Year: 1876

"NO STEP BAChUhRD.'


If partisan currency bill can be
passed, by all means let it be an honest one.
We pray that Independent members. whose
only power is that of men who have the cour-
age of their convictions, may not throw away
that power by initiating the most INSCRIPTIONS
partisans in a dishonest compromise by which
somebody would surely be cheated. If 1t Is
correctly reported that the independent mem
bers at Washington, for the sake of securing
support for their measure. contemplate conced-
ing therein repeal of the formal pledge to
resume specie payments Jan. i, 1917, 1t IL
time to warn them that they are in danger OF
jumping into the same ditch III which Demo
cratic partisans have become hopeleSSly
benrired We either mean to resume
specie payments, or we do not. If we
do not, every scheme which looks that
way, but lacks the necessary provisions
to overcome the obstacles to resumption,
is a shameful fraud. 1t would be more manly
and more honest, in that case, to join the
ayowed rcpudiationists and to insist upon the
unconditional repeal of the act OF 1879. But
if We mean to reach specie payments. the
pledge already given is an important aid to
any measure for that object 1t is constant
warning TO commerce, industry, and husbandry,
to prepare for the desired change, to reduce
Indebtedness, avoid speculation. ard adjust all
business as speedily as possible to SOLID
basis. The mere expectation that the change
will be effected not later than the date fixed
helps materially to bring about that change.
No plan of resumption has yet been suggested,
nor have we been able to conceive of any
plan, the operation of which can i'll any way
be impeded by the maintenance OF the pledge
already given.


1t is by many objected that the " threat" of
resumption tends to prevent the revival OF
business. This is true only in a certain sense
and it is very important to observe closely III
what sense and to what extent "rcvival of
"business" is thus hindercd. The expectation
of resumption does tend to prevent specula-
ton. 1t does tend to prevent all purchases or
investments which have only the gambling
spirit to prompt them. 1t is threat that
mere betting on "a speedy rise of prices, or
mere schemes to force prices upward Ivy art-
fetal means shall end III failure. To that eX-
tent we maintain, it not only is no INJURY to
the community as whole, but it il a very I'M
p0rtant help to any measure OF resumption
There is no royal road to wealth or to debt
paving. Resumption is debt-paying, and the
country cannot employ its resources III paying
debts and at the same time employ them IN
gambling. 1t is true, however, that the eypec-
tation of specie resumption must tend TO
preyent "A certain class of transactions
in strictly legitimate business, namely, all
transactions in which there is not ground for
that no is nj
low as the price to be realized. If there is
reason to believe that tho present price Of any
Article is unnaturally high, that 1t has not yet
been so reduced from the period OF imitation
and gambling as to be maintained III period
of economy, careful production, and legitimate
exchange, then traffic in that article and at
that price is unquestiOnably checked by the
prospect of resumption. But every thoughtful
man will perceive that this is precisely what
the country needs Prices of many products,
wages in many branches OF industry, have
been forced downward already, to or even be-
low the point at which legitimate and free ex-
change could be maintained on solid basis
The one thing absolutely necessary at this
time is to force other prices and wages To ad-
lust themselves also to the basis OF honest
money. 1t is utterly impossible to reach re-
sumption without this change, and it is inii-
nitely better to make it gradually, but without
unnecessary delay, than to continue for years
the unnatural exchange at false valuations.


The expectation of resumption renders a
great service to the community as whole,
bccause it forces those who have hitherto
eyaded it to bear their share of the common
burdens When prices are unnaturally high
property cannot be sold, and business is said
to be terribly depressed. In many cases tho
only remedy is to get back to lover prices
Perhaps the dealer cannot help himself until
the manufacturer learns to produce at lower
cost then it is absolutely necessary for the
community as whole to force him to produce
at lower cost Perhaps he cannot. because the
wages paid to his workmen are unnaturally
high then the one thing needful is to compel
them to accept lower wages. The expectation
of resumption forces these changes, which are
depressing to individuals but necessary to the
community as a whole. If We mean to resume,
no matter by what process, this expectation