Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1876-08-08

the whole people can possibly save,
even in prosperous times, for all new
Investments.
The consequences of these errors are
now present public calamity. But |
they were never doubtful, never in
visible. They were necessary and in
eyitable and were foreseen anddepicted /
when the waves of that fictitious pros |
perity ran highest. This reform will |
be resisted at every step ; but it must /
he pressed pCrsstently, We see to- |
day the immediate representatives, Of
the people i'm one branch of Congress, |
while struggling to reduce cXpendi- |
lures, compelled to confront the me-
mace of the Senate and Executive, that !
unless the Objectionable appropriations
be consented to the operations Of the
government shall suffer detrimpnt, or
cease. In my Judgment an amend
ment to the Constitution ought to be
devised, separating into distinct bil is
the appropriations for the various de-
partments of the public service
and excluding from euCh bill,
all appropriations for other objects
and all Independent legislation. In
| that way alone can the reyisorN power
| Of each of the two Houses and of the
! Executive be preserved, and exempted
! from the moral durcss which often
| cOnpels assent to Objectionable appro-
! priatiOns rather than stop the wheels
/ of the Government.
An accessory cause enhancing the
| distress i'm business is to be found in
the systematic and insupportable mis-.
government imposed on the States Of
the South, Besides the ordinary eff
| feCts of ignorant and dishonest adj
ministratiou, it has inflicted upon
them enormous issues of fraudulent
bonds, the scanty avails of which
were wasted or stolen, and the eXls-
teuCe of which is public discrediJ,
tending to bankruptcy or reputation,
Taxes generally oppressive, in some
instances have COnfiscated the entire
income Of property and totally de-
stroycd its marketable value. 1t is
impossible that these evils should not
react upon the prosperity Of the whole
country. The noJlcr mOtivCs of hu-
mainly concur with the material in
terests of all in securing that every
; obstacle be removed TO n complete and
durable reconciliation between Kim
dred populations, once unnaturplly
estrangGd, on the basis recognized 10y
the st. Louis platform and the COnstl-
tuition of the United States with its
amendments, universally accepted rs
a final settlement Of the controversies
which engcndered civil war. But in
aid of n result so bcneficent the moral
influence of every good citizen IA well
AS every Governmental authority,
ought to be cxerted not alone to main
tain their Just equality befole the law,
but likewise to establish cordial fra
ternIty and good will among citizens,
whatever their race Oh color, who are
I now united in The one destiny Of a
common self-gOyernment II the duty
shall be assigned to me | should not
fail to exercise the powers with which
the laws and the Constitution of our
country clothe its Chief Magistrate to
protect all its citizens, whatever their
former conditions, in every political
E aud personal right.
"Reform is necessary" declares the
st. Louis Convention, to establish a
sound currency, restore the public
credit and maintain the national hon
or : and il goes on to demand judi
cious system of preparation by pub
lie economy, by official retrenchment
and by wise finance, which shall ena-
BILE the nation soon to assure the whole
world of its perfect ability and perfect
readiness to meet any of its promises
~ IllG Gull Vi JllC tlCuilbl ChIlNlCN w
payment
The object demanded by the cOnven-
- ton is II resumption of specie pay
ments on the legal tender notes of the
United States. That would not only
"restore the public credit" and "main-
tain the national honor" but it would
establish a 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 de-
mands for the future and by what ii
denounced in the past, Resumption
of specie payments by the Govern
ment of the United States on its legal
tender notes would establish specie
payments by all the banks on all their
notes. The Government has only to
: make good its own promises and the
banks can take care of themselves
without distressing anybody. The
= Government is therefore the sole de-
} linquent. The amount of the legal
tender notes of the United States now
outstanding is less than three hundred
and seventy millions of dollars, be
sides thirty-four millions of dollars of
E fractional currency. How shall the
Government make these notes at all
, ! times as SOOu as specie II Has W
I, provide in reference to the mass which
would be kept in use by the wants Of
business central reservoir of coin
r adequate to the adjustment of tempo
rary fluctuations of international bal
auces, and as a quantity against tran
silent drains artiticially created panic
or by speculation. Ii has also to pro-
vide for the pay in coin of such
fractional currency rs may be present.
ed for redemption, and such portions
of the legal tenders as individuals may
+ from time to time desire to convert
into special use or in order to lay by in
coin their little stores of money. To
make the coin now in the treasury
available for the objects of this reserve
TO gradually strengthen and enlarge
that reserve and to provide for such
eXceptiOnable demands fOrCOin as may
arise, does not seem to me n work of
difficulty. If wisely planned and dis
Creetly pursued il ought not to cost
any sacrifice to the business of the
country. 1t should tend on the con-
traTy to a revival of hope and conf
dence The coin in the treasury ON
the 30th of June, including what is
held against coin certificates, amount
ed to nearly seventy-four Millions
The current of precious metals which
has flowed out of our country for the
eleven years from July LIST, 1865 to
June 3Oth, 1876, averaging nearly sew
enty-siX millions year, was $50 mil