The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-08-16

to accept at a fictitious par. The
highest national honor is not only
right but should prove profitable.
Interest on the Public Debt.
OF the public debt, $3.50, 900. 900
bears interest at 6 per cent. in gold.
and $65 100000 at per cent. in
gold. The average interest is 5.58
per cent. A financial policy which
should secure the highest credit.
wisely availed of. ought gradually to
obtain a reduction of one per cent.
in the interest on most Of the lane
A saving of one per "cgnt. on an av.
erase ~oulo ~ sI7,00O,O00 a year
IN p" ,.u. That saving regularly in
vested at 81 per cent. would in less
than 38 years extinguish the princi-
pal. The whole 81. 700.000,000 of
the funded bebt might be paid by
this saving alone without cost to the
people. The proper time for resump-
ton is the time when wise prepara-
tions shall have ripened into per-
feet ability to accomplish that object
with a certainty and ease that will
inspire confidence and encourage the
revival of business. ee ut
The Date of Resumption.
The earliest time in which such a
result can be brought about is best.
Even when preparations shall have
been matured the exact date would
have to be chosen with reference to
the then existing state of trade and
credit operations in our country. the
course of foreign commerce and the
condition of exchanges with other
nations. The specific measures and
actual date are matters of detail,
having reference to ever changing
conditions. They belong to the do
main of practical administrative
craftsmanship. The captain of a
steamer about starting from New
York to Liverpool does not assem-
bile a council over his ocean chart
and fix an angle by which to lash his
rudder for the whole vova~e. Al
human intelligence must be at the
neitn 70 n..scern the shifting forces
of the. waves and winds; human
hand must be on the helm to feel the
elements day by day and guide to
mastery over them. Such prepara-
-tions are everything. Without them
a legislative command fixing a day,
an official promise fixing a day, are
shams. They are worse they are a
delusion and snare to all who trust
them. They destroy all confidence
among thoughtful men, whose judg-
ment will at last sway public opin-
ion.. An attempt to act on such q
command or such a promise without
preparation would end in new sus-
pension it would be a fresh calami-
ty, prolific of confusion, distrust and
distress.
The Resumption Act.
The act of Congress of Jan. IA,
1875, enacted that on and after the
first of January, 1879, the Secre etary
of the Treasury shall redeem in coin
legal tender notes. of the United
States on presentation at the Office
of the Assistant Treasurer of the
L
Secretary to prepare and provide
for such resumption of specie pay
ments by the use of any surplus rev.
enues not otherwise appropriated,
and by issuing in his discretion GER
tain classes of bonds. More than
one and half of the four years
have passed. Congress and the
President have continued ever since
to unite in acts which have legislat-
ed out of existence every possible
surplus applicable TO this purpose.
The coin in the Treasury clai med to
belong to the Government. had on
the 30th of June fallen less than
$45, 100000. against $59,000,00O on
the first of January, 1875, and the
availability of part of that sum is
said to be questionable. The reve-
nues are falling faster than appro-
priations and expenditures are re-
duced, leaving the Treasury with
diminishing resources. The Secre-
tary has done nothing under his
power to issue bonds. The Iegisla-
tive command. the official promise
fixing a day for resumption have
been made. There has been no
progress. There have been
Steps Backward.
There is no necromancy in the
operations of government. The
homely maxims of every day life
are the best standards of its con-
duct. A debtor, who should prom
ise to pay loan out Of his surplus
income, yet be seen every day
spending all lie could lay his hands
on in riotous living, would lose all
character for honor and veracity.
His offer of new promise or his
profession as 30 the value of old
promises would alike provoke de-
rision.
The st. Louis platform denounces
the failure for eleven years to make
good the promise of legal tender
notes; 1t denounces omission to ac-
cumulate any reserve Tor their re-
demption; it denounces conduct
which during eleven years of peace
has made no advances toward re-
sumption, no preparation for resump-
tion, but instead has obstructed re-
sumption by wasting our resources
and exhausting all our surplus in
come, and while protesting to intend
speedy return to specie payments,
has annually erected fresh hindran-
ces thereto, and having first denoun-
ced the barrenness of the promise
of day of resumption, it next de-
nounces that barren promise as
hindrance to resumption. 1t then
demands the repeal and also de-
mands the establishment of a judi
cious system of preparation for re-