Year: 1875

SENATOR MoRToN's ORGAN CALLS FOR
THE REPEAL. OF THE RESUMPTION
ACT.


The news from Washington is 10
the effect that the House will pass, by
a very large majority, the bill for the


repeal of the Resumption act. In the


Senate, as it now stands, the vote will


be close, the chances being in favor of


the repeating bill. In circles supposed


to know best the mind of the Presi-
dent on the subject, it is freely con.
iectured that he will veto any repeaI.
There is not a corporal's guard in
either house favoring imitation, The
danger from that source, if any ever
existed, has passed with William Allen
Alas how soon VIC are forgotten


when we're gone" Nearly all classes
of people admit the impossibility of
resuming at the time fixed in the act,


but they argue that repeal would be


damaging to our foreign credit, and
would unduly stimulate trade and
again lead to the reckless contracting


of debts. There is nothing more de
sirable than the maintenance of our
national credit, bat we apprehend no
serious consequences from this source,


especially when we are paying from


to , per cent. more interest annually


than is being paid by other nations
The second argument is one to which
we would address ourselves now.
When the average American becomes
a law maker he is liable to resume
| more responsibility and more COM
plete guardianship of his constituents


than is nominated in the bond" In
| this case he attempting to control the


laws of trade, supply and demand, by
legislation. The penalty for over


trading and reckless debt making is


bankruptcy and failure, and Congress


can take no action that will prevent


certain class of persons from getting


into debt as long as they can obtain


credit. The tendency to gambling


contracts, which are purely speculative


is pernicious one, yet the laws of


Congress to prevent its operation in


gold was a signal and laughable fail


ure. When Congress has attempted


to regulate values by legislation it mas


always accomplished exactly the op-


posite result from the one intended


1t is a matter OF record that the cur


rency came nearer to par with gold


before the passage of the Resumption


act than it has ever since, and the de-
Ipreciation is greater to-day than it was


the day the bill was passed. Yet We


are told that its repeal would work a
greater depreciation of currency and


stimulation of values. This may be


the result, but it is not the natural Sc
lquence, nor in harmony with our ma


tional experience, The Resumption
| talr . n


brave man to correct his own mistakes
1t requires brave and honest party to
correct its mistakes, and the correction
, of this, by the repeal of the act, Is the
first great step to be taken by the Re
publican party. Let there be no infls..
, ton; let there be no legislation for .
few years, and resumption will come


as naturally and as easily as the falling


rain. The lick in the face of Ameri-
, can commerce, resulting from the
, panic, was deserved. Our subsidized
railroad, real estate and commercial


schemes were wild and preposterous,


but they do not warrant US in flying


to ruin by measures pointing to an
: opposite direction. The repeal of the


Resumption act, and then hands off
is the platform of the people. They
7 want no unlimited greenback or in
terconvertible bond schemes; they re
| quire nothing, simply nothing, but to
, be let alone. Let us have no steps
1 backward, but let Specie Payment be
the haven of destination, into which


we may glide gently and carefully and
l not the rock bound coast on which
we dash in the dark. When our paper
1 Is at or near par, as it will soon be il
= the policy of Initiation is disregarded


then resume, aye, resume in day. In
the meantime let resumption be in
e scrised in every business ledger.