The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-08-05
THE LETTERS.
CONTINUED fRoM FIRST PAGE

and veracity. His offer of new prom
ise, or his profession as to the value OF
the old, would alike provoke derislon.
The st. Louis platform denUunces the
| failure for eleven years to make good the
promises OF the legal tender notes; il
| uenOunCes the omission to accumulate
any reserve for their redemption; it de-
nounces the conduct which during the
eleven years OF peace has made no ad-
vance toward resumption, no prepara-
tions for resumption, but instead has
obstructed resumption by wasting 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
barrenness Of the promise of day Of re-
sumption, it next deuounces that barren
promise as a hinderance to resumption.
lG then demands its repeal, and also de-
mands the establishment Of judlci0us
system of preparation lor resumption.
IJ can not be doubted that the suUstitu-
ton of a system OF preparation without
promise OF a day for the worthless
promise OF day without system OF
preparation would be the gain OF the
substance OF resumption in exchange tor
| its shadow. Nor Is the denunciatton
unmerited of that improyidence which
| IN eleven years since the peace has con-
sumed $4,000, ,OOO,0 900, and yet could not
afford to give The people u sound and
| stable currency. Two and half per
cent. on expenditures OF these eleven
years, or even less, would have provided
all the coin needIul TO resumption. Tue
distress now felt by the people in all
| their business aud industries, though it
has its principal cause in the enormous
waste o. capital Occasioned by the false
policies OF our Government, has been
greatly aggravated by mlsmanagement
| OF the currency.
Uncertainty is the prolific parent of
mISchiets in all business. Never were
| lis evils more felt tnan now. Men do
| nothing because they are unable to make
any calculations ON which they can
safely rely. They undertake nothing
because they fear loss In everything
they would attempt. Tney stop ana
| wait. The merchant dares not buy for
luture consumption of his customers.
Inc manufacturer does not make fabrics
which may not refund his outlay. He
shuts his factory and discharges his
WOrkmen. Capitalists can not lend on
security they consider hate, and their
funds lie almost Without interest. Men
of enterprise who have credit or securi-
ties to pledge will not borrow. Con-
sumption has fallen below natural limits
of reasonable economy. Prices of many
Things are under their range in the iru-
gal specie payment Tunes before the civil
war. Vast masses Of currency lie in
banks unused. A year and halt ago
| legal.tenders were at their largest vol
ume, aud the IN. llions since retired nave
been replaced ny fresh issues of fifteen
/ Iinn 4 hli nh IA n ma inn n
| the banks have been surrendering about
iour millions month, because they Can
not find a profitable use lor SO many OF
their notes. Tue public mind will no
longer accept shams. 1t has suffered
enough from illusions. An insecure pol
icy increases dIstrust, all unstable policy
increases uncertainty. Tue people need
to know that the Government is moving
in the direction of ultimate safety ana
prosperity, and that it is doing SO
through prudent, safe aud conservative
methods, which will be sue TO in1ict no
new sacrifice on the business Of the
country. The inspiration of new hope
and well-f0unded confidence will hasten
the restoring process or nature, and
prosperity VIII again return.
The st. Louis Convention concludes
its expression in regard to currency by
practical results OF The system OF prep
arations it demands. 1t says; 1--WE be-
lieve such system well devised, and
above all, intrusted to competent hands
tor execution, creating at no time an
artificial scarcity of currency, and at no
time alarming the public mind into u
withdrawal OF that vaster machine of
credit by which ninety-tiye per cent. OF
all business transactions are performed I;
a system open to the public and inspir-
ing general confidence from the day oil
its adoption, will bring healing on its
wings to all our harassed industries,
set ih motion the wheels of commerce.
manufactures and mechanic arts, re-
store employment to labor and renew in
all it's natural sources the prosperity OF
the people,"
The Government of the United States,
in my opinion, can advance to resump-
ti0n of specie payments on its legal
tender notes by gradual and sale proc
esses tending to relieve the present
| business distress. If charged by the
people with the administration of the
Executive Office should deem it duty
to exercise the powers with which it has
| been, or may be, invested by Congress
as best and soonest to conduct the coun-
try to that beneticent result.
He concludes by plea for reform, and
asserts that the first step in reform is
the elevation of the standard by which
the appointing power selects agents to
execute official trusts. Next in import
ance is a conscientious fidelity in the
exercise of authority to hold to account
and displace untrustworthy or incapable
subordinaLes, The public interest III an
honest, skillful performance Of official
trust must not be sacrificed to the usu-
rruct of incumbents. After these imme-
diate steps, which will insure the exhi-
bition of better examples, we may WISE
ly go on TO the abolishlng of unnecessary
offices, and, finally, to patient, careful
organization Of o better Civil Service
system, under tests, wherever practlca-
bic, OF proved competency and fidelity.
He urges The one-term principle, and
advocaEes clause in tbe Constitution
disqualilying q Chief Magistrate from
reelection.
The concluding paragraph is as fol-
lows:
Educated in the belief that it is the
first duty of citizen of the Republic to
take his i allotment of care and troti-
BILE In pub.c' affairs, l have for forty
years, as private citizen, fulfilled that
duty. Though occupied in an unusual
degree during all that period with cor-
Germs of Government, have never ac-
quired the habit OF oHcialll When, a
Year and a half ago, entered upon my