Historical Newspapers of South Carolina

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V ^ 4 <\ -y theuoJTiiy news, :M. ui.isiiKii Dicrv Saturday .Horning*; ? -? T W. BEATY, Editor. UJCMM: Oxn V1;ai:, *'J.O0 i x Months, $1.00 All r<iniiiiii(il? ntIons tcuiliii^lii scrvi' private Interest. will l?e vliar^cil I ?>? its lalvcrlisciiiviiK. Professional & Business Cards ?'. I>v.^ NNPON. J. Al. Jul IN ISO X c. I*. a rn.r.is.vi u. JOHffsONS I QUfiTT^EBAUM, ATTOKXKYS and LOINSKLOKS AT LAW Conwayboro, 8, C. J OS. T. WALSll, Attorney at Law and SOLICITOR IN Eli ITT V, Will practice in tin? courts of M.uion, 1 lorry mill Oeorgolown. Otlho ,\l CON WAYIIOHU, S. C. Nov 13, lf.70.lf. rj^ F. GII.I.KSFIK, Attorney and Counsellor at Law Will givo prompt attention to all businoH cntrutivAlo Ins care. conwaVboko, s. c. Jm.o, 1871. rjiOI.All ?.V 1IAKT, Commission Merchants, 162 Fill)NT STREET, NEW Y< UK. Liberal advances m.ulo on consignments N aval Stores, (lot-ton. Ac. Orders receive Promot Attention. Unexceptionable references given North anil -South. J. It. Tji.aii J. II. IIakt. of N. of S. C *r J.\ WILLIAMS, fw* ?- i m: a i.k k it i* (iflKKRAL MEKtJl I Y 7>l/.K, M A N U FACT UK Lit OF NAVAL STOKES COMMISSI!XX AIKUCllANT. and FOR WAULING AGENT. IT7" Special attention given to the buying ami selling of Ton 'limber. HULL CHEEK, S. C. V. I5OOZI0K edmonst! brown. wiioi.ksai.k dk.u.ku i.v MEN AN I?.'.tO VS' Caps <V ai>sr Ladios Misses and Children's Hats, No. -fl Haynh St. (HAKLESTOy. S. C. Opposite Clmrlc&tuii Hotel. \ y if $30,511,6 38.(30. Liverpool & London & Globe Insurance Co. Total Assets $30,511,033,60 .1. .M. JOHNSON, Agonl, Marion, S. C. C. 1'. Ql" AT T1 J'.J J AI' M, Ast. Agont, Conwnyboro, S. C. fob Encourage Homo People and Home Enterprise, Geo. S. Hacker, CJIMlLKHTONl S. 0. j I 'I T I X IIE ONLV DOOR, SASH AND BLIND Factory owned and managed by a Carolinian in this City. All work guaranteed. Terms I Cash. Always on hand a large Slock of Doors, Sudt, Blinds, Mouldings, Brackets, Scroll and Turned Work of every description. Class, 1 White Leads, and Builders' Jiardwaro. Dressed Lumber and Flooring delivered in any ' portion of this State. march 11?ly. /yiOSFKCTU H. - The Journal of Commerce. CllAitl.KsroK, S. C., April 22, 1870. Oil the first day of May, 1870, "The < Charleston Publishing Company" will issue ] the lirst. number of a Daily Morning News- ( pai>er to bo called "The JoL'itnai. or Com- | mkitck." This newspaper, as its name indicates, will devote a large portion of its space and influence to the development and extent*)!! ofiho < uuvm \>*/iiiiiiriu: U1 I IK* V.,11)' UI | and tin* general improvement of the material | intei. sU> of South Carolina. : I Yl politic*, TlIK JoUIINAf. OF CoNMKWK will bo Democratic I Tlueo editions of Tjik Joi'RNAr. or Com- ] mkiu k will l-o printed?a daily, a semi-week- j ly, and a weekly. Tlie editions will be de- ^ livered by cnirjers to city subscribers, or sent through the * ds to non-city subscribers, ' l>ost paid, at tlrf^llowing rates: 1 Daily, strictly in ftdvanoe $8 00 ( Semi-Weekly, in advance 41 (X) j Weekly, in advance t 00 ( For subscript tons, or rates of advertising, ? apply or address "THE CIIAKIJOSTON , vi;HUSHING CO.," No. 143 Fast Hay, Cltat leatou, S. C. ' apr to. ' ' t, \ * J* * r x { \~w IIU JL VOL. 8. CONWi GOV.-! I LDLVS Letter oiAcceptance. Amuny, ,Iuly .'list, ISVO. CiKNTI.KMKN*: WllOU 1 had the i honor to receive a personal delivery ol your Idler on bihall of the Deinoeiatie National Convention, held on the jsth ot June, at St. Louis, advising me ol my nomination as the eandidnte ol the oonsitituewey re pi senteil by that hotly , for the oHiee ol l'ia sidout ol l!i I'nilcd Stales, 1 answered that, at my earliest convenience, an 1 in c-nlormity with usage, I would prepare an 1 transmit to you a formal acceptance*. I now avail myself of tho lirst interval in unavoidable occupations to lullill that engagement. Tho Convention, before making its nominations, adopted a Declaration of lVmeiplcs, which, as a \vh do, seems to me a w iso exposalion ot the nee< -si ties tif our country, and ?>t tho reforms 1 ncele to bring back tho gouornment I to its true functions, to restore purity of administration and to r new the prosperity ?.l the people, lint some ol these reforms are s i urgent that they claim mure than a passing appmval. JUJKOJJM IN l'l' 11!,I(' KXl'KNSH. The neccssif y ol a reform ''in the scale of public < cputi o Federal, State and .Municipal." ? and "in tin- modes ol Fedetul taxation," justifies all the prominence given to it in the Decl.ua lion of the Si. Lou's Convent ion. The present depression in all the business and industries of the p"Op!e, which is depriving labor of its emp! >y mcnt, and carrying want into so many homes, has Us principal cause in evcossive governmental consumption. ITidcr the illusions ?! a specious pros- , penty. engendered by the false policies of the federal governm .'lit, a waste ol | : capital has been going on ever since } * the peace of IPOo, which could only j 1 end in universal disaster. Tho federal taxes of tho last eleven I , years reach the gigantic sum of |.V)0 j millions. J.ooal taxation I. is amount- : i ed to two.lhirds :is much more. Tim j : vast aggregate is not los than 7500 million.". ! < This enormous taxation followed a civil conflict thai lnut "really impart >1 our aggregate wealth, and h .<1 ma le , a pro I nut reduction of expenses i u I i ~ pc'iisnWle. It was aggravate! hy most unscientific and ill adjusted methods ol taxation that increased the sacrifices of I he j people far beyond the receipt of the , treasury. ! It was aggravated, moreover, by a | financial policy which tended to dimin i?h the energy, skill and economy ol production, and t Jrugalii\ >1 private consumption, anf iVluued ini>caleul vlion in business and an unremunerativo use of capital and labor. Kven in prosperous times the daily i wants of industrious commuu tine press , clo&cly upon their daily carmngy. The . margin of posstbile national sa\ings is 1 at best a small percentage of rati uial earnings. Yet now for these eleven j years governmental consumption has t been a large proportion of the national earnings than the whole people can v possibly save even in prosperous times j for all new investments. The consequence ol these errors are now a present public calamity, Hut they were never doubtful, never invis i d i o. iney wore neecaiMiry and inevit- I t able, and were foreseen and depleted (1 when the waves ol that fictitious proa- 1 pcrity rati highest. In a speech made (1 hy mo on the 24lh of September, 1SUS, ,! it was said of these taxes. They bear heavily upon every man's income, upon every industry and every business in ' the count.!?, and year l?y year they are des- ii lined to pass Still more heavily unless we ar- |j rest the system that gives rise to them. It was comparatively easy when values were 11 doubling under repealed issues of legal tender :t paper money, to pay out of the froth of our ji growing and apparent wealth these taxes, s but when values recede and sinx towards tlieir i natural scale, the tax gatherer takes from us not only our income, not only our profits, but also a portion of our capital. * 1 a do not wisli to exaggerate or alarm; I simply r say that we cannot allbrd the costly and ruinOils policy of the Itacical majority of Congress, ' We cannot aflord that jeilicy towards tlie 0 Soutii. We cannot alibid the magnificent atui oppressive centralism into which our n government is being converted. Wo cannot L afford the present magnificent rc.de of taxation. j To the Secretary of tho Treasury, i ^ aaid, early in l?0o: , There is no royal road for a government c more than for an In lividual or a corp.nation. Wliat you want to dr> now is to cut down " your expenses and live within your income. '' 1 wotdd give all the legerdemain of finance il and financiering?I would glvo the whole of v it for the old. homely maxim, J.ivo within ( your incoluc ', This reform will bo resisted at ' every step, but it must bo pressed preRisietiuy. wo sop to lay tin* im- | med'Ato representative* ol the |?? .?j?k? j "7 in one branch of Congress, while strug- J j gling to roduoo expenditures, com. polled to confront the oh mice <?f the! s'euate and tho Kxcculivc that nuless the objectionable appropriations he jonsented to, the operations of the ? government thoreuiolei shall culler is ietrinieut or cease. In my judgment, b ftn amendment of ilte <N? islb ut ion ft Might to be devised separating into t? listinct bills the appiepi lations tor the t< various depatmcnts of the public service, and excluding from each lull t' -V.w wi? ?s^wr*" 3 I_3 v/ r^ .iL V' JL Aii T.ndopon VYHOHO, S. C., SATl *? ar?mmm01 u ?m hwm.- ? i wi'ii?i ill appropriations lor other objects, t and all independent legislation. In that way alone can lite revisory power i t?1 each of tin; two houses and of the ! i Kxecutive he preset ved and exempted \ Irotn the mora! duress which olten I compels assent to objectionable ap- t propriutions, rather than stop the wheels ol the government. t rut: south. J 1 f I J An accessory cause enhancing the i distress in business is to he found ml . the systematic and insupportable mis- ( goveintueiit imposed on tlm Slates ol the South, liesidos the ordinary id-j feels ol ignorant ami dishonest admin* ! istration, it has ii flirted upon them i enormous issues ol iraudnleiit bonds, ' the scanty avails of which were wast* ! ' ed or stolen, and t he existence ol which ! is a public, discredit, lending l" bauic* i ' ruptcy or repudiation, 'fixes, gen- ; 1 ernlly oppressive, in some instances f have confiscated the entire income ol ' properly, and totally destroyed its 1 marketable value. It. is impossible ' iliat these evils should not react upon ' the prosperity ol the whole country. ' The nohb'r motives ol humanity con- j 1 cur with the material interest ol all 1 in requiring that, every obstacle he ( removed, to a complete and durable reconciliation between kindred popula* ' lions one unnaturally estranged, on 1 the basis recognized by the M. Louis phillorm, ol the "Consttiution of the j 1 United States, with its amendments P iinivcisally accepted us a final settle* | 1 incut of the cont rovcl'sics which oilgen- ! eered civil war." i 1 I hit, in aid ol a result so beneficent, j ' the moral influence of every good 1 ..... .... .. ..ii ... ...... 1 : 1 ? MI/.MI, .n M'li ,1.1 VM'I V m?\ ?'| mm luai authority, oui;hl to be < Xcrted, not ' alone to m:\iiitaiit their just equality ' beb>ro the 1 ;i\v, !>ul likewise to establish a cordial Iraternity and <;ood will anion" citizens, whatever their race or ' color, who are now united in the one 1 destiny of a common sell.Government. ;l Il the duly shall he assigned to me, 1 should not fail to exercise the powers I with which the laws and the cosiitn- | 1 i i<m ol our country clothe its ohiel :I magistrate, to protect all its citizens, whatever their tormer condition, in ' every political and personal ri"hl, \ CUiatlCXf'Y JMCl'OUM. I 1 ' In lorm is necessary," declares the ;1 dt. l.ouis Convention, "to establish a sound euirenev, restore the public , redit and maintain t In- nat ionnl hot.or;" ,, snd it ones on to "demand a judicious ^ -ystem ol preparation by public ecouo* ntes, by oflieiul retrenchments, and by ivisc linances, which shall enable the nation soon to assure the whole world il its perfect ability :uid its perfect a eadiness to meet any ol ils promises it the call ol the creditor entitled to , i t < v.iymeut j ,| The object demanded by the Con. a Muition is ;i lesumption of specie pay- ' ( nenls on the lejjjal tender notes ol the 'cited Slates. That would not only 'restore the public credit" ami "main- .. iiin the national honor," but it would {, 'establish a sound currency" lor the v i ik! ineinous ny winch tins object is ! | o be pursue'.), ami the means by which I l, is to be attained, nro disclosed by | vdial the Convention demanded tor t u* uture, and by what it denounced in he past. Il.VXK N'OTH KKKUMI'TION. Resumption of specie payments by ho ttovei'iiiuenl ol the United Slates ti n its legal tender notes would cstah- (.| ish specie pay in.mis by all the banks, s, >n all their notes. The otlicial slate- i) [ti nt, made on the 12lh ol May, shows Si hat Hie amount ol the hank notes was j,, 00 millions, less 20 millions held by ! hents'-lvt*8. Against these 280 milion < ol n tes, the banks held 1 1 I mil- ,)i ions of legal tender notes, or a little tore than lilty per cent, ol their 0j mount. I>ut they also held on de- (|i osit in the Federal Treasury, as ,,, county, for these notes, bonds ol the (.t lulled States, worth m gold about || tit) millions, available and current in j|, II the foreign money markets. In re tuning, tin* banks, even it il wtru M. osaiblo lor all their notcM to bo pros M iitod for payment, would have 500 ,.( bilious of specie funds to pay '280 bilious ot notes, without contracting ,,| heir loans to their customers, or call- |.( )<; on any private debtor lor payment. M I'ispended bank.', unndertuking to Hl esutnu, have usually been obliged to olleet from needy borrowers the ,.j( leans to redeem evees-ivo issues and o provide resetves. A vaguo idea ot l?i ress is, ihel elof", oiteti associated | . villi the process ot resumption. Hut he conditions which caused distress in ,,, hose lormer itiBtanees do not now w am. I, The government lias only to make S|J ood lis own oi'oitiisoM hi d I to* l.-inl-j - -? _ ci an take cart* of themselves without . istresfiing any body. The government (lj therefore, the sole delinquent. ?.-j LKUAL TKNDKIl KKBUMI'TION. th The amount ot the legal tender notoa <*Ij f the United Stales now outstanding eh i I?'hs ilinn 370 millions o! dollars, in: etudes 84 millions of dollars <>i tin actional currency. How shall the fill ovcrnmcnt inalto these notes at all A mcs as good as specie? in 1' lias to provide, in reference to the s i lass which would be kept in uso by "li ?~ yv w" ? T-y T\J I 4 1 JL Yj M ' J Lclant Journal. rUDAY, MI (J 1ST l<). ,l?e wants ot business, ;\ central ie? ;i lervoir ot coin, ndequu'et > the adjust- s i km it, ol iho temporary tl .m ua'i-ms ot \ nlernalioual balances, a n ?1 a- a t ,',tirunty against transient drums nrti- t seially created \>y panic < ; l?y j-pectda- \ ' .ion. J < It lias also to provide lor the J ay- < iKMit in toiu of such 1; I'tional our- |i envy as may bo present i for redempion, and suoli ineonsid. iblo portions >f the legal teiub rs us i lividuals may, ro:n lime, Vo time, desire to convert | or special use, or in t>j 1 r to lay by in join their little stores o! money. Kt:st MI'l ION NOT IM l l'UTl.T, To make the coin now in the | .reasury available for the object* ol i j his reserve, to gradually slronghthen ' , ind enlarge that reserve, and to proride lor such other exceptional dc- I . nands for coin as may arise, dies not 1 i seem to me a work of dillienlty. ll ' ? n iscly planned and discreetly pursued, , t ought not to cost any sacrilico to the | mi si 11 ess ot the country. It should , rim, on mi! co i n r try, t<> a rrt ival ol , lope ami conlidi nee. The com in the I } rcasiiry on the tJOili of Juno, includ- ' j no what is held against eoin tvitili- i , ales, amounted to nearly V I millions. j' I'lie current ol precious metals whieh , i ts llowed out ol our country lor the j i level) years Irom .Inly I, 1 0, to! ( lane itt>, IsT'i, averaging nearly 7tS j | nillions a year, was 8:52 millions in tin- . ivho'e period, ol which 017 inilhons Acre tin* product ol our own mines. ( To amass the requisite quantity, by |, ntercept ino from the current Mowing | j >ut ol the country, and by acquiring i , ro:n tlti' stocks which exist abroad j | >v it ho at di.- lurbing the equilibrium ol 1 J oreign money markets, is a result to ! , ?e easily worked out by practical i . inowlcdgc and ju Igmciit. I , Willi respect to whatever surplus of j ' eg.il tenders the wants of business , nay fail to keep in use, ami which, in i . nmer to save inUrest, will be returned ; br redemption, they can either be j .aid or they can be landed. Whether hey continue as currency, or be disorbed into tin* vast mass ol se- I ' unities hold as investments, is merely ;l l qucslion of t he rate ol interest they ; I raw. Kven it they were to remain j '' ii their present form, and the govern- 1 tieut were to agree to pay on them !l i late oi interest, making t hem desir? hie as investments, they would cease 0 circulate and lake their place with | ' [ovcrument, state, municipal, an I i 1 ther eorpotau* and private bands, ol 1 rhich thousands ol millions exist c inong us. In the perfect ease with 1 rhich they can bo changed Irom 1 urreiicy into in vestments lies the only * anger to be guarded against in the ' dnpiionot general measures intended , 1 ) remove a elo irly ascot!ainod sin plus; 1 i.ai is, the withdrawal of any which '' re not a permanent excess beyond ' lie wants <d business Kven more liseliievous would be any measure ,s liich a licet s tiie public imagination ;l ith the (car ol an apprehended scar- ' iiy. In a community where credit 1 so much used, lluelnations ol ( al l s and vicissitudes in business are irgely caused I ?y the temporal y beliels | 11 I iii(i) even before those I diets can 1 inform to ascertained realities. AMOUNT OK NSCKSSAP.V OUKUKNCV. 'l ite amount ( I necessary curroncv, L a given lime, cannot be determined \ rbitrarily, ami should not be assumed jj i conjecture. That atnont'.l is subject a > both permanent, and temponry tl langcs. An enlargement ol it, which w ctned to be durable. happened at e< k! beginning <d the civil war by a u ibstitnted use ol currency in place of |j dividual credits. It, varies with at Tiain slates ol business. It lluctua- w s, with considerable regularity, at n< llereut seasons <d the year, in the os ulumn, lor ilist >n e, when buyers m grain and Other agricultural presets begin their operations, they ntally need to borrow capital or eirilaliiig ciedits by which to make J' teir purchases, and want these lands al currency capable ol being disiribuii in small sums among numerous <!( llers. The additional need ol cur- te i ev at such times is live or more ??? r of </ |r , lit. ol tlit! whole vol it tPitfj li lid il a ^ irplus heyond what is required lor r> dinary use 'lots not happen to have r<-' en on huii'l at the money center-", a arcity of cnrreticy ensues, and also a vt ringency in the loan market. hi I' wan in refereoco to Mich expe- ,,f nice* that, in it discussion of this ihjeot, in my annual nussago to the fo ew York Legislature of January 5, ai {7?*>, the suggestion was made that: tit "The lederal government is hound It', rcih em every poilion ot its issues ?ii hieh the public do not w ish to use. [,( aving assumed to monopolize the pply ol currency, and enacted exi-ionu against everybody else, it is 3C i . i : .i li - i i 1 . i i: >111111 1(1 1111(11*11 H11 WHICH IDC wants "< husincHH require," * * * * on I'lio system should passively allow .? volume of circulating credit* to h and flow, according to the everanging wants ofhusiness. It should !in ntate, as closely as possible, the th ilurnl laws of trade, which it has so pevxeded l?y artificial contiivancos." 110 nd inn similar discussion, in my be essago of January 4, it was id that resumption alionld lie effected Pr iy such measures as would keep tho ' ''<* JV W -T" * - x<v. V'S V> / m /V^ / 4 - y - ? ' V<*X / \ \ / -V.< 7 * * *w V V ;; I * j 18 i (>. NO. oi\ ? njp^rei: ate amount <>t 111? ciiri cni'v li H'U-:uijustiii!.j during :\ll the process, p \'i(liout< vi'onliiig, at any t i;n? , an nrti L icial scarcity, and without * \?riIini* ho public imagination will* uln ins r kVliic*li impair contidcncc, conliai'i the ti ?\ iu?lv largo machinery ol credit, ami s list in b the natural operations ol busi- s loss." 1 s ilKANS 01' MIMIO.V. 4'1'iiblic economics, otlieial retrenchincuts ami wis - finance" arc ilio moans which tliu St. Louis (.'onvolition imti- . ales as pro\ ision lor icserxcs ami fit- ' letup1. ions. Tim bust resource is a reduction of m tlm expenses of tlm government below 1 its income; tor that imposes no new charge on the people. 1 \ If, hower the impro\idenec ami ?i w as to which lia*e conducted us to a I i jieriod ol lulling revenues obhgo u> to. oipphnient the ivsuils ol iconotni's (J iml retrenchments by some resort to loans, we should not hoitato, The ' h jfovernim lit ought not to speculate ' ? in its own dishonor, in ordci to ' | ?avo interest on its broken prom ! -es, wliieli it still compels private | letth rs to accept at a lie.*, it tons par. I s I'he highest national honor is not only ' a but would prove profitable. <>! i he public debt, !)S5 millions bear in- J i - ' ' . .. i -. . ! v v ci.\ [ >i i v in. i ii l;<mu, ;111< i < I I " nillionsi live jut rent, in ?*o!d. The'd ivcrn^c interest i> .*..*?? jut cent. J o A linaneial pointy which sl.<?uU so- | jj ore the Inchest credit., widely availed p d cuixht gradually to obtain a rodue- ; (l ion id one jut cent, in the mtcirsl on 1 i mM d| iIn- |o.ins. A saving < ! one n kt cent, on the average would he IV j ji nillions a year in mdd. That saving eunlarly invested at font and a hall p >rr cent, would, in less than thirty ioli! years, extinguish the jirinoijinl. o The whole 1,700 millions ol luudid e leht luU'lit he paid b\ this saving n ilone, without cost to the peojde. v jmsoi'ki: ti.MK l ot: KKSU mim'ios. |? The projier time lot resumjAion is | " he time when wise preparations tdialI 1 i.ive ripened into a purled ability to J iccoinplish tin- object wiilt a eeitainty * iml easij tliat will inspire confidenee, iml enennraoe the reviving ol busiless. The larliest time in which such ii i result can be brought about is the tl est. Kvcn when the {reparations e hall have been matured, the exact b l ite would have to be chosen with u clirenee to the then existing state o| tl rade and credit operations in our own L lountry, the course of foreign coin- n nerce, and tin condition ol the ex- it ;hanges with oilier nations. 'I ho n pceilio measures and iIns actual date in re mailers ol detail having reference < ; i) ovei changing conditions. They in iclong to the eh main of practical ad- l! iiiuistrutivc statesmanship. The cap tc ain ol a steamer, almut st t:*iiii?* Iroiu In sew Volk to J/i\orpool, does not as- ci i inhle a council over his ocean chart m ud fix an a nolo by which to lash the ^ln udder for the voyage. A liumaii in. at L'lli';eiice must, he at the helm to dis ta ?*iii the shifting forces ol the waters e< ml I he winds; A human hand must al e on the helm to feel the elements pi ay by day, and guide to a mastery pi vcr them. li I'll IIP Kit ATI ONS VOU ISKSIMI'I lOy. CJ 111 Such preparations are everything, j.. Vithout ihem, a legislative command Miug a day, an ollieial promise fixing o lay, are shams. They are worese ? icy are a snare and a delusion to all ,j ho trust litem, '1 hey destroy all aulidence among thoughtful men . i hose judgment will at last sway puh- j[( e opinion. An attempt to act on jj( ich a command or such a promise, .| ithout preparation, would end in a w suspension. Il would ho a fresh ,.(, ilannt.y, prolific of confusion, distrust, jid distress. rut: act of .jam:ahv 1 1 ni, 187."). cy 'I'llo Act <if Congress of the I I of 1 1,0 Miliary, 187.*, enacted that, on and J terthe 1 st of January, 1870, the Sec- i 811 tary of the Treasury shall n deem in i in the legal tender notes ol the I'ni . 00 d Stales on presentation at the olViee , Sl> the asiistarit treasurer in the City ol | "ll t?w \ oik. i(. aulhori/.ed the secreta h)' ' "to prepare and provide for" pitch sumption ol specie payments !>y tlie J,r to of any surplus revenues not other ^e ise appropriated; and hy issuing, in s discretion, certain classes ol ltH >n ds. I f y More than one and a Iralf of the j ur years have passed. Corgrers i 8U' id the 1 Resident have eonined ever since to unite in acts which 'ia gislaied out of existence every pes- j L1" ido surplus applicable to ihitf pur- *" me. The coin the treasury claimed to he- 'I11 ng to the government, had, on the '',v i of June, Ialleu to less than 4f> mil- 110 ins of dollars as against M) millions Pu i the 1st ol J nnuary, 1B7.*>, and the ('01 ailibility of a pavt of tliat sum is tl(' id to be (jtiestionable. The revenues yl11 e fallir.!/ luster iti-.m .n.nr/nn-oii ionu the < ? - T!" " I I <1 expenditures are reduced, leaving | :MU ? treasury 'villi diminishing re- : ,U(-' inccs. The secretary has done nal thing under his power to issue 1)C( nds. J Tho legislative command, the official ^ omiso fixing a day for resumption, a J( thus far been barren. No pruCtU - ? ? ? - ? ' > >? \ A!>V Ell ; 18EMEiS 1'? t - t \ ' I 1 n?|H r\ for fitflt, u 11 I y i- a, ' i s:i " j iH.il iu?.'!: tioiv. i?. i> in K \j?.e ? .-.I I ri?'.i4tltutti n >i|iur 11i' I In i i > i" ' ( <iiv. i i \ j x?; lev dua u lin li \> 11: i 1 u -.'l li.r ,f> .i 3^|iun:. M il i i.c_;<* liol i 's 111 ' Doatlis ami l ini'i .il nolkf-% Ins;. HtMgioufl notb is ol'ono U|tiaro live. A libeial ?li>i'ounl Mill !> ' inaiV to llimB i lioso sub i*i i i 'iicnts a i' to bo kept in lor lirco niont li 'i i. ;tl preparations towards resumption* iftvti been made. There hurt been no regress. There have been stepn lUCK \v anl. There is no mciomancy in the opoaliens of gu\< rumen!. The homely aaxinis o| evirv day li.< are the beau t andards ?. I i' < end u t. A debt ?r %vb*> honl I promise to pay a loan out of urplns income, \ el be seen every day pending ail lie could lay his hands <>.? n rioiilous living, would lose all eharcter h?r bout sly and \ eraoily. His i 11 >f a new promise or his profess i >n an <? the value ol the old promise, would like provoke del ision, tKsLMP'iioN i'Lan o run sr. i.oi.w i i. \ i ro::M. The Si. Louis platform detuninc lie failure b?r eleven years to mako jood the proini .e ol 11 < legal tender lotes. 11, dciio.iios ihe otnissinr !. > iccuinulatu "any reserve lor iheir relemplion." Jt I'.eiKtteis the conduct* 1 which, during eleven years ol peace, ias made no adv tnees towards renmption, l.ut instead has obstiueted esumption, by wasting our resources aid exhausting all om surplus income ml while professing to intend u. pcody relutn to specie payments, has initially enaete I fresh Intolerances! hereto." And having !ii>t denounced he barrenness ol the promise as a i ,a,.. ?> ' - ii .iroi .niv v in i IMI IIIJH 10:1. 11 lUOn lemamls 'ts i i-1?? 1! and also demands tho stahlishmcni ol "a j11 < 1 i<. ions system of reparation" lor resumption. It canol bo doubted that tho substitution I a "system ol preparation," witliont lie promise ol a 'lay, lor the worthless roiuisc ol a day without "a system of reparation" would be tlu? gain of the ubslanco of rcsumj tion in evchaugo or its shadow. Nor is the denunciation unmerited f that improvidence which, in 'tho leven years since the poaue, lias ccnumed 4,500 millions ol dollars, and el could not all'ord 10 give tho peole a Bound and stable currency. Two ml a hull per cent, on tho expendiures of these eleven years, or oven >s, would have provided all the aditional coin need till I?? usumpliou. JIKI.IKK TO UL'slSUiS lMsTKliSS. The distress now felt l?y the people t all their business and industries, hough it has its principal cause in tlm nnrmous waste ol capital occasioned y the false poli< i<* ol our governicnt, litis been givmly aggravated by io Mismanagement ol ihe ' nrrenoy. fuccrlaiuly is the prolific parent of lischiets in all bu-iin Never wc 1 o s evils more lelt than now. Men do otliing, because they are unahio to take any calculations on which they in Hiticiy rely. I'liry m <1< it ike notliig because tiny fear ;i loss in everynng they would sutrn.pf. They stop > wait. The merchant .toes not liny t the (ui tire cons 11 in | >: it>u of hid istomors. The manufacturer dares >i make fabrics which may not reiml his outlay, lie fluus his factory )d discharges liis wtikmcn. Cnpiilists cinilot !cu I on security they insider safe, an I -J145 most without int. rest. Men of enterise who have ere lit, or securities to edge, will not borrow. Consumo? on has fallen belo.v the natural limits a reasonable eo momy, i'rices of any things arc under their rango in ttgal, specie-paying times before tho vil war. Vast masses of currency i in the banks unused. A year and half ago thu legal tenders were at eir largest volume, and the twelve i 11 ions since retired have been ro? aecd by fresh iss tea ol fifteen mil>ns a month, because tliey cannot id a profitable use lor so many <>i eir notes. Thu public mind will no longer ao~ pt shams. It lias MifVerre-l enough jiii illusions. Am insincere policy creases distrust. An nnstiblw poli? increases uncertainly. Til') people ied to know that the govorrmient w oviug in tho direction of ultimate U'ty ami prosperity, ami that 11 is dug ho through pru lent, safe nml iiHcrvativo methods, which will ho re to indict no new sacrifice 011 (he isinoHS of the ooun ry. Then the nidation of new fiope ami well-hum ? eonlidruco will liu*icii the restoring ooess of nature, an I prosperity v\ .It gin to return. The iSl. Louis (Jonvcnti m concludes expression in regard to tho curreiil>y a declaration of its convictions deinandH. It ?nys: "Wo behove oh a system, well devised, um(, ovo all, iitlrunted to compeient mis lor execution, creating at no ne an artificial scarcity of currency, i at 110 tunc alarming tho public ml into a withdrawal ot that vaster icbiucry of credit by which ninety0 per cent, of all business transaons arc performed?a nvstcm lomni - * c ~79 blic, and inspiring general contiieo would, from the day ot' its e, lopii, bring healing on its wings to all r harassed industries, put in motion wheels ot commerce, manufacture* 1 the mechanic arts, resloro omploynt to labor, ami renew in all its ,ural sources the prosperity ot the >ple." I ho government of the United ites, in my opinion, cau advance to -sumption ot specie payments on its [co.YllNUKD ON FOUUXU l'AQS.]