New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-03
msnts themselvee This last class can
al d&@ 1x1 g slminis IN of

~ Aod&dy ne = % aiminisssf I'm OF
republican government by the party Of
Jefferson which meets their approval
Certain speculative bankers get entangled
IN the ropes of stock balloon which
/ They " TO initiate, and tumble 70 the
ground. Many others engaged in the
same enterprise are greatly damaged, and
there arises general clamor for govern
ment relief. The executive declines to
use at discretion the revenues or deposits
0! the government yet extends to COM
MERGE Legitimate aid to which no one
has objected. The commercial interests
are disentangled from the stock-wreck,
which drifts astern, and the vessel,
relieved, resumes her way. Has there Been
any approval from these malcontents for
the frmness which resisted this pressure
OF political and financial influences, or
any commentator of an integrity which
spurned all consideration Of personal ae
grandizement? There has appeared even
the morose discomfort that no wrong was
done, no error committed which might
arm the antagonists of a republican
union with opportunities of colorado
opprobrium against their antagonists
50 the only financial Argument urged
against the Republican party is that the
circulation Of the country is conducted
with paper money! We should very
much like to know with what else it could
De conducted ? VIII somebody please cite
the instance in which there was any political
opposition to the issuance of any amount
Of national currency? Persons familiar
with the history Of the country know that
the late war was fought on both sides with
paper money" It is obvious that with a
depreciation Of currency which ranged |
rom more than two hundred per cent
premium down to ten or twelve per cent,
With national bonds abroad whose cou- 6
IONS would be collected in specie, with a I
edeemable circulation of more than six
hundred million dollars afioat the federal t
government could not possibly place and j
eep itself in specie to meet the inevita-
le demand. Why, even that distin- e
uished dnancier, Mr.. Memmineer, op- E
osed t'the produce loan" Of the Confede- /,
ate government as unconstitutional. a
nd fell back upon an illinita- i,
10 issue and reissue Of paper money q
"a treasury notes several times great 1,
than the demands of circulation in | b.
non commercial country cut off from ri
reign intercourse. e. The effect CT this
,cessive issue was the same at the North =
at the South. It was depreciation 4,
ep, continued and increasing. If, then, Il
hen the hard money school had the ex- Ia
usi'e foundation and control of fiscal br
stem they adopted "paper money" ne
y should those who had always en- te
Dyed that indispensable agency of COM m
srce be reproached for having done r.
e same thing? It should be remem- ~
red that the excessive issue Of circula- a.
p was exceptional-that it required ha
'e for control and absorption, and that be
administration which did not Issue ao
t paper money" but has seen it ap- is
'clate to within ten or twelve per cent bn
par, can not be reproached for what it
not occasion, without being at least fin,
'lauded for what it has done. lit
We do not write, however, to convince enc
Sc who would not admit any vindica- 49,
OF party antagonist. Such injustice tin,
intolerance does the interests of the srr
ntry and city great injury in cutting ass,
sympathy from abroad and sowing mo,
ontent at home. 1t even impairs the sho
uence of the malcontents themselves. if =
this is ''consummation so devoutlv town
o wished that we can not object to it. com