The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1873-07-26
OUR WASHINGTON LETTER.

OUR WASHINGTON LETTER.
WAsa1so1ox, D. c., July -, 1879.
EDlroa CHEF:
The price Of gold continues to go up,
or, what is exactly tho same thing,
the value Of greenbacks or United
States Treasury notes, and National
Bank notes, continues to 60 down.
In government sale Of gold On Thurs
day Of this week bid Of lis 10 was
received. This, being = bona fds
transaction, shows us exactly how
much our circulating medium IL de.
preciated. With gold at this price
our greenbacks are worth just &c l3-
100 cents on the dollar. This does
not seem to indicate that We arc like
" to reach soon that much-t0- be-de-
sired event, specie payment.
There is something the matter with
our finances. Our currency is not es-
tablished ON sound basis. We used
to talk Of resuming specie payment,
but that goal seems to be drifting far
ther and farther away from US. It is
folly to suppose our present financial
condition safe one. Trouble is bound
to come sooner or later. We have
builded our house on . foundation Of
sand. Very luckily for 10 no storms
have come to beat against it, bat just
as sure as they do come our financial
"great system will fall to the ground,
and will be the fall thereof"
Were such an event to come upon
US now, there is no man of sound
mind, we'll informed upon financial
questions, who believes we could
withstand it.
The public must arouse from its
slumbers. We must do something to
prepare for the day Of evil. There
was time when tho people felt an
interest in this subject, but now we
seldom hear it spoken Of. There was
3 time when our public journals, our
bankers, our fnanciers in Congress,
the officials Of our Treasury, talked
Of these things and laid plans by
which we would be able to put our
finances upon gold basis. Resump-
ton was term often used. For many
years We seemed to be getting nearer
it. The value Of our currency con-
tinued to 60 up until at one time gold
was sold in the market at less than
ITO. 1t was at that time thought we
would 60 on the same direction until
our Treasury notes would be worth
their face in gold. We all remember
the time when some dealers became
30 sanguine that they actually COM
menced making change 10 silver.
Now, what is to be done3 Should
the Treasury continue its present
course7 Should the gold in the the
vaults be sold to the New York gold
gamblers who manipulate the market
to suit themselvesi This is just what
we have been doing. We must aban-
don this policy. What we want to
do is to pat cur gold into cirealation
among the people and to retire greea-
backs just ~ fast as gold Coca into
circulation. To prevent tie gold
gamblers from exercising the power
now in their possession let Congress
authorize the Secretary to retro green
backs at a certain rate, paying for
them in gold. To prevent specula-
tors from monopolizing tho metals let
the exchange be made at different
points in the country wherever there
is n United States Depository. As
further preeaution against the opera
tions of rings let it be provided that
not more than specified amount be
exchanged for any one person or firm
within specified time. By pursuing
such policy we would get the pre-
cious metals into the hands Of the peo-
pie; that is, out of the hands of rings.
The circulation of the country would
not be lessened; the greenbacks re-
tired would be replaced by coin, and
"a