The Russellville Democrat., 1876-08-17

nized by the St. Louis platform
 on the basis of the Constitution o
 the United States with it's amend
 ments, universally accepted as ;
 final settlement of tue controycr
 sies which engendered civil war
 But in aid of a result so benefi
 cent, the moral influence of every
 good citizen, as well as ever,
 governmental authority, ought t
 be exerted, not alone to maintair
 their just equality before the law
 but likewise to establish a cordl
 al fraternity and good will among
 citizens, whatever their race ol
 color, who arc rew united in tht
 one destiny of a common sclf-gov
 ernment. If the duty shall be as
 signcG to me I shall not fail to ex
 ercise the power which the laws
 and the Constitution of oul
 country clothe it's Chief Magis
 tratc to protect all it's citizens
 whatever their former condition
 in every political and persona
 light.
 RESUMPTION OF SPECIE PAYMENTS.
 "Reform is necessary" declares the St. Louis convention, ito cs
 tablish q sound currency, restore the public credit and maintain the national honor,n and it goes on to demand a judicious system of preparation by public economy by official retrenchments, and by wise finance, which shall enable the Nation soon to assure the whole world of it's perfect ability and it's readiness to meet any ot it's promises at the call of It's creditors entitled to paymenti The object demanded by the Con vcntioh is. resumption of the specie payment of the legal tender notes of the United States, that would not only restore the public credit and maintain the National honor, hut would establish a sound currency for the people. The methods of which this object to be pursued and the means by which it is to be attained are dis closed by what the convention demanded for the future and by what it denounced for the phst. The resumption of specie pay ment by the Government of the United States on it's legal tender notes, would establish specie pay ment by all the banks in all their notes. The official statement made on the 18th of May shows that the amount of bank notes was $300,000,000 less. $2G,0OO, 000 held by themselves against tho $2S0, ,000. .O00 ofnotes. The banks held l4l,00O,000 legal tender notes or little more than fifty per cent. of their amount, but they also held on deposit in the Federal treasury as a security for these notes, bonds of the United States in gold $360, 100000 avail able and current in all foreign money markets. In resuming, banks, if it were possible for all their notes to be presented for payment would have $500, 900, ,000 ofspccie funds to pay $2S0,000, ,000 of notes without contracting their loans to their customers, or call ing on any private debtor for pay ment. Suspended banks under taking to resume have usually been obliged to collect from needy borrowers means to redeem cX- ccssive issues and to provide re- serves. A vague idea of distress is therefore often associated with the process of resumption, but the conditions which caused distress in those former instances do not now exist. The government has only to make good it's promises and the banks can take care of themselves without distressing anybody. The government there fore is the sole delinquent. The amount ofthe legal tciider notes of the United States now out stahdin9 is less than $370, 100000 besides $3l,000,000 of fractional currency. How shall the govern ment make these notes at all times, in reference to the mass which would be kept in use by the vents of business, central reservoir of coin. adequateLto the adjustment of temporary fluctua- tions of internal balances and as q guaranty against transient drains artiflcially created by pan lc or by speculation. It also has to provide Tor the payment, in coin, of such fractional currency as may be presented for rcdempt ion, ahd such inconsidcrable DOT Lions of legal tenders as individu- als may from time to time desire to convert for special use, in order to lay by Tn colt, their little stores of money. So to make the coin now in the treasury available for the object of this reserve, to grad ually 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 difficulty. If wisely planned and discrectly it ought not to cost any snarit tirn tn thu hpginoo of 4I,