Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1876-08-30

D
declaring distinctly that there
should be no further postponement
of the resumption of specie pay
ments beyond the date already fix
ed by the law of January l4th,
1875. He remarked that the res
olution of the majority was IN
definite, and that the effect OF 1t
would he "to remit the question
involved to the domain Of vague
promise" Gen. Hawley opposed
the substitute, on the ground, first,
that "in dealing with principles for
the guidance of n party for n year
or for four years il is best to con-
fine yourself to a declaration OF
them, and not to tie yourself to
mere details :" and, secondly, that
it was doubtful "whether the Re
sumption act would be carried out
in two years from next January"
He argued that the requisite legis-
ton could not be perfected in time
to compass the result, and that 1t
would only embarrass the canvass
by the recognition of law which
might prove altogether impracti-
cable. He would not himself vote
for itin Congress, and he could not
call upon the people to support
what he could not vote for. Gen.
Hawley's view prevailed; the sub
stitute was rejected and the fixed
day, which certain orators hold ga
sacred pledge" was quietly aban-
doned for ga continuous and steady
progress to specie resumption. y
What was meant by this phrase we
may perhaps gather from the refer
ence in the outset of the resolution
to the act of 1S69-when "the pro-
gress" was begun, and which in
seven long years, "steady and con-
tinuous" movement has arrived at
this wonderful conclusion that we
ought to so in the same way-that
is, in doing nothing.
What said the Democrats on. the
same subject!
Reform is necessary to establish
sound currency, restore the pub
lie credit and maintain the national
honor.
We denounce the failure for all
these eleven years of peace to make
good the promise Of the legal-tend-
er notes, which are a changing
standard of value in the hands of
the people, and the non-payment
of which is a disregard of the
blighted faith of the nation.
We denounce the improvidence
which in eleven years of peace has
taken from the people in federal
taxes thirteen times the whole
amount of the legal tender notes,
and squandered four times their
sum in less expense without accu-
mulating any reserve for their re-
demption.
We denounce the financial imbe-
cility and immortality of that party,
which during eleven years of peace,
has made no advance toward re-
sumption, no preparation for re-
sumption, but instead has obstruct-
ed resumption, by wasting our re-
sources and exhausting all our sur
plus income and, while annually
protesting to intend speedy return
to specie payments, has annually
enacted fresh hinderances thereto.
As such q hinderance we denounce
the resumption day clause of the
act of 1875, and demand its repeal. |
We demand q judicious system |
Of preparation by public economies,
by official retrenchments, and by |
wise finance, which shall enable the |
nation soon to assure the whole |
world of its perfect ability and its |
perfect readiness to meet any of its |
promises at the call of the creditor
entitled to payment.
We believe such n system, well |
defined, and above all, intrusted to .
competent hands for execution,
creating at no time an artificial
scarcity of currency, and at no time
the public mind into a
of that vaster machine
ry of credit by which uinety-five /.
per cent of all business transac-
tions are performed-a system open,
public, and inspiring general conf
dence, would from the day of its
bring healing on its wings
to all our harrassed industries, set
in motion the wheels of commerce,
and the mechanic |
arts, restore employment to labor,
and renew in all its natural sources
the prosperity Of the people.
1t is proper to recall before we
the scope and meaning
of those phrases that we were stout
ly opposed both in committee and
in convention, by the inhationist |
leaders. Whatever their real pur-
port, these men saw in them a fiat |
contradiction of their own schemes.
Gen. Ewin and Mr.. Voorhees,, who
spoke for the minority, denounced |
them as a complete surrender to
the hard money theorists. The
former, in order to obtain n partial
recognition of his ways of thinking,
moved a substitute proposing re-
peal Of the whole Resumption act
'forthwith."' Mr.. Dorsheimer, of
the majority of the committee, re-
fused to accede to it. saying: 81