The daily Argus. (Rock Island, Ill.) 1873-1877, 1876-08-08

while protesting to intend speedy return
to specie payments, has annually enacted
fresh hindrances thereto And having
first denounced the barrenness- of the
promise of a day of resumption, it mex,
denounces that barren promise as "a
| hindrance" to resumption. 1t then de
mands its repeal, and also demands
the establishment of "a iudicious
system of preparation" for resumption.
1t cannot be doubted that the substitution
of "a system of preparation" without the
promise of a day, for the worthless
promise of day without "a system of
preparation" would be the gain of the sub
stance of resumption in exchange for its
shadow.
Nor is the Termination unmerited of
that improyidence which, in the eleven
years since the peace, has consumed 4,5OO
millions of dollars, and yet could not afford
to give the people a sound and stable
currency. Two and half per cent on
the expenditures of these eleven wears. or
even less, would have provided all the
additional coin needful to resumption
RELIEF TO BUSINESS DISTRESS,
The distress now felt by the people III
all their business and industries, though it
has its principal cause in the enormous
vast OF capital occasioned by the false
policies Of our government, has been
greatly aggravated by the mismanagement
of the currency. Uncertainty is the
prolific parent of mischiefs in all business.
Never were its evils more felt than now.
Men do nothing because they are unable
| to make any calculations on which thew
can safely rely They undertake nothing
because they fear loss in everything they
would attempt. They stop and wait.
The merchant dares not buy for the future
consumption of his customers. The man,
ufacturer dares not make fabrics which
may not refund his outlay. He shuts his
factory and discharges his workmen. Cap
italists cannot lend on security they con
slider unsafe, and their funds lie almost with
out interest. Men Of enterprise who have
credit, or securities to pledge will not
borrow. Consumption has fallen below
the natural limits of reasonable economy.
Prices of many things are under their
range IN frugal specie-paying times before
the civil war. Vast masses of currency lie
in the Banks unused A year and half
ago the legal tenders were at their largest
volume, and the twelve millions since re-
tired have beer replaced by fresh issues
OF fifteen millions of bank notes. 10 the
meantime the banks have been surrender
ing about fourmillions month, because
they cannot find profitable use for so
many Of their notes
The public mind will no longer accept
shams. 1t has suffered enough from
| illusions An insincere policy increases
| distrust. An unstable policy increases IN
certainty. The people need to know that
the government is moving in the direction
Of ultimate safety and prosperity, and that
it Is doing so through prudent, safe and
conservative methods, which will be sure
TO infiict no new sacrifice on the business
of the country. Then the inspiration of
new hope and well-founded confidence will
hasten the restoring processes of nature,
and prosperity will begin to return.
The st. Louis convention concludes its
expression in regard to the currency by a
declaration of its convictions as to the
practical results of the system OF prepara-
tons it demands. 1t says; I'VE believe
such system, well devised, aud, above
all, intrusted to competent hands for ex-
ecutloD, creating at no time an artificial
scarcity OF currency, and at no time alarm.
ing the public mind into a withdrawal oil
that vaster machinery Of credit by which
80 per cent. OF all business transactions are
| performed-a system open, public and in
spring general confidence would, from the
Gay of its adoption, bring healing on If.
wings to all our harassed industries, set II
motion the wheels Of commerce, manufac
lures and the mechanic arts, restore EN-
ployment to labor, and renew in all it,
natural sources the prosperity of tn,
people.
The government Of the United States
in my opinion, can advance to a resump
ton of specie payments on its legal-tende
notes by gradual and safe processes tend
ing to relieve the present business distress
If charged by the people with the admins
tration Of the executive office, | should
deem it duty so to exercise the power
with which it has been or may be invested
by congress as best and soonest to conduc
the country to that bene6cent result.
CTvIL-sERvICE REFORM.
The convention justly affirms that reform
is necessary in the civil service, necessar,
to its publication. necessary to its econom,
and its efficiency, necessary in order tina
the ordinary employment of the publ
business may not be "a prize fought for a
the ballot box, a brief reward of part,
zeal instead of posts of honor assigned fo
proved competency, and held for tidelit,
in the public employ" The convention
wisely added that reform is necessar,
even more in the higher grades of tn
public service, President, vice president
Judges, senators, Representatives. cabine
officers, these and all others in authorit,
are the peoples servants. Their office
are not private perquisite-they are
public trust"
Two evils infest the official service O
the Federal government.
One is the prevalent and demoraiizin!
notion that the public service exists not fo
the business and benefit of the whole PEG