The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1874-09-29
A NOTABLE LETTER.

on tne polltlVdi situ"tVh ih HiieSou''i
in which he takes occasion to briefly
discuss the financial question. We
quote below literally from Mr.. Glovers
financial digest and bespeak for his
views the careful consideration OF Dem.
ocrats who have been wholly or part
ially possessed with the irredeemable
sbinplaster manis. On the subject OF
money and finances Mr.. Glover
writes
have just now made reference to
the nature of our circulating medium.
,rredeemab!e paper currency has had
one Uniform history.
1t has always been more liable than
any other money to shocks aud panics.
Two words, which have told its
story from the beginning, will tell 1t to
the end. These words arc Imitation
and collapse"
The argument against its use is oil
the simplest character. In the first
place, it has no intrinsic value In itself.
| In the next, there is nothing certainty
! yaIuab bio bobind az. Tho extent vi is
quantity is as unlimited as that of the
materials Of which it is made. 1t is
as liable to fuctuation as the conceits
and passions oil men.
This is the reason why no one will
take it from choice, aud its circulation
is always compulsory. Our legal ten
der non convertible notes would have
no circulation as money, aud never
would have had, except that the law
forces the people to take them. lie.
move this compulsion and the argu.
ment will viLd.cate itself instantan.
eously, by the fact that they will not
he received.
The truth is, this species of money
is never issued till government has
nothing lett with which TO pay its debts,
aud having nothing else it institutes a
machine inside the Treasury TO print
It's mere promises to pay; and knowing
these promises will not be so received, it
falsely declares them equal to coin aud
compel people TO accept them against
their will. Here is the basis upon
which the circulation of irredeemabe
paper depends. The government says
to the people, you shall take paper or
nothing. 1t has no intrinsic value and
may never bring you anything that has
intrinsic value but you shall take it
or 90 unpaid. This is not an honest
basis. Its elements are force and fc-
ton, and no one ever submits to these
if he can help himself. The cheat is
transparent. III the paper was equal to
gold in fact there would be no law to
force it upon the people. This sort OF
money has most generally been the
creation Of revolutionary governments
and has sprung, not from considera
tons of justice and equity, but iron
the necessities OF distress, and the Law
of the strongest.
| I have looked at your platform, gen
tlemen, with some care, and also on the
Democratic platform on this subject
shall speak Of the last first. The
Democratic State Convention a n ,unc, d
their financial views in the following
terms;
"Rcsolrcd, That the evils necessarily
attendant upon irredeemable paper cur.
rency should be removed by removal
of the cause and that as first, and
we believe necessary step to such a re
suit, the legal tender notes of the
United States in addition to being re-
ceivable in payment of all debts aud
demands Of every kind due to the
United States and individuals, should
also be made receivable for duties ON
imports"
To my mind, gentlemen, nothing
could be further from the mark than
this swelling financial exposition Of our
emocratic State Convention. Here
we have il admitted that there are evils
necessarily attendant upon an irredeem.
able paper currency. And in the very
same breath We are told that there are
no such necessary evils that the evils
of irredeemable currency may al be re-
moved 10 the easiest way, aud the only
thing needed to do it Is to make it re-
ceivable for duties on imports, and that
forever thereafter the irredeemable pa
per will be as good as gold. Now, Is
1t not little strange that this wonder
iul specific against all the collapses
and bankruptcies springing out of IT.
redeemable systems was never known
till now? lrredeemable paper money
disasters we're common 10 our whole
colonial history.
The Continental Congress iu 1875
issued 5000 900 Of this sort Of paper.
In l776 they issued sl4 900 ,00C
more. After this additional issues
we're made, until $500 in paper wal
worth ~ in coin Every one bocam,
rich who had anything to sell. auC
dreadful poor as soon as he had any.
thing to buy.
The paper was never redeemed, ant
the most prudent dealers who received
it upon compulsion were ruined by it,
fall. In 1889 the Government O
France repeated the American expert
ment. In 1896 the French assignat
(irredeemable bills) had reached as,
900, 900 francs. Bread rose TO twenty
two francs, 81 pound, and everything
else in proportion. Issue followed
issue in rapid succeSsion--an INSOFAR
able incident Of the system.
At last, by a sudden rebound, the
whole mass was repudiated upon the
hands of its holders.
But the Democratic Convention