, 1880-04-27


tho reconciliation of silver. lilo spring hhA
summer Of 1s17-an extra session Ut Cor-
gress being chilled to meet In Octnber-fnr-
ntsl,ed tho occasion for discussion OF tho
practical means for executing tho vagncly-
wor1cd Resumption act OF 1975. Tho papers
generally of the country entered into tho
tltsc1ssIon with animation. dnd the. Green"
bnckers and Western Democrats very ear
nestly addressed themselves to demand TOR
MI unconditional repeal Of tho net. Tho New
York and Eastern papers generally assumed
tlat as n matter OF course, the Rrceitbacks
wero to bo rcttred, and not to be Issued
again rs soon as redeemed; md that, rs
silver lRd been tleinonet!zcd, tile legal cur
rcncY OF tho country would be inter Jansiary.
1871 exclusively Eold. THE CHICAGO THfll-
uSE claimed TINT this viow OF lilo law, u fol.
lowed by tho Government, would result IN
the contraction OF tho currency. Itrst ny tlIo
ul,forccd withdrawal of tte SaO'oD,ooo Of
Iegal'tendor greenbacks. aild. second, by u
material withdrawal OF the noto circulation
otsthe National banks whon uley would oo
confronted by tho bur'ie1 OF redemption Ill
gold OF, demand of their circulation. Tlils
would also leatl to shortening mp of llH-
counts on tho part of the banks and 4 eenoral
cran'p III business circles,
TnE TRIBUNE protested against such q
wholesale contraction OK tic currency aiiu
the adoption of MI exclusive gold legal
tender. TIE TRIBUNE TOOK TIC gfollht' nlsf,'
tllat, II the gretiloncks were 10 bo fetlfeas
tic Government might provide 10 sotho
extent piper currency substitute BY the
repeal OF sarinlls restrictions upon tho lss'lp
OF Nntlnrni'0nnk notes. Ihese restrictions
were t',osp limiting tho circulation to W per
cent on tho amount OF bonds uep'slte't, the
tnx OF, circulation, and tho tux on tleposita.
The rcpeal OF these exactEons, THE Tribune
nrHled, would encourage private capllal To
go Into the bnmklnR business, anu elllargo
the bank.Aole currency to I'LL the vacuum
caused by tle retirement or tIio greosfoacKs,
and thus prevent destructive contraction OF
the money medium.
The Treasury ut that time lad no gold, al!d
the amount III the country ssas limited one,
and to retire tho greenbacks anil part OF the
bank-notes, and provide no substitute Tor
eitlar, THE TlsluuSE clatmcd would produces
such a financial strlnKu'lcy and constitution
that resumption would fail atd tho ELECT OIL
the country would be worse than II 1t liad
never been attempted.
III September Tor Augnst) OF 1917 Mr..
Shcriran visited Mansfield, o., to mike
speech OIL resumption. The TRIBUNE ap-
pcnlctl to him to tell tlle people of Ohio TINT
resumption did not li'eail tho retirement OF
tic greenbaCks and tho consequent c0ll,
tractlon Of the CURRENCY Mr.. Sher-
niari WIS deaf to all appeals on
that subject, refusing to answer all
questions on that. vftaly important point.
His evasion Of the reissue question and his
acria hostility to ren,oRctiztnE silver lost tho
State to the Republicans by furnishing tho
Democrats with irresistible campaign cries.
1t WIS the most disastrous tlefeat tho Repnb-
lican party ever suffered iii olllo. Tho Gov"
crllor and State ticket ware lost by ~ ma
jortty; the Legislature went Democratic
nearly two-t'llrds; Il United States Senator
whs lost, aiId Pcndleton wns elected rs saer-
nuns successor. Tho Democrats redistrictctl
tho State for Congressman, whereby they
now l!old five seats to which they are not CHI
titled. John Sherman, by his pig-leartetl
stupidity or cowardlcc, or wrong-ileade'l'
! ,lcss.--lack OF ability for caderslilp,-threw
away the State. anu 1t topk two years OF
leadership 0huef wlsor meh 10 fccosce 1'ohA
tint disaster.
During all these discussions or uo Ie'
| sumption law IHE 3IlnuNE lhslsseu upon
tlo reflohetlzatlon OF s'lVof' cunning .ih'
wlthont IL resumption was hot practlcaole,
ana Woula, II "1le'l'pteu, piopao'S aa'' Ahas
po1''t "'ss ,evel S!o.ue"' N"sn co.. NV iiu"so ss
t"sseu eac p,'t LII No'cI,po'' au'' tu'e"'1''k ~.
aoaa.e ,1Sou 'ol tcau'"psio"' ~, 4"!nosh
appeh4eu ~ Alu oc44Alo ~ "etG"t tl4o 41uuae