The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-08-16

the old homely maxim, Live with.
in your income
The Opposition to Economy.
This reform will be resisted at ev.
cry step, but it must be pressed per.
sistently. We see to-day the imme-
diate representatives of the people
in one branch of Congress, while
struggling to reduce expenditures,
compelled to confront the menace of
the Senate and Executive, that un-
less Objectionable appropriations be
consented to, the operations of the
Government hereunder shall suffer
detriment or cease. In my judg-
ment an amendment to the Constitu-
tion ought to be made, separating
into distinct bills the appropriations
for the various departments of the
public service, and excluding from
each bill aiiii appropriations for 9TH
er objects and all Independent legis-
lation. In that way alone can every
power Of each Of the two Houses and
the Executive be preserved and ex-
empted from the moral duties which
often compels assent to objection
able appropriations, rather than step
the wheels of government.
The Southern States,
An accessory cause enhancing dis
tress in business is to be found in
the systematic and insupportable
governments imposed upon the
States of the South. Beside the or.
dinary effect of ignorant and dishon-
est administration, it has inflicted
upon them enorMGgs issues OF fraud.
Hlent bonds, the scantY avails of
which were wasted or stolen, and the
existence of which is a public dis
credit, tending to bankruptcy or re-
pudiation. Taxes, generally op.
pressive, in some instances have
confscated the entire income of
property and totally destroyed its
marketable value. 1t is impossible
that these evils should not react
upon the prosperity of the whole
county.
A Plea For Good Feeling.
The nobler motives of humanity
CONCUR with the material interests Of
all, insisting that every obstacle hha
removed to complete and durable
reconciliation between kindred pop.
ulation, once 4nnaturallY estranged,
on a basis recognized by the st.
Louis platform, of the Constitution
Of the United States, with its amend
ments universally accepted as a f.
nal settlement of the controversies
which engendered the civil war.
But in aid of result so beneficent,
the moral influence Of every good
as we'll as every good gov
ernmental authority, ought to be ex-
erted, not alone to maintain their
just equality before the law. but like
wise to establish the cordial frater-
nifty and good will of all citizens, of
whatever their race or color, who
are now united in one destiny of a
common self.goveFnment. If the
duty shall be assigned me. | should
not fail to exercise the powers with
which the laws and Constitution of
our country clothe its Chief Magis-
trate, to protect all its citizens,
whatever their former condition in
every personal right.
Before Resumption.
Reform is necessary, declares the
st. Louis Convention, to establish a
sound currency, restore public credit
and maintain the national honor, and
it goes on to demand a judicious sys.
tenn of preparation by public econo-
mics, by official retrenchments and
by wise finance, which shall enable
the nation soon to assure the whole
world of its perfect ability and per-
feet readiness to meet any of its
promises at the cal of its creditors
entitled to payment. The object de-
manded by the convention is a re-
sumption of specie payments of the
legal-tender notes of the United
States. That would not only restore
the public credit and maintain the
national honor, but it would estab-
lish q sound currency for the people.
The methods by which this object is
to be pursued, and the means by
which it is to be obtained, are dis
closed by what the convention de-
manded for the future and by what
it denounced in the past. The re-
sumption OF specie payment by the
Government of the United States, on
its legal tender notes, would estab-
lish specie payments by all the banks
on all their notes.
Legal Tender Notes.
The official statement made on
May II, shows that the amount of
bank notes was $500. 100000. less
$2O,000,00O held by themselves,
against the $2S0,000,000 of notes
the banks held, $14f. 100000 are le-
gal tender notes, or a little more
than fifty per cent of their amount.
But they also hold on deposit in the
Federal Treasury, as security for
these notes. bonds of the United
States worth In gold about $780,
100000, available and current in ali
foreign money markets. In resum-
ing, the banks, even if it were pos
sible for all their notes to be present.
ed for payment, would have $780,
100000 of specie fund to pay $780,
100000 of notes without contracting
their loans to their customers on call
ing on a private debtor for payment.
Suspended banks, undertaking to re.
sumo, have usually been obliged to
collect from needy borrowers means
to redeem excessive issues and to
provide reserves. A vague idea of
distress is therefore often associated
with the process of resumption, but
the conditions which caused distress
in those former instances do not now
exist. The government has only to
IN aIra u0o5 ito own nrOmiSaS and the