The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1876-08-10


demptions. The best resource is re-
duction of the expenses of the govern
ment below its income, tor that lm-
poses no new charge on the people. 1t,
no wever, the improvidence and waste
which have conducted US to period |
of falling revenues, oblige us to sup.
plement the results Of economies and |
retrenchments by some resort to loans,
we should. not hesitate. The govern
ment ought not to speculate on its own
dishOnor in order to save interest on
its broken promises, which it still
compels private dealers to accept at
fictitious par. The highest national
honor is not only right, but would
prove profitable. OF the public debt
1886 600, 600 bear interest at six per
cent. in gold, and S7I2, 100000 at five
per cent. i'm gold. The average inter-
est is 5 So per cent. A financial poll
cy which should secure the highest
credit wisely availed of, ought grad
ually to obtain reduction OF one per
cent. in interest on most of the loans.
"A saving of one per cent on an aver
age would be $7,OO0,OJOa year in gold.
That saving regularly invested at 4.
per cent. would in less than thirty
eight y ears extinguish the principal.
The whole SIT, 100000 Of funded debt
nigh be paid by this saving alone
without cost to the people, HiF.
% The proper time for resumption is
the time when wise preparations shall
have ripened into a perfect ability to
accomplish the object with a certainty
and ease that will inspire confidence
and encourage the reviving OF business
The earliest time in which such re-
suit can be brought about is. the best.
Even when preparations shall have
been matured, an exact date would
have TO be chosen with reference to
the then existing state of trade and
credit operations in our own country,
the course of foreign commerce and
the condition OF exchanges with other
NATIONS. The specific measures and
actual date are matters OF detail hav-
ing reference 10 ever-changing con-
ditions. They belong to the domain
Of practical administrative statesman
ship. The captain Of steamer about
starting iron, New York to Liverpool
does not assemble a council over his
ocean charts, 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. A
human hand must be on the helm to
feel the elements day by day and
guide to a mastery over them. Such
preparations are everything. Without
them legislative command fixing Il
day, al official promise fixing n day,
are shams. They are wOrse-they are
a snare and delusion 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 upon such u COM
mand or such promise without prep
aration would end in new suspeD-
sion. 1t would be a fresh calamity
prolific OF confusion, distrust and dis
tress.. E-iE aHfl .tSIfu
| The act of Congress of the l4th of
July, 1875, enacted that on and after
the lst OF January. 1879, the Secretary
Of the Treasury shall redeem in coin
legal tender notes ofthe United States
OH presentation at the office of the As
sisiant Treasurer, in the city of New
York. 1t authorizes tho Secretary to
prepare and provide for such resump-
ton of specie payments by the use of
any surplus revenues not otherwise
appropriated, and by Issuing, in his
discretion, certain classes of bonds.
More than one and half of the four
years have passed, and Congress and
the President have continued ever
since to unite in acts which haye ley
islated out Of existence every possible
surplus applicable to this purpose. The
coin in the treasury clsimed to belong
to the government, had, on the 3Oth of
June, fallen to less than forty five
millions Of dollars, as against fifty mine
| fhn Iyt of To
and the availability of u part of that
sum is said to be questionable. The
revenues are falling faster than the
reduced, leaving the Treasury with
diminishing resources. TheSecretary
has done nothing under his power to
mand, the official promises, fixing n
There has been no prOgress-there
have been steps backward. sla,4.
There ia no necromancy in the oper-
ations of government. The homely
maxims of every .day life are the best
standards of it's conduct. "A debtor
who should promise to pay loan out
of surplus income, and yet be seen
every day spending all he could lay
his hands OH in riotous living, would
lose all character for honesty aud ver-
acity. Ills offer, OF a new promise,
or his professions, as TO the value OF
| the old promise, would alike provoke
derisiOn. "H --.
% The St. Louis platform denounccs
the failure for eleven years 10 make
good the promise of the legal tender
| notes. 1t denOunces the omission to
accumulate any reserve for their re-
demptiOn.s IT. den0unces the conduct
which during eleven years of peace
has made nc advances towards re-
sumption, 10 preparations for resuInp-
ton, but instead had obstructed re
sumption by wasting our resources
and exhausting all our surplus income,
and while protesting to intend spealy
return 10 specie payments has annual
ly enacted fresh hindrances thereto
Aud having first denounced the bar.
renness Of the promise OF a day of re-
sumption, it next denounced that bar.
rem promise as hindrance to resump-
tion. 1t then demands its repeal and
also demands the establishment of Il
iudicious system OF preparation for
resumption. 1t cannot be doubted
that the substitution of u system Of
preparation without The promise of Il
day for the worthless promise of a
day, without a system of preparation,
would be the gain of the substance OF
resumption in exchange for its shad-
ow.
Nor IL the dcnunciatiOn unmerited
of that improyid ence which is eleven
years STAGE the, peace has consumed
$3.50 OOOO,O ,OOO, 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 pro-
yided all the additional coin needful
10 resumption. The distress now felt
by the people i'm all their business and
industries, though it has its principal