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The Pickens sentinel. (Pickens, S.C.) 1871-1903, August 17, 1876, Image 1

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Philadelphia, Aug. 7, 187G.
* At the oastorn end of the Memorial
Hall, stands ft modoat unprotond
ing building dedicatodfor Iho timo bo
ing to Pbotograpliic Art. This is an
art that liko telograpby has grown
, from almost nothing, to its present
^ Anllnaaul ni'iiitnuitiiiiia in llm
of living men. It 6ceme only like n
few years ago since I looked on the
first daguoreotype, and I reccollect
bow I twisted and turned it, and held
^ it in different lights to make out the
faco that I was not quite sure was
tliofe or not. Xhon camo attempts at
photography, the first I ever saw
boing called a Talbotypo. It was
T euppoBod to bo the picture of a coun
' try house, but it looked liko ft tnudbcow
struck by lightening. Then
came tho Ililotypo, ft typo of which,
if Buccoselully curried out according
^ to the orrigiual design of the inventor,
would huvo sent a man without
benefit of tho clergy to tho state's
prison or a lunatic asylum. The men
who have mado the art \\ hat it is U?
day, are many of them, fortunately,
^.4:11-1? .1 1 1
- villi aiive; mey nro our menus ana
our neighbors, and while ranking
very high in our estimation as artiste,
and a* nion, they liavo always
seemed much nearer to us than thu
knights of tlio chisel or tlio brush.?
Photography is essential y tlio pooling's
arm; by it, and ho becointa a
traveler and a eilio, it brings back
the association of childhood ycais attfll*
tlmv liHVa villli^lici I nil.I if unr_
rouiulb you willi tlio l'uoua of lovod
otiua "when the silver o>rd id lowdod,
? Miid tlic goldoii bowl in b.okoii."?
Entering the oiiBtoni door, you liud
in iv nicli on tlio left an exhibit ot
Doreinne, <>t I'iitioiuon, N. J. ll-o
nrtim luiH evidently not contiuod his
tlXCIIIHlOllB to tlio iion(u ot tlio city ul
l'uttoraon, f'?r we liud ourselves our?
rounded by views ?d the MiHtunt>i}>j>i,
, Kiid scene* ot tlio fur i\ct>t. On (hu
opposite aido ot tlie liuil, Charted
Faxon gives ub h picture ol Joe Jul?
fursoii at ltif Van Winkle; Hot a
** little pocko; edition ol a great man,
but n full lite sized portrait ot the
worthless vagabon i Dutchman j'lat a??
lie appeared wlion lio wandoreu abou
through thu cuciianied uiountaiiiB ot
(JfttHkill. iSuliuiitd and Krugor o,
isuw York, iitivo a magiiiliuoni c.ibc
,gj jMctureb, and ilol^lu <J ot iiulti>
moro has some excellent artistic
groupings. A liltlo beyond, Allon
And ltowoll have a splendid oolluo\
lion of portrait*: L>?ydo Garrison,
Wandoll 1'ii i 111 pa, and (Jiialce buuinerhang
side by side. Noar b> ia a
picture called Dressed fur tlio Bridal,
by Moeer of Chicago, a w<?rk of especial
merit, mid nonr it the colored
portrait of a ludy, which is ft picture
of the higlieat order. S.irony,??1 JNow
Y ll'lt. hill) not A Int'irn 111) t
-- - - " fc>~ V?". ?-I
ono of his pictures, a scene Irom the
play of Piquo, lately performed ui
tiio Finis Avenue Theatre, is ausurpassed
by any picture in lUc collection.
A frame hangs against tho north
wall which int^ujstcd ine exceedingly,
in ii was ft^minher of likenesses,
almost every face ot which I know
in years long trune bve. Tho I);i^
yucreotypoa wvru taken by Fitzgibbun
of St. L'iiiie, over a (jnartor of a century
ago, and thou, no doubt, they
wcro considered vory lino u]>eci 11 ens
of the wondorful dagucrouu art. The
Originals ot many ot those likenesses
have passed over Jordan's stormy
l>ai>ks and now stand on the other
bide, and those who stdl survive, lind
* t>?? ii I mm wl li'un !>? <!'> -* *t . I. .....1
Vr?v .. vv l>V>^l?l tV/ UUIII ion UIAU
that thu grasshopper is a burthen.?
Tho dramatic profession is laigel)'
represented; a little stripling ot a
girl is the portraiture of Ahig^ie
Mitchell, our Maggie, the little witch
ing, winning mortal, who, as Fan
'chon and iiarefoot, lias danced her
way into all our hearts, and year alter
year as bhu came around, we
went to see her do the same tiling
over anil over Again, till it boo.nod wo
hail known her all our lives, and we
never realized ilint we oureelvos were
/growing old. Or tlint, the liltlo girl
that charmed us in Aulil Ling Syne,
is now a stout matronly woman, a
aubetantad bank account, and with
silver throads among the gold, an liio
crowefoet aro battling for lines upon
those cheeks that we were all dying
to have a kiss at byo-byo, moil cite
ami; beautiful au you looked twenty
|ive year* ago; we can't atop hero to
mako love, we havn fniun
- ? n ~ "'""vio
on IuukI, nothing Ions than tlio canons
of ni t, to say nothing ot tlio amall
^iiub, bo let ua j>ata on to the nest,
^ 1 *
This is Mrs. Coleman I'opo. It ie
more than thirty years ngo ainco I
(iret saw her at tho old Broadway
thealro. She was then in tho zenith
of hor beauty; a woman tall and
atatoly; a sort of inixtmo of Vonns and
Diatin. Oh. wlint a fii on what n
neck, wlint arms, what, no, I shall
stop right here; I will only remark
that alio woro a short tunic that
roac: cd tho knee. I wont homo and
dreamed* f her all night, and thought
I should liko to ho an actor. Poor
woman, if she still survives, eho haa
rheumatism, and pain* in her hack,
and neuralgia, and all thoeo miserable
ailings that remind us that it is
I i ? II II
uuoui nine 10 oaiance our icugers.
There nro several j>ictnre8 of Gubtavus
Brooke, one of the very boat
actors that ever viaitod America ?
Melodramatic in many things, ho had
as much ol tho etulF in him of which
good actors are made, as any man I
now rcmombor, and what a gloi ions
voice; it seems to mo I can almost
hero it now, though tho waves of the
ocean cloBed over him many years
ago. The ship in which he had on?
tfaged passage for Sidney was sunk in
sight of the British const, and lightninir
n cigar a low minutes boforo alio
wont d ?\vn, poor Brooke met hid fate
like a Briton ami hero. E^tollo Pot
tor, well known throughout the West
and California, is also among the
number; sho too can he no chicken by
this time, but like the rest ol us discovers
that time still rolls on. The
B.itoman Children linvo a place in
the fiH'; alas, ehildien no lunger, I
dou't know it Kate is a grandmother
yet, it sho id nut, no doubt she will bo;
and Eliza Jyjj;aii i? among the number;
a splendid actress, and an admir
able woman.
Next wo c<imo to tho illustrations
ot the Seven A^e?, by L'td iv,ol'Cin
oiniirtt-; excellent in eo .cepti m and
ex cutiou. Gutokunst, ot Pniladel
. .1.I : i: ? - -
I'ii i' t, una HinilC 11111^11 UlCUIIl |><"U'UHH,
which will give him a f iremoat posiiion
in the rauka ot American artintfl,
particularly good are tho iikwiiorifUH
ul Mr. Goelmr, tho director general,
and also of General llu*lujf the president
of the couimieaion. liawley
nhould do something handsome
( ?r Gutekniiat haa done sometil
! !1 C7 VnfV I i ?l ?i/l Ul 111 i it fill* I I rt ...
^ ......v*,. !?.???ley.
It will iist?>n ia>< tlic good folk a
of the 11111111 eg Htato it th ?t picture
ever goo* to lla; tford; it) fact I think
t ii nt it astonishes llawley himself
when ho looks at ii; bully for Gutekunst,
if ovor 1 liavo my likonosa
taken, Gutckunst is my man.
Bradley and Itulofaon, ot San
Francisco, have tome admirable Cali
fornia scene*, but their exhibit is not
what might be reasonably expected
from bo grrat a firm, ranking as ther
do among the vory beet photographers
in the United State*. Bradley
has a number it magnificent specimen*
ol portraiture, and no place in
this exhibiti >n combines any greater
interest than hi*. In the spaco oi a
few feet hang a number of faocs,
which call up'a world of widely dilc
4 . -.; . ? * ?
luruni jirtbouiuuous, una you iook on
them with tho u^Btit'Htico that they
nro all true to tho life. Jiut think
of i'! hero hang tho faces of Edgar
Allen Poo, and Audnhou, Lloniy
Wilson, Lincoln, Grant, Loo, Calhoun
Farmgnut, Wobotor, Jrvcksnn and
Morse. No such group can bo found
n.,> ~ ..e a - >
Ill wnu 11(11 13 ?m amui ICIV III BU blliail
a space, and I doubt if thoy can bo
found in tlio world. Tlio likeness ot
General Loo was taken some joars
before tlio war, but on it is tlio name
calm sweetness t>f expression wliieli
.1 iii ? . .
ovuji uitmtiur auu uuicui was noi aoie
to destroy; next to him, in civillians
dreen ?itb (J uncial 0runt, ami near
liim Lincoln; tho likonesa being tho
one bowt known to the Amuriciui
peoj/lo. Jackd-iii'rt portrait was lata
en at tho hermitage a little while before
his death, ami Wobnier'tj just after
ho had made hi* culobr.ilod reply
to 1 lay no. Karragnt is ta'<un in lull
I.Ill/Ill /li iuI 11 llUt* lit* (ihilwlti u i f li ? it..11
mi 111 vv/oniiiiv. v ouiiimo " mi it
glnna in his hand, and you can al
most lioar him Bin# nut, d?n the
torpudoub! a? ho did while standing
in thu thrnudtj id tliu liaritord. (Julbuun
ia tlioiu too, and K Igur A Ion
L'oo. None ot theao hico? represent
nonccfnl lives. 11 I (if tlie.ni lmv? hurl
more oi stunii timn sunshino. i'lic
puur |K>Ot ol tllO UllVOII, ilfi well 116
tlio StiituHiimu and Warrior. Hit
namo of tlio group till a largo spaec
iik our Amonoaii history, ami will A
lung ua history i? romouibercil. A>
uiong the gruuiloat Hpoeiinons oi pho*
logiuphio ai t ovor Been in am country,
ib the array ot picturea of rural
bccnory, by Voruoii iloaili, ol Eng*
i j Intnl. America has done ranch for
the photographic art, but in tho
Atnorican collection tlicro is nothing
to coraparo with thora, nor indeed
wonld thero in any othor collection
if it wore not for for tho exhibit of
Irish econoa, by Payne Jonninga, of
Dnbliu. I know not to what point
of oxcellonco future generations may
raise tho art of photography, but
certain it is^ in our timo no Buch pictures
liavo boon seen in Amorica as
tlio pictures exhibited by Mr. Jennings.
I know not which to admire
most, tho artistic merit of the selection,
or tho superlative excellcnco of
iho execution. Its liko has never been
seon in tho United States, and I
(1 Oil 1 >t i tR Annnrirti* onn lull n/l in *l>r?
, WW.? ... W.V.
woi Id.
The weather wliicli was terrifically
hot two weeks ago, hns suddonly
changed, and is now delightfully cool.
Mrs. Maxwell tlio famous Colarado
huutcss, had a magnificent repeating
riflo presented by a number of admiring
friends. The Cambridge crow
are hard at work, on the Schuylkill,
working like beavers, and living like
Spartans; Yankee Doodle had bettor
look out, or tho prize cup of the (Jon
tenniai regatta may be found hanging
np in a boat house ou the banks ol
11 M l.
Yours truly,
4 ^ ?
retrenchment, good will and bl'eciis
Albany, N. Y., July 31, 187G.
ueniiemon: When 1 lintl the honor
to receive a personal dolivery of
your letter, on behalf of the Democratic
National Convention hohh on
the 23th of June, at Si. Louis, ad vis*
ing me of my nomination as tho candidal
of the constituency represented
by ibat body lor tho otlico ot President
ot the United Statei, 1 answered
that, at my earliest convenience
and in continuity with usage, I
would prepare and traueiuiLyou a
. foi inal acceptance. I now40m!l myself
of tho first interval in unavoidable
oecuputioua to fulfill that engage*
Tho Convention, boforo making its
nominations, adopted a declaration
of principles which, as a whole, seems
to mo a wise exposition ot the necessities
of our country, and of the reforms
noedod to bring back the government
to its true functions, to re
gtoro purity 01 administration, and to
renew the prosperity of the people.
But Bonie of tiiose reforms are so
urgont that tlicy claim oiore than a
passing approval. The necessity of
a reform in the scale of publio expense,
Federal. State and Municipal,
and in the modes of Federal taxation,
justifies ali the proiniuuucu given
to it in tlio declaration of tho St.
Louis Convention. Tho present do?
prosaion in all tho business and industries
of ilie people, which is depriving
labor of its employment and
carrying want into so many homes,
had its principal cau60 in excessive
yovcrniuoutai consumption. Under
tho illusions ol a specious prosperity,
engendered by tho falso policies of
therodoral Government, a waste of
capital lias been going on ever sinco
tlio peaco <>t 18G5, which could only
end in universal disaster. The Federal
taxes of the last sevon years reach
the gigantic bum of $4,500,000,000.
Local taxation has amounted to two
thirds and much more. The vast
lUMTMimtn ifl not 1 ?'RH tlmn &7 ftflO -
mr-> _r-> ? ^ ' T " ~ >
OUU,000, Til id enornv ua taxation
followed (i civil conlliet that has
greatly impaired our aggregate
wealth, and had made a prompt re?
1 duction of expeusoa indispensable.?
it waa aggrevated by most iinedon*1
tiiie and ill-adjusted methods of tax
:.w. ....rwi ti.~ :r. t
ctbil'ii iiku i wui uancu IIIO Oil Vi; I 11 UUiJ U1
tho people far beyond tho receipts ol
tho treasury. It was aggravated more
by h financial policy which tended t>
diminish tho energy, skill and economy
ok pi od net ion and the fi ugality ol
1 private consumption, and induced
iniHOaiciiIttlioi! ili business ami an
unromunerative use ot capital ami
Kven in prosperous times the daily
wants <>t industrious communities
1 press closely upon their daily earn'
ings. The margin of possible national
> savings is, at bust, a small percentage
s ot national oiirnin^s. Vol now, tor
i those eleven years, governmental con
sumption has boon ft larger portion
> of tlio nationaf earnings than I ho
whole pooplo can possibly save, oven
I in prosperous times, tor all now in
vcbtnicnts. The consequences ot theao
errors are now a presont public ca- J
lamity, but they woro nover doubtful, !
never invisiblo. They wero nccosn
sary and inevitable, and were foroseen
and depicted when tho waves of
that fictitious prosperity ran highest.
au n owuuuii iiiuuu uy iiiu on ino
24th of {September, 1SG8, it was said
of theso taxes: "They bear heavily
upon every man's income, upon every
industry and every business in the
country, and, year by year, they are
destined to press still tnoro heavily,
unless wo arrest tho systom that
gives rise to them. It was com paras
tivoly easy whon values wore doubling,
under repeated issues of legal
tender papor money, to pay. cut of
tlio froth of our growing and apparent
wealth, these taxes; but when
values recede and sink toward their
natural scale, tlio tax gatherer takes
from ua not only our iuoomc, not
only our profits, but also a portion of
our capital. I do not wish to exaggerate
or alarm. I simply say that
wo cannot a fiord the costly and ruinous
policy of the lladical majority of
Congress. Wo cannot afford that
policy towards tlio South. Wo cannot
afford tlio mngnilicent and oppresaive
centralism into which our
(yAUOI'nmnnf iu Kn! n /i,^? 1 \\I t\
bv. v. i..iH,uv IO V Ui icil* ?f V
cannot afford iho present maguificent
scale of taxation." To the Secretary
of tho Treasury I said early in 1SG5:
"Thero is no royal road for a government
mora than for an individual
or a corporation. What you want to
do now is to cut down your expenses
and live within your ticoiue. 1 would
givo up all the legerdemain ot finance
niul finnnnlni'iiwr T ,.\.n ?l.n
Bi ???i? K,,u l,,w
whole ol it, tor tho old homely maxim,
'live within your income.'" This
reform will be resisted at every stop,
but it must bo pressed porsia'ontly.
Wo see to clay tho immediate representatives
of the people in one
branch of (Jongrees, while struggling
to reduce expenditures, compelled to
confront the menace ol the Senate and
tho Executive, that unless tho objec
tionablo appropriation be consented
to, tho operations of the government
thereunder bhall suffer detriment or
(Tease. In my judgment an amend
meut of tho Constitution ought to bo
devised separating into distinct bills
tho appropriations for tho various do
partnients of tho public servico, and
excluding Irom ouch bill all appro*,
priations for other objects and all
independent legislation. In that way
ulono can the revisory power of each of
tho two houses and of tho Executive bo
preserved, and exempted from tho
moral duress which often compols
aeaont to objoctionable appropriations
rather than slop tho whools ot gov01
An accossory cause, enhancing the
distress in business, it, to bo found in
the systematic and insupportable
iiildgovornment imposed on tho States
of tno South. Besides tho ordinary
effects ot ignorant and dishonest administration,
it iias inflicted upon
mom enormous issues ol IrauUuient
bonds, tho scanty avails of which wero
wasted or stolon, and tho oxistonco ot
which is a public discredit, tending
to bankruptcy, or repudiation. Taxos,
generally opproisivo, in some iuetancos
huvo confiscated tho cntiro income
of property and totally destroyed
its niarkot value, it ia imi
possible that thoso evils should not
react UDOII tlif> 1 il'nannril \> r?f tllH
-I I" --J
wholo country.
'Hie nobler motives of humanity
concur with tho material inteie3tH of
all, in requiring that overy obstacle
bo rotnovud. ami a comnleto ami flu?
# - 1 ""
rablo reconciliation ho bad betwoon
kindred people, onco unaturally estranged,
on ilio basis, recognized by
tbo St. Louis platlorm, of the Constitution
of tlio United States, with
its amendments, universally acceptod
as a linal bottloii:cnt of the controversies
whieb ongendored civil war.
lint in aid of a result so beneficial,
the moral inllnonce of every citizen,
it *
ua wen as every governmental author
ity, ought lo bo exorted, not alone to
luaiutaiu their just equality bo lore
the law, but likewise to establish
cordiisl and fraternal good will among
citizens, whatever their moo or color,
who are now uniting in the one
destiny of common sell government.
If the duty shall be assigned to mo,
I Hliall not failto exercise tho powers
with which the Ihwr mwl ilm imikiL !
tution of our country clollio its (Jniel
Magistrate to protect nil iis cilizeus,
whatever their lornier condition in
every political and personal i i^lit.
"ltofonn is necessary," deelarcs'
tho St. Louis Convention, ulo establish
a sound curroncy, ro-jtoro the
public credit and maintain the na
tional honor;" and it goes on to demand
"a judicioua ayatom of preparation
by public econotnioa, by official
retrenchments, and by wiao fir.anco,
which shall onablo tho nation soon to
- -
ftaBuro tlio wholo world of its ported |
ability, and ita pcrfoct roadinoaa, to
moot any of ita promises at tlio call
of tlio croditor entitled to payment."
: Tlio object demanded by tlio convention
ia a rosumption ot spoeio payment
in tlio legal tender notos (if tlio
United States that would not only
restore the public credit and maintain
tho national honor, but would
establish a sound currency for the
normlft Tim mo'lmilo ...i.w.i. ?i
! |>.v. itiuui vuo VJJ VtlllVJIl IIJJCJ
object ia to bo pursued, and tho
means by which it is to bo obtainod,
are disclosed by what tho convention
demanded for tho future and by what
it denounced in tho past.
1{ csuuiption of specie payments by
the Government of tho United States,
in i's legal tender notes, would ess
tablish Bpeeio payment by all hanks
on all their notoj. Ollicial'Statements
on tho 15th May show the amount of
tho bank notes was $300,000,000,
leas $S4U,0U0,000 held by themselves.
Against these $2S0,000,00i) of notos,
the bank helJ $ld5,<>00,000 of lcg,i!
tender notes, or a little more thun 5
per cent, ot tho amount, but they also
had on deposit, in tho Federal treas
ury, U3 security for these notod, bonds
ot Llio United Statod worth in gold
about $350,000,000, available and
current in all tlie foreign money
markets. In resuming, the banks,
oven it it wore possible for all their
no es to bo presented tor payment,
would have $300,L00,000 <--1 specie
funds to pay $2SU,000,000 ot nntoj,
without contractim/ their loans to
their customers or culling on any
private debtor for payment. Suspended
banks undertaking to resume
have usuaily been obliged to colloct
from needy borrowers the means to
redeem excessive issues and provide
reserves. A vague idea of distress
is tlioretoro often associated with the
j>rocc88 of resumption; but tho conditions
which caused distrosa in those
former instances do not now exist.?
Tho government Laa only to make
go>d ita promises, and tho banks can
take care of thomsolvea without distressing
anybody. Tho government
is, therefore, the sole delinquent.?
Tim amount <>f t.lm Ikc^hI tmul....
of tho United Siatos now outstanding
is Iubs than $370,000,000, besides
$84,000,0u0 ol fractional curroncy.
liow shall tho government nwiko
theso notes, tit all times, as good hb
specie? It lias to provide, in referotico
to tho mns8 which would bo
kept iu uso by tho vsautd of budiuuea,
a ooutrul reservoir of coin adequate
to tho adjustment oi tho tomporary
flllP.tnfttwin* of intdi-noliiinol Kiilo..n??
- .."MxM.l.i UWIMUVjUOj
aid as a guaranty against traiiaiont
drains, artificially croatod by panic
or by speculation. It has also to
provide for tho payment of such
fractional currency as may bo pro*
scnted tor redemption, and sncli inconsiderable
portions ot I lie legul
tonders as individuals, from tiino to
timo, may desire to convert for special
use, or in order to lay by, in
coin, their little stores of money.
1o inuKO ttio coin in tlio treasury
available for this resorve, to gradually
strengthen and enlarge that
reserve, and to provide tor sueh other
exceptional demands lor coin as ma)
arise, doe.i not seem to mo to be a
work ol dilliculty. it wisely planned
and discreetly pursued, it ought nut
to cost any sacrilico to the business
ot the country. It should tend, on
the contrary, to a revival of nope and
conlidence. The coin in the treasury
on the uUth ot July, including what
is held agaisnt coin certliieates, amounted
to nearly $10,000,000. The
r?n rr<? ?t i?t ni'OAi ?na ntnbi 1^ i...
V.Mt v.<? v. JMVV./..U I I ? Wll? IO ? IIIUII Iiii?
ilowed out ot our country iV>r eleven
years, from July 1st, lSf>5, to June
80tl), 1870, averaging nearly $70,-000,000
a vear, was $8152,000,000, in
the whole period of which $017,000,*
000 wore tlie product of our own
ininoe. Toainam tho reqnibito quantities.,
hy intercepting Iroui the current
(lowing out ot the country and
by acquiring Iroui the ttucl<H which
II 11IV 1*1 it A .. ..L ' .. L\- .
V< 131 III U 111^ IIIU
equilobrium ot foreign money markets,
is a result to bo easily worked
out by pructical knowledge and jud^
inoiit, wuliout respect to whatovor
surplus ol lo^al tenders tlio wants ot'
business limy fail to keep in use, and
which, in order to save interest, will
bo relumed for redemption. They
can either bo paid or they can bo
funded. Whether they Continue as
cunoncy, or bo absorbed into the
| viust niiiijo of securities held as invest
monts, is merely a question of tho
rato of interest they draw. If they
were to romain in thoir present form
and tho government wore to agree 'o
i?ay on them a rato of interest making
thorn desirablo as invoatmentr,thoy
would conso to circulate ana
tako their place wi"tfr government,
Stato, municipal and other corporate
n.1,1 I 1- .1
....v, puTiuu uuuuo, Ui W1I1UI1 UIUUF?
ands of millions exist among us. In
the purled oa?e with which thoy can
bo eh-ingcd from currency into in ?
vestmoiitH, lies tho only danger to bo
guarded agaiti3t ill tho adoption ot'
general moasuroa torcmovo a clearly
?6cortainod surplus?that i?, tho
I withdrawal of any which are not a
permanent excoso beyond tho wanta
ol business. Even tuoro mUchiovouB
ttr/ \ i i lil I v? ...... ~ 1 : - I
nvimi uu IllUiMlirU W UIUI1 OLIOCIS
tho public imaginati >n with the four
ol an apprehended scarcity. In a
community where crodit iu bo much
used, fluctuations of values and vieia*
situdes in businc&fi are largely caused
by tlie temporary belief of meu,070u
helorc those bcliela conform to ascertained
Tho amount of tho noocssary currency
iit a given timo cannot bo doIni'mitwtil
i> i.KI i .. .....I i i
uj , (Vim niiwuiu m?u
bo assumed upon conjocturo. That
amount is subject to both pcnnanont
and temporary cbango. An enlarges
mont which seemed to bo durablo
happened at tho beginning of tho civil
war by a substituted use of currcncy
in plueo of individual credit. It varies
with certain states of business, it
fluctuates with considerable regular*,
ity nt diftoront seasons of tho year. Iir
autumn, for instance, when buyers of
.....I ? !.? ?;?i ? -
tuiu ULiiui ii|^l lUlULlU'Ul JM'UU 11C14
begin their operations they usually
need to borrow capital or circulating
credits, by which to malco their pur*
chases, anj want these funds in currency,
capablo*of boing distributed in
small sums among numerous sellers.
The additional need ol curroncy at
this timo is live or more per cent, ot
tho whole volutno, and if a surplus
beyond what was procured for ordin
nary uso does not happen to havo
been on hand at tho monoy contros, a
KfMllVMl V nf /Mll'fnnnif Aunn Art "
v.vy VMI iWliVJ UIIOUUOj lUHIj aif)U|
a stringency in tlio loan market. It
is in roloronco to such oxpoiioncoa
tlmt, in a discussion on this subject, in
my annual uooasago to tlio New York
Legislature of January 5th, 1875, then
suggestion was mado that "tho Kedo*
ral (Jovornmont is bound to reJeoni
every portion of its issues which tho
public do not wish to uso. Having:
assumed to monopolize tho supply ol
currency, and cnaclod exclusions against
ovorybody olso, it is bound to
furnish all which tho wants of tlio
businoss roquiros. Tho Bystom should
passively alluw tho volume of circu-<
luting crodits to obb and flow according
to tho ever changing wants of
business. It should imdtnto aa closely
as possiblo tho natural lawa of trudo
which it has suporsoodod by artificial
contrivances" And in a similar dia?
ctiBsion, Jn my mossago of January 4,
1870, it wap said that "resumption
should bo ctVocted by such mcaBuroa
as would kcop tho nggrogato amount
of tho eurronoy self adjusting during
all tho procoss, without creating, at
any time, an nrlifical scarcity, and
without oxciting tho public imagination
with alarm; which impair confidence,
contract tho wholo largo machinery
of credit, and disturb tho natural
operations of business.
I'nlklin Afinnntoina nlll/.lnl -
inont.s, and wi.so finance aro tlio mcmm
which the St. Louis convention indicates
as a provision for rosorvos and
redemption. Tlio bent resonrco is n
reduction of tlioir oxponscs of tho
government below ils income, for that
mioses no now chargo on tlio pooplo.
It, however, tho improvidence and
waste which havo conducted us to a
period of falling rovenues obligo us to
Hupplimont tho results of economies
llllil l'otf nnnliniftnl.a l.v Hninn roai-ivl. fr?
loans, wo should not hositato. Tho
government ought not to Rpcculato
on its own dishonor in order to huvo
interest on its promises, which it still
compels prlvatodoalors to acccpt at a
fictitious par. The highest national
honor is not only right, but would
provo profilablo. Of tho publio debt,
i>'>85,000,000 boar intorcst at (> per
conl in gold, nn'J 8720,01)0,000 at b
por cont in gold. Tlio avorago intor-est
irf 5 58 por oont. A financial policy
which should seenro tlio highost
orod't, wisely availed of, ought gradually
to obtain a reduction of ono per
cont on tlio intorost of most of tho* *
loans. A saving of ono por cont on
tho average would bo 817,000,000 a
year in gold. That saving, regularly
iii7e.stod at 4j per cont, would, in lean
than thirty eight yonrs extinguish tlio
| principal. Tho whole 81.700.000.000
of funded dol>t might bo paid l>y thin
saving ulono, withoi^ cost to the pco?

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