The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-08-05

made that the federal government Ii
: bound TO redeem every portion OF ia
issues which the public does not wish "a
use. Having assumed to monopolize the
supply Of currency, and enacted exclu-
sions against everybody else;it Is bound
to furnish all wants which business 10.
quifes. The system should possibly al
low the volume Of circulating credits to
cbb and flow according toeVery changing
want Of business o. +' .'. .-' f..-., n n
TTsHoULD INITIATE 4p
as closely as possible the natural laws Of
trade which It. has superseded by arti6-
cial contriyances, and ina similar dis.
cussion In my message Of January 4,
1876, il was said that resumption should
be effected by such measures as would
keep the aggregate amount Of currency
self.adjusting during all the process
without creating at any time an artificial
scarcity and without exciting the public
imagination with alarm which impairs
confidence, contracts the whole machin.
cry Of credit and disturbs the natural OPP
erations Of business. f Wa. "a
PUBLIC ECONOMIES, OFFICIAL RETRENoH.
MESTs, sH @.i
and a wise finance are tie means which
the St. Louis Convention indicates as the
provision for revenues aud redemption.
The best resource Is q reduction Of the
expenses Of the government below It's In
come, for that imposes no new charge on
the people. II, however, the improvi.
dence aud waste which have conducted US
to period Of failing revenues, oblige US
to supplement the results OF economy
and retrenchment by some resort to loans,
we should not hesitate. The government
ought not to speculate in its own dishon-
or In order to save interest on It's broken
promises which 1t shall compel private
debtors 10 accept at a fictitious par. The
highest national honor is not only right
but would prove profitable. n5.
OF THE PUBLIC DEBT
$685., 100000 bear interest at six per cent
in gold, and 81, 900, 900 at FIVE per cent in
gold. The average interest Is 5.5S per
cent. A financial policy which should
secure the highest credit, wisely availed
Of, ought gradually to obtain reduction
Of one per cent in interest on most Of the
loans. A saving Of one per cent on an
average would be $170O0,000 year in
gold. That saving regularly invested at
4! per cent would in less than Ss years
extinguish the principal. The whole
81, ZOO, 100000 Of the funded debt might
be paid by this saving alone, without cost
to the people. The proposed time for re.
sumption Is to me when wise prepara.
tions shall have ripened into a perfect
ability 10 accomplish the object with a
certainty and ease that will inspire con-
tidence and encourage the revival Of busi-
ness.
THE EXACT TIME
| in which such a result can be brought
about Is when preparations shall have
been matured. The exact date, would |
have to be chosen with reference to the
then existing state Of trade and credit
in our own country, and the course OF for |
eign commerce and the condition OF ex.
changes with other nations. The speci-
fic measures and actual date are matters
OF detail having reference to ever chang. |
ing conditions; they belong TO the
domain Of practical administrative
craftsmanship. The captain Of steam.
er who is starting from New York |
to Liverpool does not assem-
bic council over his ocean chart,
and find an angle by which to lash
the rudder for whole voyage. Ahuman
intelligence must be at the helm to dis
cern the shifting waters and winds, and a |
human hand must be on the helm 10 feel
the elements day by day and guide TO a
mastery over them. Such preparations
are. everything. Without them Legis-
latiye command fixing day, or an off:
cial promise fixing day, are a sham.
They are worse than
A SNARE AND A ApELusIoN
to all who trust them. They destroy all
confidence among thoughtful men, whose
judgment will at last allay public opin.
ion. An attempt to act on such a prom.
Use, without preparation, would end in
a new suspension. It would be a fresh
calamity, prolific Of confusion, distrust
and distress. 49,. r.s
The act OF Congress Of the 18th Of July,
1875, enacted that on and after the 1st Of
January, 1879, the Secretary Of the
Treasury shall redeem in coin the legal
tender notes Of the United States on pre-.
sentation at the Office Of the Assistant
Treasurer in the city Of New York. II
authorizes the Secretary to prepare and
provide for such resumption Of specie
payments by the use OF any surplus reve.
nues not otherwise appropriated and by
issuing certain classes Of bonds. More
than one and half OF the four years
have passed. Congress and the President
have continued to unite in acts which
have legislated out OF existence every
possible surplus Of applicable coin for
the purpose. The coin in the treasury,
claimed TO belong to the government, had
on the 30th Of June fallen 10 less than
SAC, ,000,0 900, as against $50 000, 900 on the
lst Of July, 1875, and the availibity Of a
part Of that admitted to be questionable.
The. revenues are failing faster than II
appears that expenditures are reduced,
leaving the treasury with diminishing re.
sources. The Secretary has done nothing
under his power TO issue bonds.
The Legislative command or the off.
cial promise fixing day for resumption
have been made.
THERE, HAS BEEN NO PROGRESS.
There have been steps backwards. There
is no nccromancy in the operations OF
the government. The homely maxims Of
every day life are the best standard Of it,
conduct. A debtor who should promise
to pay loan out OF a surplus income yet
be seen every day spending all he could
lay his hands on In riotious living, would
lose all character for honesty and verac-
ity, and his offer Of a compromise or his
profession as to the value Of the old
promises would alike provoke derislon.
SERIES OF DENuNorATroNs.
Tho 81. Louis platform denounces the
failure for eleven years to make good the
promise to redeem legal tender,notes, 1t do.
nounces the omission to accumulate any
reserve for their redemption, It denounces
the conduct which, during eleven years OF
peace, has made no advances toward re-
sumption, no prepaeationa for resumption,
but instead has ,obstructed resumption by
waiting mr. resnnrcea and axhanatinU ali