Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1876-08-17

srtsts Of tbs Sontb. TERMS
376.
They are worse-they are snare and delu'
sion to all who trust them. They destroy all
confidence among thoughtful men whose judg
ment will at last sway public opinion. An
attempt to act on such command or such
promise, without preparation, would end in
new suspension. It would be fresh calami
ty, prolific of confusion, distrust, and distress
THE ACT OF JANUARY II, 1875.
The Act of Congress Of 14th of January
1876, enacted that on and after the LIST oi
January, 1879, the Secretary Of the treasury
shall redeem in coin the legal tender notes o.
the United States on presentation at the. office
of the Assistant Treasurer in the city of New
York. 1t authorizes the Secretary ito pre-
pare and provide for" such resumption Of
specie payments by the use of any surplus
revenues not otherwise appropriated, and by
issuing in bis discretion certain classes Of
bonds. More than one and half of the foul
years have passed. Congress and the Presi
dent have continued ever since to unite in
acts which have legislated out of existence
every possible surplus applicable to this pur
pose.
The coin In the Treasury claimed to belong
to the government had, on the 30th of June
fallen to less than $45,000,0O0, as against
$59,OO0O00 on the first of January, 1875
and the availability of part of that sum is
said to be questionable. The revenues are
falling faster than appropriations and expen'
ditures are reduced, leaving the Treasury
with diminishing resources. The Secretary
has done nothing under his power to issue
bonds.
The legislative command, the official prom.
ise fixing day for resumption, have thus far
been barren. No practical preparations to.
ward resumption have been made. There
has been no progress. There have been steps
backward.
There is no necromancy in the operations
of government. The homely maxims of eve
ry day life are the best standards Of its con.
duct. A debtor who should promise to pay a
loan out of surplus income, yet be seen every
day spending all he could lay his hands on in
riotous living, would lose all character for
honesty and veracity. His offer of new
promise, or bis profession as to the value of
the old promise, would alike provoke derision.
RESUMPTION PLAN OF THE ST. LOUIS PLAT.
FORM.
The St. Louis platform denounces the fail
ure for eleven years to make good the promise
of the legal tender notes. It denounces the
omission to accumulate "any reserve for their
redemption ;"i it denounces the conduct "which,
during eleven years of peace, has made no ad-
vances toward resumption, no preparation for
resumption, but instead has obstructed resump-
tion BY wasting our resources and exhaustlng
all our surplus income; and while processing
to intend speedy return to specie payments
has annually enacted fresh hindrsnces thereto.
And having first denounced the barrenness Of
the promise of the day of resumption, it next
denounces that barren promise as "a him
drance" to resumption. 1t then demands its
repeal, and also demands the establishment Of
"a judicious system of preparation" for re-
sumption. It cannot be doubted that the sub
stitution of "a system of preparation" with
out the promise of day, for the worthless
promise of day without "a system Of prep
aration," would be the gain of the substance
of resumption in exchange for its shadow.
Nor is the denunciation unmerited of that
improvidence which, in the eleven years since
the peace, has consumed four thousand five
hundred millions of dollars, and yet could not
afford to give the people sound and stable
currency. Two and half per cent on the
expenditures of these eleven years, or even
less, would have provided all the additional
coin needful to resumption.
RELIEF TO BUSINESS DISTRESS.
The distress now felt by people in all their
business and industries, though it has its prin-
cipal cause in the enormous waste Of capital,
occasioned by the false policies Of our govern.
ment, has been greatly aggravated BY the
Encouragement of the currency. Uncertain
ty is the prolific parent of mischiefs in all
business.
Never we're its evils more felt than now.
Men do nothing because they are unable to
make any calculations on which they can
safely rely. They undertake nothing because
they fear loss in everything they would at
tempt They stop and wait. The merchant
dares not buy for the consumption Of his Gus
toners. The manufacturer dares not make
fabrics which may not refund his outlay. He
shuts his factory and discharges his workmen.
Capitalists cannot lend on security they con.
slider unsafe, and their funds lie slmoet without
interest. Men of enterprise, who have credit,
or securities to pledge, will not borrow. Con.
sumption has fallen below the natural limits
of reasonable economy. Prices of many
things are under their range in frugal, specie
paying times before the civil war. Vast mass
es of currency lie in the banks unused. A
year and half ago the legal tenders were at
their largest volume, and the $12,OO0,OOO
since retired have been replaced by fresh is
sues of $15,OO0,0OO of bank notes. In the
meantime the banks have been surrendering
about 100000 month, because they can.
not find profitable use for so many of their
notes.
The public mind will no longer accept
shams. It has suffered enough from illusions.
An insincere policy increases distrust. An
unstable policy increases uncertainty. The
people need to know that the Government is
moving in the direction of ultimate safety and
prosperity, and that it is doing so through pru-
dent, safe, and conservative methods, which
will be sure to infict no new sacrifice on the
business of the country. Then the inspiration
of new hope and well.founded confidence will
hasten the restoring processes of nature, and
prosperity will begin to return.
The St. Louis Convention concludes its ex.
preston in regard to the currency by decla'
ration of it's convictions as to the practical re-
suits of the system of preparations it demands.
1t says: ave believe such system, we'll de-
vised, and, above all, intrusted to competent