The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1876-08-17

should be effected by such measures as
would keep the aggregate amount of cur
reney selt-adjusting during all proc asses.
without creating at auy time an artificial
scarcity and without exciting public
Imagination with alarms, which impair
conhd snce and distract the whole ma
chinerY of credit, and disturb the nat
ural operation of business.
'Public economies, fi3ial retrenoh-
ments and wise faancs" are the means
which the St Louis Convention Indicates
as provisions for reserves aud redemp-
ton. The best resource is a reduction
OF the expenses Of the Government be-
low its income, for shat imposes no new
change on the people. If however, the i'm
providence and waste which have con-
Quoted us to a period Of falling revenues
Obllge US to supplement- the results of
| economies and retrenchmeuts BIZ SOM
! resort to loans, we should not hesitate
The Government ought not to speculate
on It's own dishonOr, in order to save the
| interest of its broken promises, which it
still compels private dealears to accept
at fictitious par. The highest Nation
al honor Is not only right, but
would prove profitable. Of the public
debt 1885 000,00 bear interest al six
| per cent. in gold and sixty five millions
at five per cent IN gold. The average
| interest is five aud fve-eights per cent.
A financial policy which should secure
| the highest credit, wisely availed of,
| ought gradually to obtain q reduction of
| one per cent IN inter est on most of the
loans. A saving of one per cent on the
average would be seventeen millions a
! year IN gold. That saving, regularly in
vested at four and one-half per cent
would, in less than thirty-eight years, ex-
tinguise the principal The whole
| LOO, 100000 of funded debt might be
paid by this saving alone, without cost
to the people.
THE RESUMPTION ACT.
The proper time for resumption is the
| time when wise preparation shall have
ripened into perfect ability to accomp-
| lish the object with certainty and ease
| that will inspire conf ence and encOur-
| age the reviving of business. The earli-
| est time In which such result can be
| brought about is best. Even when pre-.
! parations shall have beeen mstured, the
| exact date would have to be chOseR with
reference TO the then existing state el
/ EEduB anu CE6utG OD6EhElOu5 III our COGu
| try, the course of foreign commerce and
! the condition of exchanges with other
| Nations The specific measures and
actual date are matters of detail haviog
| reference to ever-changing conditions.
/ They belor z to the domain of practical
| administrative craftsmanship. The Cap
tain of steamer about starting from
! New York to Liverpool does not assem-.
. hi, ,rr,~os1 - oh1rk =
fix an angie By which to lash the ruddel
for the whole voyage. A hum ~ intslli-
gence must be at the helm to discern the
shifting forces of the waters and winds
| A human hand must be on the helm to
feel the elements day by day and guide
to amastery over them.
PREPARATION FOR RESUMPTION.
Such preparations are everything
| Without them a legislative command
fixing day, an official promise fixing a
| day, are shams. They are WOrse-the =
are a snare and a delusion to all VIII 0
trust them. They destroy all confidence
among thoughtful men whose judgement
will at last sway public opinion. An
attempt to act on such a command OF
such q promise, without preparation,
| would end In anew suspension. i
would be a fresh calamity, prolific o.
confusion, distrust and distress
TUE ACT OF JANUARY I4TH, 1875.
The Act of Congress of the 18th ol
January, 1878, enacted that, on and sf
ter the lst Of January, 1879 the Secretary
of the Treasury shall redeem in coin the
legal tender notes of the URited States
on presentation at the Office of the assis-
tant treasurer in the City of New York
1t authorized the secretary 'to prepare
and provide for" such resumption OF
specie payments by the use of any sur
plus revenues not otherwise appropri-
ated, and by issuing, In his discretion,
certain classes of bonds.
More than one and a half of the four
wears have passed Congress and the
| President have continued ever since to
unite in acts of which have legisl ltsd
out of existence every possible surplus
| applicable to his purpose.
The coin In the Treasury claimed tC
belong to the government, had, on the
| Both Of June, fallen to less than a
millions of dollars as against 50 millions
on the Ist of Jauary: 1875, and the
availability Of a part Of that sum is said
to be questionable. The revenues are
falling faster tha appropriation and ex
penditures are reduced, leaving the treas
ury with diminished resources. The sec
retary has done nothing under his power
to issue bonds.
The legislative command, the official
promise fixing a day for resumption,
have thus far been barren. No practi-
| cal preparation towards resumption have
been made There has been no
progress. There have been steps back
| ward.
There is no necrOmancy in the opera
! tiOns Of government. The homely max.
inns Of everyday life are the best stand
| ards of its conduct. A debtor who should
promise to pay lone out Of surplas in.
| come, yet be seen every day spenii NJ all
he could lay his hands on IN ri0tous
living, would lose all character for homes
ty and Yeracity. his offer of a new
| promise or his profession as to the value
Of the old promise, would alike provoke
| derision.
RESUMPTION PLAN OF THE ST LOUIS PLAT
FORM.
The st LOnis platform den0unces the
failure for eleven years to make good tn,
| promises Of the legaltender notes j
| denounces the omission TO accumulate
1 any reserve for their redemption. j
denOunces conduct which during eleven
years Of peace has made no advances
towards resumption, nc pre- eparatiOn for
resumption, but, instead, has obstructed
resumption by wasting our resources