Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1876-08-10

York to Liverpool, does not assemble
council over his ocean chart and fix an
angle by which to lash the rudder for the
whole voyage; humon intelligence must
be at the helm to discern the shifting
force of the waters and the windc; hu-
man hand must be on the helm to feel the
elements day BY day and guide to mas
terry over them.
PREPARATION FOR RESUMPTION.
Such preparations are everything, with
out them legislative command, fixing a
day, an Official promise, fixing day, are
shows. The. are worse. They are
snare and delusion to all who trust them.
They destroy all confidence among thought
full men, whose judgment will at least
sway public opinion. An attempt to act
on such command, or such promise,
without preparation, would end in new
suspensions. It would be fresh calami-
ty, productive of confusion. distrust and
distress. The act of January l4th, 1875,
enacted that on and after the lst OF July,
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. 1t authorized the
Secretary to prepare and provide for such
resumption of specie payments by the use
Of any surplus revenues not otherwise ap-
propriated, and by issuing, in his discre-
ton, certain classes OF bonds More than
one and half of the years have passed
Congress and the President has 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
the Government had, on the 30th of June,
fallen to less than forty-fve millions, as
against ffty-nine millions on the lst of
January, 1875, and the availability Of a
part of that sum is said to be questiona-
BILE. The revenues are falling faster than
appropriations, and expenditures are re-
ducing, leaving the Treasury with dimin-
ishing revenues. The Secretary has done
nothing under his power to issue bonds.
The Legislative Committee, and the official
promise fixing day for resumption have
thus far been barren practical prepara-
tions toward resumption have been made.
There has been no progress There have
been steps backward. There is no econo-
my in the operations of government. The
homely maxims of every day life are the
| best standards Of its conduct. A debtor
who should promise to pay a loan out Of
surplus income, yet be seen every day
spending all he could lay bis hands on in
riotous living would lose all chaRacter fol
honesty and veracity. This offer of q
new promise on his profession as to the
value Of an old promise would alike pro-
woke derision. The resumption, plank O
the St. Louis platform denounces the fail.
ure for eleven years to make good the
promise of lagal tender notes, it depounee'
The omission to accumulate any reserve
for their redemption. 1t delounees the
conduct which, during eleven years o
peace, has made no advances towards re-
sumption-no preparations for resumption
but, instead Of, has obstructed resumption
by wasting our resources and exhausting al
our surplus income; and, while protesting
to intend speedy return to specie pay
ments, has annually enacted fresh hin
drances thereto; and, having first de
nounced the barrenness Of the promise o
day of resumption, it next denounce'
that barren promise, as hlndrance to re
sumption. It next demands its repea
and also demands the establishment Of {
jadicious system of preparation for re
Sumption. It cannot be doubted that th'
substitution Of system Of preparation
| without the promise Of q day, @aqld b
the gain Of the substance of resumption
in exchange for its shadow. nor is the de
Runciatioq pnmerited Of that imprudenc
which the eleven years since the peac
has consumed $475,000,000. and yet coplt
not afford to give the people sound ant
stable currency. Two and ahalf per cent
on the expenditures of these eleven years
Or even less, would have provided all tn
additional coin needful to resumption; t.
relieve business distress. The distres
now felt by the people in all their bua
ness and industries, though it has it
principal cause in the enormous waste Q
capital, occasioned by the false policies o
our government, has been greatly aggra
Vatsq by the misnlanagement of the cur
Esebly. 'stjtseitaiMty ssfhcn prcihs ppin
Of mischief in All BUSINESS Eevsr '%er'
its evils more felt than no%; men Dc
nothing, because they are unable 10 make
any calculations on which they can safey
rely. They undertake nothing. because
they fear a loss in everything they woulc
attempt. They stop an. ~@''; ID 'ne mef
Chant dares not buy for the future con-
sumption of his customers; the manufac.
tursr aaFps i:2t make fabrics which may
pSt Ty and discbafgs5 bs RIs afsa
cannot lend on security they consider safe,
and their funds lie almost without inter-
est; men of enterprise who have credit or
securities to pledge will not borrow con-
sumption has fallen below the natural
limits of reasonable economy. Prices OF
many things are under their range in
frugal specie paying times. Before the
s fbs bsnf, VT SHIS 5ntoHc5ed ! SaT var aid hall
ago AGO t the legaal a tenders we're al their largest
volume, and the twelve millions since re-
tired have been replaced by fresh isspes Of
fifteen millions Of bank notes. In the
meantime the banks have been surrender
ing about four millions amonth, because
they cannot find profitable use for SO
these notes. The public mind
many 0, ,,.n i.ehams. 1t has sui
will no longer aCCepG :,oi,,