Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1876-10-26

storm. In some places the snow was two
feet deep.
AT Cabinet Council held in London,
on the 18th, it was decided that the ex-
istence of war between Russia and Tur-
key did not create condition demanding
England's interference, and that she was
not called upon, either by the text of
treaties Or moral obligation, to defend one
empire against the other
Ex-Secretary McCulloch on Re-
IA sumption.
In an address before the recent Bankers
Convention at Philadelphia, Hon. Hugh
McCulloch said: There is, apprehend,
very little difference among bankers as to
the effect of an irredeemable legal-tender
currency upon business and the public
morals. The vital question now is, what
is to be done to restore the specie standard
and bring about specie payments? So far
it must be admitted that very little has
been done to accomplish this most desira-
BILE result beside the passage of an act
pledging the Government to resumption
of the United States notes in 1879. Now,
gentlemen, nobody understands better
than you do that this act will be nullity
without speedy legislation to sustain it.
Hopeful as we may be In regard to the re-
Operative power of this great Nation,
none of us is sanguine enough to suppose
that the desired object will be attained
without legislation of some kind. We were
told some years ago, by gentlemen stand
ing high in the public estimation, that the
currency question would take care of it
self; in word, that specie payments
would be brought about by the natural and
inevitable growth of the country. I think
its advocates must admit that the let-alone
policy has not worked satisfactorily, and
that some steps must be taken, some plan
adopted by Congress, if specie payments
are to be resumed, will not say in 1879,
but at any time.
Now, what shall this plan be? A very
simple one has been suggested, which /
think would be effective-that Congress,
at the next session, pass an act declaring
that the United States notes after Jan. /.
1879, shall cease to be legal-tender, and
authorizing the Secretary of the Treasury
at once to offer, in even exchange for
them, bonds bearing interest at the rate of
four per cent, payable at the pleasure of
the Government after thirty years, princi-
pal and interest payable in gold; the banks
to be compelled to retain the gold received
by them for the interest on their bonds de-
posted with the Treasurer; banking to be
free after resumption.
My own opinion is, with submission to
the better Judgment of the convention,
that by some such plan as this, which has
no enforcement about it, the specie
standard would be restored without pref
udicing the revenues, deranging bust
ness, or reducing prices. The United
States notes not exchanged for bonds, be-
ing still receivable for all public dues ex-
cept duties upon imports, would not be
deprecated by ceasing to be a legal tender.
The bonds bearing only four per cent. in
terest would not be sufficiently inviting to
withdraw from circulation dollar needed
for business purposes. If such bonds had
been offered in exchange for legal-tender
three years ago, believe we should be
close on to specie payments. This is one
plan. [ shall be gratifed if better one
is presented for the consideration of the
Convention. | am very certain that there
is no real ground for apprehension that
return to specie by any measure that may
be adopted by Congress will reduce the
amount of money in circulation so as to
embarrass trade or check healthy enter
prise.
A belief exists throughout the West,
and nowhere more generally than in my
own State, that return to specie must in
juriously affect prices and add to the en-
barrassments now existing. On the con-
trary, [ believe that it is resumption
which is needed to restore confidence,
without which business always stagnates
that instead of making times harder it
would improve them-instead of reducing
prices it would advance them. Ina word,
I believe that it is resumption that is need
ed to lift the country out of the "slough
of despond'' into which it has been sunk
for the last three years. What is needed
in our case is less ciphering and more con-
6dence in our ability and resources. A
country that to the amazement of the
world commenced the payment of her debt
within six months from the close of the
war which she had waged for four years
with an unparalleled expenditure of life
and money, and which, in the ten years
Immediately following that war, has re-
7duced her debt nearly 81 900, 000, 900, and
done so to large extent by anticipating
the maturity. of her bonds, cannot plead
poverty as an excuse for permitting less
than $4OO, 100000 of her promises, payable
on demand, to be dishonored and depre-
ciated. If the legal-tender notes are not
to be redeemed at an early day, it will not
be because the Government is unable to
pay them, but because the people will not
authorize it. s5Hu
The present is in many respects a fav-