Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1876-08-30


trainers. At the close of the war
one of his grounds of quarrel with
the party in power, was that 1t did
not at once engage actively and ell
ficiently in preparations for their
redemption. The process, as he
showed at great length in his mes
sages, was easy and practicable,
provided it should be persistently
pursued. Demonstrating with the
clearest perception Of the funda-
mental principles of currency that
even after the reaction of 1872 be-
gan moderate issue of of green
backs would do no good, or have
no effect toward arresting it while
an indefinite issue would provoke
additional disaster, he advised In
the first place that the revenues OF
the government be increased so ms
to produce a surplus without re-
sorting to new taxation ; secondly,
that suiliciency of gold should be
amassed in the treasury, from our
outfowing streams or from our
markets abroad, to form an ade-
ouate reserve to meet the demand
for expectation, and to assure the
people that the supply would not
be exhausted; and, thirdly, that
the legal tenders be converted into
interest paying investments on the
holders accept, and in such ways
aswould keep the aggregate amount
of the currency self-adjnsting dur
ing all the process, without creating
an artificial scarcity, and without
disturbing the natural operations
Of business.
Now, in the light of this brief
exposition, it will be seen that
there is a wide difference in the
treatment of the currency question
by the two platforms. The one
simply evades it by a barren gen.
crafty; the other meets it with
wise, practical suggestions. The
one simply says that we are to
get at the end, the resumption of
specie payments, some way or other,
in some way or other not disclosed ;
the other, that we must about it,
not by promises, but by actual pre-
parations. The Democratic symbol
is much the most explicit, full and
peremptory: 1t states the end to
be aimed at, viz: "to establish Il
sound currency, to restore public
credit, and maintain the national
honor" 1t denounces the legal
tender notes for the first time in
any political credo, as broken and
dishonored promises. 1t points to
the means of their redemption
ECONOMY, retrenchment and wise
finance"-and it arraigns the party
in power for their dilatory, I'M
meaning and futile pretexts, which
hive fed us with words without
deeds, and delayed and hindered
recovery to the detriment Of every
business interest.
i am aware that many men of ex-
cellent judgment and purpose hold
that the clause of the law of JAN,
1875, designating a precise day for
resumption, is the shibboleth of the
whole cause. Our eloquent col
league, Mr.. Schurz. though he de-
bounced the general law in the Sem
ite as a mere decree which would
accomplish nothing, has come to re-
gard this clause as pledge of our
rational faith and honor. But |
cannot so look at it. The clause,
ike the law itself, was passed in
he ordinary course of legislation,
md only engages US to resume at
yiven time, provided such resump-
ion is found to be possible and
practicable. If, however, it should
urn out that it is not possible or
practicable, it ought to be repealed.
The whole thing, as Gen. Hawley
iaid, and the Republican Conven-
ion enacted, is a question of detail,
md not of principle. Resumption
Itself is a question Of honor but
he exact time for RESUMPTION, the
specific measures, the discreet pre-
are, as Gov. Tilden ar
CUES, business questions to be dealt
with, in view of the state of trade
md of credit operations in our own
the course of foreign COM
nerce aud the condition Of the ex-
change with other nations, the
amount of the precious metals, and
he stocks from which a supply
would flow without undue disturb
lnce of the markets of other coun-
ries.
The designation of particular
lay for the performance of an act,
n an adverse or torpid state of
opinion, may have beneficial eff
'ect in stimulating the necessary
preparations; but it may have also
contrary effect by lulling opinion
nto n false security by means of q
promise when the circumstances
demand deeds. Edmund Dwight,
Of this city, one of the ablest and
most experienced financiers, a Re-
publican and q contractionist, in a
most elaborate and carefully con-
,ested discussion of the subject (see
Evening Post of March, 1876 re-
the experiences of other ma
ions, as well as our own, showed
hat while the law itself was un-
constitutional, this particular clause