The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1879-11-14
Iii
CAN RESUMPTION BE MAINTAINED =?

CAN RESUMPTION BE MAINTAINED?
: The notes OF the United States are as goot
as gold; can they be kept go? Those WHIT
, SAID that resumptlo was not possible now say
that it Will fan. With strange faith IN human
folly, they ask men to believe tina. all the ills
which were to flow from resumption are yet to
come from its failure. But what is this which
Is to fail? 1t Is the payment OF all notes that
are offered for payment. As long as that goes
on, those notes which men do not offer. but
choose to hold, will be as good as gold Thus
FAR, few holders offer the notes, and the means
to the Government grow larger Before pay-
ment can fail, there must first be great change
IN the minds OF men as to the holding and use
OF the notes, and next, great exhaustion OF
the means which the Government holds. Be-
lore sensible men believe that the Mississippi
Is gong to run dry they must know some
cause Tor the failure Of the rains and spunos
which have kept IT. full enough to float mapv
vessels. Silver coins, and doubts about their
effect. will be spoken Of hereafter. and II viii
be seen that the Treasury has full power to
avoid any danger that can come from tbst
quarter Ihs present question is simple: Can
the Treasury confirms to get gold enough q
pay every note for which The holder NAV ask
gold?
The Treasury is like a lake in deep valley. |
to which waters from thousand springs flow
because they can go nowhere else. The m,nes
pour out millions Of gold each year. Accord |
ing to Wells, Fargo d Co., who move nearjy
all the gold that Is produced, S37.672 .4SO was
the yield OF that metal in 1878. Less than 81
OOo,UoO yearly finds use IN the arts and for
ornament, The loss and wear are insignif-
cant, because so little gold is IN daily handling.
Inc Pacific States and the Territories have
more than they can use; these are ponds that
are always full to the brim. Somewhere the
gold must go to get used All that flows to
The east must go % into use az coin. or (2)
INTO private boards, or CD INTO the banks. or
Al into the Treasury, or go out o. the country.
ne people OF this country Will not use coin
arseiy 80 long ss they can get good no,es. &
hat has been the National character for ,
century, and it is not changing, and could
mango but slowly. Nor do the people hoard
nucn. That is another fact CT the National
naracter, and such traits last long. The peo-
10 are too practical to hide MANY Idle talen,s
napkin. Their long familiarity with banks r
avings-banks and other places of deposit and L
AN has formed fixed habits. 6
The banks themselves " II not take the risk q
holding, and the cost OF guarding and NOV =
g specie, SO long as they can keep in place OF |
notes on which the gold can be drawn at II
Vie Ids has been proved this year, to the
rprise OF many who had expected q great al
ain OF gold from the Treasury By the banks. g.
II ihey have put their gold into the Treasury.
~ TAKEN out large notes instead. Under the
'ney can use the notes in place of gold or
pay their own notes with Upited S,ate,
ties; and can refuse, as the banks in the S-
ei cities do, to keep special accounts TO be
q IN coin only. All who want gold can get
rom the Government, and the banks save so
SAN Sost VI kocpluG I Dy
nns the Treasury their store house.
70 long as exports OF goods greatly exceed
ports, gold does not go abroad. The goods
BY MS more than pay for the goods bought
u.s. 90 that, u gold goes either vsy, il mus, ce,
10 70 us in payment. The excess of goods
was 1884, 636,eo2 during the year ius. 35
'sd' which far exceeds any sum due for in
'st, Tor freigbts, or spent abroad by travel Pol
Interest due abroad on the public debt
ooen cut down to less than $1O,OOO.OOo
ny; interest on the other debt has been GOO
lily reduced, and larger amount of foreign
tai is invested here each year, when the GU
Die pay their debts and the land prospers
sell more than we buy abroad, because the
OF raising wheat and corn, cotton and Y
eco, and of producing cattle, provisions
petroleum. is lower here than in o,ber and
tries A change IN the relative cost NJ
ucing such staples in different couptres
OF be quickly made, 80 great a change a. =
ercome the vast excess OF exports can
y occur for many years.