Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1876-08-18

of the 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 his surplus income
and yet be seen every day spending all he
could lay his hands on in riotous living,
would lose all character for honesty and
veracity. His offer of a new promise or his
profession as to the value of the old pro-
mise would alike provoke derision. The st.
Louis platform denOunceS 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. 1t denounces the con-
duct which during eleven years of peace
has made no advance toward resumption,
no preparations for resumption, but, in
stead, has INSTRUCTED resumption by vast
ing our resources and exhausting all our
surplus income and, while protesting to
intend a speedy return to specie payments,
has annually enacted fresh hindrances
thereto. And, having first denounced the
baroness of the promise of a day of re-
sumption, it next denounces that barren
promise as hindrance to resumption. II
then demands its repeal, and also demands
the establishment of a judlcious system of
preparation for resumption. It cannot be
doubted that the substitution of system
of preparation, without the worthless
promise of a day, without system of pre-
paration, would be the gain of the SUBJ
stance of resumption in exchange for its
shadow. Nor is the denunciation unme-
rited of that imprOvidence which, in the
eleven years since the peace, has consumed
81 500, 0O0, 600, and yet could not afford to
give the people a sound and stable curren-
cy. Five and half per cent on the ex-
penditures of these eleven years. or even
less, would have provided all the addi-
nQQdfuI n
lief to business distress. The distress now
felt by the people in all their business and
Industries. though 1t has its principal
cause in the enormous waste of capital oc-
casioned by the false policies of our Cow
eminent, has been greatly aggravated by
the msmanagemento of the currency. I'm
certainty is the prolific parent of mischiefs
in all business. Never were its evils more
felt than now. Men do nothing because
they are unable to make any calculation
on which they can rely. They undertake
nothing because they fear loss in every
thing they would attempt. They stop and
wait The merchant dares not buy for the
future consumption of his customers. The
manufacturer dareS not make fabrics
which may not refund his outlay. He
shuts his factory and discharges his work.
men. Capitalists cannot lend on security
they consider safe, and their funds lie al
L0OSG WlIQOuG lutoIcSU. Mcu VI ouGCl ~ 100
who have credit or securities to pledge will
not borrow, Consumption has fallen below
the natural limits of a reasonable economy.
Prices of many things are under their. range
in frugal specie paying times before the civil
war. Vast masses of currency lie in the
banks untouched. A year and half ago
legal tenders were at their largest volume,
and the twelve millions since retired have
been replaced by fresh issues of fifteen
millions of bank notes. In the meantime
the banks have been surrendering about
four millions month, because they can
not find a profitable use for so many of
their notes. The public mind will no
longer accept shams. 1t has suffered
enough from illusions. An insincere policy
increases distrust. An unstable policy in
creases uncertainty. The people need to
know that the Government is moving in
the direction of ultimate safety and pros
perity, and that it is doing so through pru-
dent, safe and conservative methods,
which will be sure to inflict no new sacri-
fee on the blu mess of the country. Then
the inspiration of new hope and we'll
founded condolences will hasten the restor-
ing processes of nature and prosperity
will begin to return. The st. Louis
convention concludes its expressions in re-
gard to the currency by a declaration of
its convictions as to the practical results
of the system for preparations it demands,
it says: ''We believe such system, well
devised, and above all intrusted to compe-
tent hands for execution, creating at no
time an artificial scarcity of currency, and
at no time alarming the public mind into
withdrawal of that maStar machinery IF