The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-08-09

but would prove profitable. OF the public deb
t9S1ys 90 bear interest at per cent. ia gold,
and $50 no a. per cent. in gold. The aver
~ interest is 5.5S per cent, A financial pol
icy which should secure the highest credit,
wise avsileI of, ought gradually 10 OBJ ain a
reduction of per cent. in interest on most of
the loans. A saving of per cent on the aver
saving regularly invested at ~ per cent.
would
IN LESS THAN THIRTY-RIGHT YEARS TX
TINGUIsH THE PRINCIPAL
The whole 81 l,7Oo,OOc,t 90 of funded debt might
be paid by this saving alone, without cost TO
the people. The proper time for resumption
is the time when wise Preparations shall have
ripened into a perfect ability TO accomplish
the object with a certainty and ease that will
inspire con fidence and eu courage tue reviving
of business. The esrlies. time in VIII Gu
such result can be brought
shall have bee matured. The exact date
would have to he chosen with reference to the
then existing state of trade and credit opera
tions incur country; the courses of foreign
commerce and condition of exchanges with
other nations; the specific measures and
actual date are matters of detail. Having
b. long to the domain of practical
administrative statesmanship. The cap
New York TO Liverpool does not assemble
counsel over his ocean chart and fix an angle
by which to lash the rudder for the whole voy-
age. A human lnteilieence must be at the
helm TO discern the shifting forces of the
waters and winds; a human hand must be at
the helm to feel the elements day by day, and
ttons are everything. Without then
legislative command fixing day on
They are worse; they are a delusiOn and y
snare to AL who trust them. They destroy all
confidence among lthoughtful men, whose
An pt to set on such a command, or
such promise, without preparation,
WOULD END IN A NLw SUSPENSION.
It woaId be a fresh calamity prolific of con-
fusion, distrust and distress. The act of Con-
gress of the 18th of January, 1875, enacted that
on and after the LIST of January, 1879 the secre-
tsry of the treasury shall redeem in coin legal
tender notes of the United States, on pres enta
lion at the office OF the assistant treasurer in
The city OF New York. 1t authorizes the secTe-
tary TO prepare and provide or such resump-
tiOn OF specie pas menis by the use OF any sur
plus revenues not otherwise appropriated and
by issuing In his discretion certain classes of
years have passed. Congress and the presi-
dent have continued ever sine TO
unite in acts which have legisla' ed
out OF existet ce every possible
treasury, claimed to belong to the govern
ment, had, on the 30th If June, fallen TO less
than fOty-tiYe IA 1lliOns OF dollars aga INST
hfty-nine millions on the lst OF January, lS .,
and the y ailaOiliiy of a part of that sum is
ssIfir 70 os Inc ven os are
dlturss are Ieduceu, leaving the treasury
win diminishing resources. The secretary
mas done nothing undfr power TO issue
bouds since the legislative commsnd and the
official pl omi e, fixing a dav for resum ption,
have been made. T. ere has been no progress
There have been Steps backward, there Is no
necromancy in the o. eratiOns of governments
The homely msXlms OF everyday life are the
best standards OF its conduct. debtor who
should promise TO pay loan out OF surplus
Income, yet to be seen every dav spe ding
all ne could lay his hands on in riot
op ns xs1sc,,v lose His aer an or SeT
promise. or his profession as TO the ys lue OF
old promises, would alike provoke derisiOn.
for eleven years 10 make good the promise OF
the legal tender notes. It denounces
TIE OMISSION TO ACCUMULATE ANY RE-
SERVE
for their resumption. II dennupces the cou-
duct which, during eleven years Of peace, has
made no advances toward resumption. no
for resumption; but instead, has
resumption bywssting our resources
and exhausting all our surplus income. and
while protesting to intend sps edy return TO
specie payments, has annually enacted fresh
min ndrsnces thereto: and having orst denounc
ed the barrenness OF the promise OF day of
IL next denounces that barren
promise hindrance to resumption. 1t
the establishment of a Judicious system
OF preparation for resumption. Ii can
not be doubted that the substitution
day, for the worthless promise of a day with
out a system Of preparation, would be the
gain of the substance Of resumption in ex-
ton unmerited of that improvidence hich,
in eleven years since the peace, has consumed
sI,5C00 0,9Oo. and yet could Lot afford to give
and one-ha per cent. on the expendi-
lures of these eleven years, or
even less, would have provided all
the coin needfui to resumption. The distress
now felt by the people In all their bus'ns IS
and industries, though it has it's principal
cause in the enormous waste Of capital oc-
easioned by the fal>e policies of our govern
mismsnageLnent OF the currency. Uncer-
business. Never were its evils more ielt than
now. Men do nothing because they
on e TaS WHICH they can can safeiy D iy. They
undertake nothing, because they fear
loss in everything they would attempt.
They stop and wait. The merchant does not
buy or tue future con- sumption of his custO-
mers. The manufacturer does not make fab
rics which may lot refund his outlay. He
men, Capitalists can not lend ON security
they consider sae and their
FUNDS LIE ALMOST WITHOUT INTEREST.
Men of enterprise VINO have credit or securi-
ties to pledge will not borrow. Consumption
has fallen below the natural limits of rea-
sOnable economy. The prices of many things
are under their range in frugal specie pay
ment times before the civil war. Vast masses
of cure ncy lie in the banks unused. A year
and a half ago legal Tend rs were at heir
largest volume and the Sl2,H 600 siDce
retired have been replaced by
fresh issues of S15000,00J of bank
noies. In the meantime, the banks have
been surrenderIDg sblut s4,Os000O a month,
becs use they can not hnd pa oits BILE use
so many of their nOt.s. The pubic mind will
no longer accept shams. 1t has suffered
enough from illusions. An insincere, un-
stable policy increases uncertainty. The peo-
nile aaad haf ha unu
ment is moving in the direction of ultimate
safety and pr sperity. and that it is
doing so through prudent. safe and conserva-
tive methods which will be sure to infii ict no
new sacrifice on the business OF the couu ry.
Then the inspiration Of new hope and we'll
founded confidence will hasten the restoring
process of nature and pros perfty will gin TO
return. The 1T. Louis convention concludes
rs expression in regard 10 the currency by