Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1876-08-10

deem in coin the legal-tender notes Of the United
StateE on presentation q the once Of the assis-
tast treasurer in the city Of New York II au-
thorised the secretary 20 prepaEe-and provide sor
SUCH resumpsicn OF spsrie payments by the use Of
any surplus revenues not otherwise appropriated
and by issuing in his discretion certain classes Of
bonds. More than one and . half a the four years
have passed. Congress and the President have
continued ever since 20 unite in acts which have
lesislated out Of existeace every possible surplus
applicable TO this purpose.
| The coin in the treasury claimed to belong 10
the government had on the 3oth Of June fallen 10
less than $i5, 0o0, 600, against S5s 600 600 on
the lst OF January, 1878, and the availability Of
! part Of that sum Is said TO be Questionable
| The revenues are falling faster than appropria-
tons and expenditures are reduced, leaving the
treasury with diminishing resources. The Sc
bonds.
The legislative command, the official promise,
fixing day for resumption have thus far been
barren. No practical preparations towards re-
sumption have been made. There have been no
| progress. There have been steps backward
eminent. The homely maxims Of every day life
are the best standards Of its conduct. A debtor
who should promise 10 pay loan out ofsurplus in
come vet be seen every day spending all he could
lay his hands on in riotous living, would lose
nj! character for honesty and veracity. His offer
Of new premise or his profession as to the value
Of the old promise would alike provoke derision.
The 81. Louis platform denounces the failure
for eleven years to make good the promise Of the
| legal-tender notes. Il denopnces the omission to
accumulate any reserve for their redemption. II
denounos the conduct which, during eleven
years Of peace, has made NO advance towards re
sumption, no preparation for resumption, but in
| stead has obstructed resumption by wasting our
resources and exhausting all our surplus income,
and while protesting to intend q speedy return to
specie payments, has annually enacted fresh him
ORANGES thereto; and having first denounced the
barrenness Of the promise Of a day Of resumption
| il NJ It denounces that barren promise ~ him
drance to resumption. IL then demands its re-
peal, and also demands the establishment Of ju-
dicious system Of preparation for resumption
II cannot be doubted that the substitution of
| a system Of preparation without the promise of a
day for the worthless promise of day without
system Of preparation would be the gain of the
substance Of resumption in exchange for its shad-
ow. Nor is the denunciation unmerited Of that
improvidence which in the eleven years since the
peace as'consumed $3.50, 900, 900, and yet could
not afford TO give the people a sound and stable
| currency. Five and a-haf per cent on the ex-
penditures Of these eleven years. or even less.
would have provided all the additional coin need
full to resumption.
The distress now felt by the people in all their
business and industries though il has its princi-
pal cause in the enormous waste of capital occas-
toned by the false policies Of our government,
has been greatly aggravated by the mismanage-
ment Of the currency. Uncertainty is the prolific
parent Of mischief in all business Never were
10 evils more felt than now. Men do nothing
because they are unable to make any calculation
! on which they can safely rely. They undertake
nothing because they fear loss in everything
they would attempt. They stop and wait The
merchant dares not buy for the future consump-
ton of his customers.
The manufacturer dares not make fabrics which
may not refund his outlay. He shuts his factory
and discharges his workmen. Capitalists cannot
lend on security they consider safe and their
funds lie almost without interest. Men of enter
prise who have credit or securities to pledge will
not borrow. Consumption falls below the natu-
raj limits Of u reasonable economy. Prices of
many things are under their range in frugal spe-
cie-paying times before the civil war. Vas; mas
ses of currency lies in the banks unused A year
and a-half ago the legal-tenders were al their
largest volume, and the twelve millions since re-
tired have been replaced by fresh issues Of fifteen
millions of bank notes
In the meantime the banks have been surren-
dering about four million month because they
cannot find profitable use for so many of their
notes. The public mind will no longer accept
shams. 1t has suffered enough from illusions
An insecure policy increases distrus,: an unsta-
bic policy increases uncertainty. The people
need TO know that the government 10 moving in
the direction of ultimate safety and prosperity
and that il is doing through prudent, safe and
conservative methods which will be sure to in
fict no new sacrifice on the business of the couu-
try.
Then the inspiration of new hope and well
founded confidence will hasten the restoring pro-
cesses Of nature, and prosperity will begin TO
turn. The st. Louis con ention concludes its
expression in regard to the currency BY a decla-
ration of its convictions as to the practical result
Of the system Of preparations it demands 1t says:
" We believe such a system well devised, and
above all intrusted to competent hands for execu-
ecution, creating at no time an artificial scarcity
Of currency, and ut no time alarming the public
mind into a withdrawal Of that vaster machinery
Of credit by which ninety-6ve per cent. of all the
business transactions are performed.
system OPEN public, and inspiring general
confidence would from the day Of iis adoption
bring healing on its wings to all our harrassed
industries, set in motion the wheels Of commerce,
manufactures and the mechanic arts restore en-
ployment to labor and renew in all its natural
sources the prosperity Of the people. The gov
eminent Of the United States, in my opinion, can
| advance 70 a resumption Of specie payments on
its legal tender notes BY gradual and safe process
ses tending to relieve the present business dis
tres.
II charged by the people with the administra-
ton Of the executive Office should deem il duty
so 70 exercise the powers with which il has been
| or may be invested by Congress as best and soon
est TO conduct the country TO that beniicent re-
| sult-civil service reform. The convention just
" affirms that reform is necessary in the civil
service-necesSary TO publication necessary 10
its economy and its efficiency, necessary in order
that the ordinary employment Of the public bus
iness may not be prize fought for at the ballot
box, brief reward of party zeal instead Of post
of honor assigned for proved competency and
| held for fidelity in the public employ.
The convention wisely added that reform is
necessary even more in the higher grades OF the
public service. President Vice President judges
Senator's Representatives Cabine; officers-these
and all Others in authority are the peoples
wants. Their Offices are not private perquisite,
| they are public trust. Two evils infect the
public service ofthe Federal Government One
is the prevalent and demoralizing notion that the
public service exists not fer the business and
benefit Of the whole people, but for the interes,
OF the ofhce-holders, who are in truth but the
| servants Of the people. Under the influence Of
this pernicious error public employments have
| been multiplied: the number Of those gathered
into the ranks Of ofice-hodcrs have been steadily
increased beyond any possible requirements Of
the public business; while ineffieiency, pecula-
| ton, fraud, and Manifestations Of the public
| funds, from the high places Of power 10 the low
est, have overspread the whole service like .
| leprosy.
The other evil is the organization Of the official
class into a body Of political mercenaries gov
| erning the caucuses and debating the nomina-
tons of their own party, and attempting to car
~ the elections OF the people BY undue influence
and by immense corruption funds, systematical-
~ collected from the salaries or fees Of office
| holders. The official class in other countries,
sometimes by its own weight and sometimes in
| alliance with the army, has been able to rule
, the unorganized masses even under universal
SURFACES. Here il has already grown into . gi-