, 1876-08-12

IrE.til-S-
t9,s mount Of c.lrreuc- necessary et given time
r-uHot De determined arbitrarily, and SHOULD be-
sumel on conjecture that rs annuat Is subject 70
both permanent a1i temporary cti'Ixas- An en-
IaTg iae4ft II J. which scented 10 oe outate, hap
r-,d al the beginning Of tie clSlI wAr 10y >utstl
Igt-i u. of currency in the place OF Individual
Crelis; T. varies with IKE ut si.vs % ouseS Il
fuc,cates with regularity al different seasons Tor
Instance Whet buyers Ul gI2ln aud utiIT AgElel!iu
.il p.J.u-.s begin their occupations they usually
Ieei o. borrow gsp:ts! on cIlcuLtnS credits by
,ft-f. 20 u-Ea r-ryhl,as aEf want these funds IN
currency -,te C.. h ing distributed ~ l-;'slt sums
among mum rOgs li-r an additional n-ti oi cur-
rggry n su times q, tlgr more per cent. Ut the
Whole VOLUME. and D. surplus t-y oiiA what 's r.
oulre.! ior ordinary use dos LOT lSpt@h % b. on
land al TIE money ccntsTs q sctrt'y cI currency
,,,l,es ana !-o -. ..n-tu-y IN the loan market &c
was ln reference sle experiences that N tie dis
e-slan q! tS subject N ny tuIiu - message 10 the
Sew lura lers.atus m :nriIE' io''ra - s>t.oa
WIS made that The federal government N'S aNuu! 10
rei.gra eve portion oi rs Issue which the pnn.lc
dos r0l W..L 70 Gsa. Having asSu.nlt - lEoLCFO-
luz the 7uurly Gt currency an: enacted exclusions
as4.r-t everybody else, II Is bJuUi 70 furnish all
NLIrh the wants OF business require the system
should allow the volume Of clrculttILg creutS to
ehh and Il w according 70 every changing want ot
t:siuts- should infinite S closely a. is7~i5 tie
natural lIs- uf trai> which It lts SGIeTSeiei by
arr q iIi conuiyanoe7. IL sE"'lar discussion II
ny message OF January, 1875, It wtS sad that re-
slIup-IDn -hOull BE gi.-t-i - -uch measures -
would E-rp st2,--s..e amount OF currency -~l--
time An l,tficil scarcity, AMI without exciting pa5
le ir4gilittIln WIKI l'fas wh.cE mp ar conf eEcs
anl contract the whole lars machinery crelt and
disturb the natural operations of business.
Public economy. ohga! rttIeir nseGt and "se
An Do. az. ipe rs Wlrf te Sc Louis convention IL
diclte! IS provision !or re our'rs All redemption
Tie best resource l. Ie!urtOD o. eS2-5isS Oi t!5
government below ~ Income lpf t.Iti imposes no
new c,au-- On TIE people l., 40" egrr liEQrpYtrnce
ami s--,e, which have e,nlue.el 1t 80 period OF
falling oae us . supp elneHt tn@ results
~ e..,si-s AM Te;rsus.ueu,s by some resorts %
Loans, We shJul not hesitate. The government
ought uaG - spa, Ultte Ua its ds-Ou1r IN order
80 ave II.-res; il broken promise which a. stIl
cuup.Is private individuals to ac-qt Et tictIt oas
par The highest national honor - not only right,
hut would prove pryttIOa- The public debt Of nine
hundred and eghty-tlye millions bears interest at
Der cent il gold and seven hun Ire! AMI t~e.v- NIL
lions al per cent. IN GOLD The average interest
as ) IS Per cent. dnincih policy wA.ah should
snf.- the highest credit, and wisely aTaIie,i Of
ought plua,ly 70 obtain reduction OF per cent
interest most u. the OIUs. 4 stvE.gof perc mt
on the average would he one hun rei and seventy
seven millions year II gold that stNlI, regularly
invested 10 4 per cent. would IN less than s. years
sxfiagu,h lie principal AMI the whole one thousand
seven hundred millions Ci funded debt night be pail
by jA.S saving alone, without cost u TIE people. II
a 1-,t yNJH, Wucu pdtuUS shall have 5eeu latuT
ell on ;a exact debt, t!.t u gssJLL 10 he s'>
with reference 20 the sting state tIl c AZ credit
operations IN oar Ugn country, and the course Of
foreign commerce. and condition OF exchange Hiih
Other nations.
T. Specific measures and actual dates are matters
of -, AL u.yI: reference to ever changing conditions.
They belong TO the domain Oi practical 4.uIuStI.l-
tive Craftsmanship. The captain Of a ST. amer about
ztrt.-s frouI New Eok 90 Liverpool does IOt ;lSs-Ia-
h.e "a cUuuci. over his ocean chart hIuIu lAlelii-
.srl,- uc 1T lie helm TO pIge the shifting fJr
of waters and Winds, % fse The clements day ty
day, guide 10 mastery over them such preparations
are nothing without them. legislative committee
fixing a day and o,i El promises are s'.uls. among
tLoU-Etlul Il, whose Jul l,aIient viii 4r lest sway
EGa.g uVlHUu, au attempt TO act gu s--n clIl.rrd
or Uo., promises, without pr-I'G7ston, "oul end N
new su,I rusiuu; Il wuU.d be fresh c-l-.A..y pro
/ In OF confusion, cist.tlsJ and distress.
Tie a1; ul Congress Il July H. 1917 enacted that
u-. an after the Ist July. 1873, the Secretary ot
the trI-u4ry =hali relre.u, Ia eJlu .! zen er notes
Of Ae Unite; states, n.rS=Utatl at Ike office Oi
asa stan. treas, Ia New Gu.k Il authorizes Tie
Secretary 20 prepare and provide Tor snci! ,esuap,ru
q. specie payments UE use cf --y Surplus revenues
nac y,se. appropriated, ,anl uy :--u;uy l,S dis
gTeC.ru c.rtaIu c.ts--s of bO..s- Ln.u t;.E and
/ -tlt ot tour ygrs have passed aG4 Congress and
tire ffr-l,-u. have CDuuau-l since 40 unit IN
v4sc. l..=- leg-.s-4ts,! cug # eTtry
pa-,lg.. surplus applicable 10 HIS purpose Iae
tu- tt. Iys channel TO DJug 20 tie Govern
Iu-ur, l.l on the jr,h Cf July, tlgn C. less t..a
io-Jy-ive a.i-uIs OF DO !gss lz+sg hity-n.Ge mll-
lions ut ,ul.4TS On jac ilst II July, IS.j ami the
as1l5Ig OF ir, @. tLe SUM Is sali 40 be question:
able. IAe TUas -,-!Ins faster f:l,u sIU~D-
yTlrt Cus i-I expenditures are -e4Igei .gl.lg tie
/ tsg-s.-y with lI.iinI-i.-u resources I- -e--s.vy
h.- done Ir,llgy uuirT h.s power to issue bones
! lire -r.~l4'.Tr command ana CLUni yggmi e. HNiuy
! - LAY %. r-=unpsCn "e been made, uat there las
been o-4.sy IA t oga..fuls o.. Co.. uvafItsua.t
-.s L-.ssIE -E-Es UI every ga. .-.- .iFs t.a- .5.
s,,I,i. II Us esa!u.t. .a-,r WHO -,U.. r. 80
lS's 10 pay han rGt .! "a surplus income, yet b.
/ -raE every Jay -.-ujIu- IL sr yGGN iJy las Aru.s
.oI> lIv "a, No.l l,s- g. character . iar-
es'E, al GIs C..sr IL "a N ..ou.s, ur .ls gluis--
s.aH "a .n '-s 'a-uc OF CD l.'1:.a-~1 T-all .I-=
/ provoke Ir-s'oa-
!
use .ar eleven years 20 mike =oal r.e p-,-a-
( j-e- + the -s.i t~rd-r notes 20 GcurIa-,,
/ the omission to accumulate auy reserve i.r
rhsIr redemption /, dyI5pae.s 'br conduct
/ which, during eleven years oi lr-ae, has
made no advance toward reSiE..p-sr., 10 prep
araiian for Ir-umgjiuu; Ui.' lE-,saI, has 10
/ stIgc',a resumption by wasting cur resources
and rxhausflug all our surplus income. amd
h:ie protesting e. intend speedily 10 rsssu-n..
s;=cIa g..yIn- G.;s, has aunua.!y enacted fresh
htliGs.suc, thereto, and htyin-- FRS G-uYuac-
1 "a The naSSursS OF = promise %. day Of IT,
sumption, i n Y Grnuuurr- har barren lru,u-
/ i-c As q k.uirauce ., = sump Ipn; II then dc
nsud> H. repeal, aud also demands the c--
iIail-hlg- "a % lg-IaIuU- system ut pfr.sr.-
non toy r,SumpIoA. II c.rn5f be- doubted
bat 'ho substitution If system ui prepare
f.sa "! hou- promise o.: Il aay, iur The VIZ h.
!e-s promise Of Il day, without "a system, Of
/ Vveia5a Ign, wuu!& 6t The gain OF the sub
stance OF resumption, IL exchange for IL
shadow. Nor 5 druuacia'IJn uumrri al of
taat imp7ovid-uc5 which in he rIry-u ysurs
since pace which h.z consumed forty five
! thousand million doiaTs and Yet could not
al I'd to give the ? uple sound and stable
currency. Two and hall per cent Of The
eSprudl ure Of rhe-. --vcn ye.y- cr Il would
have provide! al! The aGji IJual cola uarG.u!
to resumption. Tho distress BOW irIr by he
people IA al; taaic business industries. though
il hE7 - principal cause Ia tho enormous
waste OF capital ocea-ion.d hy the falsr pol
clss Of our govern .rea', has been greatly az
Sgava.-i Is ls..-..I2 n1 rIeut @! the currency.
Uncertainty i rhe profile p,rs:' CT mis-
chief III all business. Never geTs is evils
more ie!t than nov. &eu do nothing be
cause, they are unable % make any ctlcua-
tioas - which they can safely rely they
undertake nothing, 5=cagss they are al loss
II every thing they would attempt; they
stop and wash; lie merchant darss not buy
Tor the future consumption Of his customers:
the manufacturer da-es nor make fabrics
which may no; refund h:s outlay he shut,
bis factory and discharges MS sorkmeu;
capitalists cannot lend GA security they ID
not cuu>-d. safe, aud their funds lie allno-;
"I'huuI interest; men with eng,-pris-. who
have creditors 10 pledge, viii not borryw
consumption has fallen below the natural
limits OF reasonable economy prices Of many
things are uuder he range OF the frugal spe-
cje payment times before the civil Mar. Vast
mass Of currency lie in hands unused,
year and half ago legal tenders were
az their largest volume and Sl2, ,C0O. GOO since /
:rilrei have been replaced by fTe-h is-u Of
SIVO,UtO,OU0 Of bank notes Ia the mean |
uHir, The banks have been surrenGefing about /
i"1r millions Pr month. because they cam /
nlf IND pTlti-lbIs u.s flE 50 maay u theiE |