Year: 1876

ocrats. Far on the road toward resumption
we have Travelled already, with much weary
effort. Now they insist that we shall lose all
that we have gained, journey all the way
back again, and begin some other course in
order that Democrats and not Republicans
may get credit for results Those who really
desire resumption at all have no better reason,
but they give many pretexts. A great many
do not desire resumption at all. They want in
fiation, or outright reputation; they love the
greenback because it can be used by imitation
to rob the millions who earn and save money
for the benefit of the few who borrow it, or
they hate the greenback because it helped to
suppress rebellion. With these it is of waste
of time to argue. They are public enemies
as dangerous as any who sent deadly bullets to
loyal hearts during the war. The man who
wants to rob his neighbor by imitation, and the
man who wants to dishonor his flag by repu-
diation, are beyond the reach of argument.
AS we'll answer rebel bullets with Webster's
speeches, or read the Sermon on the Mount
TO the burglar at your cash box. But the men
who really want resumption, at some time,
are not beyond the reach of reason. Those
who know that specie payments must come,
either by honest effort or after. terrible
plunge into the gulf of bankruptcy; those who
know that business can never truly revive nor
industry permanently prosper without honest
money, ought also to know that, having ira
60 ,v,tio fool
we throw away all that we have gained. What
excuses do they give?


l. That we have made no progress toward
resumption. This is palpable error. To re-
sumo, we mnst be prepared to pay so much of
the greenback debt as may be presented for
payment. We can get the money for pay
ment only by taxing or borrowing, and power
to borrow depends upon public credit. When
the Resumption act was passed, sales of five
per cent bonds had ceased, and the bonds
were below par in gold. Now 4s per cent
bonds sell freely, and are above par in gold.
Our power to borrow the money needed has
been increased more than one-eighth, and that
is definite progress on the part of the Govern
ment. But the people have made great pro-
gress also Many hundred millions have been
earned and saved, to start the wheels OF in
dustry again when solid basis can he had.
Debts amounting to thousands OF millions
have been gradually adjusted toward the coin
level, so far, indeed, that as to many articles
and trades, the result of resumption would
now be an advance, and not further decline.
All these great changes have cost much; not
too much if we are to gain the permanent
prosperity desired; for too much if we are to
throw away all we have gained.


H. That we cannot resume in 1879. With
respect for many who say this, we must tell
them plainly that it is arrant nonsense. The
Government can resume whenever it pleases
to fund greenbacks at par in bonds. 1t can
resume whenever it pleases, by sales of bonds
for greenbacks to raise the balance of legal
tenders held in the Treasury fifty or one
hundred millions 1t can resume in either of
several WAYS; the doubt which really troubles
men is whether the country will be SO prepared
for resumption by 1879 that the change can
then be made without too great a shock.
That we can settle only by trying. We are
rapidly getting into the desired position, and
no man can tell, until the time draws near,
whether the voluntary adjustment of their
| affairs by the people may not enable us to re-
sumo without any shock whatever. If, when
the time draws near, we find it necessary to
defer the date, the question can then be con-
sidered. At present it is supreme folly to
! throw away all that we have gained because
we fear that we may have to defer the date.
Ill That "forced resumption'-the pledge
to resume at a particular time, and the conse-
quent effort to get ready-depresses business.
That is partly true; but in what sense? II
your factory or your barn has got out of or.


der, so that repairs are necessary to prevent
serious disaster, do you refuse to make them
i because il Will "depress business to put in q
! new barn floor, or new machinery, or a new
boiler? Sooner or later that temporary loss
must lie met, as well as any other part of the
cost of repairs. No sensible man risks the
! loss of all he has by running with boiler lis
BILE to ex )lode, because it would depress bust


ness to stop work for a week. No matter
when the change to sound currency may bt
made, or by what method, it will involve
some indiyidual losses, some change of prices


some temporary depression of business. The


greater part of this unavoidable sacrifice fol
the sake of a great gain we have made already


Shall we throw it all away? The new boilel
is more than half in readiness; shall we tumbl Ii
! it out, and replace the old one, because the