The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1876-08-12
Subscribers out of County, s1.2O.
selves without distressing nnybOdy. The Gov.
ernmcnt is. therefore, thb .Ole delinquent.
prgfrHpTIpN

! rency. How Shall the Government make these
notes at oil timcs rs GOOD as speciel 10 has To
/ provide, IN reference TO the mass which would
! pc Eepi IN usB by the whuts Of business q cen.
! trnl reservoir OF CON adequate to the adjust.
mtnt nt the temporary fluctuations OF interna-
llOunl balances, aud HI guaranty against tran
sont dta1ns ntticiallv created by panic or
speculation. Ithrs also to provide for the nav.
mont m coin rf such fractional currenc as may
| he presented Tor redemption and such incon-
hldttable pOrtiOrs of the legal tenders as lndi.
| vluuaS NAV, from time to time, desire to con-
vert special use. or IN order to lay by in coin
tntlf httle stories 1T money.
- RESUMPTION NOT DIFFICULT.
no make the coin now in The Treasury avail.
aib tor the o lects ol tins reserve. to gradually
80 engthcn and enlarge that reserve and to
provide for such other exceptional demands tor
! c, IN as NAV ar G, DOES not seem to me n work
Oh ,,,nl5p nincpity u wisely planned and dlscreetv
pursued II ought not to cost anv sacrifice to the
business Of the country. IT should tend on tho
G9l G99illr iy 90 q revival OF hope and confidence
Inc coin in the Treasury on the 30th Of June in
cludln@ what Is held AGAINST coin certificates
amounted t.. nearly s74C0L0lO. The current of
precious metals which has flowed out OF our
GUuntPpy ioe 10y one even years from July 1864 to
Juno ~ StbHveraElng nearly $4,000 00) a year,
17 5 S57,Uo IS Sy9 ,xoo IN m the whole period, OF which
70 alnass the requisite quantity by intersept
NO iiOm the current flowing out Of the country
ana Dy acqmr'n" from the stocks which exist
abroad, without disturbing the equilibrium of
loIelgl money markets IL Il result easily to he
worked out by prac ica knowledge and iudg.
iegaI tenders the wants of business may fail to
kcep IN use, snd which, IN order to save inter-
either be paid or they can he funded. Whether
iuhry continue as currency or be absorbed into
Inc vast mass OF securities held as Investments
draw. ~
Even II they were to remain in their present
loIm ana inc GOvernment agree to pay Onthem a
rate et III crest making them pay as de ,irable
Investments. they would cease to circulate, and
take theif pace with Government, State, NUM-
ciphl ana other corporate and private bonds, of
winch thou ands of millions exist among us In
the perfect case with which they can oe Changed
mi
danger to be guarded against in the adoption of
srI'rtI lnea 'ureS INTENDED to remove heavy
asceltnined surplus, that is, the withdrawal Of
any Wlnch are not 4 permanent excess beyond
the wants of BUSINESS
Even more misChe rOus would be any meas-
urcs winch affects the public Imagination with
the rear or any app "chended scarcity In n com
inuhlly Whe' credlt is so much used, huctua-
tlyhs OF values ana vicissltudes IN business arc
Ia gey used by he temporary yielding to the
Denes OF men, even ne'Ore those beliefs can
conform to aScertlir ed realities.
AMOUNT or NECESSARY CURRENCY
. ne amount OF the necessary currency at a
given time cannot be determined arbitrarily.
aud should nos Oe assumed IN conjecture. That
amount ~ subject to both permanent and tenn.
porArl changes. An enlargement OF 1t. which
ming OF the civil war by a substituted use of
currency in pllce of individual credits.
1t varies with certain states of business. IL
uucIlales Wlth considerable regularity at dit
ttrent seasons of the year. In the autumn, for
instance, instance when buyers of gram and other agri.
cultural products begin their operations they
usually need to borrow capital or circulating
cledits bv which to make their purcha ses and
want these fun0s IN currency capable of being
distributed in small sums among numerous sell.
Ter. Tie additional need of currency at such
une, and II a surplus beyond what IL required
lor ora use does not happen to be on hand
at me money centres a scarcity OF currency
elsue' ana also Strlngency in the loan market
1t was In reference to such experiences tnor
III dscussi,n OF tins subject In nv annual
message to the New YORK Legislature of Janu
aiy 5tI' Is. ne SUGGESTION was made that,
The Federal Government IL bound to redeem
every portion offs issues which the public do
not wish to nse Having assumed to mouopo-
lie the supply Of currency and enacted exclu-
slDnS against ever, body else, Il il bOnnl tn
tuInsh all winch the wants Of business reouire
The sys,em should positively allow the volume
OF circulating credits to stop and flow accor-
Ding Ding to ne ever clang ng wants of business.
1t should initiate as GiOse Y as possible the ma
tura laws OF trade which it has superc 3ded bv
ARTIFICIAL cOntrivanCes. And in a similar discus-
slon III NV message OF January A. 1876 it was
SAID tnat resumption should be effected "bv
sucl measures as would keep the aggregate
amount OF currency sei-adjusting during all the
procrSI WlGhoht exciting Gle Du1lic imlgnina-
ti"n with alarms winch Imparo con idence, con.
Tat. IaGt the whole large macnnery Of credit and
ulsJufDS tne natural operations of business"
MEANS OF RESUMPTION.
Pnhllc economies, Otcl ! retTenchments and
wise hnancl"rs are the means which the st,
Louis Convention inucate as provision for re-
serves ana fenemDFIOns. The best resOurce is
q reduction OF the expenses Of the Government
uelow IT'S income, for that impose no now
charge on the people. II, however the impru.
dence and waste which have cOnluc'ed US to a
"a.
ment the results Of economics and retrench-
menlS by some res TIT 10 lOluS we should not
hesit,ta. The Government ought not to sDecu-
late on lis own dl' honor IN Otder to save inter.
est on lis broken promises, winch it stfil CON.
pelS private dealers TO accept at ticttiOIs par
In, io mlgheSt n tonai honor Is not only right.
Of the puOlic debt, $50 millions bear interess
ut six per cent, IN gOld and ~ mi lions at five
per cent. in e Id; rha Gvoriga interest IL SIS
Per cent. "A financial policy which should seclre
me highest credit, Wisely nvaled of ought
GtIhuIlY To obtain reduction OF one per cent
III the lnteres on most of the loans saving
or one per cent on the average would be II mil.
lions wear in gold that saving regularly IN.
vested at 1Our and half per cont. Won q IN less
than thiTty-eight years extinguish the principal
Ihe whole 100 millions OF funded debt might be
pald by TINS saving alone, without cost to the
people.
PROPER TIME FOR RESUMPTION.
The proper time for resumption is the timA
when wise prep raJIOns shalt have riprned into
perfect ability to accom- Dl sh the object with
a certainty and case thai will inspire confidence
anu encourage the rgvlsiug OF customs Tho
earliest time m winch such a resumption can be
brought about IL the Ocst Even when the pre-
partitions shail have been malured the exnctdAte
Woulu nave 70 ne CHOSEN with reference 10
the then eXisdng state of trade and credit opera
uCus IN our oWG country, he course Of tOreIga
commerce ana t"e condition of the exchanges
win other nations. The specific measures ana
the actual date axe matters of detail having re.
ference to the ever changing conditions they
belong "a, the domain OF practical adminis,ra-
tive stateSuanship.
The cantain of a steamer about stal tinr frnm
New York 10 Liverpool uOeS nOJ assemble "A
counsel over his ocean chart and fix an ang,e
DY Whch TO lash ihe rudder iOT the whole vOy.
age A human Intelligence must be at the he IN
To discern the -hittng forces of the waters and
The winds n human hand must ne on he helm
t0leel the clements dav by day ard guide 90 a
mastery over them
PREPARATION FOR HEsUMPTlON.
such preparations are everything. Without
them legislative command fixing Ia day an of
uciDl promise fixing day are shamS. They nre
worse hey are IA snare and dellIsiun to all who
tlusu them They destroy ali confidence amgng
,GodShttu men whose Judgment win. at least,
sway public opinion.
An attempt 10 act on such a clmmandershiD
ii promise without prepIIatiun-wOuld end m
new canmitY, prolific o! confusion, distrust
and llstres-.
THE ACT OF JANUARY liTH, 1876.
Tie act Of Congress Of the Iith of January,
1875, enactcd tla', on aud af -r the list on jan.
1873, the SECRETARY OF the Treasury shalt redesm
IN com the letG tender notes OF the United
states on prestuta.io az the naicB Oi the Assis,
tlnt lIeasiirUr "A the city OF New York. IL au.
thOrAad lh= secretary To prepare and provide
Tor such resdiuDtiOT OF specie - ptymeut, bv the
Use o. any plus revenue not OUhsrwIse aD-
propi1ated ana ~ issuing m ms discretion,
ceria classes ul O1nds.
More thar one and q half OF the four years
have passed, Cpugrcss and tha PgesiIl NJ nave
c1nirueI ever STAGE to unUu iu acts which
hdFo lrgslnicd out ol existence every p1 sib,a
''tr is ar ..Hua1. q Co tuls Ilrup,,. Tu0 gun IN
Oh. iH'HrnfY u.atlItsg 10 bcOn- tu fhg Govern
1hHli ut., HN $50 itfb ut .suHs. trt-u 20 less
-aNH F.s nfhoa3 0 dp us as lgWuet