The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-08-08
Insuppessable MisSovernment I'm
- ,oaeSa nm ahA 9tafea Of the South.

Besides the ordinary euoCeo VI iSaV
rant and dishonest administration, 1t has
inflicted upon them enormous issues OF
fraudulent bonds, the scsnty avsils OF
which were wasted or stolen, and the
existence of which is public discredlt,
tending to bankruptcy or Reputation.
Taxes generally oppressive in some
instances have confscated the entire in
come OF property and totally destroyed its
marketable value. 1t is Impossible
that these evils should not react upon
the prosperity of the whole country.
The noble motives of humanity concur
with the material interests of all in re-
curing that every obstacle DO removed,
to be complete and durable reconcilia-
ton between q kindred population once
unnaturally estranged, on thebasis recog-
nized by the st. Louis platform, OF
The Consultation OF the United
States. with It's Amendments
universally accepted as a final settlement
of the controversies which engendered
the civil war. But in aid of a result so
benefcient, the moral influence
of every good citizen as
we'll as every governmental authority,
ought to be exerted, not alone to MAIN
tain their Just equality before the law,
but likewise to establish cordial fra
ternity and good will among citizens,
whatever their race or color, who are now
united in the one destiny ola common
selfgovernment. If the duty. shall be
assigned to me, should not fail to exer-
else the powers with which the laws and
the constitution of our country clothe its
chief magistrate TO
Protect all Its Citizens. Whatever
their Former Condition,
IN every political and personal right.
Reform is necessary, declares the st.
Louis convention, to establish a sound
currency, restore the public credit, the
maintainance of the national honor, and
it goes on to demand judicious system
OF preparation, by public economies, by
official retrenchments, and by a wise
finance, which will enable the nation soon
10 assure the whole world Of its perfect
ability and Its perfect readiness to meet
any of its promises, at the call OF the
creditors entitled to payment. The
object demanded by the convention
is resumption OF specie payments
on the legal tender notes OF the United
States, that would not onl y restore the
public credit and maintain the national
honor, but it would establish a
sound Currency for the People.
The methods by which this object is to
be pursued, and the means by which
1t is to be attained are disclosed
by what the convention demanded
for the future, and by what il denounced
in the past. The resumption OF specie
payment by the government ct the
United States on It's legal tender notes
would establish specie payments by all
the banks, on all their notes. The OIL
cial statement made on the 18th OF NJ y,
shows that the amount of bank notes was
three hundred millions, less twenty mil
lions held by themselves. Against these
two hundred and eighty millions OF
notes, the banks held one thousand four
hundred and seventeen millions OF legal
tender notes, or little more than fifty
per cent of their amount, but they also
held on deposit in the
Fedora Treasury ~ security
for these notes, bonds Of the United
States, worth in gold about 1860, O00,OOO,
available and current in all the foreign
money markets In resuming, the banks,
even VI it were possible tor all their notes
to be- presented for payment, would have
five h. ndred millions OF specie funds to
psv two hundred and eighty mil
Ii ms of notes, without contracting their
loans of their customers, or call on any
person Tor payment. Suspended banks,
undertaking 10 resume, have usually
been obliged to collect from needy bor-
rowers thr means to redeem eAces-
sive issues, and to provide reserves. a
vague idea of distress Is therefore
associated with the process of resump-
ton. but the condition which cause dis
tress i'm those former instances,
do not now exist. The government
has only to make good its own promises
and
R.uLs cau Take Care Of Themselves
without Distressing Anybody.
The government is therefore the sole de.
linquent. The amount of legal tender
po,es of the United States now outstand-
ing, is less than $%7O,OOO,O0o, besides
S3i, 900 OO0 of fractional currency. HOW
shall the government make these notes
a, nil times rs good As specie. IL has 10
proy;de in reference to tho mass when
would be kept in use by the wants OF
business central reservoir OF coin, ade-
u,iate To the adjustment oil the temporary
fluctuations of international balances, ana
Nc =. guarantee against transient drains
artifcially created by panic or by specu'
lstion. 1t has also TO provide Tor the
psvment IN coin of such fractional cur
rency Ms NAV be presented for redemp.
tim and such lnconsiderable portion oil
the legal tender ss individuals may rom
time TO tire, desire to convert for speciai
USE or in order to lay by in coin iheir
little stores of money. To make the
coin in the treasury available for OBJECTS
of this reserve; to gradually strengthen
aud enlarge that reserve, ana 70
nroyids for such other exceptional de-
msnds tor coin as may arise, does not
seem to mo work of difficulty. Ii
wisely planned and disereetly pursued 1t
ought
Nm, IN Cost Any Sacrifice to the Busi
ness Of the Country.
II should tend, on the contrary, to re-
vivsl of hope and confidence. oo,,
The coin IN the treasury on the 3oth
Of June, including what is held against
coin certificates, amounted to nearly sew.
enty-four millions. The current OF
precious metal which has flowed
ont of our country for the
eleven years from July lst 1860,
TO June 30, 1876, averaging nearly
seventy six millions year, was e'sLt
hundred and thirty two millions, IN the
whole period Of which SIX hundred ana
seventeen millions were the products oil
our own mines To smass the requisite
quantity by in,erruptlng from the cur
rent flowing out of the country, and sc-
ou,riny from stocks which exist abroad