werc increased 1a20,
0oo,0oo. We mnst debate .l,e bank question
witt, our cycs open to the Certainty Of this re-
suit. And this ought TO bo dccisiyc against tho
| measure. But besldes destroying resumption,
It would be most radical atstl dangerous fevo-
| tuition In o,,r syatcIn Of government. During
| The pcriod Of War aud reconstructlon, many
| good people wcra alarmed n the tendency to
| centEa1fxo power at Washington: but the propo-
sitiot VIC aro now considering would result Ia 4
GENERALIZATION OF power Nlthont a parallel In our
| history. Before the war, sxcent Tor the purpose
| Of furnishing ANAL changr fn thn foru, Of su6-
elilary ant! token eotnsQe. It was never 50 much
as suggested that the Government Tad any right
to becuuo the .proprietory inanmfactu.er OF
money. It was the acknowledged duty Of Cou-
uress to daclaro tic yalt,c Of cuins and to coin
the bullion Of private citizens which they might
no authority to determine volume Of currency
or to regulate its distribution
Tic substitution bf greenbheks for National
hank-uotes is proposed on ,tlc theory that the
Treasury should be converted into Workshop
for tbs manufacture and aale Of money; that not
only its ,sualtty hut It. quantity and tiistrtbution
snaAl depend, tuleIy upon tue will Of Congress.
10 force citlIcu into the army, and put Min
In ihc front Of battle without hs consent, wa
thought by manv d rioscnt lnvnsion Of prl7uts
rights; hut for Congress to assume the nowel
10 suise or deprcss ali priset to change the value
would be ,lsurpu.ioi df power thu most dcs
potic dangerous crcr teoFuscd TO Amcrlca1s
CURRENCY 70 NxkI TIE WANTS or TRADE.
We nre told lint the ts,u!e demand vulutnt
OF currency sufficient f0u tfV'wante OF trade. &
they do. Hut wtIut man or set Of men Il
wise enough to lncaAuru these wants, and do
Glars tho exact volume of currency that wi
meet thcmf !.
suppo,ea hundred wise .rnen.of Nov Yorl
should lake ihe eontrac nl housliik, clothing
feeding, aud supplying the Wants Of tho millo1
pcopie WHO live on Manhattan Island. Konlem
Der that all nations arc placed under contrlhl
tiot, to supply that city. Inc https o. every &c
arc landing 1t hcr, docks the produess Of ever
clinic. Hallway 1ratns from every quarter Q
| the Union are pouring in their contributions
Millions Of people In various plrta OF the wotl'
arc ut work creating the merchandise which III
|. t,ity needs. Hundreds Of Thousands Ut her ow
people aro busy nrcparlug these products 10
her use. Is 1t possible 10 conretve that the vi
Of ,an IL able to dcytsp any artificial sssten, b
which the infinite daily wants Of New York shal
! be accurately measured and constantly an
promptly supnlsedi Extend the scheme y!
Il snail embrace tho wl,olo Union, with It's Ill
OOO,WO OF people. Ii. uny. Congrcss wis
enough to ncusurc all th!s vast husine,
much currency Is needed u, trnnsact III T
PROPOSE 1t |. to ask inpnsstb!lltcs; md yet, b
tho operation Of lars higher and tnosc poteu
than human legislation, n! thss IL silently an
. Ing without concert. cacl. working for hia wv
Interest iu obetlcnro to thu great law Of dcn'af
mud supply, flail.se, clothe. feed, aud transpoI
. sho people Of Tho United states, and earrr Q
md regularity. Any ot'c1snt OF EonRFess
adjust tho volume Ut currency to tho wants
: trade by arbitrnry legislation is doomed to ce
tain and disastrous failure
our financial lnachluery BY which tho vo!lu
. | OF paper currcpcy may Increase or diminlsl
. | obedience to tho laws Vt trade. X tl.u volln
| DgE0mE3 G1fE6&lFet LHoJS uole1 Mn tclhEuEu
thu bauks, To be issued EgRu when ncrcasi
Lusinos. requires them. The abolition q + T
. National bunka mems the destruction Of III
Indispensable sct-all lustsu4 principle Of our Gu
] reucy sJsleEl.
, Surely, Intelligent inca DO not suppose v
! eau yet IN Without banking aystcu of s0tt
kind. Thu bank Ia tue rhicl lnh ,tlltnrut OF flo
I ern exchange. 1t is as nucessary to tfndc as u
, railroad Is to TRANSPORTATION. It brings tho bo
+ rnwer suI lender to2cthes, md renders ava
able for tho use4 Of tnaustry tbs loanablo cs
, itai Of tho community. Ninety peF cent Of !
Q our trade Is carried on by Ineal,s Of the LAT
l. credits, tn tho torlu Of drafts. checks mud col
mcrpIai bIlls, aud 0uly 10 pcr cent by thn astn
use OF money wh!cl, t.as become the email cham
1 OF cammercv. Tho vast mass Of deposits ai
:. bant cretists II now subjected tu searching n
Il tlo1,al Inspection. II the power totsauc notcs
j. taken frun tue banks they will l,aYe IN tneuc
ment t0rumatn under such scrutiny. We shall /
back 10 tl,a wretchcti sy.tcas Of State hanks at
ii private broker ahops, nnl create three hunur'
y | aud twenty millions nlure of pspcr currcnc
i which will llcscapo All ta1atlon.
d On every principle OF public nollcy tho
q tempt si,olild bc RESISTED. II ought not to ~
!. ceyJ, and do upt bclirye It can succeed. l