The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-08-05

denee contract the whole large machinery OF credit
aud disturb the nSural operations Of business"
RESUMPTION
"Puoiic economics, Official retrenchmeuts and wise
finance" are tho means which tho st. Louis Conven.
ton indicates provision reserves and rodemp-
tons
Tho best resource is reduction OF tho expenses Of
tho government below its income for that Imposes no
new charge on the people.
IT. however, tho improvidencc and waste which have
conducted US to period OF falling revenues oblige u
to supplement tho results OF economies and rercnch.
by somo resort to loans should not hesitate
Tho govern ought not to speculate its dis
honor in order interest its broken promises
which II still compcs private dealers accept at &c
titious par. The highest national honor Is only
right but would provo profitable or the public debt
s9s5 900 bear interest at six cent In gold and
$7l2 600 600 Eve per in gold Tho average Ia.
tercst is So per cent
A financial policy which should secure tho highest
credit, wisely avaiied Of ought gradually 10 obtain
reduction of per cent in the interest most Of The
loans saving OF ono per cent on the average would
be SIT 600 900 year in gold That saving regularly
invested at and half per cent would in less than
thirty eight years. cxt'nguish the principal. The
whole ST. TOO 0O0 900 of funded debt might be paid BY
this saving alone, without cost to tho people,
PROPER RESUMPTION
Tho proper time for resumption Is tho time when
wise preparations shall have ripcncd into perfect
ability accomplish tho object with n certainty
and that will inspire confidence and
encourage tho reviving OF business The
earliest time In which such result can
DO brought about is tho best Even when tho prepare
tons shall have been matured the exact date would
have DO chosen with reference to tho thcn existing
state OF trade and credit operations in our own coun
try tho OF foreign and tho condition
OF the exchanges with other nations The specific
measures and tho actual datc matters OF detail
having reference to evcr.changing conditions They
belong the domain OF practical administrative states
manship Tho captain OF steamer about starting
from New York to Liverpool docs not assemble
council over his chart and Ak angle by which
to lash the rudder Tor the whole voyage human in
tcligencc must be at tho helm to discern the shifting
forces OF the waters and the winds "A human hand
must be on the helm feel the clements day by day
and guido to a mastery over them.
PREPARATIONS FOR RESUMPTION.
Such preparations everything. without Thorn
legislative command fixing day, an oficia promise
fixing a day, arc shams They worse-thcy arc Q
snare and dclusion to all who trust them. They
destroy all confidence among thoughtful men whose
judgment will at last sway public opinion. An attempt
TO act on such command or such promise, without
preparation, would end in suspension. II would
fresh calamity, prolific of confusion, distrust and
distress
THE ACT JANUARY H. 1875
Tho act OF Congress of the l4h OF January 1879
acted that ON and the LIST OF January, 1919 tho
Secretary Of the Treasury shalt redeem coin tho
legal tonder notes the United presentation
at the Office Of the Assistant Treasurer the city OF
New York II authorized tho Secretary $50 prepare
and provide ior' such resumption Of specie payments
by tho any surplus revenues not otherwise APP
proprated, and by issuing in his discretion, certain
classes Of bonds.
More than one and half OF tho four years havo
passed. Congress and the President have continued
ever since unite in which have lcsisatcd Of
existence every possible surplus applicable to this
pose.
Tho coin In the Treasury claimed to belong to the
government had on tho 30ih of June. fllcn to less
than $45 Oo0 COO against $50 900 the Is, Of
January, 1875, and the availability OF part Of that
sum is said to be questionable Tho revenues arc fall
ing faster than appropriations and expenditures
reduced, leaving tho Treasury with diminishing 70.
sources. The Secretary has done nothing under his
power to issuo bonds
The legislative com nand, mo Official promise fixing
day for resumption, have thus far been barren NO
practical preparations toward resumption have been
made. Thcrc been prosross There havo bcen
steps backward.
Thorc Is necromancy In tho operations OF govern.
mcnt The homoly maxims OF everyday life tho
best standards OF It's conduct A debtor who should
promise to pay loan OF surplus income, yct bs
seen every day spending all no could lay his hands
In riotous living would lose all character for honesty