The examiner., 1882-02-11
Our Supposed" " Resumption.


 Our Supposed Resumption.
 EDITOR EXAMINER
 An editorial appeared in the Courant of recent date, admitting the fact that the success of the resu mption of specie pay ment, even now, will depend upon the for eign demand for gold, and that it's success thus far has been owing to the fact that gold could not be shipped at a profit until now. It closes it's article with these sig nificant words '' There is too much req son to fear that # tlsere should be O sudden drain of specie from thds country, dt a0ouzd be found that our supposed resuneotioae of specie payments 3s not founded upo9e O rOck,"
 What are we to understand by this? :? Was resumption myth? Have we had no real resumption? If not, how does it appear that our great prosperity can be attributed, as this journal has so repeat edly affirmed, to resumption? a thing having only supposed existence? Then again, if we had sixteen years of unex- ampled prosperity (as Gen. Hawley said on the stump), without even supposed resumption, and two years of prosperity on merely supposed one, what can real resumption have had to do as factor in our prosperity? Can any sane man be- lieve it has had, or even can have, any thing to do with it !? On the contrary it is mighty lever in the hands of capital to blight and blast every hope of it for, as the Courant says, "when foreign na tions make their demands so as to make it profitable to ship gold, the gold will go ; and it might have added the industries of the nation must go toO-to ruin-for if we can have currency to use in making our exchanges only in proportion of a certain ratio to gold, then as the gold leaves us currency must be co ntracted and the number of exchanges must fall in the same ratio; and when exchanges stop business must step as a natural sequence, Evety producer must make 8 daily ex- change of his product for daily sustenance. He parts with his product for money, ex- changing the money with butcher, baker, grocer, &c.,, making, we will say, ten exchanges per day averaging ten cents each. By keeping the volume of currency staple, as greenbackers advocate, one dol lar will make his necessary exchanges, but reduce it one-half, his proportion (which is more than he will get) is fifty cents, now his wants are the same, but only one half can be supplied, for he has not the tool to make the exchanges of his pro- duct for them. Consequently the produ- cers of the other five articles of consump- tion find themselves with an cover pro- duction" on hand, and they, in time, are obliged to curtail their exchanges because their product remains unsold this in time retroacts upon the former producer, and soon, very soon, there is a general ''over production" of all things. The tailor has more clothes on hand than he can sell, and he lays down his shears and stops buying his cloth the manufacturer of cloth finds no sale for his cloth, and shuts down his wheel. Each discharges his force of laborers and the land becomes filled with tramps.
 For sixteen years after the war the channels Of trade were filled with money sufficient to make full exchange of every mans product, not a dollar of which was convertible into gold on demand. Hard | by ready exchange of his product, every necessary of life, and add thereto some of it's luxuries. But a change came over the land. Why was it? April 26 1866, an act was passed by Congress retiring from circulation from four to ten million per month of the means by which men had been enabled to make their exchanges and ill '73 the volume of money was SO low that it eliminated in panic, and it is @ significant fact that Congress found a remedy only by issuing more money. But the Courant said and Gen. Hawley said it was all caused by lover production.' 5 | Why then did not Congress find a remedy i'll an act confscating all this surplus pro- duct! But what caused over production :? Man did not want less. No, he is ever wanting more, but being forced to go without supply of one-half his needs for the want of money to make a fair exchange of his product, and forcing his nelghbor to do the same, is the cause and the only cause of lover production' or hard times that ever afflicted this country. Give us then volume of money, fixed in quantity and staple in kind, and hard times can never knock at our doors again, for it ought to be evident to any thinking mind that if 1000, ,OOO, 900 of money is necessary to make the exchanges of a people to-day, 5O,OOO, 900 can make but one half these exchanges (values remain ing unchanged), and hence an over pro- duction will exist to the amount of the other half. Don't let us then deceive our selves longer, but st1ike the axe at the root of the evil overthrow these fallacious hard money theorists and avert if possible the impending evils that hang over us foreshadowed by the Courant. KEPos.