The Van Buren press., 1876-08-15
[Vol. 14.---No. 10.

treasury shall redeem in coin legal-tcnder
notes OF the United States on presenta.
ton at the Office Of the assistant trcasu-
rer In the city OF New York. 1t suthor-
ICES the secretary to prepare and provide
for such resumption OF specie payments
by the use of any surplus revenues not
otherwise appropriated, and by issuing
in his discretion certain classes OF bonds.
Moro than one and half OF the four
yeaas have passed. Congress and the
president have continued ever since 10
unite in acts by which they have legisla.
| ted out OF existence every possible snr
plus applicable to this purpose. The
coin in the treasury claimed to belong to
the government had, on the 3Oth OF June,
fallen to less than forty 1--WE millions Of
dollars against afty nine millions on the
first OF January, 1875, and availability Of
10 part of that sum 10 said to be question
able The revenues are falling faster
than appropriations, and expenditures are
reduced, leaving the treasury with dimin-
ishing resources. The secretary has done
nothing under his power to issue bonds
The legislative command and the official
promise fixing day for resumption have
been made. There has been no progress;
there have been no steps backward.
There is no necromancy In the operations
Of governments. The homely maxims
Of every day life are the best standards
of its conduct. A debtor who should
promise to pay loan out Of surplus in
come, yet he seen every day spending all
| he could lay his hands on in riotous liv-
| ing, would lose all character for honesty
and veracity. His offer OF q new prom
ise, or his profession as to the value Of
his promise would alike provoke deris-
ion. The st. Louis platform denounces
the failure for eleven years to make good
the promise Of legal.tender notes 1t de-
nounces the omission to accumulate any
reserve for their redemption; It denoun-
ces the conduct which during eleven
years Of peace has made no advances to-
ward resumption, no preparations for re.
sumption, but instead has obstructed re-
sumption BY wasting our resources and
exhausting all our surplus income; and
while protesting to intend speedy re-
turn to specie payments. has annually en-
acted fresh hindranccs thereto, and hav-
ing first demo ounced the barrenness Of tho
promise of day OF resumption. 1t next
denounces that barren promise - hin.
dracce to resumption. It then demands
its repeal, and also demands the estab-
| lIshment VI
JUDicIoCs srsrEx OF PRErARArioE
For resumption. II cannot be doubted
that the substitution OF system ofprep-
aration without promise Of day, for the
worthless promise Of day without .
system Of preparation, would be the gain
OF the substance Of resumption in ex
change for it's shadow. Nor in denunci-
tion unmerited OF that improvidence
which In eleven years since tho peace, hiss
consumed e4,540, ,00O, 900, and yet could
not afford to give the people sound and
stable currency. Two and.a half rer
cent. on expenditures of these eleven
years or even less, would have provided
all the coin ncedful to resumption. The
distress now felt by the.people in all their
business and industries, though 1t has ito
principal cause In the enormous waste Of
capital occasioncd lty false policies OF our
government, has been greatly aggravat-
ed by mismanagement Of the currency.
Uncertainty 10 the prolific parent Of mis-
chiefs in all business. Never we're its
evils more felt than now. Men do moth
ing, because they are unable to make any
calculations on which they can sarely
rely. They undertake nothing because
they fear loss in verything they would
attempt. They stop and wait. The
| -, Ausna mt hu for fntnPa ron,
sumption OF his custo mers; the manu-
fucturcr dares not make fabrics which
may not refund his outlay; be shuts his
factory and discharges his workmen !;
capitalists cannot lend on security they
consider unsafe, and their funds lie al
most without interest. Men Of enterprise
who have credit or securities to pledge
will not borrow. Consumption has fall
en- below the natural limits Of reasonable
economy. Prices If many things are
under their range in frugal specie pay
ment times before the civil war. Vast
masses OF currency lie in banks unused.
A year and hal: ago legal tenders We Q
at their largest volume, and @l2 10000
since retired have EN- replaced by fresh
issues OF Sl5, 100000 Of bank notes.
| In the meantime the banks have been
surrcndaring about $4,000, 900 mohth.
because they cannot nnd profitsble use
for 80 many Of their notes. The pubic
mind will
NO LoKoER ACCEPT sHaAs.
1t has suffered enough from illusions. An
insincere policy increases distrust; an
unstable policy increases uncsttninty.
The people need to know that the gov.
ernment is moving in the direction of ul'
innate safety and prosperity, and that It
is doing SO through prudent. safe and
conservative methods which will be sure
to innict no new sacri fee on the business
of the country. The n the Inspiration of
new hope and we'll. founded confidence
will hasten the restoring processes Of ns
ture, and prosperity " i'll begin to return.
The St, Louis convention concludes It's
expression in regard to the currency by
a declaration Of it, convictions ss to the
practical results Of the system OF prepa-
rat,ons it demands 1t says: We De-
lieve such a system we'll devised. and,
above all, intrusted to competent hands
for execution, creating at no time an ar
t fetal scarcity Of currency, and at no
time alarming the public mind into
withdrawal of that vaster machine OF
credit by which uinety.fye per cent. OF
all business transactions are performed