Year: 1878

culiarly disastrous to business enterprise
there Is no doubt but whether these dis
asters can be scored to the policy OF sccre-
tary SHERMAN may be questioned by him
self and his friends. That the influence OF
pending resumption. and preparation for
it, so far as preparation is possible, upon the
business interests of the country is inordi-
natcly destructive there can be no reasona-
BILE doubt Contraction Of the currency and
the boarding of gold to meet resumption
one year from now, has spread broadcast
over the business enterprises of the country
q crippling influence which they have been
unable to resist and overcome, and hence a
large number of failures have occurred. We
have been surprised at the indifference of the
Chancellor of the Exchequor and the Presi-
dent on this important subject in their
communications to Congress. They can
not be insensible to the fact that
the people are suffering beyond measure in
their pecuniary and business affairs, and
that disaster is staring the general enter
prises of the country in the face. To say
that theyare ignorant of this state of affairs
would be to impeach their intelligence; and
to admit their knowledge of it is to raise
question as to their earnest regard for the
popular welfare That neither have fnan-
cial sagacity to discover remedy for these
ills is more than probable; but the country is
sick, and they are the responsible medical
advisers in the case, and If they fail to
recommend some remedy, and the patient
fingers, suffers or expires on their hands
they will be held responsible for the sad
event, unless they show some disposition to
afford relief by the recommendation of
remedy. In its present condition the pa
tient must inevitably die Business cannot
bold out against the policy Of con-
traction and boarding, and If the
President is wise he will wrestle
with the case in q prompt and vigorous man
ner, and give to the country an assurance
that he is not totally Indifferent to the stu
alton. 1t may be too late to apply rem
edy. The patient may have been neglected
so long that remedies may fail to act ef-
fectively, but the Government cannot af-
ford to stand with folded hands and see
disaster become general and overwhelming
without the interposition of some measure
Of succor.


So far as the Secretary OF the Treasury is
concerned, in his efforts to make ready for
resumption at the time named in the law,
he is no doubt strictly in the line of an alb
stract duty. Contraction reduces the vol
ume of the currency TO be redeemed, and
the boarding OF gold is to provide coin for
the day of redemption. But both the Pres
iient and his financial Secretary must be
aware of the fact that resumption is simply
impossible under the existing regime on the
day named. To attempt it without
largely increasing the coin volume, will re-
suit in national disgrace, for so long rs gold
is n commodity Of speculation, and is now
the only coin factor available in resumption,
that measure could not be sustained for
thirty days, and then we shall stand before
the world rs unable to meet our obligations
having attempted it and failed


To Obyiate such disastrous results should
be the primary object of every American
citizen, whether Of high or low degree. The
nation cannot afford, neither can the most
humble of its citizens 20 have resumption
attempted at a period any earlier than it
can be fully and hOnombly sustained. The
national credit and honor are ct stake, and
no one who prOfesses tithc of national
pride can consent to have them again placed
in peril under an attempt to resume when
success is impossible under existing pros
poets, as can be clearly demonstrated. The
advocates OF repeal of the resump-
tion act are severely criticised on
account of their adherence to that measure,
and their motives are impugned and their
Judgments are hastily impcached by Wall
street and its votarics when their sole object
is to save the country from impending dis
aster. So also in regard to those who favor
the remonetizing of silver. They are charged
with the serious oifensc of conspiring against
the national honor and credit, when no such
motive sways them. They regard thai
measure as the life-preserver Of resumption
whenever it shall be attempted, and believe
as honestly as it is possible, that without its
aid in swelling the coin volume resumption
can never be sustained Without it, at.
tempted resumption will prove a miserable
failure and will entail upon the nation
greater ills than has yet been experienced
in its history. The President and the Sec.
rctary Of the Treasury should awake, and il
possible rise to the Importance Of the occa'
sion.