The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1876-08-17

in exchange for its shadow, nor is
1.-the indictment unmerited Of that
improvidence which in the eleven
years since tire peace has consumed
forty-ii9o hundred millions of dollars,
and yet could not afford to give the
! people sound and stable currency.
Two and \ half per cent in the OK
| penditues of these eleven years, or
even less, would have provided all
additional coin needed for resmnp-
tion. The distress now felt by the
people in all business andsihdustries,
though il has7its principal cause in
! the enei4noas waste Of capital oecas-
ioned by the false policies Of our goys'
Fernment, has been greatly .aggryatss
cd by the mismanRge gebent Of the curs.
Irency. Uncertainty ishthe, prolific
parent Of n1is ip aI Aess,
and never Were its baneful evils
more felt than now. Men do ngth-
ing, because they are unable to make
any calculations on which they can
safely rely. They undertake nothing
because they fear loss in everything
they would attempt, and they stop
and wait The merchant dares not
buy for the future consumption of
his customers; the manufacturer
dares not make fabrics which may
not refund his outlay, and he shuts
down his factory and discharges his
workmen. Capitalists cannot lend
on security they consider unsafe and
their funds lie almost without inter
est. Men of enterprise who have
credit or securities to pledge will
not borrow; consumption has fallen
below the natural limits of reasona-
bic economy. The prices of many
things are under their range in the
frugal specie paying 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 twcvle millions
since retired have been replaced by
fresh issues of fifteen millions of bank
notes, In the meantime the banks
have surrendered about four millions
a month, because they cannot find u
profitable use for many of their notes.
The public mind will no longer ac-
cept shams. 1t has suffered enough
from illusions. An unstable policy
increases distrust and uncertainty.
The people need to know that the
government is moving in the direct
ion of ultimate safctyand prosperity,
and that it is doing so through pru-
dent, safe and conservative methods,
which will be sure to inAict no new
sacrifices on the business of the coun-
try. Then the inspiration of new
hope and well.foundcd confdens2will
hasten the restoring processes Of na1
t6re, and .pf6speylty Will ftthFn.
The ST. Louis Conyeraion concludes
its expressions in regard TO the cur
rency by a declaration of its convict
ions as to the practical results of the
system of preparations it demands.
1t says, "We believe such q system
well devised, and above all.
INTRusTED TO COMPETENT HANDS.
for execution, creating at no time an
artificial scarcity of currency and at
no time alarming the public mind
into the withdrawal Of that vaster
machinery credit, by which ninety
five per cent of all businoss transac-
tions are performed. A system open
TO the public and inspiring general
confidence would from the day Of its
adoption bring healing to all our
harrassed industries, set in motion
the wheels OF commerce, manufact-
ures and mechanical arts, restore
employment to labor and renew all
the natural resources and prosperity
of the people.
The government of the United
States, in my opinion, can advance
to a resumption Of specie payments
in its legal tender notes by a gradu-
al and safe process, tending to relieve
the present business distress; and if
charged by the people with the adj
ministration of the Executive Office
| should deem it a duty so to excr-
else the powers with which it has
been or may be invested by Congress
as best and soonest to conduct the
country to that beniGcent result.
The convention Justly aflirms that
reform is necessary in the
CIvIT, SERVICE H.s
necessary to its economy and its cfIi-
cheney, necessary in order that the
ordinary employment Of public busi-
ness may not be u prize fought for at
the ballot-box, a brief reward of par
ty zeal instead of the post of honor
assigned for the proved competency
and held for fidelity in public en-
ploy The Convention wisely added
that reform is necessary even more
in the higher grades Of public serv-
ice-Prosident, Vice President, Jud-
gcs, Senators, Representatives, Cabi-
net ollces-theso and all others, are
pcrquisites; they are public trusts
Two OWLS infcst the public service