Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1876-08-05

ters Of detail, having reference to ever chang
ing conditions. They belong 10 the domain of
practical administrative craftsmanship. The
c.pt.in oil steamer about starting from New
York to Liverpool does no; assemble council |
over his ocean chart. aud fx an angle by which |
to lash the III !der for the whole voyage. 4 |
human Intelligence must be at the helm to
discern the shttlug forces of the waters aud
the winds; human hand must be on the helm
to feel the elements day by day, aud guide to a
mastery over them.
| Such preparations arc everything. Withou
| them a legislative command fixing day, an
| ficial promise fixing day, arc shams. They
| arc worse they are snare and deIuSlon 10
deuce among thoughtful men, whose judgment
will at last sway public oplUlon. An attempt
to act on such command or such promise
without preparation would end III nc~ sus
pension Il would be a fresh calamity, prolific
of coufu SION, distrust and distress. The act ct
January IA, 1875 enacted that on and after
the lst OF January 1879, the Secretary OF
the Treasury stall redeem 10 coin the legal
tender notes of the U0ited States on pr seula-
ton at the office Of the Assistant Treasurer, in
the city of New York | authorized the Sec
rotary to prepare aud provide for such rcsunp.
ton OF specie payments by the use OF any ,ur
plus revenues not otherwise appropriated, and
by issuing, in his discretion, certain classes OF
bonds. More than one and u haif OF the fur
years have passed and Congress and the Presl
dent have continued ever suce - unite 10 acts
which have Iegis.ted out ot existence every
possible surplu- applicable TO this purpose.
The coin 10 the Treasury claimed to belong
to the government had ~ thu GOTH OF Ju0e ia
en- 10 less thar $40 UOU 900 as against $53 600.
900 on the fist Of January, 1875, and the
| availability Vt part of Ihut suu said 10 be
questionable. The rcvQDu S are alnG faster
than appropriations and expenditures are re-
ducci, leaving tic Treasury with Diminishing
resources. The Secretary has done pothiug uu-
der his power to issue DuDds. The legislative
command, the official promise, hEog day for
resumpton have thus lar been barrtn y . prac.
teal preparations towards RESUMPTION have
: been miie. There has been 10 progress.
There have been steps backward. There IS no
uecromancy 10 the operations CT the Govern
meDt. The hOiney naxms Of every dag lie
are the best standards OF its co1iu.t. 4 debtor
who should prOlHlse to pay loan OUT ut lis
surplus iucome aud Yet be seen every day spend
ng ali lie could lay nls haniS gu IN rlDtpu> w.
ing, would lose all character t9r nouesty aud
veracity. His offer OF Il ne" promise or his
profession H. to the value Of the cid promise
l. uis plattprm deuuuncc, tic i4i ure ipr
eleven years II % Ike good the promise OF
the lcga-ienier Datcs. |! dcnounccs be ODi,-
sion to accumulate any reserve t0r thl!f re-
dcmptlon |, dcuouuceS the conluct which
during eleven years G! peace has made 40 ad.
vance toward reSuppii III, 90 preparations for
resumptiou, but, instead, has obsuuct ID re-
.umpllou by wasting our resources and eXbau-t.
ing all our surplus lacDme; and, WniIc profess
Ing to intend Il speedy return 10 Sp cl! pay
mcuts, has annually euacicd fresh hiIurancGs
thcreto. And, having first dcnou seed tile bar
renncsS OF the promise OF day Ut resumption,
, it next denounces that barren PROMISE as a
hindrancc 10 re- umption. Il then demands
lis repeal, ard also demand. the establishment
Of judlcI0us system 0i preparation TOR re-
r sumption Ii canuot be doubled that the sub
stitulion Of a system Of preparation, without
the worthless promise Of a day, without
"a system Of preparation, would he the
gain Of the substance OF resumption 10
exchange tor lis shadow. Nor IS he dcnun
{ citation uurneritcd OF that iuproyidauce which,
in the eleven years slnca the peace, has con
sumed $3.50, 900 900, aud yc, could not If .rd
10 give The people a sound and stable currency.
FlVe-and halt per cent. 90 the expenditures
OF these eleven years, mr. even less, would have
sumption and relief to business distress. The
distress uow felt o. the people 10 all their busi-
uess aud industries, though it has It's priocipal
cause in the enormous Waste Of capital occa-
stoned By the false policies If our Government,
has been greatly aggravated By the mi>manage
mcut of the currency. Urc rtalnty is the pro
life parent of mSchicts 10 all business N.ver
we're its evils more felt than DOW. Meg do
nothing because hey are unable to make any
calculation Oh which thy can rely. They
undertake 40 hug because they fear loss 10
every hing they would attempt. They stop
and wait. The merchant iareS not bug Tor the
future consumption Of his customers. The
manufacturer dares no; make fabrics which
may not refund bis outlay. He shuts his FAC.
tory and discharges his workmcn. Capitalists
cannot lend on security they consider 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 ecooo
NY. Prices Of many things are under their
rauge 10 frugal specie. paying times b. orc the
civil war. Vast masses OF currency lie in the
banks untouched. a year and a half aga legal
leaders wsre at their largest volume, AID the
twelve millions since retirad have been laced
bg fresh issues of fifteen millions of bank notes
La the meantime the banks have been surrrn-
dcrng about four millions q month, because
they canaot fnd profitable use Tor so many o.
their notes. The public mind will 20 l)neer
accept sbans. 1t has suffered enough FROM il
luslons. An lusncere policy increases distrust.
An unstable policy increases uncertainty. The
The people uecd to kpow that the Government
is moviDg III the direction OF Ultimate safety
and prosperity, aad that it is doing So through
prudent, SAT. aud conservative methods, which
will be sure to lgf1ic' no new sacrifice on the
business Of the country Then the inspiration
of new hope and we'll funded coof1en>c viii
hasten the restoring processes of nature and
prosperity will begin 70 return. The ST. Louis
convention concludes its expression in regard TO
the currency by declaration ofits convictions as
to the practical results Of the system for prepa-
ratious it demands. 1t says: I'VE believe such
IA system, well devised, and above all inrust-
ed TO mpetcnt hands for execution, creating
! No tiro, artificial o,,oiIu IF cnrrannu