Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-08-05
New York World, July 25th.

We showed day or two ago how the
Republican Congress and Administra
ton, after having In 1869 solemn!
pledged the faith of the Government
Ito make provisions at the earliest prac
| ticable period" for the resumption o
Specie Payments, had nevertheless fo
more than seven long years broker
this pledge wantonly. industriously ant
illegally. The so-called Resumption
act" of January IA. 1875, considered
with reference to the real aim OF it
authors in this regard, was only anoth
| at the opening Of d. 1S misc mad
Presidential term. And in many re re
spects it is the most unblushing anC
aggravated in the long series af meas
ures by which the Republican party
has sought to evade and postpone tht
fulflment of its financial ENGAGEMENTS
We have the admission Of the New
York Times that there is nothing in
this law of any consequence except its
promise of resumption" 1t twould be
impossible to pronounce a more sting
ing condemnation on the bill than is
implied in this confession of our Re-
publican contemporary. In 1869 the
Administration party pledged the
faith" Of the United States ito make
provision at the earliest practica BILE
period for the resumption of Specie
Payments. Not, it is very important
to observe, to make provisions for the
resumption of Specie Payments at the
earliest practicable period, but ITO
make provision at the earliest practica-
BILE period for the resumption Of Specie
Payments" That is, to set about the
work Immediately, for, having unlim-
tied control of the Government in all
departments, it certainly was ''practi-
cable" for the Republican party to
make some preparations at once in this
direction. But instead of doing any,
thing in this direction the party, it is
confessed on all hands, has erected
only barriers in the way. And in 1875,
without having meanwhile made any
provision" to this end, it concoeted
in secret caucus. and passed through
the forms of Congressional legislation,
a declaratory act in which it is said
that ION and after the first day ofJan-
uary, 1879, the Secretary of the Treas
ury shall reedem, in coin, the United
States legal-tender notes then out
standing" Such terms do not, in fact,
import promise" but even accept
ing them as such they are entirely nu-
gatOry, being wholly without force or
effect in the absence of all or any
provision" for supplying the Treasury
with coin" to meet the requirements
of the act. If the Secretary of the
Treasury had been ordered on and at
ter the 1st of January, 1879, to redeem
the outstanding notes of the United
States in Captain Kidds money, the
promise would have been just as valu-
able, while no more provision was
made for recovering the buried gold of
that pirate than has been made by the
man who have scuttled our ship of
state for recovering the coin which is
the condition and means of resuInp-
ton.
But the act of January IA, 1876, is
worse than nugatory. 1t is
twofold act of reputation. 1t not
only repudiates the pledge of 1869, but
t repudlates outright the obligation
which every United States note i'm
ports on its face, and it perpetrates
his act ofrepudiation in form which |
s equally culpable for its willfulness,
is arbItrariness and its brazen effront.
Try. In the case of debt, acknowl- |
edged on its face to be due on demand, |
his act NEUTRALITY-SUSPICIOUS. payment |
until the 1st of January, 1879-a date
ixed without any forecast of the means
or making payment, and therefore |
ixed by the mere will and pleasure Of |
he dominant party, with as little re-
,ard to the public faith as to the known
acts and probable contingencies of
he public credit and the public reve-
lues in 1879. 1t is reputation re-
Iuced to the forms of a statute law.
rhyme or reasons to determine
he period Of such legislative repudia-
ion.
But this attempt to fix precise day
or resumption (and that day selected
rbitrarily) without making any pro-
isiOn to meet the engagement is not
My nugatory in point of promise,
nd doubled headed act of repu1ia-
ion when considered with reference to
he pledge of 1879 and the character
t the legal-tender notes as payable on
emand, butitis also contrary to sound
nancial policy fact which all polit-
,al economy conspires with all imam 4
lal history to demonstrate. We hope
, make truth clear to the reader.