, 1873-10-06
EXPANSION OR CONTRACTION 2

rvphnc1nM M rnnTphnr,nM
cArAHo'oH on 'oH ihAtilVN
Roth Alternately, s.i,h t,n Il srocic.
isna,s.
III tia Editor of Tie Chtcaao Tribune.
srn. Tho crip,s Las removed lin contost In,
. IT, aa,a.ntaa ~ r,,,,.,,i"., so''Soo' w.
t"oon tho aapooatoS OIL RESUMPTION. on tic QUO
site, aud tn''atton on tho o1her. o"o aaya,
Now is tho tlme to resume, mud bring liz to Tho
1,ottnn nj oncn for MI. Tho otIor Rnvs Now Ia
tho ] linn ror mira o,rro,,cy. to ho,d M m 1ron'
e rn S A. Avh to un snuo tmo o reapist t n" 1o aava
rum a. lo ns,u ss"s osona an t aa
st nt aays ' wo voc ought to 30 Oh 5pociobasIs ~'
Tlo fact Ia. both ,.rtfos want tho Bamo tltnp.
ano ,as, a.a' 80, uos apraaav aua ravt .,at
1ney po1l "als moFo su'lohos' "No "t"' ''"'
currency to bc na good % gold.
Tho only pogHiblo motliod Of giving tho cur.
rcucy that value visible to tho reBumptioust, IL
t,,rf.,c1, anocto. .navmonta ,,v tl,o anvornmont.
.n'ousu .,l' spoelo,pa,'nnlse w NV ,o, ..",;".
! but, 10 nm anu all otnefs, tnh1 mothoo amPaes
Besides, lc fails to show how Government can
resume, oxcopt by good Horace Greo1oy's motll.
IL -, -sa,.,,ti, ,,, ro,,,i,,,, t,,s ,s,a,t ,,,r-
" u lesu',pt4uA " 'nn.'i''s' 1lioe. s'H
plc oloar' dlroct' AMI Impossible thing IN Amor
ica: -,
erconbnels into circulation. visible to tho ipfln-
h;a,,;a. ~ -. G...st - .,e,s,'s.a..s., asa
s.uaIas, .' 40 -! " ", .,s. , nna
| pay them ont for exponses' OF VIII them bny
i
! result Of oyory such transaction la nm increaso
Of tho public debt For every Al. .00o.000 in
bonds bought BY tho 0oyernnont at IL por cent
| premium, the public debt is Increased s12o 900,
| Anl low increnaei : By pauor Of tie
| Uovornmont, pagt djo and utlpail. md
for TINT reaaot,, discounted and disgraced
"a por cont, given In exchango for paper Of tho
Government not got duo, and in no present
! danger of being dalonorod. But such imitation.
| by ii,croasing tho public debt, does not p1oaao
| oyon tho lntntionist; for It locs not mako the
currency good ns gold, which he uao desires,
but reduces It como cents mora bolow tic eoll.
standard.
The qnoation Of to-day and Of tho future is:
How ahall We have currency alternately OK
pa1ling aud contracting al commerce demands,
an1 ail Tho timo on specie basis ? That il
what tho inflatiouiBt wanta That is vllat tho
reunmptionst waits. That il what tho entire
ASsGn aaap pSopS exsfipt md
blors, want.
The answcr to this question Is suggested in
ny letter It to yon pnhlibct in THE IIt1nusE Of
inexpensive. It requires no Syndicate. or Gov
Ornamental Agoncics with millions for commits
| | slonB, and It auffora no favoritism. Any Con-
gresBflan, il he will but look In tho face of tho
people, and shut his eyos to tho gold of tho bro
| kcr wlo buys nntl soils Congressman, can fra1no
. tho law. Any Hchoolboy who Inns "gono as far
! RB interest" and is honest, can carry tho law
into operation, As tho whole method Gnu bo
: stated IN sevon lines 1t is hero repeated:
Provide by law that any bond OF tho United
statoa may DO, Ct any TING, nt tho option Of tho
: holder, at any United States Depository, cot-
be, at any time, at tic option Of tho holder, at
t any United States Depository, convertible into
j bonds ut par,-bonds OF u new isBle bearing in
torcst at such rate as will sustain thom at par
8 with gold.
q III the former letter aasnmed tho rate Of in
tcroas essential to float tho now bond on tho B,lr-
T. faco Of gold to bo rer cent. Tho present ia-
sues Of 6 por cont gold bonds aro now,
md for long time have beon, up
10 or q lttlo nbove gold -nnd tlnt, too,
willie tho credit Of the Government Inns beon
IMPAIRED BY suffering 900 ooo, 600 Of duo aud
Supposo that pai,or be brought to par with gold.
AZ It would bo wien made convertible INTO bonds
TINT ruin will GOLD, and thereby tho credit Of tho
t. Government fully restored Docs ary ono doubt
n Tint tho nor cent bonds would continue to
u stand up parlnanehely TO tho goia 5tanaaraf II
y ao. whit should no sec? urcenbnokH better than
d gold for they would always DO aH good as tho