New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-08-05

nan per cent, WOuid Ia less unan LnlrLy-
eight years extinguish The principal, The
whole Sl,700, 0,000, ,000 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 Iipened
into perfect ability to accomplish the object
with certainty and ease that will inspire
confidence and encours 90 the reviving OF
business. The earliest tlme in which such
O. result can be brought about is the best.
Even when the preparations shall have
been matured. the exact date would have
to be chosen with reference to the then ex-
listing state of trade and credit operations
in our own country and the course of for
eign commerce and the condition Of the ex-
changes with other nations. The specific
measures and the actual date are
matters of detail, having reference 20
ever changing conditions. They be-
long 70 the domain Of practical
administrative states manship. The captain
OF the steamer about starting from New
York to Liverpool does not assemble a
council over hls ocean chart and tx an
angle by which to lash the rudder Tor the
whole voyage. A human intelligence must
be at the helm to discern tho shifting forces
of the waters and the winds. A human
hand must be on the helm TO feel the eie-
hiCiits uoJ ~ OHs esAAu AAuC W N AA6cGOlJ
over them. Preparations are every
thing Without them legislative com uand, /,
fixing a day or official promise, fixing
d day shows they are worse-thev are a
snare and delusion to all who trust them;
they destroy all confidence among thought
ful men, whose judgment will at last sway
public opinion. An attempt to act on such
a command or such a promise without pre-
paratiOn would end in new suspension.
It would be fresh calamity prolific OF con-
fusion. distrust and distress.
The act Of Congress of January 1, 1879,
enacted that on and after January |, 1879,
the Secretary of the Treasury shall redeem
in coin the legal tender notes Of the United
States on presentation at the office of the
assistant treasurer in the city OF New York.
1t authorized the Secretary to prepare
and provide for such resumption Of specie
payments by the use OF any surplus
revenues not otherwise appropriated, and
by issuing in his discretion CT riain classes
OF bonds. Mere than one and half of the
four years have passed. Congress aid the
President have continued ever since to
unite in acts which have legislated out of
existence every possible eurplus applicable
to this purpose. The coin IN the treasury
claimed to belong to the government, had,
on the thirtieth of june, fallen to lees
than $45,000,00O, as against f59,O00,00O
on the first OF January, 1879, and the
availability OF g part of that sum is
said to be qu sst;Onable. The revenues
are falling faster than appropriations and
expenditures are reduced, leaving the
treasury with diminishing resources. The
Secretary has done nothing under his
power to issue bonds. The legislative COM
fuaud and the official promise fixing a day
for resumption have thus far been brrren.
No practical preparations toward resump-
tion have been made. There has been no
progress: there have been steps backward.
There is no necrOmancy In the operations
of government. The homely maxims OF
everyday lie are the best standards of it's
conduct. debtor who should promise to
pay a loan out OF a surplus income,
vet be seen every day spending all he could
lay hands or ii rlotous living, would loose
ali character for honesty and veracity. His
offer of a new promise or his profession as
to the value of the old promise 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 de-
nounces the omission to accumulate any
reserve for their redemption, and it de-
nounces the conduct which, during eleven
wears Of peace, has made no advances to-
ward resumption. and no prepara-
lions 1pr Uul iuStCdu VI thas, h6S
obstructed resumption by wasting our
resources and exhausting all our surplus
incomes; while protesting to intend a
speedy return to specie payments, has an
nually enacted fresh hiIdrances thereto,
and having first denounced the barrenness
of the promise of day Of resumption, it
next denounces that barren promise as a
hindrance to resumption. 1t then demands
its repeal, and also demands the establish
ment of iudlcious system OF preparation
for resumption.
Ii can not be doubted that the substitu-
ton of system of preparation without the
promise of day, for the worthless promise
of day, without system of preparation.
would be the gain OF the substance OF re-
SUMPTION in exchange for it's shadow. Nor
is the denunciation unmerited If that i'm
providence which, in the eleven years since
the peace. Gas consumed 4,500, ,0O0, 900. and
vet could not afford to give the people a
sound and stable currency. Two and half
per cent on the expenditures of these
eleven wears, OF even less, would have pro
yi6ed all the additional coin needtul to re-
sumption. -,
The distress now felt by the people in all
their business and Industries, though it has
its principal cause III the enormous waste
of capital occasioned by the false policies
OF our government, has been greatly ag-
erayatsd by the Encouragement OF the
currency. Uncertainty is the prolific pa
rent OF mischiets in all business. Never
were it's evils more felt than now. Men
do nothing because they are un-
able to make any calculations on
undertake nothing because they fear a loss
in everything they would attempt. They
stop and wait. The merchant dares not
buy for the future consumption OF his Gus
toners. The manufacturer dares not make
fabrics which may not refund his outlay.
He shuts his factory and discharges his
workmen. Capitalists can not lends on Sc
curity they consider safe, and their funds
lie almost without interest. Men OF enter
prise who have credit or securities to pledge
will not borrow. Consumption has fallen
below the natural limits of reason
able economy. Prices of many things are
under their range in frugal specie paying
times before the war. Vast masses Of cur
rency lie in the banks untouched. A year
and half ago the legal tenders were at
their largest volume, and the $l2, 100000
since retired have been replaced by fresh
issues of SIS, ZOO, 900 of bank notes. In the
meantime the banks have been surrender
ing about $4,OOO0 900 q month because they
can not find q profitable use for 80 many.
OF their use the public mind will no longer
account. 1t suffered enough from illusions.
An insincere policy increases distrust; an
unstable policy increases uncertainty. The
people need to know that the government
is moving in the direction of ultimate
safety and prosperity, and that it is doing
20 through prudent, safe and conservative
methods which will be sure to lntlict no
new sacrifice on the business of the country,
Then the inspiration OF new hope and we'll
founded confidence will hasten the restOr.
ing process of nature, and prosperity will
begin to return.
The St. Louis convention concludes its
expression in regard to the currency by 9
declaration .of it's conviction as to the prac
tical results of the system OF preparatiOn