Carson daily appeal. [volume] (Carson City, Nev.) 1873-1877, 1874-04-24
TIE paEs:DESF~- yEro OF TIE
CURRENCY SIII!..

Uf National balz, :.-i Tor ctE6F l,.E-
poses - without NY approval. In doing
30 must express NY segrg: n no; being
able to give assent - = measure which
has Tecs!vegl the sanction Of -iie ,sEai lr-
~ OF the legislators chosen by the pei
lie 70 make laws for their guidance. aud
have ssreraoE>ly sought TO tiGd sUi.i-
ciert argument Il s.Stsfy such assent.
hut U1lsuccesssully- Practically it j. =
question whether the measure under dis
custom would give an additional dollar
to our irrtdeenlahle paper currency Or
not. AMI whether hy rrti-iiIiug three
fourtls OF the reserves r.t5iinesr 10y the
hunks. AMI prohibiting in. rest TO Be "
cziya.i On the bgliace, II might not prove
:. contraction. bus the fact cannot be con-
Celie that III, O e i7-t'iv The ball increases
uapar ciYc-1iatian Siy9 tgp. 600, less only
ibs amount Of the reserves restrained
from circulation by constitutional pT"vI-
si1us. The second section of the laets-
ura has been supported On the theory
that Il would give al increase Of cIrcu-
lItior. II Is :. fair iLfes enc, therefor.
that II the practice Of the IasasU c
SHOULD fail 20 create the abundance ~
circulation expected of It, tbs friend. ~
TIE measure, particularly thcs' ont Of
IU[LS--. Ntt-tG C4a-ILltts -. tA- lA4tt
tom a. wouId give the expected rv!i-f-
The theory, in my belief, Is 4 departure
from the true principles Of finance. the
national interests. the national oh!!-;as-
tons to creditors. Congressional pro /
misses, party pledges, AMI Ely pers al |
views and promises made IL each Of ny (
inaugural ad!rssses, aai in inv annual !
message 10 Congress. December Is. lct:9. I
10. Cd -. {
Among the evils growing out Of the re- /
belIion and not vet referred to Is that of
irredeemable currency. 1t Is an evil
which l hope will receive your most
earnest attention. 1. is the duty. and
one of the highest duties of the Govern
ment, to secure to the citizen IL medium
OF exchange of q fixed and unvaTying
yalue. This implies return to spe-
Gle basis and no substitute for it can be
devised. 1t should be commenced row
and reached at the earliest practical mo-
ment consistent with fair regard TO the
interests Of the debtor class. lmElediite
resumption, If practicable, would not
be desirable. 1t would compel the debt
or class to pay beyond their contracts Il
premium of gold ut the date of tLeir
purchase, and would bring bankruptcy
and ruin to thousands. Fluctuations.
however, in paper. valued by the meas
IRE of all values, gold is detrimental to
the interests of trade. 1t makes the
Kan of business an involuntary gambler
for in all sales where future payment is
20 be made both parties speculate as to
what will be the value of currency to be
paid and received. i earnestly recon-
mend to you such legislation as Will In
sure the gradual return to specie pay
ment, and put an inmsdiite stop to the
fluctuations IN the value Of currency"
! still adhere to the views then expressed
As early as December 4. 1865, .he House
of Representatives passed Il resolution
by q vote of IA 10 6. concurriug III tn
views OF the Secretary Of the Treasury IN
relation TO the nee, ssity Of contraction
Of the currency. with Il view I" as early
Q resumption of specie payment as tie
business Interests of the c,'Gntry WON'T
permit pl-dgin; cooperative action to
this end as specify rs possible
The frs: act pass. d IN the Forty fast
Congress op the Sth of NJ rc'l 1862 wa
IN Act t. strrngthe,, the pu.'iir- credit 81
the United States. Tn Act referred t"
is inserted III full Fils he, atiii rc-
mains rs containing The I'ir.!-e e.. ;hv
United States Ia make provision "a; the
earliest pr,lctic:.i'ie mauirr,t for the .e-
.!einpiion of Unit, d States Ii"trs III c,.i4I-
The declaration c,5I,t,,i,itti -, gHr Act 81
June 81. 1861. created AN uo;1gtti,I, thai
the to;:.i amount al UuttrC! S'ssts it,,ts =
issued OF to BE- iSsilei s..1.sii never eN-
ceei 400 OU0. GOO The amount III .sc-
tn j circulation MS actually reduced 10
three hnBt:Ee.i and ii9y-sIX millions, at
which point ChngresS passed tile ACT Oi !
F-bruary 4. 1865 ss3Sfencits the far
tn T-.!uciIon OF the CnETsa.y- Tn
io:Ty fonr millions withdrawn have ever
be n regarded a. reserve. t. De USED only I
In &c OF emergency snch as has "c-
cured on several uce;IsI ans, and s1usi
occur when from any c.tiase the revenues |
sad denly fall below the expenditures: :
nm such reserve Is necessary l'rcitu~e :
the frtciIonnl currency amounting to {
$50. 0O3, 01p, is re,leeruahlt' il legal ten l
ders on call II may be sli,i that such t
return of fractional currency for re- /
dempiion Is improbable, but lei steps be {
taken for return 10 u specie basis and {;
it will be found that silver viii take the {.
place of fractional currency as rapidly '
AZ i: can be supplied. when the pre- |
niinm on gold reaches sufficiently low 4
xr;.h ffa ,,r,nunt ct VT,;+al ! :,