The Republican journal. [volume] (Belfast, Me.) 1829-current, 1876-01-27
structitg. it can be prolific of nothing but gen.

structlfG. III can be pfOlflc OF nOtnlng out gen.
eral disaster
the people revolts at financial qnackery. 1t is
no longer susceptible to tattering illusions
which have exploded amid the wrecks of inCli-
yidual fortunes and private prosperity. 1t is
excessively incredulous. 1t demands sound
measures, such as commend themselves to the
Judgment of the best ntellects and the best eX-
perience.
SPECIE PAYMENTS WITHOUT CONFUSION.
After eleven years of CONFUSION without re-
stOration of specie payments it now claims re-
storatlon Of specie payments without eonvul-
sion. The problem does not seem difficult. Re-
sumption by the government will accomplish
completely resumption by the banks. The treas
ury has only, by gradual and prudent measures
to provide for the payment of such portion of
the outstanding treasury notes as the public not
wishing TO retain tor use will return upon it
for redemption. The sum required in coin, if
the preparations be wisely conducted so as to
secure public confidence, will be what is neces-
sary to replace the fractional currency and to
supply such individuals as prefer coin to paper
Tor their little stores of money; and also what
IS necessary to constitute a central reservoir of
reverses against the fluctuations of international
balances and for the banks. To amass sutf-
Gent quantity by intercepting from the current
OF previous metals flowing out of this country.
and by acquiring from the stocks which exist
abroad, without disturbing the equilibrium of
foreign money markets, is Il result to be worked
out by study of all the conditions and the eIe-
ment to fulfill these conditions, and by the exc
| cution of the plans adopted with practical skill
and Judgment. Redemption, beyond this pro-
vision of coin, can be effected other business
payments are etfected-orin any method which
converts investments without interest into in
veStments upon interest, or terms the holders
will accept-and by such measures as will keep
the aggregate amount Of the currency selt-ad
| justng during all the process without creating
time artificial scarcity and wifi
| exciting the public Imagination with alarms
which impair confidence, contract the whole
| large machinery Of credit and disturb the natur-
al operations of business. The best resource for
redemption is that furnished by public econo-
mics, for it creates no new charge upon the peo-
pie, and stronger public credit is certain to
| suit from sounder finance, and will reduce the
annual cost of the national debt.
EXAMPLE OF FRANCE.
These opinions, deduced from reason, are con-
| hrmed, in recent example, by experience
| France, i'll her ten months contest with Ger
| many, incurred war expenditure Of 81 00G-
! 100000 in specie values, and in twenty-eight
| months following the peace paid an indemnity
Of $1,000, 900 600 in specie or its equivalent to
| foreign country. These great operations Wee
carried on without causing a depreciation Of the
| currency beyond two and one-half per cent at
| its extreme point, and without disturbing the
| general business or industry of the people
| What IS most needed now is that the public
| mind be treasured by a wise, safe. and healing
! policy. The dread of imaginary evils ascribed
| to the methods assumed to be necessary to re-
| store specie payments is more miscbevous than
| the reality, wisely pursued, ought to be. AS
| soon As the apprehensions Of an impending fall
| of value are removed, manufacturing and me-
/! chancal industries will start anew, dealers will
| buy for future consumption, enterprises that
| commend themselves TO the sober Judgment of
| investors will be undertaken, and capital, which
| now accepts any low rate Of interest where
| there is no risk but is Withheld from operation
| Of average character, Will be lent on reasonable
| conditions.
| TRUE REMEDIES.
| But the remedies for the evils now felt bI the
| people in their business and industries must eX-
| tend beyond any measures merely relating to
| the currency. They must be broader and deep
| er. They must begin with prompt and large
| reduction Ill governments. expenditures and
| taxation, which shall Leave in the hands that
| earn it larger shaie of the result Of labor
| They must proceed by withdrawing as much
| AS possible, governmental intertercnces that
! cripple the industries of the people They must
| be consumnlated with an increased Efficiency
| and economy in the conduct of business and IN
| The processes OF productions, and by Il more rig
| orous frugality in private consumption. A pc
| Rod Of set-denial will replace what has been
| wasted
We must buildup new prosperity upon the
Old foundations Of American sefgoyernment :;
| carry back our political systems toward the
| Ideals Of their authors make governmental in
stltutons simple, frugal; meddling little with
the private concerns of ndiN iduals, aiming ut
| fraternity among ourselves and peace abroad.
| ana trusting to the people to work out their
| own prosperity and happiness. All the eIe-
| mentS OF national growth and private felicity
| exist IN our country III an abundance which
Providence has Vouchsafed to no other people
| what we need to do is to rescue them from
| governmental folly and rapacity.