The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1877-08-31

40 that when the time nxed for resumption
arrives. the Treasury may be able NJ redeem
such notes AZ ARE presented. In this respect
the resumption act II NJ full and liberal az
human language can frame a.. The Secretary
IN authorized 20 prepare for resumption nnd
for that purpose "a use III. surplus res.nne
and sell either 81 the three classes ~ bonds.
al 81 which are now ~ above par ia coin.
executed II not repealed.
The accumulation. both ~ silver aud gold,
can be made by nrrtrting from expectation
our own production 81 thcs. metals. This il
more than sufficient 70 supply our wants for
this purpose, and, fortunately, We have plen.
~ 81 other productions. corn, cotton, wheat
and fabrics. the fruit az our industry. for Elk.
port. This country n the greatest producer
~ gold and silver IN the world The balance
Of foreign trade + IN our favor. During The
last fiscal year our exports exceeded our IN.
ports IN gold value the sum Of 500 10. and
this balance In steadily increasing.
This year Providence has blessed Us wit IA an
enormous crop of almost every productionof
the fnrm or plantation. and the foreign de.
mand Il largely increased by the Russian
War. Russia u our gres. competitor "a sup
consume her own products. We have now
reached the coin basis In the production Of
commodities for the foreign market.
Our EXPLOITATION on HOME FABRICS
has increased and n increasing. and We are
now competing with rAnchester and Birm-
ingham IN the sale 81 products that have
made those cities famous throughout the
world
our manufactures OF cotton, iron ana wool
now rival Ia foreign markets the oldest coun.
tries uf Europe.
We have during the nve months Of l'resi.
dent Hayes made An actual accumulation OF
currency. and of gold aud silver coin and bull
iion Of IA. $40. ss2. Prom the Isl of May IL this
time We have added 10 our coin reserve so.
100000 BY the sale ~ bonds. without di~trnh-
ing the money market, and with gold steadily
on the decline. We have reduced Tho public
debt. since the lst of March. the sum ~ s2q
al -. We have conducted the vast opera
f. tions of our loans already referred 90 with
out disturbing the course Of trade or causing
shipment In gold. All the fears expire -~ed
80 often IN the papers, ~ these movements.
have been proven 90 be lyroundicSs
We are now within fisr degrees Of the Spe.
Gle standard. We have Still ~eyent.enmonths
before ns in which 10 complete the task. The
same progress that has been made since the
lsf 81 March. continued twelve months longer,
will certainly bring Us 10 the specie stand
ard. feel confident In saying ~ you this Hay
that, II nndisfurbed, with or without a change
of the law, every dollar ~ United states
notes will. before the time liked for reSuinp-
ton, buy A. much az AN equal amount Of
either gold or silver.
A roNsrRucTiON ~ THE RESUMPTION Act
has often been pressed upon the Department
that. ifcorrect, would make u ~iill mere easy
70 carry IL into execution. IL T. insisted TINT
I the Secretary has the power, in preparing for
resumption, 20 sell bonds for coin, aud Then
~ sell the coin for United States notes, o. be
boarded in preparation for resumption. The
Department has not acted upon any such
construction but has sold gold only in the
current course on business, or Tor the uCtuNl
redemption OF notes supplantcd by National
Bank notes. II this power j. exercised. II
should only be ~ pursuance OF the pln'n viii
Of Congress. and. In the execution OF - 'lcl.
cate "A duty. no power should BIZ used except
such A. L. clearly given.
The act of April. 1876. for the rcdempfiono OF
fractional currency. provide that silver coin
may be issued IN exchange for United states
notes. and such notes shall be kept -
special fund for the redemption 81 fractional
currency. This fund and the Ordinary cur
"A
paper money Of its own. The coin ana legal.
tenders deposited in the Treasury are The
property 81 private individuals, over which
the Treasury has no control
have. fellow citizens, | hope without
weariSOme detail gone over soi.e points ga
this question 81 resumption. u a. a dull, but
important topic which affects your daily ifs
upon which my official duty comprls nae ~
act, and assure you that have only nrira
upon the clenre-t convictions ~ public li
terc~t
4 currency 81 United states notes, based
upon the public credit, always convertible
into coin, and so limited ia amount aud up
ported by reserves that It's cunvertibility can
not be endangered aud supplemented ~
bank currency free and open 70 all alike. has-
ed upon public securities. 80 that ~ any
event the note holdcriS safe from loss, always
rcdccnnblc in coin or United states notes,
unlimited IN amount except ~ me want q
busineS~-thiS j. the kind 81 paper money that
will start again the wheels Of Industry. give
sails % your commerce, labor ~ your Artl-
sans This. indeed. would be the
BEST PAPER CURRENCY ~ THE WORLD.
Eat the currency be supported BY public
credit against hich whisper or 4 doubt
can not be uttered. and your public dellt Will
bc reduced tn it, lowest possible burden ~
interest. ana will become the great drpoSi
Tory 81 the savings 81 labor, the trustee ~ me
widow and orphan, the safe rest Of capital
not employed IN active industries.
These, a. understand them, are the great
financial objects az this Administration ANA,
with Your permission aud the sanction ~
congress, the President may hope 20 celc
brafc his outgoing, with your debt reduced 20
per cent. and every note OF the u ited states
worth par IN the best coin issued nom the
mint. You now occupy the forefront ~ this
battle. bcSeech you 10 uphold his haIus,
ana not let the dcluSiunS of the hour or the
temporary innguur Of business, which YOU
share with the civilized world. turn yur from
policy which you have sanctioned aud san
now hope 10 realize.