The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1877-08-24
fine Job Work a Specially.

ing States; it may flow cut. but viii
I uCt sink. So with gold and siivel
! eOi1 Under monetary conditions. Sill
|, yer money restricted to this country
can hardly exert controlling iniiu
ence over the gold volume of two con
tinents. Mess, then. they start
abreast, they are not likely 10 run the
race together. For these reasons, and
= in view of the interests involved and
= the results at stake. my convictions
= are clear that our cure Mt coins should
conform to one unit OF value. whatever
that unit may be.
= Together the gray and the golden
eagle swept from their original perch
of equal dignity and powers; the
former has been stricken down in its
Hight. Il is now proposed to reinState
it. SHALL is be with its lost dignity and
powers restored: or shall it in tine. out
set be made a bird of prey to feed on
and consume the publ, and private
credit wealth of the Nation, powerleSs
to render a purchasing equivalent. IL
this, then indeed will it fall into con
tempt and again lag behind its more
favored companion-To To this, speak
ing for myself, am unwilling to con
lsent. Rather let them together soar,
bearing up in.theiS- flight those, rival.
landmarks to industrial and CONNER
cial prosperity-PUBLIC CREDIT AND
PRIVATE FAITH.
I RESUMPTION.
demonstration of silver, under iu-
dicious restrictions and limitations
J with the restored dignity and powers
indicated, can hardly fail to become
an efficient help to the resumption of
specie payment. Cooperating with
gold, now little more than a specula-
tive commodity of merchandise, in dis
chaIgin customs and public dues, it
VIII reduce that coin to the rank of
commercial money and make its eX
isting volume available for the pur-
poses of resumption. Swelling this
volume by keeping the balance of
trade steadily in our favor, the desired
! point of interconvertibility cannot be
| far in the distance.
| Forecast is less discerning than re-
| Prospect. To discover after the fact
what might have been better done, is
/ less difficult than to determine in ad
vance what it is best to do. 1t can
hardly be questioned. however, that
| the first coinage of silver should be on
| Government account alo e. and either
this or its equivalent in gold coin eIa-
ployed exclusively in the redemption
OF legal tender notes, and in enabling
the banks to prepare for making their
paper interconvertible at plea. ure.
fNha oaDaoifu of tho mint has,,r- E.,niraI
to twenty or thirty millions a year, the
coinage and reissue must necess
arily be gradual. The aecumu
lation can be disbursed from time
ID time in the redemption of legal
tenders, and thus gradually advance
toward interconvertibility without ar
bitrary contraction of disturbance of
the existing volume in circulation.
. Recuperation will keep pace with the
changes. provide against the shrink
ages, and repair possible losses as they
arise, and full resumption be ultimate
ly reached by insensibie approaches
without financial revulsion-a a consum
nation devoutly to be wished.
Some change in existing legislation
may be necessary to effect this. The
resumption act provides no plan or
means for its execution. The opposi-
ton, who have controlled the lower
Houses OF Congress since its passage IN
1875, have steadily refused to unite IN
pr roviding any. The present House
will undoubtedly persist in such refus
| al. The time fixed for resumption is
but little more than a year distant
Surrounded and clogged by these EN-
barrassments, / do not perceive how it
is possible for the authorities to con
sumate resumption on the day fixed
without the most serious consequences,
unless the opposition house shall come
to their aid, which is not at all probable.
Reconciliation cannot furnish the
needed relief within the period limited.
The substitution, for the time clause
of the act, of appropriate provisions
adapting it to the agency of remoneti
zation, or the suspension or abrogation
of the clause, appears for these reasons
indispensable.
To Congress, however, this must be
reinitted, trusting that the wisdom of
that body will do whatever and only
what is necessary ''to make provision
at the earliest PRACTICABLE period for
the redemption of United States notes
in coin.7
Not more money so much as better
money; not greater volume so much as
greater activity Of the existing volume.
do the interests and wants Of the coun-
try demand. When these shall be at
tanned. then will fixed values and coin
equivalents replace depreciation and
uncertainty. gold gambling lose its
occupation, premiums and contingent
premiums cease to augment the costs Of
consumption, capital seek legitimate
channels Of investment, industry COM
mand the certain rewards due to labor,
enterprise resume her former confidence.
and hope and happiness again be reani-
mated by the genius Of public credit.
h'elded by public honor.
THE PRESIDENT.
Now, my neighbors, | ought here to
conclude. IL is impossible to crowd the
material for volumes into the utterances
of an hour, and time fOrbids the discus
sion of other topics which must be post
pOned to a future occasion. / cannot
conclude, however, without declaring il
as my deliberate conviction, that we owe
it to ourselves, to Republicanism and to
our common country, to give fair and
/ honest trial 10 the experiment Of the
President in dealing with the Southern
question. That there are differences Of
opinion on this cannot be denied or
ignored. From an intimate personal
and official acquaintance Of many years.
| think L can say, however. that / know
him to be Of incorruptable integrity and
inhexible sincerity, incapable Of other
motive than that Of the common good Of
our common cOuntrymen. / think can
further say that, while recognizing 10 its
full extent the right OF Federal inter
yentiOn to enforce the Constitutional
guarantees Of liberty. protection, and
citizenship, he, under the embarrass-
ments which his predecessor and the
Congress which had power over it had
permitted to gather about the question
and be entailed upon his young Admin
istration, good wall, and National Fra
ternity-thOse elements Of UNION which
give enduring strength-would more
effectually repress intersectiOnal ami
mOsities and race conflicts, stop the
shedding Of blood and secure permanent
pacihcatiOn, than the exercises Of his
Constitutional powers. He preferred
rather to turn the bitterness of his own
people against himself, than that the
temple committed to his guardianship
should. by division, cease TO stand. Dis
tasteful as this to some Of us now is, |
trust that tie impartial history, the
future of the country, and the highest
welfare Of an emancipated race, will
yindicate the wisdom of his course.
Gov. Stone, Of Mississippi, has his
reward. He carefully refrained from
doing anything that might hurt the
tender feelings of Chisholm murderers,