Mississippi Democrat. (Hazlehurst, Miss.) 1875-1???, 1876-08-12
NO. II.

the city Of New York. IL authoriE.
Ell the Secretary 10 prepare and pro
vide for such resumption of specie
payments by the use OF any surplus
revenues MOI otherwise .appropriat.
ed, and by iss ling In bis discretion,
certain Classes of bonds. More than
one aud half of the four years have
passed. Congress aud the President
have continued ever since 10 unite
In acts which have legislaied out of
existence every possible surplu~ ap-
plicable 10 this purp0se. The coin IN
the Treasury elainlsd 10 belong to
the government had oa the 3Oth of
June fallen Ia less than $4,000, 600
"a against $4,000, 900 on the first Ol
January, 1873, and the availability
Of part oi that sum is said TO be
questionable.
The revenues are failing faster
than appropriations aud expenIit-
ures are reduced, leaving the Treas
urS with diminished resources. The
Secretary has done nothing under
his uower to issue bonds; the lcgis.
laiive commands; the Official prom
isses fixing day for resumption
have thus tar been barren; no prac.
I teal preparation towards resumption
have been made; there mas been no
Dr Igres-; there have been s,Vps
\ back ward.
There il no necromacy la the
operations OF the government; the
h"mely maxims of every day life are
the be.t standards 0f It's conduct.
! \ debtor who should promise to l'ay
a luan cut oi a surplus income, yet
seen every day spending all ho could
\ lay hands Ou 10 rlutons living, Wuul,l
lose all character OF honesty and Ve.
I mcitN. The offer of a new promise
ar hl. profession as to the valuc OF
the oil promise would alike provoke
derision.
RFsU NPTioS PLANK oF rHE 81. LOUis
PLATFORM.
The 1T. Louis platform deRounces
the failure Tor eleven years TO make
good the promise oftho legal tender
notes IL dcnQunces the omission 20
accumulate any reserve for their rc-
demptpn, and u deaouncos the eon.
duct which daring eleven years ot
peace has made no advance toward
rcsumplion-no prcparations for il
hat instead of that, has obsirueted
resumption BY wasting our rccourses
and eXhans,lug all our surplus IA
I come.
While protesting n speedy return
to specie payments, IL has annually
enacted frvsn hindrances thereto;
and having first denounced the bar.
renness Vt the uromise of a day OF
resumption II next dcnounces that
barren promise as a hindrance 10 re-
sumption; II then demands its re-
peal, and also demands the establish
ment of a ia,licious system of pre-
paration for redemption.
ID cannot be- dOubted that the sub
s,itution of system of preparation
would be the gain OF the substance oI
resumption Ia exchange for IL. shad-
ow. Nor il the denunciation un-
mcrited. II that improvidenee
which IN the elev en years since the
peace, has consumed $500, ,0OO, 900
aud yet could not afford 10 give the
people a sound and stable currency
Two and q halt per cent on the
expenditures of these eleven years
or even less, would have provided
all the additional coin neediul 10 70
sumption.
RELII:F TO BUSINESS DISTRESS.
The Distress now felt by the peo
pie m all their business and indus
tries, though il has its enormous
waste OF capital occasaoned by the
false policies Of our government hai
been greatly aggravated by th,
management oi The currency
Uncertainty is the prolific. paren
of mlschieis la all business. NeveI
were Its evils more folt than now
men do nothing because they are un
able 10 make any calculations ol
which they can rely. They under
take nothing because they Tear los
in everything they would attemp,
They stop aud wait; the merhan
dares MOI buy for the mtar'
consumption Of his customers; tbs
manufacturer dares not make fabrics
which may not refund hls outlay
he shuts his factory aud discharges
his workmen.
Capitalists cannot lend ON security
they consider safe, and their fand'
lie almost without interest. Men ol
enterprise, who have credit or secu
rites to pledge, will not borrow
Consumption has fallen below the
natural limits of reasonable eeono
my; prices Of many things are IN
der their range In frugal specie pay
ing times before the war. VasI
masses Of currency lie IN the banks
untouched. A year and a half age
the legal tenders were at their larg
cst volume, anal $4,000, ,O00 sinc'
retired has been replaced by fresl
issues of az, 900, 900 OF bank notes
Ia the meantime the bank has beeE
surrendering about iour millions
} month because they cannot hnd