Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1876-08-05

points touched on by The platform,
and interprits them fully, and gives
the following hsares Of the public
debt: Nine hundred aud eighty Ave
millions bear interest At six,per Gent.
in gold, and seven hundred and
twelve millions at FIVE per cent. i'll
gold The average interest is 5.5S
per cent. A financial policy which
which should secare the highrs. cred
/ it wisely awaited Of ought g adually
TO Obtain reduction OF Que per cent.
and interest on most OF the loans. A
saving of one, per cent. sn the average
would be seventeen millions year in
gold. That saving regularly invested
ut per cent. would in less than 3S
years extinguish the principal. The
whole 81, 700, 900 900 of funded debt
might be paid BY ihts saving alone
without cost to the people.
/ The proper time for resumption is ihg
time when wise preparations shall have
ripened haaa-a perfect ability to accom-
pish the object with II certainty and ease
that will inspire confidence and encourage
the reyivipY of business. The earliest
time, in which such a result can be brought
about Is the best, Even when prepafa-
itlons shall have been matnrcd, the exact
date would have to be chosen with refer
ence to then existing slate OF trade and
credit the operations in our OWE country
the course Of foreign conmerce aud the
cond ition oil exchange with other nations,
The specific measures and actual
date are matters of detail having ref
erence to ever changing conditions.
They belong to the domain Of practi--
cal administrative craftsmanship. The
captain Of u steamer, about starting
from New York to Liverpool does not
assemble council over his ocean
clart-aud fix an angle BY which to lash
his rudder for the whole voyage. HUI
man intelligence must do the work.
| A Legislative command fixing day
-an official promise fixing day are
shams, They are. worse they are a
snare and n delusion TO all who trust
them. They destroy ait confidence
among thoughtful men, whose juag
ment will at last sway public opinlon
An attempt to act on euch Il command
or such Il promise, without prepara-
ton, would end in pew suspension.
1t would be a fresh calamity, prolific
of confusion, distrust and distress.
Tie act Of congress Of the 4th Of July +,
1915, enacted that on and after XIII
uary lst, 1879, the secretary oil the
treasury shall redeem in coin legal
tender notes Of Z S on presentation
~ he office Of The AsslslAnl I[reasuIer
in the city Of New York. It. author
ICES the secretary TO prepare and pro
vide for such resumption " specie
payments by the use Of a2y surplus
revenueI not otherwise appropriated
and by using in his discretion, certain
classes of bonds. More than one and
a half Of the four years have passed,
congress and the president have con
tinucd ever since to unite in acts
which have leglslated out of exist
ence every possible surplus applicable
TO this purpose. The coin in tic
Itreasnry claimed TO belong 10 The
government on the 3oth of July, has
fallen to less than forty-five millions
Of doll.rs ss against lorty-nine mil
lions on the lst of January, 1875, and
4 the availability Of a part of that sun
is said TO be gu ,stionuble. The rev
enues are falling faster than appropfi
ations and expenditures are reduced
leaving the treasury with diminishing
resources. The secretary has done
nothing under his powe
!, Ito issue bonds. TIL,
| Legislative command and the oificia
T promise fixing day for resumption
have been made. There has been NJ
Eprogress there have been steps back
ward There is no necromancy IN tn
, the operations Of the governmcn,
5 The homely ideas Of every day If
are the best standards OF its conduc'
t A debtor who should promise to pa
a loan out Of his surplus income, We
be seen every day in spending all h
could lay his hands Oh in riotous iy
. ing, would lose all character for hon
i estY and veraci,y. His ollie
a of a new promise, OF HI
/ profession as 10 the value Of an 81
j, promise, would alike provoke der
1 sion.
The ST. Louts platform denouncy
J, the failure fer eleven years to max
e good the promises Of legal tendt
: notes; it denounces the omission I
h accumulate any reserve for their r,
: aemption; it denounccs the coudu,
J which during eleven years OF peaS
e has made no advance towards resumI
IS ton, no preparation for resumption
$ but instead has obstructed resumf
n ton by wasting our resources an
'f exhausting all our surplus Income, an
" while processing 10 intend speed
g resumption Of specie payments, hn
annually enacted fresh hipderanc'
le thereto, and having first dcnonpced VI