The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1876-08-06

the entire income of the property anu
totally DESTROYED its marketable value.
1t is impossible that these evils shouid
not react upon the prosperity OF the
whole country. The nobler motives OF |
humanity concur with the material IN |
terests of all i'm requiring that every OBJ
stacle be removed to complete durable |
reconciliation between kindred popuia-
ton. once unnaturally estranged, on
basis recognized by the st. Louis plat
form; of the constitution of the United
States, with it. amendments un-
iversally accepted as final set
Element of controversies which engen-
dered civil war. But in the aid of re-
suit so benilicent the moral influence OF
every good citizen. as well as every gov
ornamental authority, ought to be eX-
erted, not alone to maintain their just
equality before the law. but likewise 10
establish a cordial fraternity ana good
Will among citizens. whatever tnelr race
or color. who are now united IN the one
destiny of common self-gOVernmeht.
II that duty shall be assigned to me,
should not fail to exercise the powers
with which the laws and constitution OF
our country clothe its chief magistrate
to protect all its citizens, whatever their
former condition. in every political ana
clares the ST. Louis convention. to estab-
| lish a sound currency, restore public
credit, and maintain national honor, and
| it goes on to demand a judicious system
| of preparation-by public economy, by
| official retrenchments and by wise
| finance--which shall enable the nation
| to assure the whole world of its perfect
ability and its perfect readiness to meet
any of its promises at the call of its cred
| itors entitled to payment. The object
demanded by the convention is a resump-
| ton of specie payment of legal tender
notes of the United States. That would
not only restore the public credit and
maintain the national honor. but 1t
| would establish "A sound currency for the
| people. The methods by which this OBJ
iect is to be pursued, and the means by
which it is to be attained, are
disclosed by what the con-
vention demanded for the future.
and by what it denounced. The
| prompt resumption of specie payments
| by the government of the United States
| on its legal tender notes would establish
specie payments by all the banks on their
notes. The official statement made Oh
the 18th of May shows that the amount
of bank notes was $500 1000. less $50.
O00, 600 held by themselves. Against the
| $3.50. 900. 900 ofnotes, the banks held lil,-
| 600 900 legal tender notes. or q little
more than 30 per cent OF their amount :;
| but they also held on deposit in the ted
| cral treasury. as a security Tor these
| notes, bonds OF the United States worth
III gold about $500. 900 900, available and
current in all foreign money markets.
In resumng, the banks, even if it were
possible for all their notes to be present
ed for payment. would have $500, 0OO, 900
OF specie funds to pay $3.50, 100000 of
notes, without contracting their loans to
their customers or calling on any private
debtor for payment suspended banks
undertaking TO resume have usually been
obliged TO collect from needy borrowers
the means to redeem excessive issues
and 10 provide reserves. a vague idea
OF distress il. therefore, often associated
with the process of resumption: but the
conditions which caused distress in those
former instances do not now exist. The
government has only to make good lis
own promises, and tue banks can take
care OF themselves without distressing
anybody. The government is. therefore,
the sole delinquent The amount OF le-
gal tender notes OF the United State
now outstanding is less than S37 900 900
) besides S34 900 900 of fractional currency
/ How shall the government make these
notes at all times as reference to the
t mass. which would be kept i'll use by
, the wants OF business, a central resi-
= voir OF coin adequate to the adjust
5 ment of temporary fluctuations OF inter
= national balances, and as a guarantc,
against transient drains artificially crea
r ted by panic or by speculation: 1t alsC
t has 10 provide for the payment in coin o
| such fractional currency as may be pre-
scented for redemption. and such incon
/ siderable portions OF legal tender as indl
! viduals may, from time to time. desir
5 to convert Tor special use, or in order t
! lay by in coin their little stores of money
| 80 make the coin now in the treasur,
) available for the objects of this reserve
To gradually strengthen and enlarge tina
= reserve, and to provide tor such other eX
' ceptional demands for coin as may arrive
= does not seem 10 me work of difficulty
t II wisely planned and dscretely pursued
c it ought not to cost any sacrifice 10 tn
business Of the country. 1t should tend
: on the contrary, to revival of hope ant
t confidence. The coin in the treasery Oh
[ the Both Of June, including what is hell
T against coin certificates, amounted L
? nearly SI4 100000, The current of pre-
= ciOus metals which flowed out OF on
I country for eleven years from July
! 1865. to June 80. Is7G, averaging nearly
= S7G.O00, 900 year, was SS32, 900, 900 in III,
F: whole period, Of which SGl7 100000 were
. the product Of our own mines. TO amas,
| the requisite quantity by intercepting
from the current flowing out OF the coun'
= try. aud by acquiring from the stocks
5 which exist abroad. without disturbing
the equilibrium of foreign money
markets, is a result 70 be easily WORKED
out by practial knowledge and judg
ment. With respect to whatever sur.
plus of legal tender. the wants OF bust
ness may TAIL 10 keep in use. and which.
in order 10 save interest. viii be returned
Tor redemption, they can either be paid ol
they can be funded Whether they con-
tinuc a. currency. CT DE- absorbed into
? the vast mass Of securities held a. invest
ments. j. merely a question Of the rate
I Of interest they draw. Even II they were
10 remain Ia their Ufeanr iOrin, and the
government were k2rce 10 pay on
Them rate Of int King them de-
-irable o. inye-lms would erase
to circulate, and taNe,r place with
government, state. EnTIcipal aud other
corporate and private bonds, Of which
; thousands Of millions exist among u.
Ia the perfect ease with which they can
be clianged from currency into Invest
ments lies the only danger % be guarded
against in the adoption Of general ncas-
urc' inteudcd u remove a clearly ascer-
tanned surplus, that u, the Withdrawal
OF any which are not permanent cX-
cess beyond the wants Of business. Even
more mischievOus wOtla DE any meas
ure which affects public Imagination with
lear oi an apprchended scarcity In com
muniiy. Where credit l. much used
. TO-. 4. a~tF.ga