The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-08-12

loans, we should not hesitate. The govern
; Iment ought not 10 speculate on its own DIS
honor in order 10 save interest on lis broker
, promises, which it still ccmpels private deal
ers 10 accept at fictitious par. The highes
{ national honor is not only right, but il woult
: prove profitable OF the public debt $3.50,
, 100000 bear interest al 6 per cent. in gold
and $712000,h0 at per cent. in gold. The
average interest is 3 50 per cent.
A FINANCIAL POLICY WHICH SHOULD SECURE
THE HIGHEST CREDIT
wisely availed of ought gradually to obtain t
reduction Of | per cent. in the interest on
the loans A saving of per cent on the av
ersge would be Sl70p 600 year in gold
That saving regularly invested at AZ pei
cent would, IN less than thirty.eight years
extinguIsh the principal. The whole 81 100,
100000 of the landed debt might he paid by
this saving alone, without cost TO the people
The proper time for resumption is the time
when wiseiprepara,iOn snail have ripcned
into perfect ability 10 accomplish the OBJ
ject with certainty and ease that will in
spire confidence and encourage the reviving
of business. The earliest time IN which such
a result can be brought about is best. Even
when preparations shall have been maturcd
the exact date would have 10 be chosen with
reference to the then existing state of trade
I and credit operations in our own country, the
course OF foreign commerce, and the cOndi-
| ton of exchanges with other nations. The
specific measures and actual date are mat
tiers of details having reference to ever-chang.
ing conditions. They belong to the domain
FOf practical administrative craftsmanship.
The captain Of a steamer about starting from
New York 10 Liverpool does not assemble a
council over his ocean chart and fix an angle
by which to lash the rudder for the whole
voyage. a human intelligence must be at
the helm to discern the shifting forces of the
waters and winds; human mind must be at
the helm TO feel the elements day by day and
guide 10 mastery over them. such prepa-
rations are everything. Without them n leg
islative command fixing the day, an Official
promise fixing day, are shams. They are
worse. They are snare and a delusIon 10
all who trust them. They destroy all conf.
dence among thoughtful men whose judg.
nent will at last sway public opinion. An
attempt TO act on such command or such q
promise without preparation would end in a
new suspension. 1t would be fresh caam.
| ity prolific OF confusion, distrust. and dis
tress. The act OF Congress Ct the 18th Of Ju
! ly, 1873, enacted that on and after the 1st of
January 1879, the Secretary Of the Treasury
shall redeem in coin the legaltender notes of
|
OF the Assistant Treasurer IN the city of New
| York. 1t authorizes the Secretary 10 pre-
pare and provide for such resumption of spe.
Gle payments by the use Of any surplus reve.
nues not otherwise appropriated, and by re-
issuing IN his discretion certain classes Of
bonds. More than one and half of the four
years have passed; Congress and President
have continued ever since to unite In acts
which have legisla,ed out Of existence every
possible surpas applicable TO this purpose
The coin In the Treasury claimed 10 belong
the government had, on The Both of July, fall
en- to less than $lj,OO000) as against $4,000.
600 on the lst OF January, 1915, and the avail.
ability Of Il part Of that sum Is said 10 be
questionable. The revenues are falling faster
than appropriations, and expenditures are re-
duced, leaving the Treasury with diminish.
ing resources. The Secretary has done moth.
ing under his power TO issue bonds. The
legislative command, the official promise
fixing day for resumption have been made
There has been no progress There have been
steps backward, There is no necrCmancy in
the operations of the government. The home
| ly maXims OF everyday life are the best
standards of its conduct. \ debtor who
should promise TO pay loan out Of a surplus
income, yet be seen every day spending all
he could lay his hduds on in rlolous living,
would lose all character for honesty and We
racity. His offer Of a new promise, or his
profession AS 10 the value of the old promise,
would alike provoke derislon.
THE ST. LOUIS PLATFORM DENOUNCEs THE
FAILURE
for eleven years to make good the promise of
the legal-endcr notes; ii dGnounceS the omis.
sion TO accumulate any reserve for their re-
dcmpiion; ii denouDces the conduct which,
during eleven years of peace has made no adj
vances toward resumption; no preparations
for assumptions but. instead, has INSTRUCTED
resumption by wasting our resources and eX-
hausting ell our surplus income and while
processing To intend spe, dy return to spe-
Gle payments, has annually enacted fresh
hindrances thereto, and having first dc.
nounced the barrcnness Of the promise Of a
day OF resumption, II next denouncesthat bar.
rem promise as hndrance to RESUMPTION. 1t,
then demands its repeal, and also demands
the establishment OF iudicicus srstem of
preparation for resumption 1t cannot be
doubted that the substitution of" a system of.
! preparation without the promise Il a day,
for the worthless promise of a day without al
system OF preparation, would be tho gain Of
the substance of resumption IN exchange for
ITS shadow. Nor Is the dCnuncialion unmer
tied OF that improvidence which id eleven
years since the peace has consumed 81 500, d
100000, and yet could not afford to give the
people II sound and staple currcIcF. Two
and Il hall per cent. ON the expenditures of
these eleven years, or even less, would have
provided all the additional coin nedful To
resumption. The distress now felt by the
people in all their business and industries,
though ii has its principal cause in The enor
nous waste of capital occasioned by HE false
policies of our government, has been greatly
aggravated by the mismanagemeh of the
currency. Uncertainty is the prolific parent
OF mschieis in all business Never we're ITS
evils more felt than now Men do nothing
because they are unable to make any calcu.
lation on which they can safely rely' They
undertake nothing because they Tea, loss
in everything they would attempt TLey stop
and wait. The merchant dareS not buy for
future consumption of his customes. The
manufacturer dares not make fabric, which
may not refund his outlay. He shut up his
factory and discharges his woikmen. Capt. .
talists cannot lend on security they oJn>der