The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1877-01-29

rest and recuperation the country has
reached a point from which healthful
industry and legitimate enterprise may
come forward to profit By the adVante-
ges of restored equilibrium. We have,
he said, In addition to this, gotten over
the idea that 1t Is essential to our 60
cial life and happiness that we should
indulge in the manufactures OF other
countries when we can produce the
same OF equal merit at home.
This, he said, was very important
advantage gained in the directio of spe-
Gle payments, which was to adapt our
wants In every degree possible to those
things offered by our home markets. by
observing this policy the people, tor the
past four years, have been saving money,
and, as shown by the purchase OF United
States securities, are looking around for
safe Investments; but it must ever be
the pride of an American citizen that,
Whatever may be the perplcXtties sur
rounding political questions at home,
The masses, as well as the men OF learn
ing and power abroad, have an implicit
faith in the perpetuity OF our Republic,
and in the wisdom, intelligence, and
Judgment Of its people In guiding its
destiny. America they now look to for
sale investments for their surplus cap-
tai.
The President said that with trade in
our favor, and rapid demand for our
securities at maximum, and the pro-
ductlve resources OF the country in
he altbIul vigor and prepared to embark
upon an era OF prosperity, no more time
ly movement could be selected for re-
alizatiOn of'the advantages attending a
return to specie payments, and the For
ty-l0urth Congress could not bette r
close its existence than by the enact
mant OF such legislation as would ac-
complish this result. He suggested the
passage by Congress of an act granting
| authority to the Secretary of the Treas
ury to provide for the redemption OF
legal tender notes, on and after the date
| provided for resumption. by the ac-
cumulatiOn OF an adequate amount
OF gold to meet the vol
.ume Of upward OF $500, 0O0, 00O of Legal
| tender notes outstanding by the sale OF
United States bonds; also that authorl-
| ty be given to issue from time to time,
as he may deem expodient and the state
OF finances will admit, 800 900 .O0O IN
bonds bearing q rate of interest OF not
more than 4 per cent, with not less than
thirty years to run, to be used in fund
ing the lega!-tendor rates rs they come
!
Of the President aud the earnestness
| with which he expressed his views upon
! the feasibility OF immediate resumption
that he would possibly submit, during
the present week, IL message 10 Con.
greoS stating his views at length and
recommending necessary legislation.
NEW YORK, Jan. 29.-The Herald, ed
itorially discussing the business pros
poets Of the country, considers every
thing favorable for a healthy re
viyal business, the only drawback
! being that the financial action OF tht
! Government is less favorable than its po
liical action. No matter VIII,
lis Installed as President, W,
are to have tranquility ant
an era Of good feeling, and IL is regret
able that with gold at I06, so near par
there could not be AL immediate re.
sumption of specie payment. Ii we
could have resumption and a revival OF
business together we could dash into an
era of specie payments without any jolt
or shock. 1t is to be regretted Lnal
The present great opportunity Is likely
to pass for starting the wheels OF indus
| try on 80 sound ana secure basis as To
remove every ground of future appre-
hcnsion. But tpis would require on
gtessionAl action, and the herald does
not expect that Congress will deal with
the subject during The few remaining
weeks OF au outgoing administration.