The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1876-08-12

They are worse-they are a snare and de
lusion 10 all who trust them. They destro,
all confidence among thoughtful men whose
Judgment will at last sway public opinion
An attempt TO act on such command OF
such a promise, without preparation, would
end in new suspension. II would be q
fresh calamity, prolific Of confusion, distrusl
and distress.
THE ACT OF 1875 A BARREN PROMISE
The act Of Congress Of the l4th of January,
1876, enacted that on and after the LIST oi
January, 1879, the Secretary of the Treasury
shall redeem in coin the legaltender notes Of
the United States on presentation at the Office
of the Assistant Treasurer in the City of New
York. II authorized the Secretary ito pre-.
pare and provide for" such resumption OF
specie payments by the use Of any surplus
revenues not otherwise 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 applicable to this purpose.
The coin in the Treasury claimed to belong
TO the Government had, on the 30th of June.
fallen to less than $45, 200, 900, against 500.
900 on the lst of January, 1876, and the
availability Of part Of that sum is said to be
questionable. The revenues are failing faster
than appropriations and expenditures are
reduced, leaving the Treasury with diminish.
ing resources. The Secretary has done moth.
ing under his power TO issue bonds.
The legislative command, the official prom.
Use liking day for resumption have thus far
been barren. No practical preparations to-
ward resumption have been made. There
has been no progress. There have been steps
backward. There is no necromancy in the
operations of government. The homely max
inns Of everyday life are the best standards
of its conduct A debtor who should promise
to pay loan out Of surplus income, yet be
seen every day spending all he could lay his
hands on in riotous living, would lose all
character for honesty and veracty. His offer
of new promise or his profession as to the
value of the old promise would alike provoke
derision.
The st. Louis platform denounces the fail
ure for eleven years 10 make good the promise
of the legal-tender notes. II denounces the
omission to accumulate "any reserve FOR their
redemption. II denounces the conduct
(which, during eleven years Of peace, has
made no advances toward resumption, no
for resumption, but instead has
obstructed resumption by wasting our resour.
ces and exhausting all our surplus income
and, while protesting to intend speedy re.
turn to specie payments, has annually enacted
fresh hinderances thereto. Aud having first
denounced the barrenness of the promise Of
q day of resumption, it next denounces that
barren promise as ga hinderance" to resump
lion. 1t then demands its repeal and also
demands the establishment Of "a judicious
system of preparation" for resumption. II
cannot be doubted that the substitution of "a
system of preparation" without the promise
Of day, for the worthless promise of day
without "a system Of preparation" would be
he gain Of the substance Of resumption in
for its shadow.
Nor is the denunciation unmerited of that
mprovidence which, in the eleven years
since the peace, has consumed 81, 800, ,OO0, 900
md yet could not afford to give the people
'ound and stable currency. Two and a half
per cent on the expenditures Of these eleven
lears, or even less, would have provided all
he additional coin needful to resumption.
THE EVILS OF UNCERTAINTY.
The distress now felt by the people in all
heir business and industries, though it has |
Is principal cause in the enormous waste of |
,apital occasioned by the false policies of our |
government, has been greatly aggravated by |
he mismanagement of the currency. Tn. |
certainty is the prolific parent of mischiefs in |
vi business. Never were its evils more felt |
han now. Men do nothing because they are
Unable to make any calculations on which |
hey can safely rely. They undertake nothing
'ecause they fear loss in everything they |
would attempt. They stop and wait. The
merchant dares not buy for the future con.
umpti0n of his customers. The manufactur.
II dares not make fabrics which may not
efund his outlay. He shuts his factory and
discharges his workmen. Capitalists cannot
end on security they consider safe, anc their
unds lie almost without interest Men of
enterprise who have credit, or securities to
hedge, will not borrow. Consumption has
allen below the natural limits of q reasonable
economy. Prices Of many things are under
heir range in frugal, specie paying times be.
ore the civil war. Vast masses OF currency
lie in the banks unused. A year and half
go the legal tenders were at their largest
oume, and the twelve millions since retired
ave been replaced by fresh issues of fifteen
Millions of bank notes. In the mean time the
anks have been surrendering about four mil.
ions month, because they cannot find a
rofitable use for so many Of their notes.
The public mind will no longer accept
hams. II has suffered enough from illusions,
In insincere policy increases distrust. An
nstable policy increases uncertainty. The
eople need TO know that the Government is
moving in the direction of ultimate safety and
and that it is doing SO through
rudent, safe, and conservative methods,
Thich will be sure TO intlict no new sacrifice
n the business of the country. Then the
aspiration of new hope and well-founded
onhdence will hasten the restoring processes
{ nature, and prosperity will begin TO return.
The St. Louis Convention concludes its
xpression in regard to the currency by
eclaration Of its convictions as to the prac.
cal results OF the system Of preparations it
emands. 1t says 1--WE believe such
gstem, well devised, and, above all, intrusted
} competent hands for execution, creating at
o time an artificial scarcity of currency, and
no time alarming the public mind into
ithdrawal ofthat vaster machinery Of credit
y which 95 per cent Of ali business transac-
ons are performed--a system open, public,
nd inspiring general confidence would, from
ie day Of its adoption, bring healing on its
ings to all our harassed industries, set in
lotion the wheels of commerce, manufac.
lres, and the mechanic arts, restore employ.
ent to labor, and renew in all its natural ,
,urces the prosperity of the people,"
The Government of the United States, in !
y opinion, can advance to resumption Of /
'ecie payments on its legal-tender notes by
radual and safe processes tending to relieve !
le present business distress. If charged by !
10 people with the administration Of the Ex. /
,utive Office, should deem II duty so to | {
tercise the powers with which it has been or /
ay be invested by Congress as best and ,
'onest to conduct the country to that beneii- I
mt result. ,
BAD cIvIL SERVICE.
The Convention justly aifirms that Reform !
necessary in the civil service, necessary to
purification, necessary to its economy and {
hciency, necessary in order that the ordinary 9
nployment Of the public business may not !
J "a prize fought for at the ballot-box, !
ief reward Of party zeal instead Of posts Of /
,nor assigned for proved competency, and {
I'D for fidelity in the public employ The J
wisely added that tsReform is .
'cessary even more in the higher grades Of Q
9 public service. Presidents, Vice Presi. 2
INT, Judges, Senators, Representatives, Cab. !,
ct officers, these and all others in authority l
e the peoples servants. Their Offices are y
It private perquisitei they are public !
Two evils infest the Official service Of the =