The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1876-08-10
ton, in every political and personal right.

maintain the national homo" " and it
goes ON to "demand ajudicious system
Of preparation by public economies BY
official retrenchments 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 its promises at the call OF
the creditor entitled to payment"
The object demanded by the Conven.
ton is q resumption of specie payments
on the legal tender notes of the United
States. That would not only restore
the public credit" and maintain the
national honor" but it would Establish
sound currency" for the people ~
( The methods by which this object IS TO
be pursued, and the means by which, 1t
is to be attained, are disclosed by what
the Convention demanded for the 1uture'
and by what it denounced in the past.
ui ~ BANK NOTE RESUMPTION.
Resumption of specie payments by the
government of the United; States on lts
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 the bank notes was $500, ,0O0,0 ,000, less
500. .OOO, 600 held by themselves. Against
these $3.50, ,O00, 900 of notes the banks
held Sl41 100000 of legal tender notes,
or a little more than fifty per cent OF
their amount. But they also held on de-
posit in the federal Treasury, as security
for these notes, bonds Of the United
States worth in gold about. $3.50, ,OOO, ,0oO,
available and current, in all the foreign
money markets. In resuming, the banks,
even If it we're possible for all their notes
to be presented for payment, would have hay
$500, 600 900 of specie funds to pay S2oo,-
100000 of notes, without contracting
their loans to Their customers or calling
on any private debtor for payment. Sus-
pended banks undertaking, to- resume
have usually been obliged TO collect from
needy borrowers stheEmeans TOE redeem
excessive issues and to provide reserves.
AZ vague idea of distress is, therefore,
often associated with. the process OF OF re-,
snmption:, i? But the conditions which ! !
caused distress in those former instances
do,not now exist
The government. has only TO make
good its own promises and the banks can
take care of themselves without distress
ing anybody. The government Is, there
fore, the sole delinquent.
/ tEaxIsrENDsR RESUMPTION.
\ The amount sof the legal tender notes
of4fhe United StaEes noH utstandingsls
less than !sS70,0 ,00e 600, besides $A gOoiI;
900 of fractionst ecurrency:-.EHoR sna1i 'll y
the government make these notes at all
times as good @ specie3S {A.\L
I It has to provide, in reference 10 me
mass which would be kept IN use Dy tne
wants, of business, q central reservoir of
coin, adequate; to the adjustment OF the
temporary fluctuations .of international
balances and as guaranty against
transient drains artifcially created BY
panic OF by speculation. jIsa.,H ia :,
1t has also to provide for the, payment
in. coin. of. such fractional. currency- as
NAV be presented for redemption, and
such uncomfortable portions Of the legal
tenders as individuals may, from time 70
time, desire tosconvert: t:for special use or
in order to lay by in coin their Little
stores of money.
ppsu,,prroN NOT D1FrIcULT. Il. :,
To make tb,ee9 b,e9a5l115 coin now in il the Treasury
,ro;lohIa ,far tbe objects. of this reserve,
to gradually strengthen and enlarge that
reserve and to provide for such other e1-
SepaU= Sss ossssS, 70 n,sa WORK of, diffcnlty.
qe 9ess nJy ss sd.an5 J;screetly pursued.
~ wiseiy paI =. - oost s onv sacrifice to the
IL oagnS aet th x Sormtrv IN IT, II sf3hld tend
business y. sne eton " . .sr;val If hone and
on tne con'fa1s, ~ ~ IN ,Se Treas1,ry IN
connHehee ans I,,aS ane @ ;u.1id;no Visits held
sas s. So.n Sn;1 =, I .cs,t;iisates amounted to,
aglhss e11 Zoo nno 0i1s The ci,rient of pre-'
NEAR aear,y ss,Svvih ~ vyS;ch has flowed out Of our
'Sious ost.n ne 20 the eleven years from July l,
Gosnt,y ross IT,, Tmna I O., % is7S syerapi1s nearly
Icy ascv 1dn w cnn w, - s,os 5000 mn nm IN
Sto'oyo,Yoo sSA of wh;cS sSf7 nm nm
tne Wnoie Pe5lou' =, Nv. mnsn IN Wv vo;nss ' NV
were tne PaoIuSsv, G ,,ont;tv Inv in.
!. 10 amass cue, tau ie9S ~ omrrsut aow;ng ont
stlIepn of tha cogntrv ~ and by acauirinrIfrom the
st,ctss.,yh;cli.,exiist Sa s abroad-without dis
s,,sS;nr ev .be enu;j;hr;um of foreign money
marIets % is q fcsIltto be easily worked
nmt a' 1r hw nract;cal knowledge andsiudgg
ouS W P
imW;,h nen;, ,o.nsct n whatever surplus of
WIN iespeIS ~, " ,von.0 m NJ business NAV
eHlI legsl 1epugi' 80 s ga wh;chT in order
Ian 70 Hesp lu uss IN az bs retu,nsd for re.
70 save Iheefes', WIZ - ~ ba na;d or thev
aemPsl9G, nd tnsy esV WSsfher eeea tn tbsy Continue
can 10 ,unueu: ~ abonrhed ;nto the vSst
s Sue ns asSnr;t;es IT. u held as investments is
merely question Of the rate of interest
they draw. Even il, they were to remain
ID their present form, and the govern
ment were to agree to pay on them rate
Of'interest, making them desirable IS in
vestments, they would cease to circulate
and take their: place with government,
State, municipal, and other corporate and
private bonds. of which thousands Of mil