New-York tribune., 1876-08-05

disturb the natural operations OF business
THE ROAD TO RESUMPTION.
Public economies, official retrenchments, ana
wise fnanceD are the means which the ST. Louis
Convention indicates provision for reserves ana
redcmptions. The best resource is reduction OF the
expenses of the Government below its income, for
that imposes no new charge the people. III, how
ever the improvidcnce and waste which have COLI
Quoted lie to period of falling revenues obise us 10
supplement the results of economies and retrench-
ments by some resort TO loans, shoud not
hesitate The Government ought not to speculate
on it's own dishonOr in order to interest on It's
broken promises, which it still compels private
dealers to accept at a fictitious par The highest
national honor is not only right, but wonId prove
profitable. OF the public debt S0s5,OOO,o 600 bear
interest at per cent in gold. and 100000 at
= per cent in gold The average interest is 55S per
cent.
A financial policy which should secure the highest
credit wisely avalcd Of ought gradually to Obtain
reduction OF per cent in the interest on most Oh
the loans. saving of one per cent on the average
would be 81 900 year IN gold. lhat saving
regularly invested at four and half per cent would
IN less than 3s years, extinguish the principal Inc
whole 81 700 600, 900 of funded debt might be PAID
by this saving alone, without cost 10 the people.
The proprr time for resumption il the time when
wise preparations shall have ripencd into perfect
ability TO accomplish tho object with certainty and
ease that will inspire confidence and encourage IN"
reyiving of business. The earliest time III which
such result can be brought abont is the best Lveh
when the preparations shall have been mGturcd, the
exact date would have to be chosen with reference
to the chen existing state of trade and credit oper-
alious IN our own country, the course OF foreign
commerce and the condition Of the exchanges with
other nations The specific measures and the a'tuai
date are matters Of detail having reference 10 ever
IL 81 1,pfs It
Of practical administrative statcsmanshiT Tho cap
tain Of a steamer about starting from New-iork TO
Liverpool does not assemble a council over his
ocean chart and iix al angle by which To Lash the
ruGder for the whole voyage. human Intelligence
must bc at the helm Ia discern the shifting forces OF
the waters and the wuds human hand must he
on the helm 20 feel the elements day bv day ana
guide 10 a mastery over them.
Such preparations arr everything. Without them,
n legislative command fixing day, an Official pom
use fixing a day, are shaus They are worse-ihey
are a snare and a drlusiOn 10 all who trus' them
! TEcy destroy all confidence among thoughtful men
whose Judgment will at last sway public opinion
An attempt to act such a command of such
promise without preparation, would end IN new
suspension. II wou!d be fresh calamity, proiihc
of confusion. distgust and distress
TIE ACT uF 1870 A GiHGEH PROMISE.
TIE act OF Congress Of the llth of January 1873.
enacted TIA, on and after the ift of January 1879,
the Secretary of the Treasury shall redeem IN coin
the lecal-tculrr notes Of the lu,cd States on pre-
scutatiou at the Office Of the Assistant Treasurer IN
the City OF Ncw-io.k. 1t authorized the Secretary
TO prepare and provide for such resumption oi
specie payments by the Of any surplus revenues
not otherwise appropriated; and by issuing, IN his
discretion certain classes Of bonds
More than one aud half Of the four years have
passed Congress and the President have continued
ever since 10 unite in acts which have lcfl-ated ont
Of existence every possible surplus app c1''c 10 tins
purpose. The coin in the Treasury claimed {. be-
long 10 the Go,cIuucn, had, ola tn 3O'h " jane,
fallen to less than ,oOO,o 900, agaii sjJp1oJCO
Oh the I. Of January 1870 and The a,..tuilIt, oi
a p.r; OF that sum is sa.d To bc quc,tIonu"ir. lhc
revenues are falling faster than appropriations ANA
expenditures are reduced leaving the Treasury win
diminishing resources. The SECRETARY tas done
| nothing under his power 20 issue bond.
The legislative command, the official promise FIX
ing day faI resumption have thus iar b,u bdfI"n
No r!a .ticai preparations toward resumption nave
bcca made, There la, been no T'ogr-, There.
have been step, backward. There Il no 'c omancy
m tho operations Of government. The ho @cly max
i'm. Of everyday life are th" best standards u lie
conduct. A debtor who shoald promise 10 paw
loan out Of q surplus income, yet bc every day
eurpdag all ho could lay his hands ON IA ri"t'us
living ,you'd lose all character for honesty and
vcracity iii, offer of new promise or H. probes
SION as IA the valac oi the old promise would alike
provoke dcri>ion.
Tie -; Louis platform denouncc' the failure for
eleven year TO make good the promise OF the cgal
tcudcr notes. IL dchounrcs the omission To accumu-
late "any reserve for their redemption IL de
uouE.c. the cOrduct which, durug eleven years
of peace. has made no advances toward resumption,
no preparations FOR resumption, bnt instead has o'-
stnIctcd resumption ly was,'ag our resources ava
cxhauaing all our surplus income and, W hiIo Pr
Tossing to intend apeciy return to spr.' payments,
has annually enacted fresh hindTau'c' thereto.
having ir,t denounced tie barrrnrcss OF the prom Sc
/ of day OF resumption, 1t neAt d'nounccs thar
barren promise - Hiudcrancc to IcSumpti"D' IL
then demands it- repeal and also demands the cstab-
slIncnt of a iudIcou, syscin of preparation, for
resumption. 1t cannot bc doupt'd that the hub'tI-
! tuition Of - sys;em OF preparation without th"
promise Of day for the worthless promise oi day
! without "a system of preparation would be the
gain Of the substance OF resumption IN exchange Tor
| its shadow.
Nor j. the dcnunciation unmertcd Of that i'm
providence which, ia the eleven years since the
peace has consumed $500 900 900, and vet could
not afford 10 give the people a sound and stable cur
rency Two and half per cent on tho expenditures
of these eleven years even less, would have pro-
vided all the additional coin necd!ni TO resumption
THE EVILS or UNcERTAINrY.
| The distress now felt by the people in all their
business and industries. though it has ts principal
cause in the enormous waste of capital occasloncd
by the false policies of our government, has been
| greatly aggravated by the misnanagcment Of the
currency. Uncertainty is the prolific parent of mis-
/ G. "a, Ill itg ia