Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-08-05

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all who trust them. They destroy all conf
dence among thoughtful men whose jGdg-
ment Will at least sway public opinion. An
attempt TO act on such q command-on such
a promise-without preparation, would end
in a new suspension. 1t would be a fresh ca
lamity, prolific OF confusion, dtsttust aud dis
treSs.
RADICAL RESUMPTION.
The act bf congress of July, 1875, pro.
vided that on and after the first of January,
1879, the secretary of the treasury shall re-
deem in coin the legal tender notes OF the
United states on presentation at the office of
the assistant treasurer, in the city of New
York. IL authorizes the secretary to prepare
and provide for such resumption OF specie
payments by the use of any surplus revenues
not otherwise appropriated, ami by issuing,
in his discretion, certain classes of bonds
More than one and half of the four years
have passed. Congress and the Presi
TO unite in acts which have legislated
out OF existence every possible surplus appli-
cable to this purpose. The coin in the treas
ury claimed to belong to the government had,
on tue tn1rtieth of June, ia len to less than
S45, 100000. against $4,000 600 on the nrst of
that sum Is S7fd to be questionable.
THE REVENUES.
The revenues are falling faster than
appropri atoms and expenditures are re-
duced, leaving the treasury with di-
mil hing resources: The secretary
to issue bords, the legislative command the
official, promises fixing q DAY for resumption
have heen made, and there has been no pro-
gresS, there have been steps backward, there
Is no necromacy in the operations of the gov
eminent, the homely miXlms of every day
life are the best standards of its conduct. The
debtor who should promise to pay loan
out of his surplus income, YET he seen every
dsy spending ali he could lay his hands on in
rio Gus living, would lose all character for
honeSty aud veracity. His offer of new
promise, or his profession as to the value of
the old promise, would alike provoke derisiOn.
THE PLATFORM ON RESUMPTION.
The st Louis platform denounces the failure
for eleven Years TO make good the promise of
legal-tender notes; 1t denounces the omi sion
to accumulate any reserve for their redemp-
ton; it denounces the conduct which, during
eleven years of peace, has made no advance
toward resumption, no preparation for re-
but has obstTucted resumption,
wasting all our resources and exhaust1ng
all our surplus income, and, while protesting
TO intend a speedy resumption of specie pay.
ments, has annually enacted hindrances
thereto, and having first denounced the bar
rsnneSSo of promise of day OI resumption, 1t
next denounces that barren promise as a
hindranec to resumption. 1t then demands
Its repeal, and also demands the establish
ment of a judicious System of preparation of
1t cannot be doubted that the
of system of prep aratiOn
would be the gain of the substance of resumP-
ton in exchange for its shadow.
IMPROVDECNE.
Nor is denunciaUion unmerited o.
sumed four thousand i've hundred mil
lions Of dollars, and yet could not afford to
give the people sound aGd stable currency
Two and half per cent on the expenditures
Of these eleven years, or even less, would
have provided all the coin needfuI to
The distress now felt by the
people in all their business and industries
has its principal cause in the enOrm-
Ous waste of capital. occasioned by the false
policies of our government.
ma an u Az
MINT.
1t has been greatly aggravated by
the misnanagement of the curren-
oy: U9csIttappty, is the prolific pa
were Its evils more felt than now. Mep do
nothing because they are unable TO make any
calc ulations on which they can safely rely.
They undertake nothing because they fear
stop and wait. The merchant dares not buy
for the future consumption OF his customers.
The manufacturer dareS not make fabrics
WHICH may not refund his outlay. He shuts
up his factory, and discharges his workmen.
Capitalists cannot lend on security they con-
slider safe, and their funds lie almost without
interest. Men of enterprise, who have credit
Or securities to pledge, will not borrow. Con-
sumption has fallen below the natural limits
d reasonable economy; the prices of many
things are under their range in the frugal
specie payment times before the civil war;
vast masses OF the currency OF the United
States lie in the banks unused; year and
and twelve millions since retired
have been replaced by resh issues of fifteen
Of 9ank notes. IN the mean time,
the banks have been guaranteeing about four
millions a month, because they cannot find a
profitable use for SO many of their notes.
SHAMS.
The public mind will no longer accept
'hams. 1t has suffered enough from illusions.
An insincere policy increases di4trust; an
unstable policy increases uncertainty. The
people need to know that the government is
moving in the dire .tton of Ultimate safety and
and that 1t is doing so through pru-
lent safe aud conservative methods, wHiCh
will be sue to infiict no new sacrifice on he
business of the country. Then inspiration OF
hasten the restoring processes Of nature, and
will begin to return.
PREPARATION.
The st. Louis convention concludes
Is expressions in regard to the
currency by a declaration of its
convictions as the practical results of the sys-
lem of preparation which 1t demands. 1t
Says: 1--WE believe such system, well de-
yised, and, above all, intruSted to competent
hands for execution, creating at no time an
artificial scarcity of currency, and at no time
alarming the public mind to the with.
credit by which ninety-five per cent. of ali
BUR business transactions are performed A
system open to the public and inspiring gen.
eral confidence from the day OF its adoption
will bring healing on It's wing to all our har-
raised industries, set in motion the wheels of
manufactures, and mechanic art,
restore employment to labor, and renew in
all its equal resources the prosperity of the
people.
RESUMPTION MUST BE GRADUAL.
The government OF the United States,
n my opinion, can advance to resumption
If specie payments on Its legal-tender notes
by gradual and safe processes, tending to re-
ieve present business distresses. II charged
oy the people with the administration of the
executive office, L should deem 1t duty SO to
which
las been or may be invested by congress as
best and soonest to conduct the country to
hat beneficent result.
CIVIL SERVICE.
The convention justly afi rms, that
vice; necessary for its publication, its
economy and efficiency; necessary in Older
hat the ordinary employ ment Of public bus
ness may not be a prize to fight for at the
ballot box-a re let of party zeal, instead of
posts of honor assigned Tor proved compe-
.ency, and held for fidelity in the public en-
ploy. The convention wisely added that re-
'orm is necessary even more in the
higher, grades of the public service
he President. Xics-president, judges,
GERS, these, and all others in authority,
are not private perquislte; they ale pub
lie trust. Two evils invest the official service
Of the federal gOvernment-one is the prev
alent and demOralizing notion that the pub
tc service exists not for the business and
benefit of the whole people, but for the inter
est of the office holders, who are in truth but
servants of the people.
THE GREEDY OFFICE-HOLDERS.
Under the influence of this pernici-
BUS error public employments have
been multiplied; the numbers Of those
gathered into the ranks of office-holders have
been steadily increased beyond any possible
of public business, while ineffi-
cheney, peculatIOn, fraud and malversatiOn
Of publi3 funds from the highest places of
power to the lowest have oYersprcad the
whole service like leprosy; the other evil is
The organization of official elias into body of
political mercenaries governing caucuSses
and debating nominations of their own
of the people by undue influence and by i'm
mense corruption. Funds sy Systematically COL
ect ed nom the salaries of fees of office
holders, the official class in other countries
sometimes by its own weight and some
times in alliance with the army, has been
able to rule unOrganized masses even
under universal suffrage, Here 1t has already
grown into gigantic power capable of
sitting the Inspirations of sound public
opinion and of resisting an easy change of
until misgovernment be-
comes int3lerable and public spirit has
been stung to the pitch;of strong revolution.
THE ROAD TO REFORM.
The first step in reform is the elevation OF
he standard by which the appointing power
n Importance Is q conscientious fidelity in
The exercise of authority to nod to account
and displace untrustWOrthy and incapable
The public interest, in an
honest and skillful performance OF official
rust, must not be sacrificed to the use of in
which will insure the exhibition of better eX-
ampleS, we may wisely go on to the abolish
ing OF unnecessary offices, and finally 10 the
patient, careful organization of better civil