Daily Los Angeles herald., 1878-09-27

banks, should be exercised only
subject to certain restrictions: 1st.
That no executive officer of the
Government should have discretion
to enlarge or contract the volume
of currency; 2d-That the total
amount of currency authorized
should be fixed by law; 3d-That
whatever that amount, it should
be one that shall at every moment
be redeemable in coin; 4th-
That all coins of the same denomi-
nation shall be as nearly as possi-
BILE of equal value; 5th-That what
ever currency Is issued by the Gov
ernment, 1t shall be receivable by
the Government in payment Of
public duties at the face value.
Speeches were made after the
adoption of the resolutions, and
the Convention adjourned.
New York Republican Convention.
SARATOGA, Sept. 26.-The Re.
publican State Convention organ
lied to-day, with Roscoe Conkling
as temporary Chairman and per-
maneDt President. The Senator,
after acknowledging his greeting,
began his speech. He said: "We
have met In year likely to be the
hinge upon which much in future
will turn; year which In it's po-
litical results will leave a deeper
and more lasting impression than
other years. America. In common
with every land in Christendom,
has been passing through period of
depressed industry and commerce.
Labor and capital have both
suffered much every where. Hard
times have fallen on all lands-not
on all alike, because less heavily on
ours than on Great Britain, Russia,
France and other countries which
are passing through deep tribula.
ton. We have passed over the
worst, and restoration will be grad
ual but constant and sure, unless
want Of wisdom and fallacious
measures block the way. The
matchless resources of the country
and the matchless enterprise and
activity Of our people will not fail
to cure our business dis
order II three things can be
assured: First-Congress must
not destroy headway which has
been made and launch the country
on new seas of confusion and agita.
tion by wild and restless attempts
to control the laws of trade and
create values by legislation.
Financial stability and certainty,
on which men can rely and
calculate ahead, must not
be exchanged for exploded
theories or novel device. Perma.
nence and flxedness of laws are
often better than philo sophy or
even perfection. Second-We
must have frugal, honest govern
ment, earnest and steady admins.
tration and honest, Constitutional
currency, with the pu blic credit
kept high and untarnished
and the public treasury de-
Tended against unfounded claims
and against all schemes of
plunderers and spectators.
Third-We must have peace and
order and protection, full and equal
before the law, for the rights of all
men everywhere, North and South.
The object of q just government is
not to carry on business, but
to protect life, property and
rights, and thus leave every
citizen free and safe In all lawful
exertiop, opportunities, and enter
prises in which ne chooses to en-
bark. Wealth or property cannot
be conjured up by legislation.
nor by political parties.
No slight'of.haLd can pro-
duce it. No philosophers
stone, nor perpetual motion can be
discovered by legislative divices,
however cunning. Property Is the
product Of labor. 1t must be hewed
out of the forest, plowed out of the
field, blasted out of the mine,
pounded out of the anvil, wrought
out in the factory and furnace; la
Dor Is at the bottom Of 1t all, and
the nation in which there are the
most lab0rers and In which labor
is the best cherished and cared
for must be the richest and most
prosperous. Capital and labor are
natural allies; when they work to.
gether both are enriched; when
they are hostile or separated, both
suffer. What Is the difficulty now?
Business Is stagnant, capital is
afraid and labor lacks employ ment.
Capital Is always afraid when
labor lacks employment. When
capital is not afraid there is
brisk demand for labor. It has
been asserted again and again that
three million laboring people in
the United States who want work
are out Of employment, but every
body knows this cannot be true.
The picture has been over painted.
The truth is bad enough
and sad enough; business is
depressed, and honest, honorable
labor is suffering. Can these evils
be cured by such projects as are
now urged upon US? It is said we
should have new and large issues
of paper currency. What for? Is
not currency piled up in every
bank and money centre and deposit
tory? Cannot money be borrowed
In millions at the lowest rates of in-
terest? When all the paper and coin
in the country is put into active cir
culation will there not be abund-
ant currency? Confidence, stabil-
ity and assurance that credits and
values will not be tAmpered with,
will unlock capital and put money
in circulation, but schemes
for watering the currency, and maxi
ing shrinkage In Its purchasing
power, thus changing bargains
and transactions, will frighten cap
ital and make it hide. What is to
be done with a new issue of paper?
What good will 1t do? If put
In circulation, 1t will dilute and de-
preciate the whole currency, and
put up prices for the poor TO pay,
and the wages of labor will not ad-
vance fast enough to keep up with
the advance of prices of food.
WRshiBgaOS News.
WASHINGTON, Sept. 28th.-Ellis
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