, 1874-06-27

tlobts whenovor 1t olloosos md TINT 1t will nevor
xn ts'ns WHOM ltwlllpay tho principal Tho sontll
may tecodo again, aud tho Government will bo
powotsoss to prevent lcr crBocosalon. Any foreign
nation may trespasH Oil our rights, and wo must
poclint tho Insult or tho loHs, becatlHo tho Gov
crnmout will havo no tn1nev to pay for aslipB,
guns, Ht,'dlorB, aud aat|urs, and no means Of
rainlng my. Issuing moro 8reonhncks would
not answer TIN prlrpoBo, for nobody woil sell
hs pruc.uce or his heryicoB for tllom whon 1t WAS
known TINT shey woru not to DO rot1ensnod ovon
under penalty Of tho anngeon. Tho ovil oxam-
pto Of National tlsl'onos would porlnoatc socioty
commercial morality elld prosperity Lot It DO
once established TINT tho bonds aro payable In
the existing greenbaoka, and the argument for
5ye1 os asGt s a v S s & '1ss 2ssobs Of hs
Tho whole country into banltruptoy and
inalct loaHoa upon private busineHa far
creator than tho whole riblio dobt. Again, tho
tion Of principal III pmall that It would surely
be takon when The oylls Of worthless currency
were s,poradded to tho OWLS Of taxation. There
:is no moral difference bctwcon the ono and tho
other. Ihe Same argument TINT onabloa man
enable him to ropu0iate The whole. When We
roloct that tho Government is nbundantly able
to pay, and TINT no necessity exists for repudia-
tion of either interest or principal, and that none
Of tho bonds in question aro due for fteon years,
10 wholly Gratuitous and aupcrIluoua.
1nREDEEstAnLE PAPER.
But If It wero ld'cfiA to pay tho $40 bonds In
groenbackH 1t would atill be lnoxpelont to do 80,
bocauHe that policy louks to mn indahnlto sna-
lougatlon Of tho ora Of frredaomablo paper.
II tho groenbaolts ARC to be shortly re-
doomed IN gold, thoro ia cloarly no object
In paying the bonds in groonbaclg. Tho only
to dol!bo,atoIy poatpono Ito redemption Of tic
greenbaols. That In itself would bo an act OF
rcpndnton. There arc, as thoro always have
boen, and perhaps always will DO, certain porsona
in h,,no1 tho nc community M ,ss who m bol'eye that that
'cnoap material like paper or leather, and
TINT redemption In gold aud silver in idlo mud
useless oxponse. Their theory is tlat tho Gov
.,rnmont ca can stamp vauo upon that which has no
liar, aud By iss tiat make it dollar ID value II
our doyernmout can perform this miracle It pos
'aosses tile power OF tho Almighty, for ua could
do no more. The assertion ia propoaterona. and
'trcd to make thoir Continental currency pass for
tho equivalent Of specie, but, as theY were una
.b1 to redeem their "groonbaoaH," thoy BECAME
worthless. Tho French trjGd tile same oxpori-
1889, hut failed. Tho Government passed ter
.riblo penal statuteB; mon were hnod, imprison-
ed. aud tloir property conilscated, mud their
heads were cut of, but all to no purpose. Tho
moro ponalties were lutlictoa tho faster tho as-
aignats doproclsted, until tivo-franc. motto was
not worth BOIL. The Government OF tho late
Confederate Siates also tricd tho experiment..
They declared their alip.plastora to bo real
money, and they passed. atringent laws against
tho gol5d gamblers. l'loy ,sauod enough
" rich. But before the closo Of tho
War the entire issuo had boco,ne WORTH
loss, and tl,oir last campaign was made with
tho gold taken froul tho Richmord banks. II
f1.n 1f TASF lila
thorough aud satisfactory experiment upon the
theory that monoy ts tho creation ct law mud
not Of labor, thou 1t may bo assumed that no
such experiment is possible.
WHAT 10 MONEY?
Gold is not ''pronise to pay" but payment
itself. It IL precious metal, poHsonaing in
trinslo value, obtained by hard labor, iu ltultod
qulntitios. It III regarded ald taken by all na-
tions - property without forco Of law aud in
spite Of law, and is ali equivalent for any kind
Of property. It - indestruotiblo BY fire or
o1yEcu. 1ts scarcity aud great specific gravity
mako . Hlnall quantity Of it tho equiva-
kinds Of property. Henco it has been adopted
Us standard IT yalueH by oil nationa. Accord
lug to our mint colnago dollar consists Of 231f
417 grains. Tho doverntnent can uoisher add to
nor subtract from tho oxchaugeRblo value Of
the dollar. II it iucroaHo the weight, tho coin
will purchase just 80 nnnoh more proparty AMI II
tho Hamo proportion for loss property. Tho
purchasing power OF the dollar s governed by
It's purity md woiGht. Tho alloy il uubtracted
aud tho wolght computed, aud thon tho valuo
is detormnoa aud it ia 10 Tho power Of no gov
ernneut III tho world to arbitrarily change shat
valuo GU to na"ko tho coin purchase moro prop
ersy than It's quantity represents. Lot un Hup-
poao thai fool's-paradlso wore established
tolnowhere on tho irrodeemablo paper plan.
Tho first thing doue, OF course, would 10 to
mako everybody rich by ACT Of Congress-,
for when money can be made 10 easy aud
whom nobody IL callod upon to redeem it with
gold an1 silver. there would bo no mood OF
working for living. Altor the exlating stock
sucll III provisions and o'0thipg, had boon con-
Buinod. tho dollars would be found to ba vnluo-
lcsa. As each man would have nall he wanted,
nobody would exert hiinBolf 10 obtain moro by
tillnE tho sol! or pursuing any other lAborious
ayooation. Mr.. II. II. Hooton, o1pound,ng tho
virtues Of this plan, Baya that it would bring
tho rate OF interest down to por cent 1t
would do moro thnn that. Tt would bring the
rato Of intoraat on his nlonay down to nothing
por cent. for nobody would want 1t, aud oyery
body would he frantic to get rid Of 1t. A lie
Tan mover DO inalo equal in value to trutll A
promise not to be performed in lo. and lie
Is worth oLdluE, and that is the pioolso value Of
Hootou's naodnnhlna money.
EVILS OF A FLUCTUATlNd CURRENCY.
But 1t is' contendod that the existing green
backs anawer tho purposes OF money very we'll.
This iB 4 grave miatako. BY holding the volume
Of irredean,abo paper down to certain fixed
lI1nitH, the Government has boom able to co.tlne
the discount upon it within tho compAaB Of 10 to
s31I5 per cent. To hay that currrency which a
worth 90 cents to-day. rs cents Tomorrow. aud
&C contH tho next tlay, answers the purposes Of
money very we'll, botrays total laok Of ac-
quAintanco with the sufflect stubility ID the
first requisite Of slccesslnl business. i tluotu-
ating currency makoa trado mud industry gumss
Of chance to tho e1tont Of tue fluctuations. 1t
loads mou to abandon the avenuos OF industry
nutl eoonomy to rush iuto the Held
of speculation. Whilo no person can forcseo
with certainty tho rise aud fall Of prlcos
cansed by the fluctuations Of tho currency, tho
rich and sagacio,s hayo groat advantage oror
tho poor and ignorant. The rise md fall OF
gold, which is another namo for tile oyer-recur-
ring chanKea in tho value OF the groeabacxs, arc
obe1ient TO certain laws. Tho wealthy claaHes
study theae laws aud tako advantage Of thom.
They evsa create tiuctuations OF which they roap
the profit. But sinco no wealth Ia prodncad OK
cept by labor, il follows that theBo spnculatora
aro ronplng tile frutB OF othor mon'R toll. Every
body knows that the wa3es OF laboring mon uro
not Increased when gold advances. But tho OK
pennies OF the lab0ring mon arc Increased by
such riso, THO difference goes into tbs pock-
cts OF those Who arc not justly euti.lel to it.
OF all clusaoa III tho community who arc inter