New-York tribune., 1879-10-28

6ul nctMcut oi IN era OF hOlclui prosperity
The Resumption Act wa, Republican measure. sup
ported advocated and voted iOr by Republican SEN
aiofs and members. and without the aid Of a single
Democrat in either house OF Congress II has been ad-
lered lnd successfully executed 10y that party the
Ropu0can party has won nC victory more complete
than the passage execution and Of the Eesum
ton Act Prolonged applause.l
T7i. measure WAS adopted in January, s75, In the
midst - the panic when paper money was worth
only - cents ou the dollar. 1t period o. Wild
speculation and imitation. Tic rate Of interest was
higher than before sincc-the Government paying
per cent ia gold corporations far credit from to 10
per cent aud individuals from 10 10 12 per cent RecS-
Iessness ia contracting debts universal Railroads.
were built where they not needed; furnaces re
put W Of all possible demands and oyorpro
ductOn and over-trading occurred iu an branches
OF business. The balance Of trade for ten years
had been steadily against us, with an aggregate
excess of imports over exports OF over 900 COO
The panic of 1873 put end 10 all tnese Wild visionary
Schemes and left the country PROSTATE aud IN rum All
business enterprises were paralyzed Congress. In a
hopeless quandtry looked in vatn iOr some way o;
cape the bankruptcy which threatened every III
terest and every Individual. Then wasthe Republican
parx devised placed upon the statutaDOok tlo Re.
sumption Act. and against noisy opposition aud con
tnual croak ng steadily persevered IN it, execution
Three measures were pr,scrb ii by TITS acti First.
The gradual Substitution o silver coin Tor fractional
currency second. free banking; third, the acclmu a.
ton OF coin tie Treasu ia preparation or resump
tiOn the Let day Of January. \. d. 1879 Al these
executed IN tie pIecise order proposed Tue rac
tona currency gradually SUPERSEDED by subsidiary
com. banking became free. New circulating notes
were issued, where needed. and Others Were with
drawn 10 meet the ebb aud how Of business. The real
work of resumgtiOn commenced IN 1877 by tue
accumulation OF coin ~ the Treasury al the
rate OF S5.0OO.00o Il month TINS was steadily
pursued 10 the end, ouy checked Tor time " the
threatened repeal OF the Resumption Act by the Demo
cratic patty aud by other measures tending 10 impair
public credit aud tO the sale OF cent
bonds But. thanks 10 the then Republican Senate and
10 the reserved veto power OF The President the Re
sumption Act saved aud before the time liked by
law. resumption came peacefully and as quietly
the Summer shower or the howing river
RESULTS OF sPsCIE PAYMENTS.
On the lst day Of january. 1879, United states
and bank notes were par win coin Every promise
Of the Government had been fulfilled The same money
was paid to aborer the farmer and the bondhOder
and all AS good the best gold coin issued from the
nnt On that day and every day since, gold aud silver
have been ready. ana been paid TO holder Of
ereenback who desired 10 in exchange But
confidence In resumption assured that scarce
any notes were presented for redemption but large
amounts Of gold pouring into the Treasury In
change for United States Dotes Since then they have
been readily received and paid at coin. not only
United states but In the chief capitals OF Europe