The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-08-08
Made No Advances Towards ResumP'
ton;

Made No ADVANCE lOWsI"s
ton; t
no preparations for resumption, but
| instead has DISTRACTED rcsump-
ton by wasting our resources and
exhausting all our surplus income, and,
while protesting to intend q speedy re-
turn to specie payment, has annually en-
acted fresh hindrances thereto; and hav-
ing first denounced the bsrrenness OF the
promise of day of resumption, it next
denounces that barren promise as him
drance to resumption. 1t then demands
its repeal. and also demands the estab'
lisbment of q judicious system OF prep
aratiou for resumption. 1t cannot Do
doubted that the substitution Of sys..
tenn of preparation without the promise
of a day for the worthless promise OF
day without q system of preparation
would be the gain of the resumption IN
exchange for its shadow. Nor is the re-
nunciation unmerited of that improve
dence, (which, in eleven years since the
peaoe has consumed four thousand five
hundred millions of dollars, and yet could
not afford to give the people sound and
stable currency. TIVE and hall per
cent OF the expenditures of these l!
years or even less would have provided
all the
Additional Coin Needed for Resunp-
ton.
The distress now felt by people in all
business and industries, and though 1t
has its principal cause IN the enor-
nous waste of capital accustomed by the
false policies of our government, has
been greatly aggravated by the mis-
management of the currency. I'm.
certainty is the prolific parent of mis-
chiefs in all business, and never were Its
evils more felt than now. Men do
nothing because they are unable TO make
any calculations in which they can safe
ly rely.
They Undertake Nothing Because
They Fear Loss In Everything
they attempt; they stop and wait. The
merchant dares not buy for the future
consumption of his customers; the manu-
facturer dares not make fabrics which
may not refund his outlay; he shuts his
factory aud discharges his workmen; cap
talists 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; consumption
has fallen below the natural limits OF
reasonable economy. The prices OF many
things are under their range In frugal
specie paying times, before the civil
war, Vast masses OF currency
lie in the banks unused. a
wear and half sgo legal tenders were
a. their largest volume and twelve million
since retired have been replaced by fresh
issues of fifteen millions of bank notes.
In the meantime the banks have beer
surrenderlng about four mllionsa month,
Because they Cannot Find a PrOhia'
bic Use
for many of their notes. The public
mind will no longer accept shams. IL
has suffered enough from illusions. An
unstable policy increases uncertainty.
The people know that the government Is
moving in the direction ofultimste safety
and prosperity, and that it is doing 50
through prudent, safe and conservative
methods, which will be sure to intlict no
new sacrifice on the business ct the
country. Then the inspiration OF new hope
and well founded confidence Will
uasten I'm Restoring the Processes
Of Nature
and prosperity will begin to return. The
St. Louis Convention concludes It's ex-
pressions in regard TO the currency oy
declaration of its convictions rs to the
practical results of the system OF prep
aration it demands. 1t says: awe be-
lieve such a system well devised, and
above all, intrusted to competent hands
for execution, creating at no time an ar
tificial scarcity of currency, and ut no
time alarming the public mind into
withdrawal Of the vsster machinery,
on credit, by which ninety five per cent
of all business transactions are per-
formed. A system open to the puDlic
and inspiring general confidence, would
from the day of its adoption bring heal
ing on its wings to all our harrassed IN,
dustries; set in motion the wheels OF
commerce, manufacturers, and the
mechanic arts, restore employment 10
labor and
Renew all Its Natural Sources of the
Prosperity Of the People.
The government of the United States, in
my opinion, can advance to resump-
ton OF specie payments in its legal tender
notes by gradual and safe processes tend
ing to relieve the present business dis
tress. If charged by the people with
the administration of the executive office
| should deem 1t duty so to
exercise the powers with which 1t
has been, or may be, invested by Con
press as best and soonest TO con-
duct the country to that benehclent re.
suit The convention justly atfirms that
70 orm is necessary in the civil service, ne
cesssry to its publication, necessary to It's
economy and its efficiency, necessary IN
order that the ordinary employment OF
public business may not be "a prize
fought for at the ballot box; brief re.
ward of party zeal instead OF posts OF
honor
Assigned for Proved Competency
and hell for fidelity IN the pubic
EMPLOY The convention wisely adds
that reform is necessary, even more IN