The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1873-11-27
Nt1scEl1R.Nqq:
SPECH PAYMENTS

A writer in the Cincinnati Commercial,
of last week, who advocates speedy re-
turn to the constitutional currency of gold
and silver, tells much valuable truth. We
extract:
That an irreedeemable paper currency
is sn evil tc the country possessing it, is
now conceded by all writers and thinkers
upon the subject. 1t places such a coun-
try at a great disadvantage in its inter
course with other nations; it embarTasses
and deranges its exchanges; it drives from.
its borders the precious metals; it thus
and in other ways stimulates excessive
importations; thus turning the balance of
trade against us, and indefinitely postpon-
ing the ability to return to specie pay
ments, at the same time engendering ex-
travagance and luxurious habits the
swelling prices, measured by the sinking
standard, produce a delusIve but gratify-
ing appearance of prosperity; everybody
makes money on everything; wild spirit
of speculation carries all before IL; credit
is stretched to the uttermost But the
swelling process must end, even if the
presses that print the money run uncess-
ingly; and with the end comes the crash.
The speculator suffers first, and then his
creditors, ard on so indefinitely Panic helps
forward the work of decentralization; all
business save the work of liquidation
ceases. Such is the history, in every age,
of al attempts to substitute for the pre-
eious metals either an adulterated coin or
lrredeemable paper. We are now adding
another sad chapter to the old story.
The anxious inquiry of many rejecting
minds is: What shall we do2
| Whether we have yet reached the bot.
tom depends upon the answer to this in
quiry. If we attempt palliatives, if we
issue more irredeemable paper, either in
the form of new greenbacks or of more
National Bank-notes, under free bank
ing law or otherwise, redeemable in Other
greenbacks, then indeed we have moi
reached the bottom; but are to founder
on still further, to at length fall into &
deeper depth.
But if we improve the opportunity, thc
golden opportunity; if we return to specie
payments, then indeed the worst is over
and with our great natural resources
abundant crops and spirit of enterprise
we may, upon the solid basis of stapl,
standard of values, reach forward to {
greater and enduring prosperity.
There has not been an effort heretofore
to return to specie payments, because i
was felt that any attempt to do 80 nigh
exhibit the hollownes5 of the fnancia
situation, check the current of CONNER
cial enterprise, produce a collapse, Will
the consequent widespread ruin. No on
was willing to take the responsibility o
this, but it was thought best to let thing
take their course until the inevitable enc
was reached That has now come, anC
without being caused by return to spe
Gle payments.
The collapse is upon US; new enterprises
are not thought Of; old ones are at stand
still; the Nation is engaged IN the on
business of liquidation. 1t is therefore
most favorable opportunity to return Il
specie payments. So that when the worl
of liquidation is over, the country ma
start forward on the basis of the univer
sal standard of values-gold and SILVER
Indeed, if we make the return with th,
exercise of a wise discretion, it will greatly
facilitate the work of liquidation, and tn,
sooner set in motion the customary fov
of commercial enterprise. The element 0
Instability in the measure of values vii
be eliminated-men will feel greater as
surance to adventure, knowing now wherr
they stand and upon what they may de-
pend.