Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1876-08-08

with which they can be changed from
into investments lies the on
ly danger to be guarded against In the
adoption of general measures intended
to remove clearly ascertained sur
plus, that is the withdrawal OF any
which are not permanent excess be-
yOnd the wants Of BUSINESS. Even
more miscellaneous would be any meas
ure which affects the public magma
ton with the fear Of an apprehendod
scarcity. In q community where ere
dit is much used, fluctuations Of val
ues and vicissitudes i'm business are
largely caused by the temporary be-
liefs Of men even before those beliefs
can conform to asCertained realities
The amount of the necessary currency
at a given time cannot be determined
arbitrarily, and should not he assumed
on conjecture. That amount is sub
iuct TO both permanent and temporary
changes.
An enlargement Of it which seemed
to be durable happened at the Begin
ming of the civil war by a substituted
use of currency i'm place of individual
credits. II varies with certain states
of business, and it nuctuates with con-
siderable regularity at different seasons
of the year.
In the autumn, for instance, when
buyers of grain and other agricultural
products begin their operations, they
usually need to borrow capital or cir
Culating credits by which to make
their purchases, and want these funds
in currency, capable olbeingdistributed
in small sums among numerous sellers
The.additiOnRl need ofCurrenCy ut such
times is five per cent. or more of the
whole volume, and if surplus beyond
what is required for ordinary Use does
not happen to have been on hand at the
money centres n scarcity of currency
CnsueS and also q slriugenCy in the
loan market.
Public economies, official retrench-
ments and wise finance, are the means
which the st. Lonis Convention iudi-
Gates as provision fer reserves aud re-
| demptions. The best resource is re-
| duCtiun Of the expenses of the Govern
ment below its income, for that inn
poses 10 new charge on the people.
| IT, however, the improvideuce and
| waste which have been conducted TO q
| period Of falling revenues obIigc Us to
| supplement the results OF economies
| and retrenChments by some resort to
| loans, we should not hesitate. The
| Government ought not to speculate on
/ its own dishonor I'm order to save ill.,
! tereEt on its broken promises which it
! still cOmpels private dealers 10 accept
at fictitious par. The highest national
! honor is not only right but would prove
! profitable, OF the public debt $3.50
| 100000 bear interest gt g per cent in
| gold, and 57l2 100000 nj > per cent in
gold, The average interest is 5.jS per
cent. \ financial policy which should
secure the highest credit wisely availed
OF ought gradually to obtain reduc-
| ton Of ! per cent in interest on most
loans, A saving Of ! per cent on an
average would be $1,000 GOO a year i'm
| gold. That saving, regularly invested
at four and half per cent would in
less than thirtyreight years eHtinguish
! principal. The whole 81 7GO, OOO, GOO oil
funded debt might be paid by this say.
ing at once, without cost to the people
! The proper time for resumption is the
time when wise preparations shall
have ripened into perfect ability to ac'
COmplish the object with q certainty
and ease that will inspire confidence
and encourage the revenues Of bust
ness. The earliest time in which 9
result can be brought about is the best
Even when the preparation shall have
been matured, the exact date would
have to be chosen with reference tC
the then existing state Of trade anG
credit operations in cur own country
the course Of foreign commerce and
the conditions of the exchanges with
other nations. The specific measures
and the actual date are matters of de-
tail, having reference TO every chang.
ing condition, They belong 10 the do
main of political administrative states.
manship. The act Of Congress Of the
18th of January, 1875, enacted that OF
and after the st of January, 1870, the
Secretary OF the Treasury shall redeem
in coin the legal tender notes Of the
! United States on presentation at the
| Office Of the Asst. Treasurer in New
| York. 1t authorized the Secretary t
prepare and provide for such rcsump
ton of specie payments by the use o
any surplus revenues not otherwise
appropriated, and by issuing in his
discretion certain Glasses of bonds
More than one and half OF the foul
years have passed. Congress and the
! President have continued ever since t.
unite in acts which have legislated out
of existence every possible Eurplus ap,
plicable to this purpose. The coin in
the Treasury claimed to belong to the
Government, had on the 8Oth of June
fallen to less than Sl5, 900, GGU as against
$50. 900, 600 on the first of January
1873, and the availability of a part of
that sum is said TO be Questionable
The revenues are falling faster than
appropriations and expenditures are
reduced. leaving the Treasury with di.
minishing resources. The Secretary
has done nothing under his power Ia
issue bonds under the Legislative COM
| mand, The official promise fixing q
! day for resumption have thus far
been barren. No practical prepare
! tons towards resumption have been
made. There has been no progress
| there have been steps backward.
! The st, Louis platform denOunCes the
| failure for eleven years to make good
| the promise of the legal tender notes.
| 1t denOunces the omission to accumu-
| late any reserve for their redemption
| II denOunCes the conduct which dur
| ing eleven years of peace has made no
! advances towards resumption, no pre-
| paratiOn5 for resumption, but instead
has INSTRUCTED resumption by wasting
our resOrcos and exchanging all our
surplus income; while protesting to
intend a speedy return to specie pay
meuts, has annually enacted fresh
hindrances thereto. And having first
denounced the baCrerness of the prom
ise of day Of resumption, it next de