Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1872-10-03
GREELEY ON FINANCE

mense hoard of gold lying useless in the
U. S. Treasury should be applied to its
proper and legitimate purpose of paying
the debt of the nation, and so reducing
principal and saving interest. 2d. For
advocating the immediate resumption of
specie payments. These two PROPOSE
tions, says the Enterprise, are all wrong.
and Mr.. Greeley shows his unfitness for
the Presidency by insisting that such a
course would be expedent and profitable
In other WORDS, while Greeley says it is
bad fnanciering to keep an immense
sum lying idle on hand, when it is Justly
due to the national creditors, the Enter
prise alleges that it is the proper course
to pursue. Again, Greeley says that it
is both dishonorable and financially in
furious that the nations promises to paw
on demand should not be redeemed on
presentation, but like an overdue note
circulate at discount. This, argues the
Enterprise, is all right. 1t SAYS it is
proper for the great American people to
refuse to redeem their paper because if
the attempt were made every greenback
In circulation would be immediately pre-
sented for redemption. Let us remind
the Virginia City Boutwell, of the cele-
brated Frenchman who, hearing rumor
of the failure of the bank where his mo-
ney was deposited, rushed frantcally to
the establishment and demanded his
funds, which, much to his surprise, were
Immediately handed to him. "Ah, ha, )"
says Frenchy, " so you pays re check
zen no want re money; but if you no
pay him l want him like hill" That
would be the case with the holders of
greenbacks when they found that those
obligations would be redeemed on de-
mand-nobody would want to present
them for that purpose. For, as they
would at once rise to par, they would be
more convenient than gold, and vet
would be equally valuable for the pur-
poses OF commerce, as they could at any
time be converted into coin. This is the
case with the Bank of England and its
paper. The note circulation of that in
stitution is three times greater than the
reserve of gold that by law the Bank is
compelled to keep on hand for the pur-
pose of redeeming its circulation. Yet
that reserve has by experience proved
amply sufficient to answer all demands.
Now, surely the citizens of the United
States would show as much confidence in
the solyency of their Government as the
British in the good faith of a mere COM
mercial corporation; for that is all the
Bank of England is. AS Mr.. Greeley
said, 1.-The way to resume specie pay
ments is to resume" If that course
were adopted tomorrow, it is not proba-
BILE that twenty, or even ten millions of
greenbacks would be offered for redemp-
ton. The only effect would be the i'm
mediate placing of these obligations on
par with gold, and so at once strike the
Gold Exchange with its " corners" that
the Enterprise is so afraid of, out of ex-
istence. There would be no more gam
bling in gold when we had a convertible
currency. and that is just where the
whole matter hinges. The Enterprise
says:
The Wall street brokers are all op-
posed to his election because of fear
that he would upset all calculations of
business should he be elected President.
His speech confirms the worst fears that
have been expressed on this subject
No doubt it does. The gold gamblers
fear that Greeley would not have any
near relatives involved in the robberies
of another Black Friday" The Treas
ury ring would not under the fine name
of Syndicate be able to steal an
other three or four months interest on
two hundred millions of which they did
not advance a dollar. The Wall street
gold gamblers and the various Treasury
and shoddy rings would find their bust
ness calculations Chat is robbing the
people, badly disarranged. These harp
les would not find the willing tool in Mr..
Greeley that they were so fortunate in
securing in Grant. The business calcu-
lations of Leet & Co. in the New York
Custom House frauds would also come
to grief. This the Enterprise says would
be acting on unsound theories. That is
just what the thief said when be was
sentenced to the penitentiary. 1t was
the law that was all wrong, not him. SO
it is with these rings and monopolies so
artfully contrived for fleeing the people,
Greeley is all wrong because he would
surely interpose strong and lasting
barrier against the evils caused by gold
gambling and irredeemable currency.
So those who profit by such vicious
and ruinous system, of whom the Enter
prise appears to be moutbpiece, say he
cannot be trusted because he would
upset their business calculations. The
sooner they are upset and permanently