The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1876-08-18
duress which often compels assent to OBJ
jectionablc appropriations, rather than stop
the wheels of the government.

the Wncels OF the government.
THE SOUTH.
An accessory cause enhancing tho dis
trcss in business is to be found in the sys-
tematic and insupportable disagreement
imposed on the States of the South. Be-
sides the ordinary effects of ignorant and
dishonest administration, it has inflicted
upon them enormous issues of fraudulent
bonds, the scanty avails of which were
wasted or stolen, and the existence of which
is public discredit, tending TO bank
ruptcy or reputation. Taxes, generally
oppressive, in some instances have confis-
Gated the entire income of property, and
totally destroyed its marketable value. 1t
is impossible that these OWLS should not
react upon the prosperity of the whole
country.
The noblcr motives of humanity concur
with the material interests of all in requir-
ing that every obstacle be removed, to a
complete and durable reconciliation be-
tween kindred populations once unnatu-
rally cstrangcd, on the basis recognized by
tion of the United States, with its amend
ments universally accepted as final set
Element of the controversies which cngen-
dered civil war"
But, in aid of Il result so benciicont, the
moral influence Of every good citizen, as
we'll as every governmental authority,
ought to be excrted, not alone to maintain
their just equality before the law, but like
wise to establish Il cordial fraternity and
good will among citizens, whatever their
race or color, who IRE now united in the
one destiny of u common selfgovernment.
If the duty shall be assigned to me,
should not fail to exercise the powers with
which the laws and the constitution Of our
country clotho its chief magistrate, to pro.
tect all its citizens, whatever their former
condition, in every political and personal
right.
CURRENCY REFORM.
reform is necessary" declares the St.
Louis Convention, "to establish u sound
currency, restore the public credit and
maintain the national honor )" and it goes
on to "demand judicious system ofprepa-
ration by public economies, by official re-
trenchments, and by wise finances, which
shall enable the nation soon to assure the
whole world of its perfect ability and its
perfect readiness to meet any of its prom.
Uses at the call of the creditor entitled to
payment"
The object demanded by the Convention
is resumption of specie payments on the
legal tondcr notes Of the United States
That would not only "restore the public
credit" and "maintain the national honor"
but it would Establish sound currency
for the people.
The methods by which this object is to
be pursued, and the means by which it is
to DO attained, are disclosed by what the
Convention demanded for the future, and
by what it denounced in tho past.
BANK NOTE RESUMPTION
Resumption of specie payments by the
Government of the United States on its
legal tender notes would establish specie
payments by all tho banks, on all their
notes. The official statement, made on the
18th of May, shows that the amount of the
bank notes was 500 millions, less 90 mil
lions held by themselves. Against these
$50 millions of notes, the banks held al
millions Of legal tender notes, or little
more than fifty per cent. of their amount.
But they also held on deposit in the Fedc
raj Treasury, rs security for these notes,
bonds Of the United States, worth in gold
about 800 millions, available and current
in all the foreign money markets. In re-
suming, the banks, even if it were posi-.
bic for all their notes to be presented for
payment, would have 500 millions of
specie funds to pay $50 millions of notes,
without contracting their loans to their
customers, or calling on any private debtor
for payment. Suspended banks, under
taking to resume, have usually been oblig-
ed TO collect from needy borrowers the
means to redeem excessive issues and to
provide reserves. A vague idea of distress
is, therefore, often associated with the pro.
cess of resumption. But the conditions
which caused distress in those former in.
stances do not now exist.
The government has only to make good
| its own promises and the banks can take
care of themselves without distressing any
body. The government is, therefore, the
sole delinquent.
LEGAI-TENDER RESUMPTION.
! The amount of the legal tender notes of
the United States now outstanding is less
than 370 millions Of dollars, besides 81
millions of dollars of fractional currency.
How shall tho government make these
notes ut all times as good as specie
1t has to provide, in reference to the
mass which would be kept in use by the
wants of business, central reservoir OF
coin, adequate to the adjustment of the
temporary fluctuations of international
balances, and as guaranty against tran
sient drains aItificially created by panic or
by speculation.
1t has also to provide for the payment
in coin of such fractional currency as may
be presented for redemption, and such in
considerable portions of the legal tenders
as individuals may, from time to time, de-