Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1876-08-16


cretion certain classes Of bonds.
More than one and half of the four
years have passed. Congress and
the President have continued ever
since to unite In acts which have
4 legislated out Of existence every
possible surplus applicable to this
purpose. The coin in the trearury
claimed to belong to the govern
ment had on the 30th of June fal-
len to less than $45,000,OOO as
against S59,000,0OO on the 1st of
January, 1873, and the availability
of a part of that sum is said to be
questionable. The revenues are
falling faster than the appropris-
tions and expenditures are reduced,
leaving the treasury with deminish-
ed resouces.
The Secretary has done nothing
under his power to issue bonds.
The legislative command, the Off
cial promise fixing the day for re-
sumption, thus far been barren.
No practical preparations toward
resumption have been made. There
has been no progress. There have
been steps backward. There is no
necromancy in the operation of
government. The homely maxims
of every day life are the best stand
ards of its conduct. A debtor who
should promise to pay a loan out of
his surplus income and yet be seen
every day spending all he could lay
his hands on in riotious living
would lose all character for homes
ty and veracity. His offer of o
new promise, or his profession as
to the value of the old promise,
would alike provoke derision. The
st. Louis platform denounced the
failure for eleven years to make
good the promise of the legal tender
notes. 1t denounces the omission
to accumulate any reserve for their
redemption. It denounces the
conduct which during eleven
years of peace has made no adj
vanccs toward resumption, no pre-
parations for presumption but instead
has obstructed resumption by vast
ing our resources and exhausting all
our surplus income, and while pro-
Tossing to intend speedy return to
specie payment has annually enact
ed fresh hinderances thereto, and
having first denounced the barren
ness Of the promise of day of re-
sumption it next deDounces that
barren promise as a hinderance to
resumption. It then demands its
repeal, and also demands the estab-
lishment of judicious system of
for resumption. It
cannot be doubted that the substi-
tuition of system of preparation,
promise of day, for, the
worthless promise of day without
4 system of preparation would be
he gain of tho substance ofrcsump-
ion in exchange for its shadow;
nor is the denunciation nnmerited
IF that improvidenco which in
eleven years since the peace has
$500, ,O00, 900 and yet
'onld not afford to give the people
sound and stable currency. Two
nd ope-half per cent on tho ex-
of these eleven years,
ven less, would have provided all
he additional coin needful to re-
sumption. The distress now felt
,y the people in all their business
md industries, though, 1t has
Is principal cause in the enor-
nous waste of capital occasioned
" false policies of our government,
las been aggravated by misman-
cement of the currency. Upcer-
ainty is the prolific parent OF mis-
hiefs in all business. Never were
Ia evils more felt than now. Men
q nothing because they are unable
. make any calculations on which
hey can safely rely. They UNDER
axe nothing because they fear
,ss. In everything they would
tempt they stop and wait. The
Merchant dares not buy for tho
nture consumption Of his custom
rs. Tho manufacturer dare not
rake fabrics which may not re-
md his outlay. He shuts his
,ctory and discharges his work
,cn. Capitalists cannot lend on
ncurity thev consider safe, aud
,eir funds lie almost without in
,rest. Men Of enterprise who
ave credit or securities TO pledge
ill not borrow. Consumption has
,llen below the natural limits Of
easonable economy. Prices OF
lany things are under their range
, frugal specie paying times be-
,re the civil war. Vast masses Of
urrcncy lie in the banks unused.
year and half ago legal tenders
ere at their largest volume and
wolve millions since retired have
cen replaced by fresh issues Of
Il, 900, 900 Of bank notes. In The
Ieantime the banks have been sur
about 81 ,000, 900 month
ecause they cannot fiud q pro6ta-
lie use for so many Of their notes.
he public mind will NO longer &C
spt shams. II has suffered
nough from illusions. An insin-
IRE policy increases dietrnst. An