Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-11-26
eGES,aE PAYMENT.

How long before We shall handle silver
dimes. quarters and halves, and ha'r the
musical ring Of metalic substance III 'ne
pocket and upon the counter once more
This question seriously seisntes Inc minus
81 ,ae reople. Some predict that specie
r.,rsns should DO resumed right away
o,s,r. ,sst financial ruin would be the en-
.~rsh.. ,ssul, Of such n step. whether
me d., ctu.ts Ia this generation or the
nsx,. i, ces,aiuly behoovss the people to
look w.n 10 the conditions attending such
Z change before they adopt that standard
Of currency which s. 5. Cox, without IT,
reverence, has been pleased 10 dsooninaes
"shs currency Of God and Of democracy.
The Cincinnati Gaseffe Of recent date ar
eucs that the country cannot carry over
$50 hundred millions cf paper currency
upon . specie pay ment, and that IL IS prob
able that the currency would have to be re-
daced below that pon. before sPecis pay
,aent could be established aud. thus il
comments upon the conditions that will be
necessary before such . step can be sue
eeSsfuy taken and maintained +:
"fhe only way to specie payment is BY
reduction of the currency TO about the
amount that experience has shown can
be Kept niIoat, aud TO create an inflow oil
gold. The country never yet Resumed
.peeie PAYMENT without creating condl-
tons that csssed m Inflow Of gold. This
reioc,,oa OF the currency will reduce pr
,es ~ the same sio that they wero raised
hy the currency expsnsic1, and this
wall ia the same ratio raise the value OF sii
Indebtedness, both public and private.
This fall Of prices cannot DO without para
wing trade and causing general distress
This grinding pressure, which Will have TO
be continued for years, would cause tho ex-
port Of everything that would realize money
abroad. Inevitably il would take abroad
ell our goIdbcaring bonds Thus, the
deb, shat, all be funded In gold bonds, We
shall have crested d. mand for one hun
died and fifty or ono hundred and sixty
millions of gold . wear 10 60 abroad to pay
interest This would DO on top Of none
tsry conditions that, ~ 10 have shown
would cause . rapid export Of gold to pay
the balance Of trade.
Besides this We should have about 2, SOC
millions Of gold bonds in Europe, held over
eur money market. and resdy 70 be thrown
upon il, 10 realize in coin. in case Of any
disturbance Of money matters in Europe 81
America. We very well know that even
the comparatively Insignificant amount Of
fifty millions Of bonds thrown upon a
mixed currency Of specie and specie paying
notes, would throw tho money market into
panic and cause suspension. Therefore
We have 90 say that the plan OF introduc.
Ing specie payment, with but . reduction
Vi QUE or two hun II 81 million gresnbscks
a. Mr.. McCulioch thought he could do, and
with over 1000 millions Of bonds (Which
no proposes 10 raise 10 par by this rcsuinp
tionl hanging over our money market, - nj
wild ~ any chimera that ever entered int
The imagination ot man. !, il impossible
The attempt would only brig ruin
Let the people look well to this matter
II is more important. far more iupo'tan
than many think. Ii is a new step to TAX
ONE in which we are not experienced, an
should il be taken hastily oil in the wron
time. who can comprehend the extent G
tho disaster to the trade and commerce {
the country. Let our law max rs listen I
the people and not 10 The few moncyed CAP
itnlists.