Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1876-02-17

notes the funding privilege with which
tIiey were oFi- inaliy endowed, / must
here record my earnest protest against
the policy OF repeating the legal-tender
clause which has given to these notes
their great strength Is circulating
medium. L can not see how The Gov
ernment can consistently deprive these
q DIES of their iegal-tender quality un-
hi 1t is ready TO redeem them in coin
on presentation; aud when il is SO ready
To redeem them, W hat need or advaut-
age will there be in raising the ques-
ton? And l have never heard any
argument at all satisfactory to my
mind that the REPEAL of the legai-tender
Clause would tend to make resumption
easier. On the contrary il seems 10 me
that il would render reSumpton far
more difficult than it will otherwise
prove; that il would throw an undue
share of the burden on the banks; that
1T would force them into The most
rigid contraction aud needlessiy cripple
their power Of discount; thus plunging
the whole country into confusion, dis
turbing credits, EN- barrassing pay
ments, fatally deranging business, and
creating widespread distress among the
people. 1t would be peculiarly Sc
we're blow to the debJor class and would
make resumption to them the signal Of
bankruptcy and ruin. All wise ltgisla-
uon toward resuption will take care
tnat no needless burden be thrown Ou
those who have debts to pay, and that
IN the transaction the banks shall be
Kept In such condition as will make
them as helpful as possible to the busi-
ness community.
As to MS vieys 81 tie Resumption
act now in force. Mf. blaine says:
The act providing for resumption in
| 1879 requires, in the Judgment of the
Secretary of the Treasury, some addI-
| IiOual legislation To make it practical
and effective. As if stands, it fixes q
date, but gives no adequate process
and the paramount duty of Congress is
| To provide process. and in all legis-
| ton locking to that end, it must be
/ borne in mind that unless we move III
harmony with the great business inrer-
ests of the country, we shall assuredlr
fail. Specie payment can only be
brought about by Wi>e and well consid
ered legislation, bassed on the expert
ence OF other Nations. embodying the
matured wisdom of the country, health
fully promoting all legitimate business
and carefully avoiding everything that
may tend to create fear and distrust
among the people. In otnerwords,
what we most need as the Outgr0wth Of
Legislation is confidence, public ana
private, general and individual.
And, finally, on the question of a
Ispecie standard:
In any event, Mr.. Chairman, what
ever we may do or whatever we may
leave undone On this whole financiel
Question. let Us not delude ourselves
with the belief that We can escape th+
Specie standard. Ii rules us to-day, and
has ruled us throughout the whole leg
al-tender period, just as absolutely a.
though we were payiag and receiving
coin daily. Our work, our fabrics, Our
commodities, are all measured by it,
and SO long as we cling To irredeemablt
paper, We have ali the burdens and
disadvantages of the gold standard
with none of its aids and gains an
profits. The thing which hath beer
is that which shall be- The great
law-girer of antiquity records in the
very opening chapters of Genesis thai
liiS- Spii ~ tilC vi lloN II
good" And, with another precious
metal, it has maintained its rank to
: this day. No Nation has ever succeed
ed in establishing any other standard
of value; no Nation has ever made the
leXperirnent except at great cost and
IsorroW; and the advocates of irredeem-
able money to-day are but asking us to
travel the worn and weary road travel
ed so many times betore-a road that
has always ended in disaster and often
in disgrace.
The speech is remarkably shreWd
, one. In its attacks upon the erroneous
policies OF others it is exceedingly pow
erful and able; in presenting a policy
, of his own it is general in terms and
non-cmmittal in particulars. 1t points
! out, very ably, a great many evils that
we must avoid; but it presents to us no
,, new helps that we can avail ourselves
, of. 1t leaves no weak point TO open to
J attack.