Year: 1879

INTRODUCTORY-RESU


A year ago, specie resumption was a
great bugbear, which most people dreaded.
Many who knew that resumption was a
duty and a necessity were not the less
weighed down with fear, and wished that
the cup might pass from them. Solemn
warnings filed the air. Things were go
ing to sell for a tridc The monster, re-
sumption, was going to grind up the peo-
Piles bones, and drink their life blood.
For pitilcss money lenders it was to be a
day of bliss. The rich were to be made
richer; the poor were to be made poorer ;
and labor was to be crushed and starved.


The day of doom came six months ago,
and we are yet alive. Not one of the
frightful things foretold has come to pass.
Less property has been forced to sale than
in any previous half year for a long time.
Prices are higher, on the whole, than they
were a year ago. Money has not grown
more scarce, but for every safe and honest
use more plentiful. More men and
women are at work for living wages than
at any time from 1872 to 1879. The
rattle of mills is heard, and the blaze Of
furnace-hrcs is seen in all parts of the
land, where in July last all was still and
dark. The number of failures and the
losses by failures have diminished greatly.
New farms by the thousand prove that
toll brings fair pay to farmers new mines
new shops and mills, new railroads and
new houses, in all parts Of the land, give
work to multitudes, and bear witness that
life and hope have come back to industry
and trade. In short. the weary years of
sinking prices, PROSTATE industry and
stagnant trade are past, and the country
has plainly entered upon new era Of
steady recovery and sure return to pros
pcrity.


No man will suffer himself to be cheated
twice by the same lying guide-post. The
people of this land have too much sense
not to profit by the practical lesson in
finance which events have taught them.
Many. who have been deceived by pre-
dictions of the harm to come from re-
sumption. have turned their backs upon
false guides, and have set their faces
toward the honest truth. They have
seen the dangers of resumption vanish
| like ghosts, as we get near them. Every
word of hope, spoken in behalf OF public
faith and honest money, they have seen
verified. The old teaching of conscience
and common -senSc-that honesty Is the
best policy-has been brought home to
the mind by the experience OF the past
year. Now, surely, brief, clear and
simple exposition Of the fundamental
truths of finance, as they bear upon prac-
teal and pending questions, may be wei
come and do good


For there are still multitudes who spurn
the teachings of common-sense and ex-
pcrience. Even now there are men who
say that resumption cannot be main
tanned, or that it will cost horrible sac
rifces. Specie payments, they assert,
involve endless risks, do harm TO labor,
and tax the people for the sole benefit OF
bankers and bondholders. More money Is
needed, they still cry; or the paper OF
the nation in place of bank notes, or un-
limited coinage of silver instead Of gold.
The banks, they claim, wrong the people
by getting double interest. They insist
that the Government alone ought to issue
notes, and that its paper, made good solely
by its stamp, will be cheaper If not re-
deemed at all, and the better if put out
without that limit as to quantity which
redemption involves. To these claims,
and Others like them, many voters still
give ear. Do they know that the same
men who say these things are those who
said that resumption was impossible, or
predicted that dircful woes unnumbered
would precede or attend it: Are these
false guides, who have not once been right
in five years past, still to lead men of in
telligence:


The series of articles on the \ B c OF
Finance will show what resumption Is,
and what it has done. 1t will show re-
sumption can be maintained without loss,
or cost. or doubt; that it ought to be
maintained because 1t is wise as well as
honest, and cheaper than anything that
can take its place; and that it brings, as
its friends have predicted, growing pros
perity, a solid footing for work and trade,
a special help to labor, and the exact
stimulus that is needed to lead the worker
to save his earnings, and thus to lift nim-
self TO greater independence. The simple
truths of finance, plainly stated, will
make it clear that the volume of currency
can be rightly regulated only by redemp-
ton; that the banks give in service more
than they get in value; that those who
clamor most loudly for "relief only want
more chance for the few to fleece the
many: and that the country really needs,
not more tinkers at its laws, but more
rest and quiet, and good faith toward all


II.


THE LEGAL-TENDER.


Every legal-tender bears on its face
these words, ''The United States will
pay to bearer" One Dollar or more. That
is promise of the people. In resump-
ton they are keeping that promise. The
bit of paper is note, and resumption
is its payment. The people pay because
years ago they borrowed from individuals
gold, or its equivalent in bread or bacon
i CLOTHING or shoes, tents OF medicines, iron