The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-08-05

taln their Just equality Delorc tne INV
but likewise to establish
A CORDIAL FRATERNITY
aud goodwill among citizens, whateye
their race or color, who are now united ii
the one destiny Of a common self.goyern
ment. ....,
II the duty shall be assigned 10 me
should not fail to exercise the power
with which the laws and constitutions oi
our country olothe its chief magistrate
to protect all Of It's citizens whatever thei
former condition in every political and
personal rights.
+. REFORM Is NECESSARY.
declares tho 81. Louis Convention, to es
tablioh sound currency, restore the pub
lie credit, and maintain the nationa
honor; and It goes on to demand Judi
cious system Of preparation by public
economies, by official retrenchments, and
by wise finance which shall enable the
nation soon TO assure the whole world Of
It's perfect ability and its perfect willing
ness 10 meet any OF its promises at the
call Of creditors entitled TO payment. The
object demanded by the Convention is q
resumption of specie payments
In LEGAL TENDER NOTES
Of the United States. That would not
only restore the public credit and main
tain the national honor, but It would es'
tablish a sound currency for the people.
The methods by which this object is to
be pursued, and the means by which it ia
10 be attained, are disclosed by what the
Convention demanded for the future and
by what it denounced In the past.
The resumption Of specie payments by
the government Of the United States on its
legal tender notes would establish specie
payments by all the banks on all their
notes. The official statement made on the
26th Of May shows that the amount Of
bank notes was $780, 900, 900, less $20, ,0O0,-
900 held by themselves, Against these
S2s0,000,000 OF notes the banks, held
$l41, 100000 legal tender notes, or little
more than fifty per cent OF the amount.
But they also held on deposit in the Fed
eral treasury, as security for their notes,
bonds OF the United States worth in gold
about $3.50, ,O0O,0 900, available and current
in all foreign money markets.
Hr In REsUMuNG,
banks, even il 1t were possible for all
their notes to be presented for payment,
would have 500 millions Of specie funds
to pay $50 millions Of notes, without
contracting their loaps 10 their custom
ers or calling on any person for payment.
Suspended banks undertaking TO resume
have usually been obliged to collect from
needy borrowers the means to redeem
excessive issues and 10 provide reserves.
A vague idea Of distress is therefore as.
sociated with the process Of resumption,
but the conditions which caused distress
In those former instances do not now
exist. The Government has only 10 make
good It's own promises, and the banks can
take care OF themselves without distress
ing anybody, The Government is there.
fore the sole delinquent.
The amount Of legal tender notes OF the
United States now outstanding is less
than $50, 100000, besides SS4;000,000 Of
fractional currency. How shall the
Government make these notes at all times
rs good as specie2 1t has to provide in
reference to the notes which would be
kept in use by the wants Of business, a
central reservoir Of coin adequate to the
adjustment OF temporary fluctuations Of
international balances and as a guaranty
against transient declines artiticially cre-
ated by panic or byspeculation. It hls also
to provide for the payment in coin Of such
fractional currency as may be presented
for redemption and such inconsiderar
bic portions OF legal tenders as individuals
may, from time to time desire to convert
for specie use, or in order to lay by 10
coin their little stores Of money. To
make the coin now in the Treasury avail.
able for the objects of this reserve, to
gradually strengthen and enlarge that
reserve, and. 10 provide for such other
exceptional demands for coin as may
arise, does not seem to me a work Of
difficulty. II wisely planned and direct.
ly pursued, it ought not to cost any
sacrifice to the business OF the country.
It should tend on the contrary to revi.
val Vi HOpe uHu GpHnucNGGs
The coin in the Treasury on the 30th
OF June, including what is held against
coin certificates, amounted to nearly S74,-
100000. The current OF precious metal
which has flowed out of our country for
eleven years from July 1st, 1865, to June
30th, 1876, averaging nearly seventy.six
millions year, was eight hundred and
twenty.three millions in the whole
period, Of which six. hundred and seven.
teen millions were product Of our own
mines.
To amass the requisite quantity by in.
terrupting from the current flowing out
OF the country, and by acquiring from
stocks which exist abroad without dis.
turbing the equilibrium Of foreign money
market is a result to be
EASILY woRKMD OUT
by practical knowledge and Judgement
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 fun
ded. Whether they will continue as cur
rency or be absorbed into the vast mass
Of securities held as investments is mere.
ly question Of rate, Of interest they
beor. Even il they were to remain ssin
their present form, and our government
were to agree to pay on them a rate OF in.
terest, making them desirable as In
vestments, they would soon regulate
and take their place with the govern
ments, state, municipal and other corpo-
rate and private bonds OF which thousands
Of millions exist among US. In the per.
feet ease with which they can be changed
from currency into investment lies the
only danger to be guarded against in the
adoption Of general measures intended
to remove clearly ascertained surplus
that II withdrawn is no longer n
permanent excess beyond the wants Of
business. Even more mischievous would
be any measure which affects the public
imagination with the fear Of an appre-
hnndad acnrcitY In a community Mheta