The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1876-08-17

business. The earliest time in which such n
result can be brought about is the best Even
whom the preparations shall have beon mas
tured, tho exact date would have TO be chosen
with reference to tho then existing state of
trade and credit operations In our own coun-
try, the course of foreign commerce, and the
condition Of the exchanges with other nations.
Tho specific measures, and the actual date arc
matters Of detail, having reference to ever
changing conditions that belong to the do
fnaih.of practical administrative statesman
ship. Tho captain of a steamer about starting
ffom~Ne forhst0 hfyerpoel' dUes n0t 0ta8semi
ble council over his ocean chart, and fix an
angle by which to keep the rudder for the
whole voyage. human intelligence must
be at the holm, to discern tho shifting forces of
the waters and the winds; human hand must
bo at the helm to feel the clcmcnts day by
day, and guido to n mastery over them.
Such preparations arc everything. Without
them legislative command, fixing day, an
official promise, fixing o day, are shams. They
are worse; they are snare and deusion TO
all who trust thom. They destroy all conf
dcncc among thoughtful mcn, whose Judgment
will at last sway public opinion. An attempt
TO act on such command, on such promise.
without preparation, would end in new sus-
pension 1t would be u fresh calamity, pro-
ductivc of fconfusion, distruSt and distress.
The act of Congress of tho 18th ofJanuary,
1875, enacted that ''on and after the 1st of
January, 1879, tho Secretary of the Treasury
shall redeem in coin the legal tender notes of
tho United States on presentation at tho office
of the assistant treasurer in the city of Now
York" 1t authorized the secretary to prepare
and provide for such resumption of specie
payments by the use of any surplus revenues,
not otherwise appropriated, and by issuing,
in his discretion, certain classes of bonds. =
More than ono and half of the years have
passed. Congress and tho President have
continued ever since to unite in acts which
have lcgislatod out of existence every possible
surplus applicable to this purpose. The coin
In the treasury, claimed to belong TO the gov
crnmcnt, had, on the 3Oth of June, fallen to
less than SI5, 900, 600, against S50, ,000 900
on the first of January, 1875, and the availn-
bility of n part of that, now, is said to be
questionable. The revenues are falling faster
than the appropriations and cXpediturcs are
reducing, leaving the treasury with diminish
ing resources. The secretary has donc moth
ing under his power to issue bonds Legis-
lative command and the official promise, fix
ing q day for resumption, have thus far been
barren. No practical preparations towards
resumption have been made. There has been
~ progrosS There have been steps back
ward. There is no economy in the operations
OF government. The homcly mnxims of every
day life arc the best standards of its conduct
A debtor who should promise TO pny n loan
day spending all he could lay his hands on in
Iiotous living, would lose all character for
honesty and veracity. His offer of n new
promise, or his profession as to the value Of
old promises, would alike provoke derision.-
The resumption plank of tho ST. Louis plat
form denounces the failure for eleven years to
make good the promise of legal tender notes.
it denounoes the omission to accumulate any
reserve for their redemption; it dehounCes
cunuuct w al of
peace, has made no advances towards rcsump
ton, and no preparations for resumption, but
instead has obstructcd resumption by wasting
our resources and cxhausting all our surplus
income, and while protesting TO intend n
speedy return to specie payments has an
nually enacted fresh hindranocs thereto, and
having first denounced the barrcnncss OF tho
promise of n day of resumption, ii next den
ounces that barron promise rs a hindranco to
resumption. II next demands its repeal and
also demands the establishment of judicious
system of preparation for resumption. 1t
cannot be doubted that tho substitution of n
system OF preparation without the promise of
day, for the worthless promise of u day
without a system of preparation, would be
the gain of tho substance Of resumption in
exchange for its shadow. Nor is its dcnun-
citation unmeritcd of that improvdcncc which
In eleven years since the peace has consumed
81 100000, 600, and yet could not afford to
give the people sound and stable currency.
Two and half per cent. on the expenditures
OF these eleven years, or even less. would have
provided all the additional coin ncedful to
resumption, rolicvo the business distress now
felt by the people in all their business aud
indusries. Though it hasits principal cause
In tho enormous waste OF capital, occasioned
by the false policies of our Government, it
has beon greatly aggravated by the nisman-
agcment of the currency. Uncertainty is the
prolific point OF mischief in all business -
Never were its evils more felt than now Men
do nothing because they are unable to make
nny calculations on which they can safely
rely. They undertake nothing, because thcy
fear loss in everything they would under
take. They stop and wait. The merchant
dare not buy for the future consumption of
his customers, the manufacturer dare not
make fabrics which may not refund his ont
lay. lie shuts his fnctory and discharges his
WOrkmcn. Capitalists cannot lend on security
they consider not safe; and their funds lie
almost without interest. Men of enterprise
who have credit or securities of pledge will
not borrow. Consumption has fallen below
the natural limits of reasonable economy
Prices of many things arc under their range
In frugal, spccc>paying times before the
civil war. Vast masses of currency lie in the
banks untouched. A year and u half ago the
legal tenders were at their largest volume
and the twelve millions since retired haSc
been replaced by fresh issues of fifteen mil
lions of bank notes. In the meantime, the
banks have bcccn surrcndcring about four
millions month"; because they cannot find
profitable use for so many Of their notes The
public mind will no longer accept shams. 1t
has suffered enough from illusions An in
sincere policy increases distrust; an unstable
policy increases uncertainty Tho ,,oo,,I,