The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-08-05

half oil four years have passed, and Con-
gress and the President have continued
ever since To unite in acts which have
litigsted out Of existence every possible
surplus OF applicable coin tor the pur.
pose. The coin in the treasury claimed
TO belong 10 the government had, on
the 3Oth Of June fallen 10 less than forty
five million dollars, as against ahy.nine
the lst of January, 1875, and the availa-
bility of part OF that submitted 70 Be
questionable. The revenues are falling
faster than it appears and our expsndi.
lures are reduced, leaving the treasury
with diminishing resources. The Secrs-
tary has
Done Nothing U.der His Pswsr 90
Issue Bonds.
The legislative command Of the official
promise fixing day for resumption,
has been made. There has been no
progress; there have been steps back
wards. There is no neceromancy in the
operations of the government. The
homely maxims Of every day lie are
the best standards Of its conduct. A
debtor who should promise to pay
loan out Of the surplus
income, yet be seen every day
spending all he could lay his hands on In
riotous living, would please all characters.
For honesty and veracity his ODER Of
compromise and his profession ~ to the
value Of old promises, would alike pro.
| woke discussion. The st. Louis platform
denounces the failure for eleven years 10
make good the promises OF the legal ten.
der notes; il densunces the emission Ia
accu uulate any reserve for their redemp-
ton; it denounces the conduct which
during eleven years Of peace has
Made no Advances Towards Resassp.
ttos,
no preparations for resumption, but
| instead has Obstruied rcsump-
ton by wasting our resources and
exhausting al! our surplus income, ana,
while proitssin to Intent u speedy re.
turn to specie payment, has annually en-.
acted fresh hindrances thereto; and hay-
ING first denounced the bsrrenness OF the
promise OF day Of resumption, It next
denounces that barren promise ss hin.
drance to resumption. 1t then demands
its repeal, and also demands the eslab'
lishment OF a judicious system OF prep
sra,ion for resumption. IL cannot bo
doubted that the substitution oi ssys'
TEN of preparation without the promise
of day for tho worthless promises OF =
day without n system Of preparation
W, uld be the gain OF the resumption IN
exchange for its shadow. Nor Is the III
dication unmeriled of that providence,
which, in eleven years since the peace
has consumed four thousand i've hun
dred millions of dollars, and yet could
not afford to give tho people sound and
stable currency. Two and halt per
cent OF the expenditures OF these ~
wears or even less would have provided
all the
Additional Coin Needed for Resusss.
| ttOn.
The distress now felt by people in all
business and industries, and though
has its principal cause IN the enor-
nous waste of capital o6cassioned by the
false policies of our government, and has
been greatly aggravated by the MS
management Of the currency, un.
certainty is the prolific parent OF mis-
chiefs in all business, and never were It's
evils more felt than now. Mes do
nothing because they are unable 70 make
any calculations in which they can safo.
ly rely.
rn.v Undertake Nothing BscsWse
They Fear Loss is Every tsiag
they attempt; thcy stop and wait. The
merchant dsres moi buy for tho consump'
ton of his customers; the Manufactured
dares not make fabrics which may not
refund the outlay. 20 he shuts his factory
and discharges his workmeD; capitalists
cannot lend on security they consider
unsafe, and their funds lie almost with
out interest; men of enterprise
who have credit, or securities u
pledge, will not borrow; consumption
has fallen balow the natural limits oi .
resonsblo economy. The prices oi many
things are under their range in frugal
specie paying times, before the civil war,
when vast masses ol currency
were In tho banks unused. A
year and half ago legal tenders were
nj their largest volume and twelve million
nnce retired have been replaced by irssh
issues of fifteen millions of bank noLov.
| In the meantime the banks have been
.urrenderlng abou. four millionsa = month,
Berau.e shey Cannot riWd = Prsass.
for many Of their notes. The public
mind will no longer accept shsms. II
has suffered enough from illusions. An
unstable policy increases uncertainty.
| The people know that the government 10
moving in the direction of ultimate safety
and prosperity, and that II h doing %
through prudent, snfs and conservative
methods, which will be sure " innict Bo
new sacrifice on the business at the
country Then the inspirations 0f new hope
and well founded confidence will
Hs.tea In RESTORING the Processes
OF AsssSe
and prosperity will begin 10 return. The
ST. Louis Convention concludes it. sr.
pressions in regard W the currency by .
declaration of il convictions n ~ the
practical RESULT Of the system of prep
ar.,ion il demands. II says: "Ws b--
lieve such system will bs devised, and
above all, intrusted ~ compctsnt hands
for execution, creating ri no time m sr'
ti6cial scarcity Of currency, and a. no
time alarming the public mind into
n Withdrawal Of that yastss iDscbinery,
on credit, by which ninety.nye per cent
of all business transactions arc per
formed. A system open 70 thS public
and in,pting . gssernl COO adencs, would
from the day Of its adoption bring hsa'.
ing on it wings 10 Ill our hasrassed in
dustriss; set in motion the whesis of
commerce, manufacturers mechanics and
aru, restore empIoymsni 70 labor and
Renew al she Mssssss ssssess sesb
Prosperity 81 ne PesSss.
The government OF the United ststss, In
my opinion, can advance " . rssump.
too OF specie payments in is Legal tssdsr
notes by gradual and sale processes tsod.
ibg 70 relieve the present business dis
tres. II charged by the people With
the administration of the executive of1ce