The Van Buren press., 1876-08-15

nous issues OIL Irahuulent DOHus, Vne
scanty avails of which were wasted or
stolen, and the existence of which Is a
public discredit, tending to bankruptcy
or reputation. Taxes, generally oppres,
siye, in some instances have contiscated
the entire income of property, and total
ly destroyed its marketable value. 1t is
impossible that these evils should not re-
act upon the prosperity of the whole
country.
THE NoBLER MOTIVES OF HUMANITY
Concur with the material interests Of all
in requiring that every obstacle be re-
moved to complete and durable recon.
cilliation between kindred population,
once unnaturally estranged, on the basis,
recognized by the St Louis platform, OF
the constitution Of the United States
Mith its amendments. universally accept
ed as finat settlement of contro versies
which engcndered civil war. But in aid
of result so bencficent the moral in
fiutnce of every good citizen as well as
every governmental authority ought to
be exerted, not alone to maintain their
Just equality before the law, but likewise
to establish cordial fraternity and good
will among citizens, whatever their race
or color. who are now united in the one
destiny of a common self government.
If the duty shall be assigned to me
should not fail to exercise the powers
with which the laws and constitution of
our country clothe its chief magistrate to
protect all its citizens, whatever their
former condition, in every political and
personal right.
REFORM Is NECESSARY,
Declares the St. Louis convention, to es
tablish sound currency, restore public
credit and maintrin the national honor /;
and it goes on to demand q judicious
system of preparation by public econo
my, by official retrcnchments and by wise
finance which shall enable the nation soon
to assure the whole world of its perfect
ability and its perfect readiness to meet
any of it's promises at the call Of its cred
itors entitled to payment of legal tender
notes of United States. That would not
only restore the pubic credit and main
tain the national honor. but it would es.
tablish sound currency for the people
The methods by which this object is to
be pursued and the means by which it is
to be attained are disclosed by what the
convention demanded for the future and
by what it denounced in the past. Re.
sumption of specie payments by the
government ofthe United States on its
legal tender notes would establish specie
payments by all the banks on all their
notes. The official statement made on
the 18th OF May shows that the amount
of bank notes was 830O, ,000, 900 lessl $40,
100000 held by themselves. Against
the S2SO,O0O, 900 of notes, the banks held
Sl4l 100000 legal tender notes, or \
little more than 80 per cent of their
amount. But they also held on deposit
in the "...u
,.. FEDERAL TREASURY
As security for these notes, bonds of
the United States worth in gold about
$500, 600, 600 available and current in all
foreign money markets. In resuming,
the banks, even if it were possible for all
their notes to be presented for payment,
would have $500 100000 of specie funds
to pay S2S0,0O0, 900 of notes without
contracting their loans to their custom
efs, or calling on any private debtor for
payment. suspended banks undertaking
to resume, have usually been obliged to
collect from needy borrowers means to
redeem excessive issues, and to provide
reserves. A vague idea Of distress is
therefore often associated with the pro-
cess of resumption. Bat the conditions
which caused distress in til ose former in.
stances do not now exist. The govern.
ment has only to make good its own
promises, and the banks can take care OF
themselves without distressing anybody.
The government is therefore the sole de-
linqueEt. The amount Of legal.tender
notes of the United States now outstand.
ing is less than S37 100000 besides
S34 100000 of fractional currency.
How shall the government make these
note. at all times. in reference to the
mass which would be kept in use by the
wants Of business, central reservoir of
coin adequate to the adjustment Of tenn
porary fluctuations Of internal balances.
And as guaranty against transient
drains artificially created by panic or by
speculation 1t also has to provide for
payment in coin of such fractional cur.
rency as may be presented for redcmp-
ton and such inconsiderable portions OF
legal tenders as individuals may from
time to time desire to controvert for spe.
cial use or in order to lay by in coin their
little stores Of money. TO make the coin
now in the treasury available for the oh.
jects Of this reserve, to gradually strenttl.
en- and eniarge that reserve and to pro
vide for such other exceptional demands
for coin as may arise, does not seem to
me work of difficulty; if wisely plan.
ned and discrctely pursued it ought not
TO cost any sacrifice to the business OF
the country. j. should tend, on the con.
trary, to revival ofhope and confidence.
The coin in the treasury on the Both ol
June, including what is held against coin
certificates, amounted to nearly seventy
four millions The current Of precious
metals which has flowed out of our coun.
try FOR the eleven years from July l, 1858
to June 30, 1876, averaging nearly S76,-
600, 900 a year, was 1892 900, 600 in the
whole period, Of which s6l7 100000 was
the product of our own mines. To
amass tn. requisite quantity by intercep-
ting from the current flowing out OF the
country and by acquiring from stock.
which exist abroad without disturbing
the equilibrium Of Foreign money mark
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