The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-08-21
srcCRss on n%EsrMrr1oN.

But the Republican party took the re-
sponsihility OF the measure, has borne it
in the heat and burden Of the Controver.
syand, now proudly points to its success
ful execution as one Of the greatest tri-
umphs. That act provided, first, simply
for the gradual issue Of silver coin to take
the place OF fractional currency; and Sec
ondly, that. on the LIST OF January, 1879,
the United States would redeem in coin
any OF its notes that were presented at
the sub.Treasury in New York. This act
gave full power and discretion to the Sec
rotary OF the Treasury to mako suitable
preparations for the execution OF the law.
II is seer that the resumption act did not
take effect from its passage, except to
make banking free, and for the gradual
substitution OF silver coin for fractional
currency; while It's main provision did
not take effect until January |, 1873, and
no act was done under 1t until April, 1877.
II was quite the fashion for a while to say
that the resumption act was the cause oil
the hard times; but General Ewing is, /
! think, the only man who really has press
en' this strange .dogma-for strange dogma
RI ia that would attribute the panic OF 1873
n anfau,t that was not passed until Janua'
~. 1875 an was not even commenced to
~ mt in 10, co in a definite way until
April, 1877, and did not take full effect
until January, 1870.
l need not give you TIC history OF re-
sumption-of the croakins and evil pro
phecies and warnings Of our GreenoacS
and Democratic friends, Of it's failure ano
evil effects. You can still hea.. tneli
warnings in the air; and General EwlnS,
especially, to whom tho resumption act
was like water to a mad dog advocated It's
repeal even in December, 1878, when II
was practically executed. Hc could see
nothing but evil in the times. No corner
grocery could fail, no bankrupt specula-
tor could run away, but the resumption
act was the fatal cause.
iIgave the history Of resumption briefly
in speech l made in Portland, Maine,
recently, which has been circulated among
you, and | will not, therefore, repeat this
part OF the story. Sufficient to say that
every. step under tho resumption act had
a tendency to produce easy times and re.
store confidence; TO reduce prices; to nd.
vance the value OF u currency, and to
lead lis gently, slowly, and surely to the
specie standard. There was not a pro.
phecy Of evil made, as to the progress Of
resumption or its success, that was not
talSitied. When the time came for re.
sumption every dollar Of paper was equal
TO coin; no one desired to exchange it FOL
coin. The same amount OF paper money
was outstanding. as before, but q spirit O
trust and confidence took possession o.
all classes OF people. Business revived
and prosperity again commenced.
u REVIVAL or INDUSTRY.
Look over our broad country and mott
the contrast between our condition on thu
18th day Of January, 1875, when the re
sumption act passed, and on the 18th do,
OF May, 1877, when preparations to re
sumo commenced, and now, on this 20tl
day oil August, 1870, more than sever
months after we'haye resumed. Between
these dates the general rate OF interest OIL
public and private Indebtedness has beei
reduced Is per cent.
. The value of exports Of merchandise