The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1876-08-10

ketable value. 1t is impossible tha
these evils should not react upon the
prosperity of the whole country. The
nobler motives of humanity concur with
the material interests of all in requiring
that every obstacle be removed to a
complete and durable reconciliation be-
e tween kindred population, once unnat-
t urally estranged, on basis recognized
by the st. Louis platform, of the Consti-
, tuition of the United States, with its
, amendments universally accepted as a
final settlement of the controversies
which engendered the civil war But, in
aid of a result so benefcent, the moral
influence of every good citizen as well
as every governmental authority, ought
to be exerted, notalone to maintain their
just equality before the law, but likewise
to establish a cordial fraternity and good
will among citizens, whatever their race
or color, who are now united in one des-
tiny of common selfgovernment,
WILL PROTECT ALL CITIZENS IN THEIR
RIGHTS.
If the duty shall be assigned to me,
should not fail to exercise the powers
with which the laws and Constitution of
country clothe its Chief Magistrate 20
protect all its citizens, whatever their
former condition, in every political and
personal right.
REFORM IS NECESSARY
Declares the st. Louis Convention, to
establish sound currency, restore pub
lie credit and maintain national honor,
and it goes on to demand judicious
system of preparation by public econo-
mics, by official retrenchments and 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 creditors entitled to payment.
SPECIE RESUMPTION.
The object demanded by tie Conven-
ton is resumption of specie payments
on legal tender notes of the United
States, that would not only restore the
public credit and maintain the national
honor, but it would establish a sound
currency for the people, The methods
by which this object is to be pursued and
the means by which it is to be attained
are declared by what the Convention de-
manded for the future, and by what it
denounced in the past. Resumption Of
specie payments by the Government of
the United States on its legal tender
notes would establish specie payments
by all tie banks on all their notes, The
official statement made on the 10Th Of
May shows that the amount of bank
notes was S9O0,OO00O0, less S20,00000O
held by themselves. Against these $780,
100000 of notes, banks held Sal 100000
legal tender notes, or little more than
fifty per cent of their amount. But they
also held on deposit in the Federal Treas
ury as security for these notes, bonds Of
the United States, worth in gold about
$3.50, 100000 available and current in all
foreign money markets, In resuming,
banks. even, if it were possible for all
their notes to be presented for payment
would have $50O,000OOO of specie funds
to pay $2S0OOO00 of notes without con-
tracing their loans to their customers or
calling on any person for payment, Sus-
pended banks, undertaking to resume,
have usually been obliged to collect from
needy borrowers means to redeem eX.
cessive issues and to provide reserves.
A vague idea of distress is therefore Of
ten associated with the process of re.
sumption, but the condition which caused
distress in those former instances do not
now exist The Government has only to
make good its own promises, and banks
can take care Of themselves without dis
tressing anybody. The Government is,
therefore, the sole delinquent. The
amount of legal tender notes of the Uni
ted States now outstanding is less than
S370,O00,000, besides $34,O0O,OOO of frac-
tional currency. How shall the Govern
ment make these notes at all times as
good as specie. 1t has to provide in ref
erence to the mass which would be kept
in use by the wants of business, a central
reservoir of coin adequate to the adjust
ment of temporary fluctuations of inter-
national balances, and as a guaranty
against transient drains artifcally Gre
ated by panic or by speculation.
1t has also to provide for the payment
in coin of such fractional currency as
may be presented for redemption. and
such inConsiderable portions of legal
tenders as individuals may from time
to time desire to convert for special use,
or in order to lay by in coin their little
stores of money. To make the coin now
in the Treasury available for the obje is
of this reserve, to gradually strengthen
and enlarge that reserve, and TO provide
for such other exceptional demands for
coin as may arise, does not seem to me
work of difficulty If wisely planned
and discretely pursued, it ought not to
cost any sacrifice to the business of the
country. 1t should tend, on the contrary
to revival of hope and confidence.
The coin in the Treasury on the Both
of June including what is held against
coin certificates, amounted to nearly S74,-
100000. The current of precious metals
which has flowed out of our country for
the eleven years from July l, 1865, to
June 80, 1876, averaging nearly $76,000,-
OOO.a year, was 1892 OOO,OOO in the whole
period, of which S6l7OOO,OOO were the
product of our mines. To amass the
requisite quantity by interrupting from
the current flowing out of the country