Year: 1878

Ihe result OF the recent elections makes it
probable that Secretary Sherman will meet
with no serious legislative hindrance while
making his way to the resumption of specie
payments. The people have unmistakably
expressed their desire for speedy resumption,
and the politicians will not care to defy their
plainly stated will. The Secretary can now
60 on with his preparations, reasofably con-
fdent that Congress will give him no trouble.
A repeal of the resumption act at the ap-
preaching session of Congress is no longer to
be feared. 1t is doubtful if majority OF
votes in either House could be got for repeal.
Nor is there much if any danger Of obstruc-
tive legislation. There will be little time for
that and less disposition. The opponents of
resumption will be forced to content them
selves with the harassing acts passed last
winter.


The truth is a new light has come to the
Democrats. The November election has,
been an "eye-opener," and they are anxious
now to get the question of resumption out of
politics and to put themselves on tenable
ground. They see they have made another
great blunder. By their coquetries with the
Greenbackers they have lost control of five
States and endangered their supremacy in
the House. Worse than that they have done
the thing they knew they should not, have
sacrificed their consistency and self.respect,
have weakened the allegiance of many OF
their best men, and disheartened their forces.
A year ago no one entertained doubt that
the next President would be a Democrat.
To-day the chances are at least even for the
success of a Republican. The change in great
measure has been wrought by the folly of the
Democratic leaders in regard to the currency
question. Those leaders, with their usual
fatal facility for blundering, got on the wrong
side of the question as soon as they could.
They thought to gain much by the aid of
Greenback votes. On the contrary they have
lost much. Where they were strong the
Greenback movement weakened them and
was an advantage to their opponents.
Where they were weak the Greenbackers
forced them to abandon their organization
and vote for Greenback candidates. The
growth of the fat-money party has
been chiefly at their expense, and
its development has resulted in weak
ening and dividing them and strength
ening and uniting the Republicans. Their
fate would now be ours had the advice of a
few timid Republicans been followed.


In consequence of this result and the dis
aster that has befallen them the Democratic
leaders will be naturally anxious to get the
resumption question out of politics, for they
do not care longer to identify themselves
with lost cause. Resumption once accom-
plished and they relieved from the reproach
of being anti-resumptionists, they will be
able to take their place in the contest to
come between the Treasury note and the
national bank note. On that question there
is not only an opportunity for honest differ
ences of opinion, but for statesmanlike
argument. So with this desire to forsake
their present position and take new and
better one they will not be likely to interfere
with the Secretary's plan for resumption.


The obstacles that Secretary Sherman
will meet are other than political. They are
found in the laws that require the re-issne of
legal-tender greenbacks and permit the un.
limited coinage of silver. These may pre-.
sent grave difficulties, and it is not yet clear
how those difficulties can be successfully
overcome.