The weekly Elko independent. [volume] (Elko, Nev.) 1872-1887, 1876-08-13

basis recognized by tho st. Loais
platform, and according to the spirit
of tho Constitution OF tho United
States, with its amendments, univcr-
sally accepted rs n final settlement of
The controversies which cngendrred
the civil way. But, in aid of result
so benei'ccnt, tho moral influence of
all good citizens, as we'll rs of every
Government authority, ought to he
exercised, not alone 10 maintain their
just equality before tho law, but
likewise to establish q cordial fratcr-
nifty and goodwill among citizens, OF
Whatever race or color, who arc now
united III the ono destiny of common
self-gOvcrnment. Ii the duty should
DO assigned to Inc, l should not fail
to exercise The powers with which the
laws and Constitution of our country
clothc its chief magistrate TO project
all its citizens, whatever their former
condition, III political and personal
rights.
THE FINANCIAL QUESTION.
Reform is necessary, declares tho
st. Louis Convention, to establish
credit and TO maintain national honor,
md it goes on 10 demand n iudicious
system OF preparation, by public
economics, by Official retrcnchment
and wise finance, which shall enable
the nation soon to assure the whole
world of its perfect ability and its
perfect readiness to meet any Of its
promises ut the call of it's creditors
entitled to payment. The object de-
manded by the Convention is the re-
sumption Of specie payments on tho
lcgGl-tcnder notes Of tho United
States. That would not only restore
the public credit and maintain tho
national honor, but it would cstab-
lish sound currency for tho people.
The methods 10y which this object is
to lie pursued md the means by
which this Object is TO he attained are
disclosed By what the Convention de-
mandcd for the future and by what it
denounced i'll the past. Resumption
OF specie payments by the Govern
ment of the United States on its lc-
CALENDER notes would establish spc-
Gle payments by all the banks on ell
their notes. The official statement
made Oh tho 10Th of MAY, shows the
amount of bank funds to pay $3.50
UOU,0 900 OF notes, without contracting
their loans TO their customers or call
ing OH any private director for pay
mcnts. Suspended banks, undertake
ing To resume, have been usually
obliged TO collect from needy borrow
crs' means to redeem their excessive
YN1 ,ln g.,
vague idea Of distress is, therefore,
associated with resumption, bat the
conditions which caugcd distress in
former instances do not now exist.
The Government has only to make
good its own promises and the banks
can care for themselves without ,lia.
tressing anybody. The Government
is, therefore, the solo dclinuucnt.
he amount OF lcgal-tcnrler notes of
the United States now outstanding is
less than $3.50, O00, 900, besides S;it,-
900, 900 of fractional currency.
now SHALL We TESu3!.?
How shall the Government make
these notes rs good aJ all times ns
specie? 1t has to provide in refer
cncc 10 tho mass, which would be
kept in use by the wants OF buaincsq.
Il central reserve Of coin adequate TO
the adjustment Of temporary iiuctua-
tons Of international balances and n
guarantee GgIiEa; transient loans, mr.
titicinlly created b. panic or by spec
ulation. IL has also To provide for
the payment in coin Of such fraction.
nj currency rs may bo prcarntcd for
redemption, and such iicousidcrnhlc
portions OF lcgll-tcndera az indiyidu-
ais MAJ from time to time desire to
convert, for special Use, or in order
10 lay by i'll coin their little stores Of
money. TO make the coin now in
the treasury available for the objects
Of this reserve, to gradually strength
ell and enlarge that reserve and TO
provide for such other exceptional
demands for coin rs may urisc, does
not seem to mo Il wUri: OF difficulty,
ii wisely planned nnd pursued. II
ought not 10 cost any sacrifice to tho
business Of The country, but should,
on tho contrary, revive hope and con.
iihcncG. The coin III the treasury on
the 3Jtli Of June, including what is
held against coin ccrti.icntrs,
amounted TO nearly $7l 900 900. The
current Of precious metals, which
has flowed out Of ON country for tho
eleven years from July /, 1860, to
June 80, 1876 averaging nearly
$40, 900 900 ycnr-was $500, ODO,-
COZ, of which &Gl7 DOC, 900 were the
product of our own mines. 10 mass
the requisite quantity Ivy intercept
ing from tho current flowing out Of
the country and by acquiring from
stocks which exist abroad without
disturbing tho equilibrium of foreign
money markets, is II result easily To
be worked ont by practical knowl-
edge and judgment. With respect TO
Whatever surplus Of lcghl.icndcra tho
wants Of business may fnil To keep in
usG and which, in order 20 snyu in
forest. will 10 retained for rCdcmp.
ton. they can either 10 paid or they
can he refunded whether they con.
tinuo NJ currency or be in notes.
Against these notes tho banks hul,.
III 900, 0DO legal tender notes, or lit.
tic more than fifty per cent. thcir
amount, but they alfo hold on do
post in the Federal Treasury as
security for thc,c notes. bonds Of
tlto United States. worth in gold
about $500, 0OO,00O, available and
current i'll all foreign money markets.
In rcsuming the banks, even if ii
were possible for their notca io bc
presented for payment, would have
$500, 900, 900 specie to DO absorbcd'
Tho Government loss OF securities
held 10 Investments il merely II qmca-
iiun ,f ihn roIp pf intorp.l II,rv ,Ir,,,.