Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-06-17

IL is by the same process that th'
man lifted an OK by beginning when
was a calf, and lifting it every day. 4
very wise man may not believe that ht
can lift an OK. But he can lift a calf
and he will wisely inquire. at wha
point, if he lifts the calf every day, i
will become an OK that he can not lift
Mr.. Garfield would not propose to lifl
seven hundred millions of currency al
par with two hundred and fifty millions
of specie; but he is going to begin tC
I lift it at seventy-one cents, and then tC
/ lift one cent more every month, until
it gets to par. And thus he says:
I do not doubt that. in anticipation Of the
operation Of this measure. should it become
law. gold would be at $50 or lower, By the frs
of December. and that very little would be ask
ed for. from the Treasury, in exchange for cur
renoy. At the beginpins Of each succeeding
month. the exchange between gold and green
backs would be reduced one cent. and specie
payments would be fully resumed in ! une. ISL
it appears, then, that the real diseese
is not what Mr.. Garfield makes it In
his diagnosis, and to which all his cita-
tions OF history and doctrine tend-the
issue of too much money; but it is that
we have not got the right contriysnce
to keep up its value. 1t turns out
after all to be only warning against
the sarssparilla of the other Doctor
Townsend, who extracts the properties
of the root by a steam forcing process
which impairs its value; and an exhor-
tation to try the real old Doctor
Jacob ToWnsend's, who uses no steam
or alcohol in the preparation, but who
brings out the properties OF the root by
a mild process which preserves all its
virtues.
We fear that the problem, which il
its direct aspect is admitted to be i'm
possible, can not be ciTcumYented By
strategy. We fear that the laws ot
money, which Mr.. Garfield lays down
so laboriously, can not be overcome by
even the most stealthy approaches
We fear that there Is no royal nor Gun
ming nor easy road to stable currency
which is specie-and that the only
way IS by Withdrawing the greater part
of the paper money. Unfortunately
they who dance at the paper money in
fiation have to pay the piper at last, by
the inevitable pinching of contraction.
This is the only way tospecie payment.
Any other is mere charlatsnism. If
Mr.. Garfield wants to prescribe a real
remedy, which is in accordance with
his doctrine and his diagnosis. let him
cut short his bill at the first section,
and provide that the Treasury shall,
after a certain time, redeem the green
hacks at the rate of 81 in gold for 81 40
in paper, and shall destroy them as
fast as redeemed; and then provide
that after, say five years, they shall
cease to be legal tender. This would
bring in specie payment in FIVE years,
which will be soon enough for anybody
who goes through it.
To raise 700 millions of paper money,
now current at II in gold, to par, by
redeeming it in gold, is simply to
cheaper the gold in that ratio, and
thus hasten its flight abroad. 1t will
increase in that ratio all those condi-
tions which, Mr.. Garfield says, drive
gold abrosd. He says: "Gold and sill
yer sbhor deprecated paper" The
way they abhor it is by letting it drop
in value. If they are put on par
with it, they.show their adherence by
leaving the country. The initiation of
the currency with paper money oper-
stes, so long as it is redeemable in coin,
10 drive coin abroad. When it is ire
deemable, and its depreciation leaves
coin current at is true value, the coin
will stay. To depreciate gold to an
equality with the paper currency now,
would cheaper it nesrly one-third for
export, without increasing its purchas-
ng power at home. II would be so
much in favor of foreign against home
industry; whether immediate or grad
lsl, the effect would be the same.
Why make an array of fundamental
principles of money, if they can be
hwarted by slow approaches. Eternal
principles can not be cheated by 3
liding scale. Start specie payment on
90 millions Of paper money, and as
asst as it could be drawn from the
reasury it would take fight abroad, to l.,
eturn only when the paper bubble
lad bursted, and real dollars were
Torth their real value in commodities.