The weekly herald. [volume] (Cleveland, Tenn.) 1876-1888, 1877-08-23


placed IL at q oisadyaBtags. Corn and wheat,
when FREQ TO contend 10 the markets Of the Ma
tiOn, exert q powerful Influence over their 70.
apeetiye values; restrict the o~onsumpti0n OF
the continent free 20 the other, ana
% cir reciprocal powers become seriously I'm
paired. The restricted commodity may, pI is
abundance in the State where tolerated, eKpel the
other, but can not restrain its value below what ]
Ia In the neighboring States; 10 may flow out, but
will not sink. so with gold and silver coin under
sIistIpg mUnetsry conditions. Silver money re-
strioted 10 tina country can hardly exert a con
trolling influence over the gold volume OF two
continents. Unless, then, they stnrt abreast, they
are not likely TO run the race together. Tor theee
reasons, and In view OF the interests involved ana
the results at stake, my convictions are clear that
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 dow IN ils
flight. IL Is now proposed to reinstate IL. shan
" be with Its lost dignity and powers re1toredi OF
shall ~ in the outset be made a bird OF prey 10 ieeu
on and consume the public and private orenlt
wealth Of the Nation, pOwerless 10 render a phf
chasing equivalent II this, then indeed VIII u
fall into contempt and again lag behind Its more
favored companion. To this. speaking for myseI,
/ an unwilling TO consent. Rather let them
together soar, bearing uD in their hightthose rival
landmarks 10 industrial and commercial pros
~peTity-PUBLIo CREDIT AND PRIVATE FAITH
RESUMPTION.
Reconciliation OF silver, under j~udlolOus re-
s%trictOns and limitations, with the restored 1lg'
any pAh HNNNA1 AhaAAaANAt @1A -N'N'' -
come an efficient help 90 the resumption OF specie
payment Cooperating with gold, now niue more
than q speculative commodity OF merchandise IN
discharging customs and public dues. II will re-
duce that coin TO the rank OF commercial money,
and make Its existing volume available Tor the
purposes OF resumption. Swelling THIS volume ny
keeping the balance OF trade steadily In our favor,
the desired point OF interconverti6ility can mol Do
In the far distance.
discover after the fact what might have been bet
ter done is less di1ioult than 10 determine IN al
vance what Is best to do. II can hardly be ques-
tiioned, however, that the first coinage OF silver
should be on Government account alone, ana
either this or Its equivalent IN gold coin employed
exclusively In the redemption OF legal-tender
notes, and In enabling the banks 10 pre-
pare for making their paper %intercnn-
yertible at pleasure. The capacity or the mint
being limited 30 twenty or thirty millions a year,
the coinage and reissue must necessarily he grad
uRL. The accumulation can be disbursed from
time to lime IN the redemption OF legal tenders,
and thus gradually advance toward lnterconyerll-
blliiy without arbitrary contraction or disturb
amer OF the existing volume 10 circulation. Reeu-
peratlOn Will keep pace with the changes, PROVIDE
against shrlnkages and repair possible losses as
they arise, and full resumption be ultimately
reached by insensible approaches without financial
revulsiOn-a devOutlY TO be wished.
Some change In existing Legislation may be neo-
essary to effect this. The Resumption Act provides
no plan or means for IFS execution. The OppOsi-
ton, who have controlled the loyer hOnse OF Con
gress since It's passage In 1915, have steadily re-
fused TO unite In providing any. The present
House will, undoubtedly, persist In such refusal
The time fixed for ~sumpti 10 but little over a
year distant. Surrounded and cloggsd by these
Embarrassment do not perceive how 1t Is pos
sible for the authorities TO cOnsummate resump-
ton on the day fixed without the most serl'
Gus consequences, unless the opposition
House shall come 10 their aid, which Is not at all
probable. demonstration can not furnish the
needed relief within tAe period limited. The sub
%stitutlon, for the time clause Of the act, OF appro-
PIRATE provisions adapting IL TO the agency OF re-
monetlzation, or the suspension or abrogation OF
theolause, appears for these reasons Indispensable.
To Congress, however. this must be remitte1'
| - fhaf fha vViGfapf Df that hnnW will nn what
ever and only what Ia necessary ito make prOvi-
sion at the earliest PRACTICABLE period for the re
demption OF United states notes In coin"
Not more money 30 much as better money; not
greater volume so much as greater activity or the
existing volume, do the interests and wants OF the
country demand. When these shall be attained,
then will fixed values and coin equivalents replace
depreciation and uncertainty, gold gambling lose
its occupation, premiums and cenlngent pre-
capital seek legitimate channels OF Investment, in
dnstTy command the certain rewards due TO labor.
enterprise resume Der former confidence, aud hope
and happiness again be terminated by the genius
OF public credit shielded by public honor.
THE PRESIDENT.
Now, my neighbOrs, 1 ought here to conclude. II
is impossible TO crowd the material Tor volumes
INTO the utteranoes OF an hour, and time forblds
the discussion OF other topics, which must be
postponed 10 a future occasion. ] can not con
clnde, however, without declaring II a. my DELHI
crate conviction that we owe it TO ourselves, to
Republieanism, and to our common country, to
give a fair aud honest trial TO the experiment
VI LENbNhbhb III hChltuE w NO DbubiCih
question. That tbere are differences of opinion
on this can not be denied or ignored.
From an intimate personal and official ac-
qusin tance Of many years, I think 1 can say, how
ever. that L know him to be OF ineorruptible in
tegrity and inhexible sincerity, Incapable of other
motive than that OF the common good of our CON-
mon couutrymeB. think I can further say thai
while recognizing to its full extent the right of
Federal Intervention to enforce the constitutional
guarantees of liberty, protection and citizenship,
he, under the ADVERTISEMENTS which his prede-
ceasor and the Congress which had power over
IT had permitted to gather about the question
and be entailed upon HIS yOnng admins
~tration, sincerely believed that Cancellation, good
will and National frate~rnity-those elements of
Union which give enduring strength-would more
effectually repress intersectiOnal Gnimosities and
race conflicts, stop the shedding OF innocent blood
and secure permanent paci1cation, than the
harsher exercise of his constitutional powers. He
preferred rather 10 tnrn the bitterness Of his own
people against himself than that the temple COM
mitted to bis guardianship should, by division,
cease to stand. Distasteful as this to some Of US
now in, / trust that impartial history, the future OF
the country, aud the highest welfare OF an emnn-
cipated race will vIndicate the wisdom OF his
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