, 1874-12-17

country, resulting from tho deprcciation OF
tho currency, nro ,unttora which reqnire study
anu rescarcli. They aro not low to the
United Statcs, but ara rs old nspnper money,
md most Governments haso passed through
them, md invariably, after trying all other
possible devices mud expeatents, hnvo found
permanent escape only by q return to epocie-
payments Tho American problem il, How
cnn grcenbacks be mado rs good rs gold, and
ut the same time be kept in circulation2 Tho
solution Of that question is IN exceedingly
difficult ono, requiring most careful consider
ation. There havo been but two plans worthy
of serious thought proposed, and to these,
with tho objections to tlle,n, NO ask attention.
The first is tho scheme Of rodoctning tho
greenbaoks in gold, md then paying them
out again in tho purchase Of $40 per cont
bonds The end sought il to advance tho
value Of tho currency to TINT Of gold, yet
keep the notes in circulation. OF course, it
is easy enough to retire groenbacls by pur-
chaso or otherwise, or to fund them in bonds,
but tlliH would involve not only contraction
Of the grecnbacks but of the bank currency,
which il not doomed advisable. It is not go
easy, however, to provide means for tho re-
issue Of tho grecnbacks. TO receive them for
current expenditures would be to make new
loan and increase the public debt, which Of
course is not To be allowed. Tho first objection
to S,1rrMAss plan ariscs from the debtor class,
which will instantly protest against tho sud-
den and arbitrary increase Of their debts by
10 or 12 per cent. It is true that these debts
were contracted under tllo liability or chance
Of the legal tenders increasing in vnlue to par,
evon as they llaye advanced in value from &C
cents in 1864 to 81 in 1874 (although there
has been no advance in tho last five years..
Nevertheless. thcro wog q moral or implied
understanding tint tile debts wero to bo paid
in tho grcenbacks ut only such value as they
,oiolt gradually attain by endless vibrations
10 suddouly, by law. u,olo the ereculnck
ruudablo in coin, or equivalent to coin in
value. would have tho effect, rs tho debtor
class would claim, of adding from 10 to liz
,,cr emit to their 1ehfs. which amopnt to
several thousands Of millions of dollars,
This objection will DO seriously urged BY the
great multitude who believe themselves
Gnecinllv ipiured. nn;1 yi1l In t3if6oult. IL mt
;mnossible. to overcome and this. notwith-
stnnainu tint oach of tho samo e|ass will bo
n 1areo regiment Of tbe adyantopes of The
chance.
4 SECOND obieotion of sons woipht tn this
plan is, that the Government will lose money
in every transaction. It will be OBLIGED to
sell its bonds Mt discount when.
ever there is INV nctiye demand on
the srb- -Treasurv for po]d: when thcro liz n
"rn.n this discount NAV ba 1aroo. And
then. in pav;nc out tic redeemed rrecn1,ncks
in t|o nrrchoco of 20, 1,o,,s Il NM, ,ovo -,
nav hoovr ,ron,;,,n, hoo.,,ro = aonnot
co,nno1 t1e }o1,,orc n sail ~ s,,,ranao,. +hon,
for c,rrcpcv V,,c, tho G,x.or,,,a,t oot;,,,,
m its ont;on co11t in 5-oo honda Il ,,,st r,ov
min for t,a,o ,,n1oss ;n1oo3 4 ,ast,r,s ~ ~,
forco or;7 co,n,o1. tho holders to occont ,,oto.
,1,arofor ,1h;ch bo,rovor would l,o ,,o ,,,oot
yronf, ~ hor,1uh;, n. tlov con15 ~ onco ~ e taro
those notos tn tho treasury md drnona co;n
thercfor
,rho soco,a n,o,, nronoeoa :, tho ;re,,o of =
1,onl ,o,vert;h1o ot +],a ,,,aouuro of +1,o ho7do
! into ,rconhoc,,s ryndcr th;s nlo, INV norcon
,nov a,o+ ,,o,a ,,,,o,, t,,o or,.o,,1or - a.,o,
hocI,s or ,,,oon,,or1,. ~, t,,o .u,+andor g. 49,
! ho,l WIat will ba tho c1,,roctor o,,a t,,o
| rata ~ ;ntoroct NJ, t,,;u ,,or12 r. ,ho 1,o,5
ho s;r,n1v ono rc3oo,no1,7a in o,,,.rano,, ;te
yo,no viii la tbat of tho on,,a,,c,, MI w. on
cruo5 ;,,orost ana m ,no,o ar,i ,r;1, not 81
vo,co ,ho ,,raonhac,.s tn ,,ar ,,or otaoa, t,a;n
,.o1,o ,,ost;1,o r. t,,o hand 1,o s.oi, a,,a
,v;tl, ;ntarovt =, ooa ,r,,ot ,u;,1 IN ;3a ,,an @
O. ,o,'u ~. .,,o = ~, .,,t s,-r, ,,ssas ~, =.
1a.s5 ~. a. ~ 1 80 - ao'. r. ''
ta..,,,. III, ~ .,,s..,, e-.,n.!1
tl,a o,'r,o,,a,, ,a,, ,,o.o,. H. .i,o"a H., ~ s,,
,..;oo - tho ,ona IT, ro,,,1 nv III, ".s .1a''.s
p;atea a,,a ,,e;,,s. ao.,x"a:sto, .o..1. uerlo'
=, s;.a,,,ot;,,, - a. e..>,,";s.' ~ III u a
- 49, ass.;,'.oa .,e-a.'.. "a a. ~, .,' ',u1 49,
~ ae..,.a~aa r. as'.,a sa4 ~ ~ -, .A'.usa
sa".,,tD - .ss,;,,l' s,.aa,s,."",. iou"e, l' wv
.., ',:1, ,s"a.' 49, eA' =. a:A., .I."1 ~ pat'
Ao s ~. T !. .a..1, - :.s,1 e"4"'1n' 1of t,'o