The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1876-08-11
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PREPARATIONS FOR RESUMPTION.
Such preparations are everything With
out them leg isiativo command fixing day
an official promise fixing day, are Shams.
They are worse, they are snare and delu.
sion to all who trust them. They deslroy
AL c0idencesahlunk fbDngtltfnl inen, whose
Judgment will. at least, sway public opinion.
An attempt to act on such u commanderShip
"a promise without preparation - would
end ii new suspension 1t would be u
fresh calamity, prolific of coniusion, distrust
and distress. The ACT of Congress of the
l4th Of January. 1875, enacted that ON and
after the fist of January, 1879, the Secretary
of the Treasury shall redeem in coin the le-
bartender notes of the United States ON pre-
sentation at the office of the Assistant Treas
urer in New York, 1t authorized the Sec.
retary to prepare and provide for such re-
sumption of specie payment by the use OF
| any surplus revenues not otherwise appro-
priated, and by issuing In his discretion Ger.
tain classes of bopds, o.. .t O.. e..
More than one and q half Of the four years
have passed. Congress and the President
have continued ever since to unite Ia acts
which have legislated out Of existence every
possible surplus applicable to this purpose
The coin III the Treasury claimed to belong
| w tHt pVNtiHhifut uhi, vi tit outlt VI JuHt
fallen To less than Sl5,000,000, a. against
| Sj9 900, ,001 nn the first of January, 1876
aud the availability Ut part of that sum is
| said to be questionable. The revenues are
| falling faster than appropriations and ex'
penditures are reduced, ,leavlng the Treasury
with diminishing resources. The Secretary
| has done nothing under his pswer to issue
bonds The Legislature command, the Off
cal promise fixing day for resumption
| have thus far been barren. No practica
| preparations towards resumption have been
made. There has been no progress, but
there have been steps backward. There l.
no necromancy in the operations of govern
ment; the homely maxms of everyday lii,
are the best standards of its conduct. A debt.
or who should promise to pay Il loan out o
surplus income, yet be seen every day spend
ing all he could lay his hands on in riotou,
living, would lose all character for honesty
and veracity. His offer Of a new promise OF
his profession rs to the value of the OLE
promise would alike provoke derision.
RESUMPTION PLAN OF THE ST. LOUIS PLAT.
| FORM.
| The st. Louis platform regards the failure
for eleven years To make good the promis,
of the legal tender notes it den0unces tht
omission to accumulate any reserve for thei
redemption; it denounces the conduct which
during eleven years OF peace has made M
advances toward resumption, no prepara
tions for resumption, but, instead, has oh
structed resumption by wasting our resources
and exhausting all our surplus income, ant
while protesting to intend speedy return
to specie payments has annually enacte,
| fresh hindrances thereto And having frs
denounced the barrenness of the promise o
| n luy .,f II >
barren promise rs Il hindrance to resump
tion. 1t then demandsi its repeal and ais,
demands the establishment of judiciou
system of preparation Tor resumption. /
cannot be doubted that the substitution of
system of preparation, without the promis
OF Il day, for the worthless promise OF a day
without II system of preparation would b.
the gain OF the substance of redemption il
exchange for its shadow. Nor is the denun
citation unmerited of that improvidenc
which in the eleven years since the peac
has consumed $3.50, 600, ,00O, and yet cuult
not afford to give the people Il sound an,
stable currency. Two and half per cen,
on the expenditure of these eleven years, o
even less, w0ul have provided all the addi
tional coin needtul to resumption.
RELIEF TO BUSINESS DISTRESS.
The distress now felt by the people in al
their business and industries, though it hi
its principal cause in the enormous waste G
capital OccasiOned by the false policies c
our government, lias'been greatly aggravate
by the acknowledgement Of the currenc,
Uncertainty is the prolific parent of mis-
chiefs in all business. Never We're its evil
more felt than now. Men do nothing, be
cause they are unable to make any calcula
tion on which they can safely rely, The
undertake nothing because they fear los
in eierything they would attempt. The
stop anf wait. The merchant does not bu
for the future consumption OF his customer.
The manufacturer dares not make iacilitie
which may not refund his outays he shut
his factory and discharges his wUrkmcr
Capitalists cannot lend on security they con
slider safe, and their funds lie almost with0u
interest. Men OF enterprise, who have cred
it or securities to pledge, will not borrow
, Consumption has fallen below the natura
limits OF reasonable economy, Prices c
many things are under their range in truga
specie. paying times before the civil wal
, Vast MASSES of currency lie in the banks un
used. year and "a half ago the legal ten
ders were ut their largest volume, and tn
twelve millions since retired have been r,
placed by fresh issues of fifteen millions
, bank notes. In the meantime the bank
have been surrenderng about four million
a month, because they cannot find profti
, BILE use for SO many of their notes. Th
pubic mind will no longer accept sham
1t has suffered enough from illusions. A
; lnslncere pollcy Increases distrust; an III
stable policy increases uncertainty. Tf
: people need to know that the government
moving in the direction Of ultimate safet
and prosperity ,and that it is doing so throug
e prudent, safe and conservative methods
e which VIII be sure to iniilct no new sacriti'
on the business OF the country. Then tf
/. Inspiration OF new hope and well-toundt
e confidence will hasten the restoring process
, turn .
The st. Louis Convention concludes i
| expression III regard to the currency by
declaration oi Its conviction as to the pract
cable results OF the system of preparation