The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1876-08-17

PiiNht DUnnb VI WHICH thousands OF MI.
ions exist among us. In the perfect ease with
which they can be changed from currency into
Investments lies the only danger to be guarded
tendes Il, y r .ne auop,on Oh general measures In
plus-that Is, the withdrawal of any which are
nota permenent excess beyond the wants Of
Duslncss. Even more inischicvous would he any
measure which affects tho public imagination
with the fear OF AN apprehcnled scarcity. In a
community where credit is so much usc1 fuctu.
atoms OF values and vicissitudcs in business ARE
largely caused by the temporary beliefs of men
even before the beliefs can conform to asccr-
taincd realities.
FLUCTUATIONS OF THE C%uRRENCY.
The amount OF necessary currency at n given
u,lne cannot be determined arbitrarily. and 1t
should not be assumed or conjccturcl that tho
amount Is subjected to both permanent and tom
poraiy changes. An enlargement Of Il, which
seenet TO be- Durable, happened at the begin
rency IN place OF individual credits.
u varies with certain states of
business. u fuctuates with considerable
regularity at different seasons of the year. In
autumn, for instance, when buyers Of grain and
other agricultural products begin their opera.
IONS, they usually need TO borrow capital on eur.
culatlng credits, by which 10 make their pur.
chascs. ana they want these funds In n currency
capable OF being distributed in small sums
among. the numerous sellers. The additional
meet OF currency at such times is five or more per
cent OF the whole volume, and il a surplus be-.
yonu what Is required for ordinary use does not
happen 10 he on hand at the money ccntcrs, n
scarcity of currency ensues and also u stringcncv
in the loan market 1t was in reference To- snri
experiences that. in n discussion of this subject
IN my annual message to the New York Icgi-la.
iurc OF January 8, 1873, the suggestion was male
mat the Federal Government Ii bound to redeem
every portion OF its issue which the public do
iot WISH 10 USE. Having assumed To munupo
lie the supply Of the currency and enacted
exclusions against every body else, 1t is bound to
furnish all which the wants Of business rcuuirc
The system should p~assively allow the volume OF
circulating credits TO ebb ana flow according to
tne merchandising wants Of business. 1t should
nltlu Ia T1nEllt ma nnaatII. ~. .t.... I-.-a
trade, which It has Superseded by artificial con.
trlvances; and IN a similar discussion in nv
nessagc OF January I, ls7i, it was said that re-.
sumption should he effected by such measures az
WnuNd Keep the aggregate amount Of the currency
self adjusting during all the process without
creating AZ any time IN artificial scarcity, with.
out exciting public imagination With alarms
winch impair confidence and distract the whole
machinery OF credit, and disturb the natural
operations Of III business public Economics by
onicial fetfehchmcnts amt wise finance are the
means which the 81. Louis Convention iniicatrsus
provision for reserves and redemption. The best
resource lisa reduction of the expenses of Govern
nlent below its income, for that imposes no new
charge on the people. II, however. she improv.
lience and waste which have conducted US To Il
period, OF railing revenues Obligc us 10 supple.
llent the results of economies and retreuchments
ny some resorts to loans, We should not hesitate, |
rue government ought not to speculate ON It's
own dishonor in order 10 save the interest of its
broken promises, which it still compcls private
ucdlers 70 accept at u fictitious par. The highest
national honor IL not only right hut would prove
profitable. OF the public debt, SOS, OOT, 90 bear
interest at 0 per cent. in gold, and fGj, GuO. 900 at
. per cent. in gold. The average interest Is 5.as |
per cent. a financial policy which should Sc urc
the highest credit. wisely awaited Of, ought
gradually 10 obtain a reduction of | per cent. IN
thc interest on most of the loans, a saving Of |
per cent. on an average would he 4 II, 900, coca
year IN gold. That saving regularly invcstcl at
iour and a half per cent. would in less than thir.
" .eiEtt years cxtinguish the principal, and the
whole sum OF. 81 200, 100, OO Of the iunlr,i debt
might be PAID by their saving alone without cost
to the people.
THE PROPER ! FOR RESUMPTION
Is the time when wise preparations shall nave
ripened into n perfect ability to accomplish ihc
object with a certainty and ease that viii inspire
aud encourage the rcyiving OF bust
ness. The earliest time in which such n result
can he brought about is best Even when prep.
arati4n shall have been maturcd. the exuct date
would have to be chosen with reference to the
then existing state of trade and credit, opera.
tions in our country, the course Of foreign CON.
merce and the condition of our exchanges with
other nations
The specific mea surcs AMI actual date are mat
tcrs OF detail having reference to the ever chang
ing condition, and they belong to the domain Of
notwithstanding craftsmanship. The
of Il steamer about starting from New
! ork 10 Liverpool docs not assemble Il council
over his ocean chart and liz I'm angle by which to
lash the ruldcr for the whole voyage, 4 hl,
man intelligence must be at the
helm to discern the shifting forces Of the
waters ana winds. A human hand must bc ON
llr helm to feel the elements day By day and
guide to a mastery over them. such prepare
lions are every thing. without them Il lrgisla.
tive command fixing a day, an Official promise
liking II day. they are shails. They are worse;
they are 4 dcluslon and snare to all who trust
them, They destroy all confidence among
sway public opinion. An attenpt to act on such
a command, or on such promise, without prep.
lrat,9l, wonli end in a new suspension. 1t
would he a fresh calamity, prolific Of confusion,
.~ilstrust ami distress. The act Of Congress Oi
! =, and OF July, lS7j, enacted that on and
after the first of January, 1873. IT," secretary of
the treasury snail Tpl,Im in sptt Ihn
legal tender notes Of the tinted
states on PRECIPITATION At the Of.
lice OF the Assistant Treasurer in the city of New
! ORR. IL authorizes thr secretary To prepare
and provide for such resumption oi specie pay
.nents by the use Of any surplus revenues not
appropriated and by issuing /. his
certain CLASSES Of bonds. More than
one ami a half Of four years have passed; Con.
rress and the President have continued ever
since to unite in acts which have lcgislated out
Of existence every possible surplus applicable To
purpose. The coin in the Treasury claimed
TO belong to the Government had on tie 3Oth of
Inne, fallen to less than S4j, COO, 900 against
$4,000 ,Oou on the LIST of January, 1873, and the
Of a part of that sum is sail to he
Questionable. The revenues are falling faster
Imam te appropriations and the cxpcnditmrcs
IRE reduced, leaving the Treasury with dimin.
shed resources.
~RErROGIRApE Foley.
The Secretary has done nothing under
his power TO issue bonds. The Legi,la.
command and the official promise
liking a day for resumption have been
made. There has been no progress; there have
been steps backward; there 10 no necromancy in
naNims of every day life are the best standards
its conduct a debtor who should promise to
pay a loan out of a surplus income, yet he seen
very iay spending all lie could lay his hands on
IN riotous living, would lose all character for
honesty and veracity. Ills offer Of a new prom,
lbe or his profession as to the value OF the old
pi Omlse would alike provoke dcrision. The st.
Louis platform dcnoInccs the failure for eleven
years to make good tie promise of the legal.ten.
Ter notes; 1t denounccs the omission to accumu-
late any reserve for their redemption. 1t lie
the conduct which turing eleven years
Of peace has made no advances towards rcsilmp.
lion, no preparation Tor resumption, but instead
has obstructed resuu ptlOn by wasting our re-
and eNhansting all our surplus income;
anu Whlle protesting TO inten u speedy return
10 specie payments has annually enacted fresh
linaranccs thereto, and having first denounced
The barrenness nf the promise OF II day of resump.
ion u next denounces that barren promise rs
iom %i"isa"G It's repeal sS rsS anh also It acma .nSs
establishment OF "a judicious system Of prcpa.
ration for resumption. 1t can not be doubted
the promise of p day for the worthless
of u day without q system of prepara-
ion would be thc gain of the substance of ircsnmp.
lion in exchange for its shadow; nor is the dc.
nnmerlted of that improvidencc which
N eleven years since the peace has consumed
{ 500 100 100, and yet could not afford 10 give
The people q sound and stable currency. Two
and a half per cent. on the expenditures of these
eleven wears, or even less, would have provided
VI tne COIN nceuIui 10 resumption. Ihe distress
now felt by the people in all their business and
though it has its principal cause in
The enormous waste of capital occasiOnei by the
false p licies of our Government, has been great
y aggravated by the acknowledgement of the cur.
rcncy. Uncertainty is the prolific parent OF mis-.
chief IN all business. Never were its evils more
Iet than now. Men do nothing because they are
unable To make any calculations on which they
ian safely rely. They undertake nothing, be.
cause they fear a loss in every thing. liz they
would attempt, they would stop and wait.
The merchant dares not buy for the future
consumption of his customers. The Manufactur.
or dare not make fabrics which may not refund
outlay; he shuts his factory and discharges
workmen. Capitalists can not lend on scciir.
lty. They consider II unsafe and their funds lie
almost without interest. Men of enterprise who
have credit or securities TO pledge will not Dor
row; consumption has fillen below the natural
limits OF reasonable economy; the prices of
things are under their range In frugal