The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1876-08-17
DESTRUCTIVE APPROPRIATIONS.

iectionable appropriations be consented
to the operations of Government there
under shall suffer detriment or cease.
DESTRUCTIVE APPROPRIATIONS.
In my Judgment an amendment Of the
Constitution ought to be raised separat
ing into distinct bills appropriations fol
various departments of public service
and excluding from each bill all appro
priations for other objects and all indie
pendent legislation. In that way alone
can every power OF each Of the two
Houses of the Executive be preserved
and exempted from moral duress, which
often compels assent to Objectionable ap
preparations rather than stop the wheels
of Government
THE SOUTH ABUSED.
An accessory cause enhancing distress
in business is to be found in a systematic
and insupportable government imposed
on the States of the South. Besides the
ordinary effect of ignorant and dishonest
administration, il has inflicted upon
them enormous issues of fraudulent
bonds, the scanty avails Of which were
wasted or stolen, and the existence OF
which is public discredit, tending to
bankruptcy or reputation. Taxes, gen.
orally oppressive, 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 country. The nobler motives
of humanity concur with the material
interests of all in requiring that every
obstacle be removed to a complete and
durable reconciliation between kindred
| populations, once unnaturally estranged
on basis recognized by the St. Louis
platform, and the Constitution of the
United States with its amendments, uni
versally accepted as a final settlement Of
the controversies which engendered civil
war, but in aid of a result so beneficent
to the moral influence of every good citi-
zen, as well as every governmental au-
thority, ought to be exerted, not alone
to maintain their just equality before the
law, but likewise to establish q cordial
fraternity and good will among citizens,
whatever their race or color, who are
now united in the one destiny of a com
mon selfgovernment If the duty shall
be assigned me | should not fail to exer-
else the powers with which the laws and
Constitution Of our country clothe its
Chief Magistrate to protect all its citi-
zens, whatever their former condition, in
every political and personal right.
THE CURRENCY QUESTION.
Reform is necessary" declares the st.
Louis Convention, ITO. establish a sound
currency, restore public credit and main
tain National honor" and it goes on to
demand a judicious system of prepare
tion by public economies, by official re-
trenchments and by wise finance, which
shall enable the Nation soon to assure
the whole world OF its perfect ability and
Its perfect readiness to meet any Of its
promises at the call of its creditors en-
titled to payment. The object demand
ed by the Convention is a resumption Of
specie payments of legaltender notes of
the United States. That would not only
restore the public credit, and maintain
the National honor, but it would estab-
lish a sound currency for the people
The methods by which this object is to
be pursued. and the means by which it is
to be attained, are disclosed by what the
Convention demanded for the future, and
by what it denounced in the past Re-
sumption Of specie payments by the Gov
ernment of the United States on its legal
tender notes would establish specie pay
ments by all the banks on all their notes
The official statement made on the 18th
OF May shows that the amount of bank
notes was $300,000,000, less $4,000, 900
held by themselves. Against the $780,
O,O0O of notes, the banks held SAL
600 900 of legal-tender notes, or a little
more than fifty per cent. of their amount.
But they also held on deposit in the Fed
eral Treasury as security for these notes
bonds of the United States worth in gold
about $3.50, 900 900, available and current
in all foreign money markets. In re-
suming, the banks, even if il were posi- |
BILE for all their notes to be presented for |
payment, would have S500,0O0.OOO of spe- |
Gle funds to pay $3.50, 100000 of notes, |
without contracting their loans to their |
customers, or calling on any private debt |
ors for payment. Suspended banks un- |
dertaking to resume have usually been |
obliged to collect from needy borrowers |
means to redeem excessive issues, and to |
provide reserves A vague idea of dis |
tress is, therefore, often associated with |
the process or resumption. but the condi- |
tions which caused distress in those for |
mer instances do not now exist The |
Government has only to make good its |
own promises, and the banks can take |
care OF themselves. The Government is, |
therefore, the sole delinquent. The |
amount of legaltender notes of the Uni |
ted States now outstanding is less than |
1870 100000, besides S34,000,000 Of frac- |
tional currency. How shall the Govern |
ment make these notes at all times as |
good as specie? 1t has to provide in ref |
erence to the mass which would be kept |
in use by the wants of business a central |
reservoir of coin adequate to the adjust |
ment of temporary fluctuations of inter |
national balances, and as a guarantee |
against transient drains artificlally crea- |
ted by panic or by speculation. Ii has |
also to provide for payment in coin of
such fractional currency as may be pre-
sented for redemption, and such incon- |
siderate portions of legal-tenders as indi- |
viduals may from time to time desire to
convert for special use or in order to lay
by in coin their little stores of money. |
To make the coin now in the Treasury
available for objects Of this reserve, to
gradually strengthen and enlarge that
reserve, and to provide for such other
exceptional demands for coin as may
arise, does not seem to me a work of diff |
fculty. If wisely planned and discreetly
pursued it ought not to cost any sacrifice
to the business of the country. 1t
should tend, on the contrary, to a reyi-
val of hope and confidence. The coin in
the Treasury on the Both of June, in
Guiding what is held against coin certif-
Gates, amounted to nearly S74,000,000.
The current of precious metals which has
flowed out of our country for the eleven
years from July /, 1865, to June 80, 1876,
averaging nearly $76,000,O00 year was
SS32, 100000 in the whole period of
which $6l7 900 900 were the product of
our own mines. To amass the requisite
quantity by intercepting from the cur
rent flowing out of the country and by
acquiring from the stocks which exist
abroad, without disturbing the equilib-
rum of foreign money markets, is a re-
suit to be easily worked out by practical
knowledge and judgment With respect
to whatever surplus of legal-tenders the
wants Of business may fail to keep in use,
and which, in order to save interest, will
be returned for redemption, they can
either be paid or they can be funded.
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