The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1876-08-16
ALEXANDRIA, LA, WEDNESDAY, AUGUST 49, 1876


January, 1875, enacted, that on and af
tar the LIST Of January 1879, the Secreta
~ Of the Treasury shall redeem, in col.
the legal tender notes of the United
States, on presentation ut the Office OF
the assistant Treasurer, in the city o.
New York. 1t authorized the Secretary
to prepare and provide for such resump
ton of specie payments by the use Of any
surplus revenues not otherwise aDprO
priated, and by issuing in his discretion
certain classes Of bonds. More than one
and alfof the four years have passed
Congress and the President have contin
ucd ever since to unite in acts which
have lcgislated out of existence every
possible surplus applicable to this pur
pose. The coin in the Treasury claimed
to belong to the Government had on tho
Both of June fallen to less than Is mill
ions against SO millions on the LIST Jan
uary, 1875, and the availability of a part
of that sum is said to be questionable
The revenues are falling faster than the
appropriations, and the expenditures are
reduced, leaving the Treasury with d.
minishing resources. The Secretary has
done nothing under his power to issue
the bonds; the legislative command, the
official promise fixing day. for resump.
ton, have thus far been barren. Nc
practical preparations towards resump-
ton, have been made, There has been
no progress; there have been steps back
ward; there is no necromancy in the OPP
erations of government. The homely
maxims of every day life are the best
standards of its conduct. A debtor who
should promise to pay loan out of q
surplus income, yet be seen every day
spending all he could lay hands on in ri
otous living, would loose all character
for honesty and veracity. His offer of a
new promise or his profession as to the
value of the old promise would alike pro-
woke derision.
RESUMPTION PLANK OF THE ST. LOUIS
PLATFORM.
The St. Eouis platform denounces
the failure for eleven years to make
good the promise of the legal tender
notes; it denounces the omission to &C.
emulate any reserve for their redemp-
ton, and it denounces tile conduct
which during eleven years of peace has
made no advances toward resumption
nor preparations for it, but instead of
that has obstructed resumption by
wasting our resources and exhausting
all our surplus incomes. While pro-
Tossing to intend a speedy return to
specie payments, it has annually enact
ed fresh hindrances thereto, and hav-
ing first denounced the barrenness of a
promise of a day of resumption, itDext
denounces that barren promise as a
hindrance to resumption; it tlten de-
mands its repeal, and also demands
the establishment ola judicious system
of preparation for resumption. Itcan-
not be doubted that the substitution of
q system of preparation without the
promise of q day, for the worthless
promise of q day without system Of
preparation, would be the gain of the
substance of resumption in exchange
for its shadow. Nor is the denuncia-
ton unmerited of that improvidence
which in the eleven years since the
peace has consumed $5O0OO0,0OO, and
yet could not afford to give the people
a sonnd and stable currency. Two
and halt per cent. on the expendi-
lures of these eleven years, or even
less, would have provided all the addi-
tional coin needful to resumption.
RELIEF TO BUSINESS DISTRESS.
The distress now felt by the people
in all their business and industries,
though it has its principal cause in the
enormous waste of capital occasioned
by the false politics Of our Government
has been greatly aggravated by the
mismanagement of the currency. I'm
certainty is the prolific parent of mis-
chiefs in all business. Mover were it's
evils more felt than now. Men do no.
thing because they are unable to make
any calculations on which they can
safely rely. They undertake nothing
because they fear loss in everything
they would attempt; they stop and wait;
the merchant dares not buy tor the fu-
ture consumption of his customers;
the manufacturer dares not make fab
RIGS which may not refund his outlay;
he shuts his factory and discharges his
workmen. Capitalists cannot lend on
security they consider safe, and their
funds he almost without interest. Men
of enterprise who have credit or secu-
rites to pledge will not borrow. Con-
sumption has fallen below the natural
limits of a reasonable economy. Pri-
ces of many things are under their
range in frugal specie paying times be-
fore the war; vast masses OF currency
lie in the banks untouched. A year
and a half ago the legal tenders were
at their largest volume, and the twelve
millions since retired have been re-
placed by fresh issues of fifteen mil
lions of bank notes; in the meantime
the banks have been surrendering
about four millions a month, because
they cannot find q profitable use for so
many of their issues; the public mind
will no longer account slams; itsuffer-
ed enough from illusions. An insin-
core policy increases distrust; an un-
stable policy increases uncertainty
| The people need to know that the Gov
eminent is moving in the direction of
ultimate safety and prosperity, and
that it is doing so through prudent,
safe and conservative methods which
will be sure to intlict no new sacrifice
on the business of tho country; then
the inspiration of new hope aud we'll
founded confidence will hasten the re-.
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