The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-08-12
OLA0nTT AHD The CURRENCY
AGAIN.

Our contemporary had BY our showing up OF
Ais financial fallacies, and his efforts to main
tain his consistency, become 70 involved in :
financial middle, that for some time he com>
plstsly subsided-be had nothing TO say. At
ter deal Of 6oundering be imagines that be
10 out Of the mud again. He had another
very profound monetary article in his paper
Of the 9th. Abiding TO our charge that the
apancial swindle proposed in the New York
platform vas tho causs Of the subsequent de.
probation Of the currency, be says:
Of aliths causes that might b assigned for the
recent increase In the price of gold, that which
the dAfn CrfY 20 positively asserts to be the true
and the only one, would have been tho last to
aneesse itself to the reason, the Judgment and
the een1rehension Of ordinary, common-sense
peopl2 1t would BE- the most naturalthing in the
world to suppose that the moro arc the uses TO
which gfssDbacks can be put. the greater would b
their valve that to render them available in the
redemption Of bonds, or in the payment OF dutie.
on foreign imports, would tend directly to raise
and not lower thsir value ~ compared with gold
That such would b. tho effect Of making green
backs receivable for al public dues, ha. time and
again been asserted by the host financial men Of
the country, and has not, to our knowledge, been
denied BY any one. To argue, therefore, that the
msrs declaration ofths Democratic policy, to make
Grsenhacks available in the payment Of the pub
ic debt. has deprecated the value Of those green
backs, 10 simply absurd md nonsensical.
The Stiffness Of the Constitutions arm
ment 10 transparent
The value Of the gresnbscks, apart from
shsir being legal tender. depends not upon the
nses to which they may be put "a currency,
but upon the probability or non.probability
that they will be redeemed in gold in accord
anss with the terms upon which they are is
snsd. II the Government bad gold in ito
vaults to promptly redeem}all the greenbaeks
whenever offered to b cAshed, they would be
q par, however many or few might be the
uses to which they could be put.
II, - the Consultation argues, to multiply
NE usss 10 which paper currency is put in>
ersssss it, value, will It explain Why the Con
ssderats shinplastsrs which wers used for ev-
srything BY the rebels during the var. depre
ciatsd until, q Nj. Seymour nays the rebel
took his money to market in : basket and
brought bach his purchases in his vest
pocket2
Did not the Confederate notes depreciate
bscauss there Va no probability that they
would b redesned, and not because they
vsrs not put 10 uses enough 70 maintain their
valasf The moro statement of Clasett's ar
gamsnt IN this shaps rsfutss it By ito own su-
prone silliness.
Bot Claestt says further, that 10 render the
grssnbecks available in the redemption Of
bonds OF in the payment Of duties on foreign
imports would tend directly to raise and no,
lower their value . compared with gold.'
That is the argument Of blockhead or
rspudiator. We want onr readers to m.rl
With especial attention, this declaration Of
Clasett Il proves, either, frst, tia, he want,
to render the ereenback currency v.lueless
and irreedeemabl-; or, secondly, that be i,
. utterly and stupidity ignorant Of the whole
subject Of finance - TO be utterly unfit to be
msmbsr Of Congress Let Us look At hi.
argument.
We say in the First place, and everv man
With brains above On oyster, knows i, without
discussion, that the sreenback and every 9TH |
y paper currency. il Of value Just in proper. |
ZION to the probability and possibility Of il.
redemption. That whenever i. become. nj.
fsrly inposs,bls 1t present time or in al FL.
sars time for the Government to redeem tho
grssnbacks, then these vill become utterl,
valusleae.
The Government cannot redeem the green
backs without gold. 1t gets the gold by col. I
Letting the duties on foreign import. IN tia,
nonsy. ClAgett proposes that those dot;e.
ahall b paid in grsenbacks. Thereby Il.
Government viii hays no gold in its coff.n i
sll-it vii hfvs nothing but sreenback.-
nothing bat dspreciaasd paper currency to Of.
fsr h payment for il oblisa.ions--nothins
bat dspessiassd sresnbacks to redeem the
Irssnbacks with. Whenever that event han.
- he National Treasury 10 bankrupt, and |,
% grssnbAcks viii % depreciats !.
9 b worth nothing ., al. And
- ClaGsst, candidate for Congress, ! man
no aspires % nats laws fof The nation, !,
~ tAas 4 thss event the valus Of the green
aeas'will = sahsaesdi His proposition ..
40 paDss sausasy = valsabls ID he sxscs
1lie4 ~ i u isrsdssnablsi +
- clasals in'ss = utterly SlesLAead /,