Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1876-08-10

results of economies and retrench
ments by some resort to loans we
should not hesitate. The govern
ment ought not to speculate on its
own dishonor in order to save the in
terest on its broken promises, which
it still compels private dealers to ac-
cept at a fictitious par. The highest
national honor is not only right
but would prove profitable. OF the !
public debt 1915, 100000 bear interest |
at per cent. in gold, and 712,000,000 i
at per cent. in gold. The average |
interest is 5.5S per cent. A financial |
policy which should secure the high |
est credit, wisely availed of ought |
gradually to obtain reduction of one |
per cent in the interest on most OF
the loans. A saving of one per cent.
on an average would be 81, 100000 in
gold. That saving regularly invest
ed at four and half per cent. would
in less than 80 years extinguish the
principal. The whole S17,000,000 OF
this funded debt might be paid by
this saving alone without cost TO the
people. The proper time for re-
sumption is the time when wise prep
arations shall have ripened into a
perfect ability to accomplish the OBJ
ject with certainty and ease
that will inspire confidence and
encourage the reviving Of business.
The earliest time in which such re-
suit 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 existing state of trade and
credit operations in our own country,
the course of foreign commerce, and
the condition of exchanges with other
nations. The specific measures and
actual date are matters of details hav-
ing reference to ever-changing con-
ditions. They belong to the domain of
practical administrative statesman
ship. The captain of steamer about
starting from New York to Liver
pool does not assemble council over
his ocean chart and fix an angle by
which to lash the rudder for the whole
voyage. A human intelligence must be
at the helm to discern shifting forces
of waters and winds. A human mind
must be at the helm to feel the ele-
ments day by day and guide to
mastery -over them. Such prepa-
rations are everything. Without them
legislative command fixing day, an
official promise fixing day are shdms.
They are worse. They are "A snare
and a delusion To all who trust them.
They destroy all confidence among
thoughtful men whose judgment will
at least sway public opinion. An at
such a promise without preparation
would end in a new suspension. 1t
would be fresh calamity prolific of
confusion, distrust, and distress. The
act of congress of the 14th of July,
/ 1875, enacted that on and after the 1st
of 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 authorizes the secretary to
prepare and provide for such a re-
sumption of specie payments by the
use of any surplus revenues not other
wise appropriated, and by issuing in
his discretion certain classes of bonds.
More than one and half of the four
years have passed. Congress and the
president have continued ever since to
unite in acts which have legislated out
of existence every possible surplus APP
plicable to this purpose. The coin In
the treasury claimed to belong to the
government had, ION the 30th of July,)
fallen to less than S45,000,0OO as
against s59,OO0,0OO on the Ist of JAN
uary, 1875. and the availability of part
of that sum is said to be question
able. The revenues are falling faster
than the appropriations and expend-
itures are reduced, leaving the treas
ury with diminishing resources. The
secretary has done nothing under his
power to issue bonds The legislative
command, the official promise fixing
day for resumption, have been made.
There has been no progress. Their,
have been steps backward. There is
no necromancy in the operations of
the government. The homely maxims
of everyday life are the best standards
of its conduct, A debtor who should
promise to pay loan out of surplus
income and yet be seen every day
spending all he could lay his hands on
i'm riotous living would lose all charac-
ter for honesty and veracity. His
offer of new promise of profession as
to the value of the old promises would
alike provoke derision. The st. Louis
platform denounces the failure for IL
years to make good the promises of
the legal tender notes. 1t denounces
the omission to accumulate any reserve
for their redemption. II denounces
the conduct which during IL years of
peace has made no advances toward
resumption. no preparations for re-
sumption, but instead has INSTRUCTED
resumption by wasting our resources
and exhausting all our surplus income,
and while protesting to intend speedy
resumption of specie payments has
annually enacted fresh hindrances
thereto, and having first denounced the
barrenness of the promise of day of
resumption, il next denounces that
barren promise as "A hindrance to re-
sumption. 1t then demands its repeal,
and also demands the establishment of
a judicious system of preparation for
resumption. 1t cannot be doubt
ed that the substitution of a
system of preparation without
the promise of a day for the worth
less promise of day without a sys-
tenn of preparation he convertible at
the pleasure of the holder. | have
heretofore said no one desires return
to specie payment more earnestly than
i do, but do not believe that it will
or can be reached, in harmony with
49, e -. l. 4.