The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1876-08-17

| P"ohN SSVhVuutoo, Wy OluClal
retrenchments, and by wise finance,
which shall enablo tho nation soon TO
assure the whole world of it's perfect
ability, and it's perfect readiness, to
meet any of its promises at the call
OF the creditor ontitled to payment"
The object demanded by the conven-
ton is resumption of specie pay
ment in the legal tender notes of the
, United States that would, not only
restore the public credit and main
tain the national honor, but would
establish sound currency for the
people. The methods by which this
object is to be pursued, and the
means by which it is to be obtained,
are disclosed by what the convention
demanded for the future and by VIA at
it denounced in the past.
Resumption Of specie payments by
the Government of the United States,
in is legal tender notes, would es,
tablish specie payment by all banks
on all their notoS. Oilicialistatemcnts
on the 18th May show the amount of
the bank notes was $30O,00O,OO0,
less $2O,O00,0O0 held by themselves.
Against these $28O,OOG,O of notes,
the bank held $145, 100000 Of legal
tender notes, or q littlo more than 5
per cent. OF the amount, but they also
had on deposit, in the Federal treas
ury, as security for these notes, bonds
OF the United Statos worth in gold
about $350,0O0,00O, available and
current i'll all the foreign money
markets. In rcsuming, tho banks,
even If it wore possible for all thor
noes to be presented for payment,
would have $500, 100000 Of specie
funds to pay $2SO,O00,OO0 OF notes,
without contracting their loans to
their customers or calling on any
private debtor for payment. Sus-
pended banks undertaking to resume
have usually been obliged 10 collect;
from needy borrowers the means to
redeem excessive issues and provide
reserves. A vague idea of distress
lS therefore often associated with the
process of resumption; but the con-
dltlons which caused distress in these
former instances do not now exist
The government has only to make
good its promises, and tho banks can
take care Of themselves without dis
tressing anybody. The government
is, therefore, the sole delinquunt.-
The amount of tho legal tender notes
of the United States now outstanding
is less than $37O,OOO,O0O, besides
$34, ,OOO,0 of fractional currency
Low shall the government make
these notes, at all times, as good as
specios 1t has to provide, in refers
onco to the mass which would be
kept in use by the wants Of business,
contral reservoir of coin adequate
to the adjustment Of the temporary
fluctuations of international balances,
and as guaranty against transient
drains, artifcially created by panic
or by speculation. 1t has also to
provide for the payment Of such
fractional currency as may DO pres
scntcd for redemption, and such in
considerable portions of the legal
tenders as individuals, from time to
time, may desire to convert for spo-
cial use, or in order to lay by, in
coin, their little stores of money.
10 make the coin in the treasury
available for this reserve, to gradu-
ally strengthen and enlarge that
reserve, and to provide for such other
exceptional demands for coin as ma,
arise, does not seem to me to be a
work OF difficulty. If wisely planned
and diScrcotly pursued, it ought not
to cost any sacrifice to the business
OF the country. 1t should tend, on
the contrary, to a revival ofhope and
confidence. Tho coin in tho treasury
OH the 3Oth Of July, including villa!
is held agaisnt coin certificates, a
mounted to nearly $70,OOO,OOO. The
current of precious metals which has
flowed out OF our country for clcvcn
years, from July 1st, 1868, to June
Both, 1876, averaging nearly $7G,-
100000 n year, WAS $4,000, 600, in
the whole period Of winch $Gl7, 900.
900 wore the product Of our own
mines. Toamass the requisite quan-
titioS, by interccpting from the cur
rent flowing out OF the country and
by acquiring from tho stocks which
exist abroad, without disturbing the
equilibrium Of foreign money mark
cts, ls result to be easily worked
ont by practical knowledge and iudg