Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1876-08-18
We see to-day the

one branch of Congress, while struggling
to reduce expenditures, compelled to con-
front the menace of the Senate and the.
Executive that unless the Objectionable
appropriations be consented to, the opera
lions of the Government hereunder shall
suffer detriment or cease. In my judy
ment an amendment to the Constitution
ought to be devised separating into dis
tinct bills the appropriations for the va
rious departments of the. public. service,
and excluding from each bill all appropria-
tions for other objects and all.independent
legislation. In that way alone the advise
ry power Of each of the two Houses and
of the Executive can be preserved and ex-
empted from the moral duress which often
compels assent to Objectionable appropria-
tionS rather than stop the wheels of Gov
eminent.
An accessory cause enhancing the dis
treSS in business is 10 be found in the SyS-
tematic and insupportable disagreement
imposed on the States of the South. Be-
sides the ordinary effects of ignorant and
dish onest administration, it has inflicted
upon them enormous issues of fraudulent
bonds, the scanty ayais of which were
wasted or stolen, and the existence of
which is public discredit, tending Ito
bankruptcy or reputation. Taxes, gener-
ally oppressive, in some instances have
confiScated the entire income OF property
and totally destroyed its marketable value.
1t is impossible that these evils should not
react upon the prosperity of the whole
country. The nobler motives of humanity
concur with the material interests of all in
requiring that every obstacle be removed
to complete and durable reconciliation
between kindred populations once unnat-
urally estranged, on the basis recognized
by the st. Louis platform, of the ssConsti-
tuition of the United States with its amend
ments universally accepted as a final set
tement of the controversies which engen-
dered civil war;" and in aid Of a result 80
benefcent the moral influence of every
citizen as well as every governmental au-
th)rity ought to be eXerted, not alone to
maintain their just equality before the law,
but likewise to establish cordial, fraternal
good will among citizens whatever their
race and color, who are now united in the
one destiny of a common elf-gOvernment.
If the duty shall be assigned to me. l
should not fail to exercise the power with
which the laws and the Constitution of
our country clothe its Chief Magistrate to
protect all its citizens, whatever their
former condition, in every political and
personal right.
Reform is necessary, declares the St.
Louis onvention; to establish a sound
currency, restore the public credit, and
maintain the national honor and it goes
on to demand a judiciouS system Of prepa-
ration by public economies, by official re-
trenchments, and by wise finance, which
shall enable the nation soon to assure the
whole world of its perfectf ability and its
perfect readiness to meet any of its prom
ises at the call of the creditor entitled to
payment. The object demanded by the
Convention is q resumption Of specie pay
ments Oh the legal tender notes of the
United States. That would not only re-
store the public credit and maintain the
national honor, but it would establish a
sound currency for the people. The meth
DDS by which this object is to be pursued,
and the means by which it is to be attain
ed, are disclosed by what the Convention
demanded in the past. r
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 all their
notes. The official statements on the 18th
Of May show Che amount of the bank notes
was three hundred millions less twenty
millions held by themselves. AGAINST these
two hundred and eighty millions of notes,
the banks held one hundred and forty-one
millions of legal tender note, or g little
more than fifty per cent. of the amount !;
but they also held on deposit IN the Federal
Treasury, dis security for these notes, bonds
of the United States worth in gold about
three hundred and sixty millions, available
and current in all the foreign money
markets. In resuming, the banks, even if
it were possible for all their notes to be
presented for payment, would have five