The Plymouth Democrat. (Plymouth, Ind.) 1869-1941, 1869-09-23
Loyalty" and Gold Gambling.

BETWEEN the premium paid by MrBout,
we'll on the bonds purchased by hili' anu
the successful efforts of gold gamblers 10
increase the premium on coin, the bust
ness men of the country are being plucked
in way that will make them sore.
The gold gamblers, the Secretary OF the
Treasury, and the Republican newspapers
are operating together to depreciate the
value of Treasury notes Mr.. Boutwell,
has doubled the premium on bonds since
he began to purchase them, and ayOws his
intention to raise them to n par with coin.
The latter was quoted yesterday at l36,
and should the Secretary succeed III stead
ily advancing bonds until they are equal
with gold, the taxpayers of the country
syill then be cheated out of 30 per cent
on bonds bought by the government, in
stead of % per cent, as is now the case.
The entire system OF reasoning OF all
who have opposed the currency redemp-
ton has tended to lessen the value of
Treasury notes. Only few days ago,
the leading Republican newspaper in the
country said that no act of Congress
pledged the government To pay the notes
in coin. They have been termed by the
Republican press ian irredeemable paper
currency; debased and deprecated cur
rency; mere promises to pay, with no
prospect of payment; a money of lamp
black and rags, fluctuating in value and
deranging business"
The vituperatiOn and epithets bestowed
by the loyal" press of the country on
our currency have borrowed force from
the idea that the more contemplate and
worthless it could be made to appear, the
stronger would be the argument IN favor
of paying the five-tweuty bonds in coin.
The gold gamblers have taken advantage
of these tactics. The press OF the ruling
party with few exceptions, could no more
directly sustain the movement for raising
the price of gold, or, rather, lowering the
value of currency, were it brlbed to EN-
ploy all its influence and power to this
end.
The Secretary of the Treasury. in pay
ing a premium on bonds, and prOclaiming
his intention to increase the premium, says
he will do all he can to deprecate the cur
rency He says he viii bring bonds to
par with gold, and make no provision for
the redemption of Treasury notes The
latter go down as bonds 60 up, and the
gamblers in Wall street simply take adj
vantage of Boutwelrs tactics and of those
of the newspapers defending him.
Not only IS the currency deprecated in
value by the assaults Of the Republican
newspapers and the management OF the
Secretary of the Treasury, and the coun-
try made subject to the gold gamblers, but
the process of contraction is continued.
On the first of September, 1865 the bank
and 1egal-tender notes in circulation
amounted to S961 ,625, 600. On the first of
September, 1868, they amounted to $751;
4j5,O00 There was a contraction of
290,000,000 in three years. On the first
of September of the present year the
bank and legal-tcnder notes in circulation
were $3.50, 100000, showing further re-
duction of S16,000,000.
In addition to this, Mr. Boutwell, says
he has reduced the three per cent certifi-
Gates nearly $12,000,000, and the COM
pOund-interest notes more than S10,000,-
00o They were used as the reserves of
the banks, and if'thus reduced their places
are supplied with leGal-tendcr notes
Thus it is seen that since September, 1868,
we have a contraction of the currency
amounting to $3s 100000. The volume is
diminished, and it is deprecated in value
by the policies of Mr. Boutwell,, and the
unceasing efforts of the Republican press
to decry it and make the people suspicious
of it.
We now have stringent money market,
and it is admitted on all sides that the
stringency must increase with the move
ment of the cotton crop, and Of the crops
In the Northern States, and the active
commencement of the fall trade. AS the
currency decreases in value, more Of it is
required to transact the business of the
country, and thus embarrassments are
multiplied, and disaster and bankruptcy
come crowding on thousands in every
State, who might be relieved were there
an honest and Statesmanlikc management
OF the national finances.
The trouble is that at the bottom of all
the financial measures of Secretary Bout
well and financial policies of the party in
power there is knavish scheme to swindle
the taxpayers OF the country for the pur-
pose OF paying a single class of govern
ment creditors more than is due them If
there had been as much OF zeal and hard
work shown by loyal newspapers to
sustain the national currency as To depre-
cilte its value. the country would not be
to-day at the mercy OF gold gamblers. Cur
rency redemption would have increased
the value of Treasury Chicago
Times, Sept. II