The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-08-07

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counsel over his ocean chart and fix the
angle by which to lash the rudder for the
whole voyage human intelligence must
be at the helm to discern the shifting |
forces of the waters and winds n human |
hand must be on the helm to feel the ele'
ments day by day and guide to mastery |
over them. Such preparations are every |
thing. Without them a legislative com
mand fixing the day, an official promise fix
ing the day are shams. They are worse 4;
they are a snare and delusion to all who
trust them. They destroy all confidence
among thoughtful men whose judgment
will at last sway public opinion. An at
tempt to act on such q command, on such
promise, without preparation. would end
in new suspension. 1t would be fresh
calamity, prolific of confusion. distrust and
distress The act of congress of January
| Ia, 1875 enacted that on and after the LIST
of January 1879 the secretary of the treas
ury shsl redeem in coin legal tender notes
| of the United States on presentation at the
office of the assistant treasurer in the city
of New York. 1t authorizes the secretary
TO prepare and provide for such resumption
of specie payments by the use of any sur
plus revenues not otherwise APP
proprated, and by issuing in his
discretion certain classes of bonds
More than one and half of four
years have passed. Congress and the pres
ident have continued ever since to unite in
acts which have legislated out of existence
every possible surplus applicable to this
purpose. The coin in the treasury claimed
to belong to government had. on the 30 h
of June, fallen to less than S45 100000, as
against $50 000, 900 on the LIST of January,
1876, and the availability of part of that
sum is said TO be questionable. The reve-
nues are falling faster than the appropria-
tons, and expenditures are reduced. leaving
the treasury with diminishing resources.
The secretary has done nothing under his
power to issue bonds The legislative COM
mand. the official promise fixing the day for
resumption, have thus far been barren.
No practical preparations towards resump-
ton have been made. There has been no
progress; there have been steps backward
There is no necromancy in the operations
of government. The hJmely maxims of
everyday life are the best standards of its
conduct. A debtor who should promise to
pay 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 veraciiy. His
offer of new promise, or his profession as
to the value of the old promise, would alike
provoke derison. The ST. Louis platform
denounces the failure for II years to make
good the promises of legal tender notes it
denounces the omission to accumulate ''any
reserve for their redemption; it denounces
the conduct (which during eleven years Of
peace has made no advances toward re-
sumption, no preparations for resumption,
but instead has obstructed resumption by
wasting our resources and eXhausting all
our surplus income and while protesting
| ,.1ta 10.
ments has annually enacted fresh him
ORANGES thereto; and having first de-
nounced the barrenness of its promise of a
day of resumption, it next denounces that
barren promise as &" a hindrance" to re-
sumption. 1t then demands its repeal, and
also demands the establishment of "a Judi
!. cious system of preparation" for resump-
ton. 1t can not be doubted that the sub
stitutiOn of 81 system of preparation
, without the promise OF day for the worth
less promise of day without a system of
preparation, would be a gain of the sub
stance of resumption in exchange for its
, shadow. Nor is the .denuncation unmert-
ed of that improvidence which In eleven
years since the place has consumed S4,-
800, 900, 900 and yet could not afford to
: give the people sound and stable
currency. Two and half per cent. on The
| y
| less, now have provided for the additional
coin needful TO resumption.
, The distress now felt by the people in all
their business and industries though it has
f its principal cause in the enormous waste
' of capital occasioned by the false policie,
8 of our government, has been greatly aggra
e waited by the Encouragement of the cur
n rcncy. Uncertainty is the prolific parent
o OF mischiefs in all business. Never wer,
: it's evils more felt than now. Men do moth
C ing because they are unable to make any
t calculations on which they can safely rely
t they undertake nothing because they fea
b loss in everything they would attempt
| they stop and wait. The merchant dare
e not buy for future consumption OF MS Gus
e toners. The manufacturer dares not max,
i fabrics which may not refuLd his outlay
"a He shuts his factory and discharges hi
l., workmen. Capitalists cannot lend on sc
r curity they consider safe and their fund
n lie almost without interest. Men of enter
n prise who have credit or SECURES to pledg
IS will not borrow. Consumption has falle
r below the natural limits of reasonable econ
ir omy. The prices of many things are unde
l. their range in frugal, specie pay ing time
II before the evil war. Vast masses of cur
l. rency lie in banks unused. A year and
ia half ago legal tenders were at their larg.s
ID have been replaced by fresh issues O
,e fifteen millions Of bank note
r. In the meantime banks have been surrend
D. ering about four millions a month becaus
they cannot find profitable use for so man
., of their notes. The public mind will n
4, longer accept shams. 1t has sutfere
~ enough from Illusions An insecure polio
40 increases dstrust an unstable policy In
10 creases uncertainty. The people need I
as know that the government is moving in tn
. direction of ultimate safety aud prosperit
il, and that it is doing so through prudent
~ safe and conservative methods which wi
> he sure to inflict no new sacrifice on th
a business of the country. Then the inspire
Iy ton of new hope and wei! founded coutit
~ ence viii hasten the restoring processes {
,g nature and prosperity will begin to return.
nc The st. Louis convention concluding L
Of expression in regard to the currency by II
al declaration of its convictions as to II
IL; in practical results of the system of prepari
"a lion it demands. 1t says: "We belieN
~, such system well devised and above a
70 intrusted to compt tent hands for eXecutio
no creating at no time artificial scarcity {
40 currency and at no time alarming the pu
mo- lie mind into withdrawal OF that vast
ch machinery of credit by which nlnetyfi'
oe per cent of all business transactions are pc
n formed; system open, and inspiring &c
N eral confidence, would from its adoptC
90 bring healing on Its wings to all our ha
~ raised Industries; set in motion the whee
,o of commerce, manufactures and mechan
ce arts; re,tore employ ment to labor, and r
N store in all it's material sources the pro
M pcrty of the people. The government,
ar the United States, in my opinion, can a
~ vance the resumiion of specie payments
~ it's legal tender to relieve present husine
30 distress. II charged by the people wi
". the administration of the executive oflic
no should deem it my duty so to exerci
;,S the powers with which it has been or mi
I,' be invested by congress as best and soont
oh to conduct the country to that benefci
10 result.