The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1874-12-19
The WaU Pointed out.

The Presidents message has surprised his foes
quite as much as 1t has displeased some of his
friends, It's pithy recommendations point the
way to the party's future success. 1t remains
now for Congress to embedy his suggestions and
recommendations into laws tina; shall make them
practical. The bone of contention is the inan-
cial question upon which is supposed to hang
the causes of ''hard times" and their remedy
The path for the Republican party to tread is
plainly pointed out by the President. 1t has the
merit of being simple and sensible. The Pres-
dent is so well convinced OF the correctness OF his
policy for resumption of specie basis that the
recent success of the inhationiss the polls has
not shaken his confidence in it. People should
not forget that there is SONS difference between
Specie payment and specie basis. This is dis
tinction that should not be lost sight of in the
consideration OF this deep question. Ii the Trea.
sury OF the Uaited States should he ready 10 re-
same specie payment tomorrow for every gov
einnent dollar in circulation the people who
have them in their pockets would take them TO
their Creditors to pay their deots Or to shop
keepers to make purchases instead of taking them
to the Treasury to be exchanged Tor gold. VIVA,
is recommended by both President Grant aud
Secretary Brlstow is a Tsturn 10 q specis basis
The repeal OF the legal tender act is the first step
This is - - take "a de eject E
The next step is provision for the resumption
of specie payment. The practical result OF these
provisions are to insure the making of contracts
husio If oa haei
Tnis will at once put stop TO the ductuation OF
values Ut all kinds. This once accomplished the
money that is locked up in banks will flow oul
into the avenues Of trade as naturslly as water
flows down grade. THIS provision Tor Il resump-
ton of specie payments to lake effect al sou.e
given day in the future seems 10 give alarm 10
some persons because there III not Ue gold enough
in the I'll easury 10 resume hen the time arrives.
As we have stated, people would not lake thelr
notes 10 be exchanged Tor gold ii every dollar
could be redeemed to-morrow. The law opera
tiLg to control all business transactions On a
specie basis will restore confidence, put the money
in banks and stocking legs In circulation, revive
traue and enterprise, set The ldie 10 work and
brIng general AID universal prosperity ouce mOfe.
This must not Oe preclpllaled too suddenly
Ample time should De gwen to allow all kinds ol
business lime to adjust its affairs TO the New sit
uatlon. The law VIII do a great Service toward
getting Us ''out OF the woods" but as we sug-
gested about SIX months ago. individual indus
try, enterprise and economy will 90 vast deal
more than any legislation can dc. Ii people will
in Ivinu AT 10 rate Of fe
years ago and spend more money than they
make, the country cannot escape its demoraiizlng
and disastrous effects. Thrifty, prosperous inGl-
viduals make u prosperous Raiion. Individual
manhood will bring us all right in time in spite
OF embarrassing laws.
Another evil that operates against Us at tbis
time Is the fact that much OF the public debt is
held by European capitalists. The payment oil
the interest and the redemption OF the bonds as
they mature takes large quantities OF geld Out
OF the country. We know that some will criti. |
else this fact as something that should not exist
They must not forget that the money was Dor
rowed when We were struggling for existence
that in order to get the money TO furnish NUM-
tons of war we promised TO pay in gold that
our Democratic friends frightened those who
were willing to lend US money by telling them
that our paper wonid be worthless that we
ehnuld .eVentually paper our houses with green
backs; consequently We had to promise pay meat
in gold to raise the money. Then we could not
keep foreign capitalists out of the market. They
bought United States bonds because it was a bet
ter investment than they could make at home
Plain honesty demands that we shall keep our
promise and pay debts we contracted.
Congress should furnish remedy for this evil.
Our debt should be held entirely by our own
citizens. We may be wrong, aud if so no one
will be more grat6ed than ourselves to be con-
WINGED of our error. In our opinion as we I'M
derstand Judge Kelley three-sixty -fve-converi-
BILE bond bill, its adoption would furnish the
remedy for this evil, if it can be made practica
bic. 1t provides that any one holding United
States notes can take them to the Treasury and
get bonds for them whose interest shall be 3 65
per cent. Three. fourths of the money thus
raised is 10 be applied to purchasing our
own bonds now held by foreign capital
lists. When these three-sixty-i five bonds be-
come due they are to be paid in treasury
notes-instead of gold. This will prevent their
purchase abroad. And it will keep our debt
hereafter among our own people This is whv
France has been able to 6nancer through so
many wars Her national debt was taken almost
exclusively by her agricultural classes Whether
the American people will choose TO purchase
so low rate of interest and redeemabe in paper
is question that can best be settled by giving
them opportunity. It will have the homeo-
pathic virtue of doing no harm If it does good.
And it might be of infinite service ultimately