, 1874-04-28

THE CURRENCY COMPROMISE.
l The nows from Washington is to tho effoc
that, to i savo tho Republican party" tho mana
gors In Congress arc conoootfng Bohome b,
which all restrictions on tho nmount Of Natioha
Bunk circulation arc to DO abolished, thorobs
authorizing any person anywloro to organize
a bank and to issuo noteB. This privilege ol
FREQ banking is to bo Offset by tho withdrawal Of
| percentage Of tho groonbaoka Ia proportion to
tho amount Of increase In tho bank currency.
Thus II fifty millions moro; Of bank-notes DO is-
suod, 30 or 50 por cont Of that sum in green"
bucks Rhall be withdrawn. This compromise
will hardly savo the party. In tho first place,
the prospect OF any serious increase In tho
amount OF National Bank circulation Ia not q
brilliant ono, and In the noxt placo, the people
who arc clamoring for imitation do not want m
increase Of National Bank notos, but they do
want MI increase Of logal-tendera
1t appears that ono Of Mr. Logan's principal
grievances at Washington is concorntng IN in
ability OF Houo National Bank in which ho is con-
corned to got moro ourrouoy. But tho inHation-
lists Of Illinois hayo no interest In Mr.. Logau's
National Bank, nor in any othor National Dank !;
on tho contrary, they demaud TINT those banks
shall be abolished, and their bonds taken up by
M fasue Of greonbacks, these grconbacka to be
logaf-tendera and the moro depreclatsd they
may become tho bettor. Thoso OF Mr.. Logan's
constituents who insist upon moro currency, aud
cheaper money, not only expect that it will DO
dopreciatod, but thoy dosiro to have 1t 80; tho
more tho better. II they can pay their debta at
60 cents on tho dollar, very vol, hut If
they can do It at so cents on tho dol
lar, 80 much tho better. Bank notes
arc not legal-tender; they will not pay dcbts
against tho will Of the creditor, and their Issue
in whatever amount will not bo any advantage
to those who want cheap monoy to pay of their
obligations. The programme Of imitation Ia not
confined to nero increase Of currency. II tho
whole volume Of greenbacks were taken up,
there would DO All increase of bank-notes to IN
amount actually needed to meet tho otrront
business Of the country. But this is not
all that ia demanded. The great body Of
theso inhationats look to something beyond.
They do not entertain . thought of currency
that is not 1egal'teudor. ind they look to this
legal-tendor being issued In auch quantity that
lts depreciation will follow Us q nocsssity,
Greenbacks, with gold at 112, arc WORTH
over 80 cents On tho dollar; to retire
any portion OF them would be to advance their
value nearer to par. Ihoso people resent any
advance in tho value Of greenbacks as an in
jury, and openly declare that It ia compelling
them to pay dobts at higher ratio than they
contractoa TO do. They want tho value Of the
greenback to recedo, so that dollar, though
worth in fact but 80 cents, will pay off dollar
Of indebtedness. We have before us at this
moment an organ Of these inflationists Which
demands that the Banking Inv DO repoaled; TINT
the banks be closed up, md that the interest
now paid on tho bonds to secure tho bank
circulation be saved BY tho issue Of green-
back for each outstanding bank-noto, and
tho purchase Herewith Of tho bondB. This
OF course iB ropudiation, but nevertheless that
is tho end sought, and that is tue inevitable
result TINT must follow any increase In the
iasue Of logal-tendcr notes. To talk to these
people Of IN increase Of National Bank notes
accompanied by corresponding decrease OF
Treasury notos ia all nonsense. As
the bank-notes are redoemablo In legal-tenders,
my increase in tho value Of the latter would
also attach to tho bank-note. The rosuls of
such compromise II as is proposed at Wash
ington would bo to enhance the value Of both
greenbackB and bank-uotos to the extent that
the legal-tendors were retired; this would put
matters in motion towards specie values and
specie payments which is tue very thing which
the simon-puro indationsts do not want, and
against which they most earnestly protest.
Without discussing at this time tue merits OF
the proposed compromise. We call attention to
the fact that 1t is swindle upon the "Choap-
Money" party, and that tho inaatoniets in Con-
gresa who vote for 1t are selling out their
friends; that instead Of giving tho people an
abundance Of greenbaoks 'aaaled with the best
blood" and legal-teuders in payment Of debts,
they are increasing tho number of National
Banks, and forcing upon the people National
Bank notoa which are not a logal-tonder, and
which, under the operation OF tho retirement Of
the Treasury notes, will advance towards par in
coin.
WHY SPECIE rs THE BEST CURRENCY.