The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-01-07
Our New York Letter
Resumption aud the Futare-Breathing
Freely Once More Mistaken Theories
and their Upholders-The Resumption
Act and its History.
NEW YORK, Jan. 9Th, I8

There has not been time since the snrren-
der of Lee at Appomatox on the 9th of April,
1865, when there was such sense Of relief
from past difficulties, such feeling Of salts
faction at the present aspect of affairs and such
universal confidence in respect Of the prospects
of the future as pervaded this community at the
close of the first day of resumption, when 1t was
found that the transition from a paper to
specie standard had been effected without
causing SO much as ripple 10 the monetary
current There was no surprise about IL Of
course. Everybody believed that the thing
was practicable and easy of accomplishment
All the obstacles in the way had disappeared
some time ago. Prices had already settled
down to the gold standard. There really wes
nothing left to be done, except for the SUBJ
treasury and the bsnks to give or take coin or
paper at par. Still il was q great point gained
to have had the system firmly established, and
to discover exactly how far the innovation
would create disturbance in financial circles.
The result is that there has been no perturba-
tion at all. Even the popular curiosity to hear
the chink of gold after lapse Of eighteen
years bas not suficed to draw out of the vaults
as much of it as has been paid 10. Presently,
when the last, lingering doubt of the success
Of the measure has vanished, there will be
great boards released from hiding places in
which they have lain for years aud merged in
the general fund. People who were accus-
toned aforetime to buy gold at premiums rang
ing from so to 1856 were tempted to invest when
the rate of difference declined to 20 per cent. or
below. They argued that they couldn't lose
much and might make a good deal by the
speculation. They had witnessed so many
fluctuations from Tina to time, that they were
always looking for reaction upwards. AS
the premium kept falling, they averaged down,
still hoping, though not quite so confidently
that there would be turn in their favor. Then
there were good many collections of coupons
of ,vernment bonds, and the holders Of them
who had no immediate need of the money
saved it mp on the chance of Its being worth
more bsfore they would have occasion to use
it. These sums amount to considerable in the
aggregate, and they will all flow into the cof-
fers of the bankers gradually, as the conviction
grows firmer that there will be no step back.
ward. There will in all probability be more
specie available f)r commercial purposes sixty
days hence than there is now, for within that
period the certainty Of maintaining resumption
will have become go manifest that there will be
nobody left to dispute the proposition or to
keep up the distinction between tive kinds of
currency.
II is a good time now for cultivating a spirit
Of charity and fofbsarance 10 discussing the
mistaken theories Of those who have persisted
SO vehsmsntly that the project of redemption
could not possibly be carried into effect. 1t is
unqnestionably true that this lugubrious view
of the situation was held by great many hon.
est and we'll meaning people. For the dema-
gogues who encouraged this distrust, for politi-
cal objects, one cannot help entertaining senti-
ments of dislike. They have literally traded In
the public misfortnnes and endeavored to make
capital out Of exaggerated statements of the
severity of the general distress. But for the
masses who have been deceived by these dis
| NAL representations no stronger sentiment than
regret for their errors Of judgment can properly
| be felt. The Greenback leaders deserve exc
Grafton for having sought to stir up disa fection,
to array capital against labor, to treat tramps
aud vsgsbonds as if they were the victims Of
injustice an6oppressiou, to tarnish the national
| credit. and to perpetuate the shiftless aud
wretched fnaRciAl policy which was draining
the life's blood from the frugal and industri-
ous, and contributing to the gain of the adven-
turous and reckless. The rank and file Of that
ophemeral and inconsequent organization were
no doubt sincere and actuated by worthy mo-
tives. They were egregiously duped and de-
laded; they were pursuing course in the
highest degree detrimental to their material
interests; they were importunstely urging 9
| retrogression to the condition of things which
was the original source of all the calamities
| they bewailsd, and II their wishes could have
bsen realized we should have witnessed more
panics, and have bseu travelling farther from.
instead of nearer to, the haven Of safety. But
| it is part Of the Inconsistency Of human ma
| ture to get bewildered in 8 critical emergency,
and to resort to expedents to avert crisis
that actually serve to sggravate the perils Of
the situation. People who are struggling in
the tolls Of adversity cannot be expected to
act with deliberation and calmness. They are
under the influence Of excitement and terror,
and 10 their impatience to extricate themselves
from embarrassing entsnglemsnts are very apt
to get still more deeply involved.
The revulson of 1873 reached its height on
the 10th day of September OF that year The
crisis was so alarming that the President OF the
United States and the Secretary of the Tress-
ury repaired In haste to New York to see
whether any velief could be extended to the
mercantile community. They arrived on Sun
day morning-the 2lst-aud the entire day was
spent in consultation between them and promi-
uent merchants aud bankers, who called to
suggest remedial measures. The majority OF
these visitors s,renuousy urged that The policy
of expansion shoul bs Immediately adopted
that the legal tender reserve OF SA,OOOOOO
shoald be at once deposited in the banks OF
the metropolis to enable them to increase their