The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-08-16


The distress now felt by the peo
pie in all their business and indus.
tries. though it has its principal
cause in the enormous waste of cap
ital occasioned by the false policies
Of our government, has been greatly
aggravated by the mismanagement
of the currency. Uncertainty j. +bo
prolific parent of miseh-,I,e in ali
business. Neve. were its evils more
Ieit than now. Men do nothing be-
Cause they are unable to make any
calculations on which they can safe
ly rely. They undertake nothing
| because they fear loss in every
thing they would attempt. They
stop and wait. The merchant dares
not buy for future consumption 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 idle ;men of enterprise who have
credit or securities to pledge will not
borrow; consumption has fallen be-
low the natural limits of reasonable
economy; prices of many things are
under their range in frugal specie
payment times before the civil war !;
vast masses of currency lie in banks
unused.
A year and half ago. legal-ten-
ders were at their largest volume
and $12,OO0.000 since retired have
been replaced by fresh issues of
$15, 100000 of bank notes. In the
meantime, the banks have been sur
rendering about $4,000,000 a month,
hence they cannot find a profitable
use for SO much of their notes. Tue
public mind will no longer acce,,,ir
shams. 1t has suffered enongn from
Illusions. An insincere policy in
creases distrust, an unstable policy
increases uGcertainty.
The Remedy.
The people need to know that the
Government is moving in the direc-
ton of ultimate safety and prosperi-
ty, and that it is doing so through
prudent, safe and conservative
methods, which will be sure to infiict
no new sacrifice on the business of
the country. Then inspiration of
new hope and well founded conf
dence will hasten the restoring pro-
cesses of nature, and prosperity will
begin to return.
The St. Louis Convention con.
cludes its expression in regard to
currency by a declaration of it's con-
victions as to the practical results
of the present system of prepara-
tions. He says: "We believe in
such system, well devised, above
all intruste6 to competent hands for
execution, in creating at no time an
artificial scarcity of currency, and at
no time alarming the public mind
into a withdrawal of that vast ma
chinery of credit, by which 60 per
cent. Of all business transactions are
performed system open, public,
and inspiring general confidence
that would, from the day of its
adoption, bring healing on it's wings
to all our harassed industries, set in
motion wheels of commerce, manu-
features and the mechanic arts, re-
store employment to labor and re-
new in all its natural sources the
prosperity of the people. The
Government of the United States,
in my opinion, can advance to a re-
sumption of specie payments on its
legal tender notes by gradual aud
safe processes tending to relieve the
present business distress. If charg-
ed by the people with the admins
tration of the executive office, !
should deem it a duty to exercise
the powers with which it has been
or may be invested by Congress as
the best and soonest to conduct the
country to the benefcent results.
The DemOralized Civil Service.
The convention justly af11rms that
reform is necessary in the civil ser.
vice-necessary for its publication.
necessary to its economy and eff1-
cheney. necessary in order that the
ordinary employment of pnblic busi-
ness may not be prize to fight for
at the ballot box. reward OF party
zeal instead of posts of honor as
signed 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 public service. The
President, Vice President, Judges,
Senators, Representatives, Cabinet
officers, these and all others in au-
thority. are the peoples servants.
Their offices are not a private per-
quisite. They are a public trust.
Two evils invest the official service
of the Federal Government. One is
prevalent and demoralizing to the
nation, that public service exists not
for the business and benefit of the
whole people. but for the interest Of
the Office holders. who are, in truth,
but the servants of the people. I'm
der the influence of this pernicious
error public employments have been
multiplied; numbers of those gath
cred into the ranks of office-holders
have been steadily increased beyond
any possible requirement. Of the pub
lie business, while inefficiency. pecu-
lation. fraud and maIversation OF
public funds from the high places OF
power to the lowest, have overapread
the whole service like . leprosy-
the other evil is the organization OF
the official class into a body Of po-
litical mercenaries, governing eau.
cusses and debating the nominations
Of their own party, and attempting
to carry elections of the people by
undue influence and by immense cor.
ruption funds, Systematically col