Year: 1878

The Next Question.


The elections of this year are con-
cluded. The smoke has not yet clear
ed away from the last battle. field, but
the results are substantially known.
There are and will be varying theories.
Whatever be the correct diagnosis of
| the situation, these elections are
thing Of the past. What Of the future?
We have endeavored to explain these
elections to the people, and we are
| prejudiced in favor of our theory. 1T
is a patent fact that all the Democratic
gains have been Greenback gains, and
the Democratic losses have occurred
where the Ohio idea was not favor
| ably received by Democrats. It is
also q patent fact that wherever this
currency issue has been most discuss
sed and best understood the Republi-
can party is in the most meianc holy
minority. But whatever be the phi
losOphy of the past electionss the1ne4t
great question to confront the country
| is the attempt to 5perpetually redeem
three hundred and fifty, millions of
paper dollars, that must constantly be
kept outstanding for redemptiob,w with
one hundred and thirty-five millions
of dollars in coin. John Sherman
claims to have one hundred and thir-
ty-four millions of coin dollars avail
able for resumption purposes. When
the January interest is paid, and when
all the other coin obligations are sat-
isfied, this sum will have grown small
by degrees aud mournfully less. But
assuming that the Secretary of the
~. 80, T.
can be used for purposes of resump-
ton, what is the magnitude of the
task before him in atte empting forced
resumption on the lst day of january
next? This is an Important question
for Congress to consider,and Congress
will meet in few weeks. The failure
to maintain resumption when once at
tempted could but be regarded as
national calamity. A speedy suspen-
sion of specie payments after under
taking redemption fifty days hence
wouiti bring the Vaited States into
contempt abroad and derange busi-
ness at home. Even the resumption
lists must admit that it would be bet
ter not to undertake resumption at
present than to undertake it and fail
to maintain it. 1t is the duty of Con.
gress and of the Secretary of the
Treasury to look the facts squarely in
the face since we are so close to them.
Political expediency. the desire to in
f1uence elections, the effect of the atti-
tude of the Government upon certain
candidates, all these things should be
ignored by all parties. The question
of the resumption of specie payments
on the first of next January is now
taken out of politics, and is moved in
to business and patriotism. Can re-
sumption be maintained? There are
now no temptations on either side to
treat this question uncandidly. tt;H"


1t must be borne in mind that q law
was passed in the last session of Con-
gress commanding the Secretary of
the Treasury to keep S347, ,OOO, 600 con-
stantly outside of the Treasury. They
can not lawfully be boarded in the
Treasury. If they could resumption
might be maintained, though ruinous-
ly maintained. 1t would be at fearful
cost, but it might be possible. IfJohn
Sherman, as rapidly as the greenbacks
were presented for redemption and re-
deemed, could either burn or hold
them, he could carry out his redemp-
be easy. What is it under existing





fifty millions with one hundred and
thirty millions once is difficult, but to
do this an indefinite number of times
is infinitely more difficult. Mr.. Sher-
man must ody out, reissue and keep
IN circulation about three times as
many greenback dollars redeemable in
coin as he has COIN dollars with which
to redeem them. If the lawis obeyed
the greenbacks out and liable to travel
in for coin must always remain the
same, while the coin in is diminishing
with the journey of every greenback
to the Treasury for redemption. There
is no limit to the United States
notes outside of the Treasury forever
crying sGive, give but the coin in the
Treasury is limited. 1t is only one
third large enough to begin with, and
is constantly growing less. The case
of widow Cruises oiP is reversed.
1t is the demand, and not the. Oil; that
never fails. John Sherman attempts
Resumption, as he testified before the
House Committee on Banking and
Currency, with the expectations that
not one greenback dollar in a huAdred
will be presented for redemption He
admitted, however, that if there was a
quarter of one per cent. of difference
between greenbacks and gold when
resumption was begun the Treasury
would soon be broken But the most
profitable business in the country will
be carrying greenbacks to John Sher-
man and demanding coin for them.
The whole world knows, as it does
not in the case of a bank, that the coin
is not there with which to meet the
outstanding promises, In the case of
bank there is doubt as to whether
the bank can pay. Its condition is not
daily published. There may be run
on the bank, therefore. In case of the
United States Treasury there is no
doubt. Every body knows that it can
not pay. What is the inevitable re-
suit of this knowledge? The Secre-
tary places the Treasury at the mercy
of greed. The frugal hoarders of
money; the specializing rings; the
gamblers in gold, are all invited to
make raid on the Treasury, How
long will the Treasury be able to en-
dnre this probable and almost certain
attack What will the men who made
a Black Friday do 2 The most prof
liable corner Ten millions of green
back dollars thirteen times to John
Sherman bi eaks the Treasury and
compels suspension of specie pay
ments. Let the Congress and the
Secretary think on these things be-
fore it is everlastingly too late,-[En>
qnirer. ,--'. 7'''i,


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