Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1876-08-11

erwse appropriated, and by issuing, in his |
discretion, certain classes Of bonds. More |
than one and n half Of the four years have |
passed. and Congress and tho President |
have continued ever since to unite in acts
which have legiSlated out of existence |
every possible surplus applicable TO this
purpose. ssssa- 49,
The coin in the Treasury, claimed 10 be-
long TO the Government, had, ON the J0th
of June, fallen to less than Si5,O0O,000, as
against S50,0000O0 on the LIST Of January,
1875; aud the availability of "A part of thai
sum Is said TO be questionable. The reve-
MUGS are falling faster than tho apprOpria-
tons and the expenditures are reduced,
leaving the Treasury with Diminishing re-
sources. The Secretary has done nothing
under his power to issue bonds. -
The legislative command OF the Official
promise liking day for resumption have
thus far been barren. No practical pfepa-
ratiOns toward resumption have been made.
There has been no progress. There have
been steps back ward. There is no NEGRO
nancy in the operations Of the Govern
neut. The hOney maXims of every day
life ale the best standards Of its conduct.
A debtor who should promise 10 pay loan
out of surplus income, yet 10 be seen every
day spending all he could lay his hands ON
in riUtous living, would lose his character
for honesty and veracity. His offer OF
new promise or his profession as to the val
ne OF the OLD promise would alike provoke
derision.
The ST. Louis platform dcnounces the
failure Tor eleven years TO make good the
promise Of the legal tender notes. 1t de-
uounces the omission 10 accumulate any
reserve for their redemption. Ii donounces
the conduct which during eleven years Of
peace has made no advances toward re-
sumption, no preparations for resumD tion
but Instead has DISTRACTED resumption by
wasting our resources and eXbaasting all
our surplus income, and while processing
to Intend a speedy return TO specie pay
nlens, has annually enacted fresh hin
| ORANGES thereto" and having first de-
nounced the barrcnness Of the promise of
| day of resumption, IL next denOunces that
| barren promise as hindrance 10 resump-
| lion. 1t then demands its repeal, and also
| demands the establishment of a judicious
system of preparation for resumption.
| 1t cannot be doubted that the substitution
| of system OF preparation without the
promise Of a day lor The worthless promise
of day without system Of preparation
| would be the gain of the substance of re-
| sumption in exchange for its SHADOW, nor
| is the denuncia.ion uumerited of that i'm
| providence which In the eleven years since
| the peace has consumed loriy-hve hundred
millions of dollars and yet could not afford
to give the people sound aud stable cur
| rency.
Two aud a half per cent. on the expendi-
| ture OF these eleven years, or even less,
|
| necdful to resumption f; relief TO business
distress. The distress now felt by the peo-
| pie ia all their business and industries
| through 1t has its principal cause in the
| enormous waste Of capital occasloned by
the false policies OF our Government, has
| been greatly aggravated 10y the nismanage-
| ment OF the currency.
Uncertainty is the prolific parent of mis-
chiefs in NIL business. Never we're its evils
more felt than now. Men do nothing be-
cause they are unable to make any calcu-
lltons Oh which they can safely rely; they
undertake nothing LCcause they fear a loss
in everything they wound attempt; they
stop and wait. Tue merchant dai es not
buy for The future consumption of his Gus
toners. The manufacturer dares not make
fabrics which may not refund his outlay
he shuts his factory and discharges his
work men. Capitalists cannot lend on Sc
curity they consider safe, and their funds
lie almost without interest. Men of enter
prise who have credit or securities to pledge
will not borrow.
Consumption has fallen below the nalu-
raj limits of reasonable economy. Prices
Of many things are under their range in
frugal, specie paying times before the war.
| Vast masses of currency lie in the banks
unused. \ year and "a half ago the legal
tenders were at their largest volume, and
the twelve millions since retired have been
| replaced by fresh issues of fifteen millions
of bank nOte-. In the meantime the banks
have been surrendering about four mil.
| lions month, because they cannot find a
profitable use for so many OF their notes.
The public mind will no longer accept
shams. 1t has suffered enough from illu-
sions. An insecure policy increases dis
trust; an unstable policy increases uncer-
tainty. The people need TO know that the
Government is moving in the direction o
ultimate safety and prosperity, and that II
is doing so through prudent, safe and con-
| nj Ea n
inflict no new sacrifice on the business o
the country. Then the inspiration of new
hope and well founded confidence will has
ten the restoring processes of nature ant
J prosperity viii! begin TO return.
The ST. Louis Convention concludes IL
expression in regard 10 the currency by
declaration of its convictions as to the prac
teal results of the system OF preparation j
demands. Il says:
ave believe such system well devised
and above all Entrusted 10 competent hands
for execution, creating at no time an arti
} fetal scarcity of currency, and at no tint
alarming the public mind into withdraw
; al of that vaster machinery of credit, bl
! which % per cent. OF all business transac
lions are performed, a system open, publi
/, and inspiring general confidence, would
from The day Of its adoption bring healing
on its wings to all our haTassed industries
, set in motion the wheels of commerce
: manufactures and the mechanic arts, re
| store employment 10 labor and renew in al
= its natural sources the prosperity of tn
| people,"
e the Government of the United States, il
= my opinion, can advance to a resumption
ofspecie payments on its legal tender note
; by gradual and safe processes tending 4
7 relieve the present business distress.
= | charged by the people with the administra
l ton of the executive office, i should deem
it duty so to exercise the powers will
| tnl, hoe nr n in
Congress as best and soonest to conduct tn
0 country to that benefcent result.
The Convention Justly aflirns that reform
is necessary in the civil service: necessar.
a to its publication necessary to its econo
my and its efficiency; necessary in orde
n that the ordinary employment OF the pull
. lie business may not he prize fought FL
. at the ballot box, brief reward of part
zeal, instead of posts of honor, assigned ia
!, proved competency and held for lidelitv !
The public employ. Tho Convention wisel
added, that reform Is necessary even NOR
: in the higher grades Of the public service
II The President, Vice President, Judges
5 Senators, Representatives, Cabinet officer
II these, and all others in authority, are I'll
u peoples servants, their officers. They ar
u not private perquisile; they are publ
q trust.
e Two evils inrest the official service of III
l. Federal Government. One is the previ
n lent and demoralizing notion that the pull
l. lie service exists, not for the business an
n benefit of the whole people, but for the IL
1t terest Of the ofiice-holders, who are
st truth but the servants Of the people. Vi
der the influence of this pernicious errC
le public employments have been multiplied
% The number of those gathered into Ii
Ia ranks of ollice-holders have been steadll
~ increased beyond any possible requir
49, ments of the public business, while inefi
n cheney, peculalion, fraud and malversalio
1t of the public funds from the high places
Is | rnu.nr 10 Tho lnNunsI haNn nNnrsnrAnl II