New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-21

{bet oud attribute the panic OF 1873 to an act lha
was not passed until January, 1870 aud was no. SV
way mill April. 1s77 and dd not not ,s fye t soi
the history Of rcsumption-of the SroaIh ns and
1etfrafte fricDds Of lis failure and evil effects You
can still hear their warnings IN the ar hnu ~ ne
water 10 mad dog advocated ITS repeal even III ~ ~
cember, SIS, when II was practically eNccG,o er orc
Gerry could FAIL bankrupt Spectator eoua run ..''.
but the Resumption act was tue ia'a 70
produce easy times and restore confidence 10 reduce
}esS ~ gently slowly and surely TO the sPece standard
OF resumption its success, that was not i"lsiheu
THE REVIVAL or INDUSTRY.
Look now over our broad country and note the con-
tr,st between our condition the 14th DAY Of Janu-
ary 1873 when the Resumption act was passed. aud on
the 1lth day Of May 1877 when preparations TO resume
commenced and now this Goth day OF August, 1872
more than seven months after We have resumed Be-
tween these dates general rate OF interest on puDc
and private Indebtedness has been reduced p per cent
States during year ended June 80, ls75 vas soI8
4427ll; during the year ended june 90, - II %
1879. So was 2S5-showng an LncI tase 1N-t
95S OC5 or n 92 per cent The exports Of merchandise
durng the latter year were lsiSeI , .i oua IN
merce The excess Of imports over exports OF mgt-
chaudise during the year ended june on, 50 80
amounted 10 SIS SOP 72j during the year ended June
so 1877 the excess Of EXPORT. over imports amotn.eG
T. 1871 fa 2si CSC sioHsh6wiug an increase IN
such excess OF jO4 7l6 Than Is per cent
wear ended june 80 1877, amounted SI5l 1913. 100.
and during the year ended June so 1879, 10 s44oTa6
475-a decrease Of S5546G5l, OF l.23 per cent; lne
excess exports Of specie imports OF spccl curing
the year ended June 80. 1871 was Sl35sI'sZ5 oat
exports OF specie only Sf7O14f1. The exch uge in
one oJer principal cities the United states for the
seven months ended july 81 1878 amounted 70 SIG 81
055-.h increase Of 2O5 per cent .,. $500.
showing Increase OF 80 per cent Inc increase IN he
numhef OF bales taken within he lest Two years over
The TWO preceding wears Is Az 5l7 Than II per
cent The present cotton year. ending IN september,
spmdcs has increased from 7lI4OoO in 1870, TO about
1o,5O0oQO in ISIS, an increase o. over a. per cent r
ceyed a strong impetus which in a lew weeks sent up
i IN, R.nS % T o and started many Of Tie
woOcn manufactures that had been lying Idle Ihe pro-
creased within the last year or two and ready market
has found for the surplus production Jhe net IN
beef production has been constant and progressive
stimulated by prices at have scarcely declined CURING
the iron trade during the last two years IN ie 20 le
production OF pig iron in this county reached s maxi
mum amounting TO 2.s6s,27s tons. Under the IN
nuence of tne panic II eli Qit to 2O95Z5O TONS ~ $50
In 1877 Increased TO 23l45S5 tons, and IN ISIS 10
g57736l tons. This year. 1t is believed, the production
o. iron Win be great as mat Of the most prosperous
year in tie history OF TINS product. . al, T
Aud YET in tue face OF all these and numberless othe
late ms the 24th Of July IN his speech Lancaster talks
of silent mills hreess furnaces, scanty wages want
lion Well had all these after the bursting OF the
boom of inflated prices and while the country was
bndv ggeng under the effects OF panic ana seeking
Rremedy. But now. that resumption has come, WteIe
arc Tie silent mills the freless furnaces the want OF
work and swarms OF trampsl The mills are sounding
the mus industry. The furnaces are IN lu Dlast
The wages, though small will buy more food and cloth
Inc fhan even before panic There work for every
man who willing TO work, and the ramps have been
converted busy artisans or hopeful farmers; Cen
Ewing alone seems not to appreciate tho changed
Mr. Tden on the contrary sagacious enough to see
The wave Of prosperity t1aJ follows Iesuupuo' anu -
Mr. Springer, as saying: Now" said Tilden - VIII
tell y0u, Mr.. Springer, Why il is important that tine
party should sucCe why desire It's sue
n mo Dem"cyary can ride into power on the wave Of
bower indefinitely. On tue other iand should the Ife-
half century to come Whichever party wins the next
Presidency win get the credit Of the bettermeRt OF we
TdE lie is anTons to enjoy the aayn{&Ef ss 5s1
fully propheseG against IL and made al manner OF Op
position to IT,. He would reap where he has not sown
lie would gather grapes OF thorns and hgs OF tlstes
RESUMPTION HAS COME TO STAY.
Fxnerience has thus shown that the Resumption act
has not produced any distress, but its execution has
been accompanied with increasing prosperity from
Tho day, in May, 1877, on which coin commenced to
aow into the Treasury. l was myself happily DIS
appointed in respect TO the process Of resumption
described years ago, in speech often quoted as in
volYlng suffering, loss and uoubeand so IL would II u
cleared tne way for resumption 1t produced all the
distress M the most exaggerated form was lle panic
made the policy OF resumption adopted by the Repub
liean party. the plain statesmanke remedy Tor the
eX1s o the time. Shall this distress agalnf
II not, why elect General Ewngf Why disturb the
present hopeful prospects Mhy SgaIe ,ne p9PS
Why elect General Ewing wAO was mistaken In all MS
prophecies, and still cannot conceal his hosu 70 that
Resumption has come to stay. Iyou want It 70 stay
you mus not put in Ugh position those whose interests
pride and ambition would lead them to overthrow H.
Father those who wi use g necessary means TO nam
tain and preserve the specie standard ana complete te
work by all measures that experience may show 10 De
OF what do our Greenback friends now complaint
TRey say that there Is large reserve OF g9ia kept
idle IN the treasury 90 mere ds OIT I t I U
awaiting any demands that may be made upon u IN
the redemption Of Uuited States notes. But why Is
thisi Because experience has shown That suhclent
coin must be held in order produce the necessary
Tshed AXIOM I'm all systems OF banking since any
listed Il Is that lose interest on the amount
a part OF this fund would be necessary, at
oil events, TO carry on the ordinary Operations Oh ts
by the sale OF bonds which now paying inter-
eat 10 tue amount Of SO 925OOO This is the cost of re
sumption. and the only cost But in return we have
already secured annual saving by our reundng OPP
eratiOns OF 4297l77. We have also secured large
reduction OF interest private and pubic oeDs, ana
the debts OF cities and corporations You say that TINS
10 have enough. Wish enough there will be
no demand for redemption, while Iouo, t, %ou Ho
create demand. Experience mas SHOWN mat Az
per cent is sufficient and therefore Ihat amount mas
been acc 6DTaseS 70 T.2@po1 Another thing
my Greeuback friends Resumption has produced every
result which you IN former times demanded ana mas
met every complaint which you then made
BY the refuudmg process the people OF the United
1879 the sum Of SD 297 III annually, long the
DEBT remains unpaa lbs Is me interest ~ per cent
aggregate OF the saving 6y these operations aud II 10
vested annually as SINKING Iuhd, az per con tS
would pay the present Understanding DEBT III less than
DOUBLE INTEREST on BONDS.
During the year ended the 3Oth OF june 1879 the re-
funding operations had been vast, amounting to
E5q1 O2s 10 fmaiuv, however, near the OF the