The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-08-18

made an actual accumulation Of currency. and
81 s2 fo Tr and , fvfr coin Of M Nnd bSGn Of
added to our coin reserve t2O,OOO 900 by the
sale Of bonds. without disturbing the money
We have reduced the public debt since the LIST
of March s29iil 1874. We have conducted the
to, without disturbing the course OF trade or
causing shipment in gold. All the fears cx-
pressed SO often in the papers ut these move-
-. sANGuiNE PREDICTION.
Wcare nov within iiye degrees of tho specie
standard. We have still seventeen months be-
fore us in which to complete the task. The
same progress that has been made since the
first ot Mnrrh, continued twelve months longer.
VIII certainty bring us To the specie standard.
feel confident in saying t. you this day that
Il undisturhcd with or without n change of the
law. every dollar of United States notes WILL
before the time fixed for resumption. buy as
much as an equal amount in either gold or
silver.
A construction of the Resumption net has
often been pressed upon the department that, If
correct. would make IL still more cnsy 10 carry
it into execution. II is insisted that the Score
tnry has the power in preparing for rcsump-
ton To- bonds for coin and then io -cl the coin
for United States notes. to he boarded in prcpa-
not aried upon any such conStruf ton. hut has
sold gold only in the current course Of business,
or Tor the actual redemption 81 not, : Supplnntod
10y national bank notes, II this power is eNer-
ciscd il should only h. in pursuance. of the
r plain Will Of Gop'sr',sS oigd in the cN.
should be- used oNoor' such ~ il clearly given.
The At of April. 1876. for the redemption of
fracti onal currency. provides that silver coin
may be- issued in exchange for United States
notes. ana such notes shall h' kept Us special
fund Tor NJ" redemption " fractional curf, ncy.
THIS fund and the ordinary currency hanncc
IN tho Treasury is the only paper money at lis
own. The com and legal tenders deposited in
the Treasury are the property ut private lutl-
yiiuals- over which the Trcasury has no con-
troll
have. fellow citizens. I hope without woari-
some detail. gone over some points ON thi-,lurs-
ton of resumption. II h. a duh but important
topic. which aflccts Your daily life. upon which
my on 'ia duty comp"is me toaf. and assure
you that | have only acted upon the clearyst
convictions of public interest
With your permission and the sanction Of
congress the President may hope To celebrate
his OUTGOING with your debit rrduy 4 10 four yer
cent. anu every note OF the United stat worth
par III the best coin issued from the mint. You
now occupy ihr forefront oi TINS oltlr | l"-
S"''yh vuu Ia uphold his hands. ana moi let th"
d.iusiois ot IN" hour or thr temporary lanEu
OF bus m -. Which You ~lHr' WIN the cNii wa
world. turn You from policy which you have
san toned and can now hope to r'ali7";
Ii r. very common. fellow ctiz ns. To- hold the
Government Responsible lur hard times caused
10y the ehb and flow Of trad" and Production.
And 80 now when throughout the world trade
Is langul ~hinG and wages hav" fallen and IN
du~try docs not meet lis usual reward, II IL
quite common for drnaGugurs To- say. Turn
out the Administration and put u- IN aud all
VIII hr l.NoN. Surh HrEum'htS are "hS III lor
FOOLS AT This time our country II the most
prosperous in TIA" world. With Us the worst IL
over. and tho Vust Industry VIII h gives employ
meni Ia the great body of cur proplc-that Of
aEfcururc-is now rNlrencly pros porous II
iu,,ri.L 'ui,lns inv rruyv riei ,in.r 'h-;ri,'s
will thrive, and TRADE revive To at'rii ni"
rnp,ntnn with thr r,.st rf u,anktrd 4, unv
causes growing ont Of TIA" administration Of our
GOvrrnmc mt Is extreme folly
When c.r.at corrnraiinns or indiyiduols c,n-
,l,, l,r, ,',,,,t,rs ~ ,,r, ~, I,,I
n,,D S , ,hs, , lSr =, ", ,r. o
,vhn-, wages may h. affected al ny time v the
viii Of III" cnrltn(ist there has hran md ALWAYS
man ,v,', fu,ut i.s ar dir,'i. ia. ,,,atni ~ 4
III" nh"r,r WHO docs the work Whcnin Nh !. IS
aidra ,hn f,,,t thnt Iv r...,.,it c,,u-i Ioti,,u.
great rnllrand csmunui.s huV. bon formed
IN ia dnin,, "a trnnst"r,nti.n business i'r,,,r
than the Whole tranlpoft..iion On tne MISS.
sinui or ON Tho hikes in Ia. North with III.
r'Srr in th" oill.ers If the cnrrnny H. III anrn
at pleasure the rate II freight and the wages ~
would some I mo rome Il. tween lilo corporati1ns
nnd IN. rnt,loy..s Let me I,ustrnt, the ,'nnr-
nous power that is now practically concen-
trutcd within the will OF four men:
rn.
The FRI" IA lwnv carried last year i",2pll
New ng,N ,.n,ra' HMi"sS sn,T'1 a., yea"
r ', ai IN, s,ilS.,i .a , L., ,.ar ''
.stnat.l' snnrn
II.
or an aggregate of. - "ii 81
Bong ariy Three times - much - N" en-
m.rcr which ton hos the business and home
and llir 81 every rius.n oi th' tui'"d states.
Bust or W !. W thu IN" r'a IA oi IT. lnnu'n' %,
j. controlled IN al itS lar- 10y IA" ultimate viii
employed ln IA s vast hu~ln Sc. WITH boards oi
directors ana lntcrurdlut' Sulrriu' nlrnts,
yet. irn.t.aN. IA" "N" utN" ami controlling
J Iow'r OF ~ r" NaSl 'orrrAilohs rests WITH
th"lr lr' ~" lir. Whose VIII 'r iNruSur" may
rns" Tn" freight on produce, AMI thus nfl"ct
! every farmer IN IN" lhnd. or may riAe" or lower
IA" WAGES Of every employee. lni mus hi''i
/ the hr'hd ana lte ol every one 81 pendent upon
thrsr luhnrng mon.
IL L. Just To so iha' the gentlemen holding
those important positions ar" among tn aul' Il
and most saga riuuS ui the business men OF th-
country. hut they must necessarily h. governed
in the main hy Ia" interests OF the corpora
tons they represent. aud must luok o. thu~'
interests, as the dominating and comirollins
motive that must gnld" iheir acts. The rail-
/ r"ad comunnies. not willing To 50" their prop
/ rry entirely destroyed. have gradually reduced
! IN" rat = N wages ui the employees until. II We
can believe what has been said. in some c,- =
! they are barely suillr"n Ia pay iur the nrr"~i
ncctssaros Of life. H"n'" the strikes.
THE CONSTITUTION AhBfIER.
/ II has always been feared that our republican
! system Of government. which depends upon the
I Will of the majority. could not long survive the
/ condition 81 affairs DNruu"d by these strikes
/ We have. no doubt. large numbers 81 men who
will not reason about this matter. hut VIII rush
10 the torch or To crime in curing what they re-
/ gurd ~ WRONGS hut IN" great body Of our poo
! pe have always shown suili 'irnt moderation
and Intelligence To- lead them to tind "A peaceful
! and proper remedy Tor all the Ills which lf,
| may drNrlop
1 IL IL