The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1876-08-16

that all obstacles be removed to a
complete and durable reconciliation
between kindred populations once un-
naturally estrangeh, on the basis
recognized by the St. Louis platform
OF the Constitution of the United
States, with its amendments univer-
~ accepted, as final settlement of the
controversies which engondered civil
war, but in aid of a result so beniticent
the lega! influence of every citizen and
governmental authority ought to be
exertcd not alone to maintain the Just
equality before the law, but likewise to
establish cordial and traternal good
will among citizens, whatever their
race or color, who are now united in
one destiny Of a common self govern
ment. If the duty shalls he assigned
to me shond rot fail to exercise the
powers with which the laws and con
stltnttnn Of onr country shall clothe its
Chief Magistrate to protect all its
citizens, whatever their former condi-
tion, in every political and personal
light.
CURRENCY REFORM.
Reform is necessary, declares tie ST..
| Louis Convention. to establish sound
currency, restore the public credit and
maintain the national honor, and it
goes on to demand judicious system
of preparation, by public economies, by
official retrencllmeuts, and by wise f.
nance, which shall enable the nation
soon to assure the whole world of its
perfect ability and its perfect readiness
to meet any of its promises at the call
of the creditor entitled to payment.
The object demanded by the conven-
ton is a resumption of specie payments
on the legal tender notes of the United
States that would not only restore the
pnb!ic credit and maintain national
honor, but it would establish a sound
currency for the public. The methods
by which this object is to be pursued
and the means by which it is to be at
tanned are disclosed by what the con-
vcntlon demanded in the future and by
what it denounced in the past. Bank
note resumption of specie payments by
the Government of the United States
on its legal tender notes would estab-
ilsh specie payments by all the banks
on all their mates. Official statements
on 18th May show the amount of the
bank notes was $500, 000 go. loss $s0,-
100000 held by themselves; against
these $3.50, 100000 Of notes the banks
had $l4l 100000 of legal tenders, or a
little more than fifty per cent. of the
amount, but they also had on depo it
in the Federal Treasury, as security for
those notes, bonds Of the United States,
worth in gold about $36O,O0O,0o0,
available and current in all the
foreign money markets. In resuming,
the banks. even if it were possible for
ali their notes to be presented for pay.
ntent, would have 8500,0G0,000 of spe-
Gle funds to pay $3.50, 0)O,O00 of notes,
without contracting their ioans to tl!eir
customers or calling on any private
debtor for payment. Suspended banks
undertaking to resume have usually
been obliged to collect from needy
borrowers the means to redeem exces-
sive issues and provide reserves; a
vague idea of distress is before often
associatcd with the process OF rcsump-
ton, bnt the conditions which caused
distress in those former instances do
not now exist. The Government has
only to make good its promises, and
the banks can take care of themselves,
without distressing anybody. 7 e
Government is the sole delinquent.
LEGAL TENDER RESUMPTION.
The amount of the legal tender notes
of the United States now outstanding
is less than 1870, 100000, besides S34,-
100000 of fractional currency. How
shall the Government make these notes
at all times as good as specie 1t has
to provide in reference to the mass
which would be kept in use by the
wants of business central reservoir of
coin adequate to the adjustment of the
temporary fluctuations of international
balances and as a guaranty against
transient drains, artifcially created by
panics or by speculation it has also to
provide for payment of such fractional
currency as may be presented for re
demption and such inconsiderable por-
tons Of the lcgal tenders as individuals
from time to time may desire to con
vert for special nse or in order to lay
by in coin their little stores of money.
RESUMPTION NOT DIFFICULTY.
To make coin in the Treasury avail
able for this reserve, to gradually
strengthen and enlarge that reserve,
and to provide for such other excep-
tional demands for coin as may arise,
does not seem to me to be q work of
difficulty ; if wisely planned and dis
cretely pursued it ought not to cost any
sacrifice to the business of the country
it should tend, on the contrary, to re-
vival of hope and confidence. The
coin 10 the Treasury on the 30th of
June, including what is held against
coin certificates, amounted to nearly
$7,0O0,000. The current of precious
metals which has flowed out of our
country for eleven years. from July lst,
1865, to June 3Oth, 1876, averaging
nearly s76,000,O00 q year, was 1892
100000 in the whole period, of which
$6l7, 100000 were the products of our
own mines. To amass the requisite
quantities by intercepting from the
current flowing ont of the country, and
by acquiring from the stocks which
exist abroad, without disturbing the
equilibrium Of foreign money markets.
is a result to be easily marked by prac-
teal knowledge and judgment, with
what respect to whatever surplus of
legal tenders the want of business may
fail to keep in use, and which, in order
to save interest, will be returned for
redemption, they can be either paid or
f,ndnl Nhnthar thou nnnt:nna ~