The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1876-08-10

dence, contract the whole large macnlne-
ry. of credit and disturb the natural operr
ations of business"
.-.,,.4f5 MEANS OF RESUMPTION. ,i.;
's"Public economies, official retrench-
ments and wise finance are the means
which the st. Louis Convention indicates
as provision for reserves and redemptions.
The best resource is reduction of the
expenses of the government below its in
come, for that imposes no new charge on
the people.
If, however, the improvidence and
waste which have conducted us to Pc
riod of falling revenues oblige us to sup
plement the results of economies and re-
treuchments by some resort to loans, we
should not hesitate. The government
ought not to speculate on its own dishon-
or in order to save interest on its broken
promises, which it still compels private
dealers to accept at a fictitious par. The
highest national honor is not only right,
but would prove profitable. Of the pub
lie debt, $685., ,0O0,0 bear interest at six
per, cent. in gold, and $712, 600, 600 at five
per cent. in gold The average interest
is 5.5S per cent. f.<UrF.,,N a
&Asfnancial policy which. should secure
the highest credit, wisely availed of,
ought gradually to obtain a reduction Of
one per cent. in the interest on most of
the loans. A saving of one per cent. on
the average would be SIT 100000 year
in gold, That saving regularly invested
at four and. q half per cent. would, in
less than thirty-eight years, extinguish
the principal. The whole 81, zoo, ,000, 900
of funded debt might be paid by this
saving alone, without cost to the people.
- PROPER TINE FOR RESUMPTION.
The proper time for resumption is the
time when wise preparations shall have
ripened into a perfect ability to accom-
pfish the object with a certainty and ease
that will inspire confidence and encour-
age the reviving of business. The earli-
est time in which such result can be
brought about is the best: Even when
the preparations shall have been ma
tured, the exact date would have to be
chosen with reference to the then exist
ing state of trade and credit operations
|; in our own country, the course Of foreign
commerce and the condition of the ex-
changes with other nations. The specific
measures and the actual date are matters
I of detail having reference to eYer.chang-
ing conditions. They belong to the do.
main of practical administrative states
tmanship.l The captain sof, q steamer
about starting from New York to Liver
pool does not assemble q 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 the shifting forces Of. the
waters and the winds. A human hand
must be, on the. helm. to feel. the, elements
day by day, and guide to mastery over
them. + ..e.4' (. {
i PREPARATION FOR RESUMPTION.
Such preparations are everything. With
out them a legislative command fixing
day, an official promise fixing day, are
ishams., . They are .se--they area snare
and, a tdelnsion to all who trust them
They destroy all confidence among
thoughtful men whose judgment will at
last sway public opinions An attemptto
act on such command or such a promise,
without preparation, would end in new
suspension. 1t would be, fresh calami-
tty, prolific of confusion, distrust and dis;
tress. .ai-
TIE. ACT OF JANUARY ID, 1875.
The act, of Congress, of the 14th of jan
.uary, 1876, enacted that, on and after the
1st of f;Januany;41 1879, the! Secretary of the
Treasury shall redeem in coin the legal
tender notes of the United States on pre-!
sentation 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 reye-,
nues not otherwise appropriated, and by
issuing, in his discretion, certain classes
of bonds. l t7l ~ a. ~. a.a
More than one and a 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 applica-
BILE to this purpose.
The coin in the, Treasury, claimed to
belong to the government had, on the Both
of June, fallen to less than l$45, 5,000, 900
AS against 3s59, 600, 900 on the, lst of Jan.
uary, 1876, and the availability of part
that sum Is said to be questionable The
revenues are falling faster than appropri-
ations and expenditures are reduced,
leaving the Treasury with diminishing
resources. The Secretary has done moth
ing under his power to issue bonds.
The. legislative command, the official
promise fixing day for resumption, have
thus far been barren. No practical prep
alton toward resumption have been made.
There has been no progress. There have
been steps backward. 2 d..
There is no necromancy in the opera.
tions of government. The; homely
maxiins of everyday life are the best STAN
dards of its conduct. A debtor who
should promise to pay loan out of sur
plus income, yet be seen every day spend
ing all he could lay his hands on in
riotousliying, would lose all character
for honesty. -: ID. : -s' '',a q.
RESUMPTION PLAN OF THE ST. LOUIS
III. 81. t..!y;s. PLATFORM. -.it
The St. Louis platform denounces the
failure for eleven years to make good the
promise of the legal tender notes. 1t
denounces the omission 10 accumulate
"any reserve for their redemption. 1t
denounces tile conduct (which, during
eleven years of peace, has made no ead-
vances toward resumption, no prepara-
tions for resumption, but instead has OBJ
structed resumption by wasting our re-
sources and exhausting all our surplus
income; and, while protesting to intend
a speedy return to specie payments, has.
annually enacted fresh hindrances there
to-" And having first denounced the
barrenness of the promise of a day of
resumption, it next denounces that bar
rem promise as "hindrance" to resump-
ton. 1t then demands its repeal and
also demands the establishment of "a
judicious system of preparation" for re-
sumption. 1t cannot be doubted that
A. u ~ e., &c