The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1876-08-11

less than thirty eight years extinguish III,
principal. The whole Sl,700,0O0,O0 Of
the funded debt might pc paid by this sv.
ing alone, without cost TO the people. The
proper time for resumption is the tims
when wise preparations shall have been ri.
pened into perfect ability to accomplish
the object with certainty and ease that
will inspire confidence, aud encourage the
reviving Of business. The earliest time in
which such result can be brought about
is the best Even when preparations shall
have been matured, the exact date would
have 10 be chosen with reference TO the
then existing state OF trade aud credit ope.
rations In our country, the course Of for
eign commerce, and the condition Of ex.
changes with other countries. The specific
measures and actual date are matters Of de-
tail, having reference TO oever-changing con-
ditions. They belong to the domain Of
practical administrative statesmanship.
The captain Of q steamer about starting
from New York to Liverpool, does not as
semble council over his ocean chart, and
FIX an angle by which to lash the ridder
for the whole voyage. A human intelli-
gence must be at the helm to discern the
shifting forces Of the waters and winds. A
human hand must be on the helm 10 feel
the elements day by day and guide to a
mastery over them.
NO PREPARATION FOR RESUMPTION YET
MADE.
Such preparations are everything; with
out them, a legislative command fixing a
day, an official promise fixing day, are
shams. They are worse. They are de-
lusion and snare to all who trust them.
They destroy all confidence among thought
ful men, whose judgment will at last sway
the public opinion. An attempt to act on
such a command or such promise with
out preparation would end in a new sus-
pension. Ii would be n fresh calamity,
prolific Of confusion, distrust and distress
Tho act Of Congress Of Jan, 1875, enacted
that on and after the LIST Of January, 1879,
the secretary Of the treasury shall redeem
in coin the legal tender notes Of the United
States on presentation at the office Of the
assistant treasurer in the city OF New York.
IL authorizes the sc, retary to prepare and
provide for such redemption OF 81 ecie pay
ments, by the use Of any surplus revenue
not otherwise appropriated, and by issuing
in his discretion, certain classes Of bonds.
More than one and a half Of the four years
have passed. Congress AMI the president
have continued ever since to unite in acts
which have legisated cut Of existence ev-
cry possible surplus applicable to this pur.
pose. The coin in the treasury claimed
TO belong 10 the Government had, on the
30th Of June, fallen to less than Si5, 5,000,-
900, against $50 1000 900 on the lst. Of jan,
1875, and the availability Of a part Of that
sum is said to be questionable. The reve-
nues are falling faster than the appropria-
tions and expenditures are reduced, leaving
the treasury with diminished resources. The
secretary has done nothing under his pow
er TO issue bonds. The legislative COM
mand, the official promise fixing day Of
resumption, have been made. There has
been no progress. There have been steps
backward. There is no necromancy in the
operations Of governments. The homely
maxims Of everyday life are the best STAN
dards Of its conduct. A debtor who should
promise 10 pay a loan out Of his surplus
income, yet be seen every day spending all
he could lay his hands on in riotous living,
would lose all character for honesty and
veracity. His offer Of a new promise OF
his profession as to the value of the old
promise would alike provoke derision. The
St. Louis platform denounces the failure
for eleven years TO make good the promise
Of the legal tender notes. 1t denounces the
omission 10 accumulate any reserve for
their redemption. II donounces the con-
duct which, during eleven years Of peace,
has made no advance towards resumption,
but instead, has obstructed resumption by
wasting our resources and exhausting all
our surplus income, and while protesting
to intend a speedy return to specie pay
ments has annually enacted fresh hindran-
ces thereto, and having first denounced the
barrenness Of the promise Of day OF re-
sumption, IL next denounces that barren
promise as hindrance to resumption. 1t
then demands its repeal, and also demands
the establishment Of a judicious system Of
preparation for resumption. 1t can not be
doubted that the substitution OF a system
Of preparation without the promise Of
day for the worthless promise Of a day,
without system Of preparation, would be
the gain Of the substance Of resumption in
exchange for its shadow. Nor is the de-
nunciation unmerited Of that improvidence
which in eleven years since the peace has
consumed 500, SOC, 900, and yet could not
afford to give the people sound and stable
currency. Two and half per cent. on
expenditures in these eleven years, or even
less, would have provided all the coin need
ful for resumption. The distress now felt
by the people in all their business and in
dustries, though il has its principal cause
in the enoi nous waste Of capital OCCASION
ed by the false policies Of our Government,
has been greatly aggravated by the mis-
management Of the currency. Uncertain
=. al e t..f. In. all
business. Never were its evils more felt
than now. Men do nothing because they
are unable to make any calculations on
which they can safely rely. They under
take nothing because they fear a loss in ev-
erything they would attempt. They stop
and wait. The merchant does not buy for
the future consumption Of his customers.
The manufacturer does not make fabrics
which may not refund his outlay. He
shuts his factory and discharges his work
men. Capitalists can not lend on security
which they consider safe, and their funds
lie almost without interest. Men Of enter
prise who have credit and securities to
pledge will not b,rrow. Consumption has
fallen below the natural limits Of reasona-
BILE economy. The prices Of many things
are under their range in frugal specie pay
ment times before the civil war. Vast
masses OF currency lie in the banks unused.
A year and a half ago legal tenders were at
their largest volume, and Sl2,OO0OOO since
retired have been replaced by fresh issues
Of $l5,000,0 ,0000 Of bank notes. In the
meantime, the banks have been surrender
ing about ", 100000 a month, because they
can not find profitable use Tor 80 many Of
their notes. The public mind will no lon
ger accept shams. II has suffered enough
from illusions. An insincere policy increa-
ses uncertainty. The people need to know
that the Government is moving in the di-
rection Of ultimate safety and prosperity,
and that II is doing 80 through prudent,
safe and conservative methods, which will
be sure to inhict no new sacrifice ON the
business OF the country. Then the inspi-
ration Of a new hope and well-founded con-
fdence will hasten the restorative processes
Of nature, and prosperity will begin TO re-
turn.
PRACTICAL PREPARATION AND ITS REsuLrs'
The St. Louis convention concludes lis