The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-08-05

|
two Houses, and of the ex-
ecutive be preserved and exempted
| from the power which only cSnpels as
sent to Objectionable appropriations
rather than stop the wheels OF govern
ment. An accessory cause enhancing
the distress in business is TO be found in
the systematic and
Insupporiable Misgovernment I'm.
posed ON the States OF the south.
Besides the ordinary effects of an igno-
rant and dishonest administration, it has
imposed upon them enormous Issues OF
bonds, the scanty avsils of which were
wasted or stolen, and the existence of
which is a public discredit, tending to
the bankruptcy of the Republic. Taxes
generally are oppressive, and in some
instances have consumed the entire in
come OF property and totally destroyed its
marketable value. 1t is impossible
that these views should not react upon
the prosperity of the whole country.
The noble motives Of humanity concur
with the material interests of all in re-
quirlng that every obstacle be removed,
to complete and durable recognition be-
tween kindred population once un.
naturally estranged, on the basis recog-
nized by the st. Louis platform, of
The Constitution OF the United
States. with its Amendments
universally accepted as final settlement
of the controversies which engendered
the civil war. But in aid of result so
benefcient, the moral influence
of every good citizen as
we'll as every governmental authority,
ought to be obedient, not alone to main
tain their just equality before the law,
but likewise to establish cordial fra
ternity and good will among citizens,
whatever their race or color, who are now
united in the one destiny of a common
self-government. If the duty shall be
assigned TO me, l should not fail to exer-
else the powers with which the laws and
constitution of our country clothe its chief
magistrate TO
Protect all its Citizens. Whatever
their Former Condition.,
IN every political and personal rights
Reterm is necessary, declares the st.
Louis convention, to establish a sound
currency, restore the public credit, and
maintain the national honor, and 1t goes
on to demand judicious system OF prep
aration, by public economies, by official
retrenchments, and wise finance, which
shall enable the nation soon TO assure the
whole world Of its perfect ability and Its
perfect willingness to meet any OF Its
promises, at the call of creditors
entitled to payment. The object
demanded by the convention
is resumption Of specie payment,
in the legal tender notes OF the United
States, thst would not only restore the
public credit and maintain the national
honor, but it would establish
Sound Currency for the People.
The methods by which this object is TO
be pursued and the means by which
It is to be attained are disclosed
by what the convention demanded
for the future, and by what il denounced
In the past. Tne resumption Of specie
payments by the government OF the
United States on its legal tender notes
would establish specie payments by all
the banks, on sll their notes. The ofii-
cisl statement made on the 10Th Of M-y,
shows that the amount of bank notes was
three hundred millions, less twenty mil
lions held by themselves. Against those
two hundred and eighty millions OF
notes, the banks held one thousand four
hundred and seventeen millions of legal
tender notes, or little more than tilty
per cent of that amount but they also
held on deposit in the
Federal Treasury as Security
for their notes, bonds Of the United
States, worth in gold about S3GO,0OO,oOO,
available and current in all foreign
money markets. In resuming, the banks,
even If it were possible tor all their notes
to be presented for payment, would have
five hundred millions OF specie funds 70
nav. and two hundred and eighty mil.
lions of notes, without contracting their
loans 10 their customes, or call on any
person Tor payment. Suspended banks,
Undertaking 10 resume, have usually
been obliged TO collect from needy bor-
rowers, moneys 10 redeem their e1ces-
sive issues, and to provide reserves. A
vague idea Of distress is therefore
associated with the process OF resump-
tion. but the condiction which cause dis
tress in those former instances,
do not exist. The government
has only TO make good its promises and
Hank. can Take Care OF Themselves
without Distressing Anybody.
The government is therefore the sole de.
linouent. The amount of legal tender
notes of the United States now outstsnd-
inc is less than $370,0O0,OO0, besides
$34 900 900 OF fractional currency. How
shall the government make these notes
AT all times as good a. specie. II has TO
nrovjde in reference 70 the mass which
would be kept in use by the wants o'
business A central reservoir OF coin, ade-
ousie 10 the adjwtment oil temporary
f,uc,ustion of international balances, and
AZ a guarantee against transient declines
artifcially created by panic or by specu-
Ist;on. 1t has also TO provide for the
payment IN coin of such fractional cur
rency as may be presented for redsmP.
ton. and such uncomfortable portions OF
legal tender as individuals may, rom
time 70 time, desire TO convert for special
use, or in order TO lay BY in coin their
little stores Of money. To make the
coin in the treasury available ior oolece
Of this reserve; TO gradually strengthen
and enlarge that reserve, and 70
J nroyide for such other exceptional de-
hands tor coin as may arise, does not
seem 70 me q work Of difficulty. II
wisely planned and discreetly pursued, It