Page:Speeches, correspondence and political papers of Carl Schurz, Volume 3.djvu/468

442 economy had become the general rule; a large amount of indebtedness was liquidated, and unsound enterprises weeded out in the business world. Thus that part of the necessary preparation for resumption which is most painful in its effects had operated itself in the way of a natural process without the intervention of the Government. As is frequently the case, when physicians are at fault, nature had made an effort to right itself. At last the Secretary of the Treasury, by virtue of the resumption act of 1875, proceeded to accomplish with comparative ease what by the opponents of resumption had been predicted to be utterly impossible. He acquired for the Treasury an amount of gold sufficient for the purpose of commencing redemption, and now, in spite of all our hesitation and stumbling, the goal is reached.

Our opponents have vociferously asserted from day to day, and proved as they thought with facts and figures, that we could not get there. But, gentlemen, we are there. The Government can resume specie payment to-day, more than three months before the time fixed by the law, and if we do not proclaim resumption to-day, it is only because the law stands in the way. The word has only to be spoken, and our paper dollar, irredeemable for fifteen years, is again virtually as good as gold. The laborer's and the pensioner's dollar is as good as the bondholder's dollar. The business of the country has again the foundation of a rational and stable value currency under its feet, and, with full confidence in the money it handles, it can now enter upon a new career of enterprise and prosperity. This we have accomplished, and, as I firmly believe, we can maintain it, provided, always, we act like a sensible people and abstain from foolish and mischievous legislation.

But now what do we behold? At the very moment when this great consummation, for which the country has been