The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1869-01-22


Under this head the Commissioner
declares that the ends 10 Be stained
are, maihly, three first fIll festoFatioh
Ofths national eseditg and resumption
Of specie psymeBts; seoORd, rsfa6Jiug
the national debt st. = lower rate Of in
teHsst;;. third, reduction Of tds cost Of
natiOnal producsioB, viii view Of eH.
abling1 tbe products OIL Americas ID.
dustEy to e0mp6ts CO terms of gfsasf
equality with the PEodusts of foreign
nations than is now possible, thereby
establishing a-Systsm- national pro-
tectlon, and insiituting stsbility, iuuzsas-
ed PHodact ard . fs7dsEslOPuaHt Of
American commerce aud shiPPing.
RlsUNPrlos o. nBrcfE riFNES1.
M Wells Plan is simply 10 uss bail
the, eugplua FaEsnHa, 90 from tEo to
Two and half per ,csai,f on, The Ehols
debt, regularly, month alter month, aud
year sItsf year, tn purchase IN the open
market, and 20 cancel the gold interest
bearing ObligHtions Of the govsramesi,
50 long as they eau be Obfaioed bslOWl
par in gold; and at the same tims 20
make legal-tender notes, under certain
restrictions, convertible into interest
bearing bonds He thinks The value Of
both bonds and currency hiight thus be
20 greatly snd 50 rapidly enhanesd ~
TO make resumption Of specie payments
4 matter Of much less officially than il
now appears. 2h a's
This implies contraction of1tHe eur
Fency. This he prefers much to suy st.s
tempt 70 hoard gold snoqgh 20 redeem
All Che gFeenbaekE IN which altempt be
shows serious difficulties. Nord6es be
ghiak that the contraction Of last year
did any real harm. Hsis wiling That
bank circulation shall be Increased ~
the Government circulation Is viii
drawn. oluand ID ~ r9Fla71tl
FuxDfss THE SAEiOSAE rEhT. 3s747
When the bonds aud the IsVuTtsHdeF
notes brought to par With gold, and
the national credit is raised 70 the high
est possible point then Mr.. Wells says
Fiil be The proper time 10 refund The
debt at slower rate Of interest AsRe
haze ourselves expressed this opinion
again and again We will not follow ont
Fhe proof Of It IN the present instance.
P,I1n, sOszaAOFI eE A sOLD1aAsis. 90 ,.asI
/ One Of the most Bholesoms msssursS-
In the judgment Of the COmmissiOuer,-
Tor smoothing The way to specie re-
sumption would be an act leValizipg
gold OohttaetA A much larger share
THE business Of the county than Is
generally SHPpOsedis how Transacted in
gold the parties relying upon the rules
pf commercial integrity f0F ths fal6ll,
Inent Of contracts when the law fails 10
provide for Their enforcement. These
Transactions fslste priucipalIy 10 foreign
goodes tbe cost Of which d 1vaiys co1B.f
puted il eein. URderexisti1g lawsth
citizen may make any contract. for tha
lapositiOu Of his property 6F services,
payable ia anything except the fecog-
hizsd money Of the world, aud The Gov
ernmeut stGuds ready 70 enforce it,
eNhsnih he bargains F5f g5Id 0r is equiv
slent he becomes practically al OUTLAW.
UAder tbe operation Of MS policy We
AFe, toA lagga exteht cut of from ths
money reservoir of tbs Eogid, i.,e. The,
aggregate amount Of gold and silver,
coin snd bullion in use among Al ua.
ions. G0ld win 60 where Il IS appFe-
:iatrd, and will refuse to STAY Whsgs
here is 10 use for IL Il is idle gOP Us
Q expect 70 retain The product Of our
mines if We refuse to give il as good
employment and character Is other ma
ions DO. 1'.isd " 7orrah Iqi =i' sIlJ'
Aud be further says: Il is nov
'eaEly seven years since gold and silver
disappeared from circulstiOnra64ong Us.
During this time 4 large proportion Of
be young men and women Of The
country have come upon the stage Of
letive life. They have grown up With
'ut any practical knowledge Of he viz
ues Of metallic currency. Their ideas
md habits have been ioFuIed in the
most vicious school Of economys and t.
3 exceedingly desirable thai specie
Eouid FeePpear among Us before this
JaBeful education sball have tfpe6sd
ato its aDstuTah fruit Of uaivsrskp sT-
raEagaHcs and insolvency. 5sg1u J
This Report, which We have briefly
syiewed, viii have, We doubt not,
Iscided Influence upon The legislation,
I Congress. NJ. Wells gives evidence
bat ne understands the science OF Po-
tical Economy, aud shows thorough
With Che whole raags 81 IN.
OFtant subjects HudeF diaoHs-sonl