, 1870-01-03

hrt frcp 4, stem of dtsctnlJne erpnris,no a nove,
fuI re- ,eh,uator,, In nnuence mon them. could not
the Chicago Jitnf, md GONE other object OF a,tack
than the credit OF such an institution.
DEcKSrY
9pRCIE pAYMENTg
--.---
Another Letter rrotu arunan Wnyker.
w,. ,,..,. ,,.,,..... a.: ..,.z,, =, :.
,etfe, ~ sm,as Wiz, rea W. ths ranssa ~ tns
e,1s,ino danresa,nn IN truns haa lad m a corra-
snondence b.tvern th.t a,snnor,shed no]tf,c,,l
efono,n.at and nnaneie, ana nna M the nnsIness
hYrr, o5 thia c+tv We ara nerrntt,e<f tn nn,,t.h
the folio Wing letter from Nj. Wa1ter. which hal,
grown out Of this correspondencn:
NORTH BEooxPsE1p. Dec. q. 1sso
Atss7.. phrlps. Dodqe d nz!mer. chioaoo.
GkH11kAEN; Tour favor Of t7th lnstau, IL at
haod. You say shat ron "hAye read nv article
entitled The Fleauciat oatlook.' were much In
terested IN 1t" and desire to know II "couid not
point out ye7ntdu ~ for our presept enabarrass.
meu'a You sthlnt II Hould be Of great seryics
to the business ppIumup!ty.''
coEply with your request the more readily
from the consideration that have been business
nan uysen In my earlier yea,s, and largely inter-
ested Ia the brunch Of trade With which your
house Ia couuec,ed.a
The remedy for all ons financial and MONETARY
Hiff3rn1t1HQ lima
tile the canse IT onr frnnh,ea IN a aeorec,ote,
currency. 1hr ranse of its degeneration +. Its
redundsucy-the capse Of ns tedundancy. the
r,essce ar the 1epai Tander art AND the ta-oa
upder IL Of greater quantity OF currency than ina
cnuntry had eyer b+fnre ha} or snnih noss,hIv
endure without general derapge,uept OF tts trade
and industry, That measure was regarded as
war necessity, hut the neceastty, forturate1y. m
longer ex.ats
value by the act OF Coreres and ,he excss-,ye
issue Of currency Inst folInEed were fhe rense
the remedy Ia obslous and stmn1e. The cntrenrv
tnust;oe contracted and tina cnrr+c. standard ~
value re4to1ed. There u no o:ner possible
rsnedy. except the one souettrcs recommended.
VIZ: that ne keep on until the coautry groNs m
to the present amount Of curre1cy. We could do
that, bnt It would reautre Til tue year 1900 10
bring that about One whole generation of bus,,
pets uen must 20 their grayes, belore 1t woulu he
accou nlishe1, Are you vflltce to wait for that
Shall ,le country be kent tn It's present condiIion
uuttl We can outprow khls great cytl7 Uas no:
trade been FRO ring uofe and more unsatisfactory
err ltnce the wst uaye not your farmers less
and ,ets prodtab,e returns for their 1shnr, And
yer xnn NAV rtst ASSURED that matter. w,1l hecome
Trrte and vorse instead o. better. uutll we have
curse, ~ m mar I'm po1o
r1;x RHuyny II cosraAcr,os,
hare
:, a. ,onr M yr n1esie. 1nt we ca,not ascsne
:, n m,.t and ire soon4, the better for ne
m4cI. ce,n,-. esnas,a,,v nv ,ha wha,, n-a ,.at
a-.ses,a Sta,a.
Tt. s.,r e.a.,,~. ,,h,,, ,-o ,s,+,,,, ,,,,,.o,,,
nu 49, @ ~ 80, ~ .asuu .en'ue4 ~
49,. . ssN nsn,esa - -.,,1 .ss.-..o - ~ .seou .N"'
.us. w ue"n., IVY "HA toeousuo w. t'ea
teNes We ufst tesaote o41 entaenc5 Ny teoue.og
ITO its na1uaat sole"e- ~ !ooo out c1culauou
canhos ose over So0, 600 and nave our curreccy
on tat Will the currency OF commerce. But nc
ntei rot NJ oy Ia" any amount as to the Limit Of
our cl5ct!atioos nor any Line when We shAll re.
sune specie payment; bo:h attempts would be
absurd lie. there be q gradual withdrawal Of the
cuIreLcy, and whenever the Eight point has been
reached, our paper Will be at Par with gold With.
out an act Of Congress-. There is no neceas!ty Tor
any cye1eiux In securing The great object It
should, in my opinion, be, on the part Of the
people,
VOLUNTARY CONTRACTION.
Tue public shpaIn be allowed to keep o. much
culreLcy as they please ard convert It into pa-
tlolnl bonds Whenever They please, after short
interval In tt:s way the work would be done
With rs little arrangement OF nner1nR as possible.
The NODE in which would accomplish thts de.
kiraae object have before Indicated, but nov
repeat It's main ieatureA-
TIE FIAH.
!, Let Congrcts authorize The isaae OF COM
pound Interest lega!-tendes notes :tEe those put
cut during the war 10 an extent equal to the
Present greencackA-ssy t36o, o,e0o. .o0o-hay1ng
three years 10 ftln, at per cent
:. Let shcse notes De dated me nfst dsS OF each
successive montn, commencing, eay, Win the
Isl dsS 0! Jn's heat' "nen sit,ooo.oo9 ahould Dc
fsao5 iof Issue, auo ao eqaal AMOUNT eacn moatn
'nefthNei Until tue ent'1e qaaa1ty was iufnisned.
al