The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1876-08-15
sentation AT the office of the Assistau

OuuOo NV oufCi WioS ai'ptopiiotCas ouu
by issuing in his discretion certain clas,
ses of bonds. More than one and a
half of the four years have passed
Congress and the President have con-
tinued eyer since to unite in acts which
bave legislated out of existence every
possible surplus applicable to this pur-
pose. The coin in the Treasury, claim
ed to belong to the Government, had on
the 30th of June fallen to less than for
ty-five millions of dollars, against fifty
nine millions on the LIST OF january,
1876, and the availability of part Of
that sum is said to be questionable The
revenues are falling faster than the ap.
preparations and expenditures are redu-
ced, leaving the Treasury with dimin-
ishing resources. The. Secretary has
done nothing under his power to issue
bonds. The legislative command, the
official promise fixing day for resump-
ton, has been made. There has been
no promise. There have been steps
backward. There is no necromancy in
the operations of a Government. The
honnely maxims of every day life are
the best standards of its conduct A
debtor who should promise to pay a
loan out of surplus income, and yet be
seen every day spending all he could Law
his hands on in riotous living, would
lose all character for honesty and verac
ity His Offer of new promise, or his
profession as to the value of the old
would alike provoke derision.
The St. Louis platform denounces tht
failure for eleven years to make gooG
the promises of the legal tender notes
it denounces the omission to accumulate
any reserve for their redemption; it de-
nounces the conduct which during The
eleven years Of peace has made no ad
vances toward resumption, no prepara
tons for resumption, but instead has
obstructed resumption by wasting onl
resources and exhausting all our surplu:
income, and while protesting to intent
a speedy return to specie payments has
annually enacted fresh hinderances there
to, and, having first denounced the bar
renness of the promise of day of re
sumption, it next denounces that barrer
promise as hiRderance to resumption
1t then demands its repeal, and also de
mands the establishment of judicious
system of preparation for resumption
1t can not be doubted that the substitu
ton of system of preparation withou,
promise of day for the worthless
promise of day without system Of
preparation would be the gain of the
substance of resumption in exchange
for it's shadow. Nor is the denuncia
ton sunmerited of that improvidence
which IN eleven years since the peace
has consumed S4,500,O00,0OO, and yel
could not afford to give the people 8
sound and stable currency. Two and q
half per cent on expenditures of these
eleven years, or even less, would have
provided all the coin needful to resump
ton. The distress now felt by the peo
pie in all their business and industries,
though it has its principal cause in the
enormous waste of capital occasioned
by the false policies Of our Government
has been greatly aggravated by
MIsMANAGEMENT IF TIE CURRENCY.
Uncertainty is the prolific parent of mis-
chiefs in all business sNtver were its
evils more felt than now. Men do moth
ing because they are unable make any
calculations on which they can safely re-
ly. They undertake nothing because
they fear loss in every thing they
would attempt. They stop and walt
The merchants dares not buy for future
consumption of his customers. The
manufacturer does not make fabrics
which may not refund his outlay. He
shuts his factory and discharges his
workmen. Capitalists can not lend or
security they consider safe, and theil
funds lie almost without interest. Men
of enterprise who have credit or secu.
rites to pledge will not borrow. Con-
sumption has fallen below natural limits
Of reasonable economy. Prices of many
things are under their range in the fru'
gal specie payment times before the civ.
il war. Vast masses of currency lie in
banks unused. A year and a half age
legal tenders were at their largest vol.
ume, and the millions since retired have
been replaced by fresh issues of fifteen
millions of bank notes. In the mean
time the banks have been surrendering
about fonr millions a month, because
they can not find profitable use for SC
many of their notes. The public mind
will no longer accept shams. 1t has
suffered enough from illusions. Ar
insecure policy increases distrust, an un
stable policy increases uncertainty. The
people need to know that the Govern
ment is moving in the direction of ulti
mate safety and prosperity, and that i
is doing SO through prudent, safe ant
conservative methods, which will bt
sure to inflict no new sacrifice on thu
business of the country. The inspira
ton of new hope and wellfounded con
fidence will hasten the restoring process
es of nature, and prosperity will agair
return.
The St Louis Convention conclude
its expression in regard to currency b,
a declaration of its convictions as Il
the practical results of the system o
preparations it demands 1t says: "W
believe such a system well devised, ant
above all, intrusted to competent hand
for execution, creating at no time an ar
tifcial scarcity of currency, and at nj
time alarming the public mind into
withdrawal of that vaster machine O
credit by which ninety-five per cent. o
all business transactions are performed
a system open to the public and inspi
ring general confidence from the day O
its adoption, will bring healing on it
wings to all our harassed industries, Sc
in motion the wheels of commerce, man
ufactures and mechanic arts, restore EN-
ployment to labor and renew in all it
natural sources prosperity of the pee
ple."
The Government of the United States
in my opinion, can advance to resumE
ton Of specie payments on its lega
tender notes by gradual and safe pre-
cesses tending to relieve the present br
siness distress. If charged by the pee
pie with the administration of the Ez
ecutive Office ! should deem it duty
exercise the powers with which it ha
been, or may be, invested by Congress
j 81 best and soonest to conduct the cOuI