Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-07-23
and In my Judgment the time will be very short
after the LIST day of January next"

and In my Judgment the time will be very short
AFTER the LIST day of January next"
Judge Kelley, OF Pennsylvania, In the House,
November 10Th, 1SI7 said: "But, gentlemen
the worst has not yet come If this act is to be
maintained. And l tell you-and you may
book 1t to jeer and SCOT at me fifteen months
hence If 1t prove not to be true prediction
the suffering we have endured during the three
years this law has been In existence Is like the
chill which embellishes while it blasts with
frost the leaves and flowers of the tropical
plants that surround the homes of our extreme
southern states, compared with the arctic cold
that builds up the mountainous iceberg, which
PASSES near our shores"
The Secretary says he has no desire to jeer or
scoff at any gentleman whom he sincerely re-
spec,s. although he gives authority to do SO il
he proves q false prophet. Returning again to
the prophets of evil, Mr.. Sherman quotes Mr.
Buckner, chairman OF the House committee On
have lot been able to find one man, learned or
uDlearned, capitalist or laborer, merchant or
farmer, who believes RESUMPTION possible or
practicable. Perhaps the Secretary OF the
Treasury is an exception"
RESUMPTION A SUCCESS AND THE PROPHETS ALL
WRONG.
The Secretary says that despite these prophe-
cies, which could be quoted for days. reSump-
tton was a success, and its success depended
entirely upon the ability of the United States,
by the time fixed, to accumulate In the Treasury
an amount Of coin sufficient to meet any de-
mands likely to be made upon 1t. Resumption
had practically come one month before the day
fixed by law, as quietly and TRANQUILITY as yeS-
sci would float from the river into the ocean.
Our notes were no longer at discount. They
were at par with coin. Now, United States
notes being redeemable In coin, are so much
more conve ntent for all the usus of life that, In
practice, they are preferred everywhere, and
are now In full circulation and credit, not only
In every part Of the United States, but In every
leading European city, and the islands Of the
Pacific ocean.
NO ASSISTANCE WHATEVER WAS EXTENDED BY
CONGRESS
In aid OF resumption on the contrary, 1t in
creased the minimum of Z. S. notes upon which
$500, ,000, 600 to ss46 6,6S1,016. By pending meas
ures Of the most dangerous character, and by
continual ea1i agitation. It greatly disturbed the
ment much more difficult and its means much
less. 1t reduced the revenue from taxes on
tobacco to the extent of eight or nine millions
OF appropriations. AS to the results Of resump-
tton the Secretary said that since 1st of Jan
uary and prior to the 1st OF July, 1879, we have
PAID about na coin certificates a with U
with I. S. notes OF the enormous sum OF
called bonds paid by the Treasury, so far as is
known, not dollar has been demanded In
coin, and thus by resumption we have paid.
currency.
THE REFpNDING OF THE NATIONAL DEBT,
owing to confidence which resumption gave the
world in the United States, was easily and rap
idly perfected when once begun. The annual
saving In the interest charge, effected by these
Iefundlng ref operations, since the lst OF January
last, Is $s,s1O,46s and since the 1st of March,
1s77, to the present time, $14 297, III. Agricul-
ture, all kinds OF business, and every class OF
Industries are reviving, and our foreign trade
Is rapidly increasing.
TIE PLATFORM OF THE GREENBACKERs IN MAINE
is quoted by the Secretary, who pronounces
1t curious medley Of deceptive statements, the
the public debt was increased In time OF pro-
found peace from 81, 100 OOO, 900, Ia 1865, to
900 600, in 1879, while, in truth and In fact
the the interest bearing debt, In 1865, was s23sl,-
t1ons are completed, it is $1,s97, ,643, 100. The
policy of the modern greenbacker is to deprecl-
ate the greenback, to destroy its purchasing
sic value Of the coin Into which 1t can be con-
verted, but upon some imaginary value given to
1t by law. Referring again to Maine greenback
IS sh snsy re saS IN
supplemented by full legal-tender money sum-
cient to transact the business OF the country.
There is but little, II any, objection to an un-
We now have unlimited coinage OF gold.
GOLD AND SILVER
should be upon such basis that the coinage
ratio must be the market ratio. Free coinage
OF silver at ratio Of 16 to means the single
standard OF silver. Silver has been made the
Joot Dall OF demagogues so long until many per-
sons are LED to 1eeoe that the
fact it was the republican party that provided
for the recoinage OF silver, introduced it In
current use In place of the fractional currency,
and the party starts really now to coin it with
out limit at its market ratio to gold; while the
greenback element wishes to coin silver dollar
worth only S5 cents, and thus cheaper and
Danish gold. We have tried the experiment OF
coming such dollar since the act OF 1875 and
have coined $S5, sol 600. OF this amount Sl3.-
sss,s42 have been issued, s6,5ls,sl2 have since
been returned to the Treasury. The sensible
course to be pursued with the silver
question is to treat it as practical one and
to coin it without limit only when the
commercial nations have agreed upon
market rate upon which they can all
stand. AS to supplementing the coinage by
full legal-tender paper money sufficient to
transact the business of the country with that
Is all we'll enough except that the amount
should be limited to that amount which can be
maintained at par with gold coin irrespective OF
its value. There is but one way of testing the
amount OF paper money that is sufficient to
transact the business Of the country, and that
is by Its cOnvertability into coin on the demand
OF the holder. The proposition for the immedf-
ate use of the coin In the Treasury for the re-
duction OF the bonded debt was pronounced the
purest demagoguism, unless it is desirable to
have irTedeemable paper money. depending for
its value only upon the mandate OF the govern
ment, or what is called fiat money; for without
large reserve OF coin, a combination of brokers
or bankers wishing to nut uD the rate Of inter-