The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1874-10-22
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benefits OF it?" He expressed his opinion
that If the Government would stop the
practice of using lis accumulated coin to
shave Its paper not due, it would have
gold enough to resume with impunity.
"When the Government shall resume, let
| it pay its current expenses either in green
backs or coin, as may be most agreeable
to the public creditor, and my word for it
you will find the large majority asking
for greenbacks. There can be no earthly
doubt that large circulation of Govern
ment notes will thus be maintained, and
the terror experienced by so many thatre-
sumption would lead to contraction and
ruin would be found to be groundlass.
Our people have great faith in their Gov
eminent, especially in its ability and f.
nancial integrity, "a faith, am sorry to
say, not always justified. for if it had been
strictly honest, it would have resumed
long ago. and wher it says that it will pay
specie on demand for its notes the people
will believe it. Believing, then, that they
can obtain coin, they will not want it"
off some contraction of paper should be
the result OF resumption of specie pay
ments, it by no means follows that there
will be less money in circulation, with
| xUh tn hn nf
country, Tor where dollar of paper is re-
tired, a gold or silver dollar will take its
! place, and remain in circulation, should
the legitimate wants of business require 1t.
! We may have fewer national bank notes
when we resume, but we shall have more
gold, which is better, and when we get TO
specie, would make banking free TO all
who would plank up the security"
The evils of an inflated irredeemablecur-
rency were illustrated By the experience of
this country of late, and By what the Gov
ernor recently saw in Austria, where it
had lately caused ruinous financial
crash. TheGovernor set forth thesuperior-
ity of currency with gold basir, and
argued that producers could have it or
Ispecie. if they would, ana DegreateIy ad-
vantaged thereby, illustrating this by the
experience of the miners in Wisconsin in
1912, when they resolved that they would
take only gold and silver for their lead,
instead of Illinois bank money at 30 per
cent. discount, and tie coin came on den
mand.
zone ofthe queerest things of the times
is that nearly all the strong and noisy adVo-
Gates of irredeemsble paper money in the
House and Senate of the United States,
were men of Democratic antecedents, and
belonged to the Democratic party when
its cardinal principle was o hard money
currency. The support given to initiation
at the last session by the Wisconsin
members I do not complain of, because it
was, no doubt, given in the belief that
such was the desire of their constituents"
This the Governor thought was a great
mistake, ard proceeded to show what
classes were clamerous for more paper
money, and would be injured thereby in
his view, and urged the Importance Of
early resumption of specie payments, and
concluded his remarks on this subject by
: saying:
81 am for maintaining the honor of
the Cove rnment, own no Government
bonds, never did own any, and fear thatI
never shall, as what little I have is en-
ployed in active business, developing the
resources Of the country, giving employ
ment to many, cannot afford to hold
Government bond, but have Nd sympa-
thy with those who insist upon paying
ing off the obligations of the Government
drawing interest. with a paper promise
drawing no interest, and no time fixed
for its payment.
THE RECIPROCITY TREATY:
Strong objtctIon Was made Co the con-
firmation of the reciprocity treaty recent
ly negotiated between the United States
and Canada, as "a staggering blow tothe
farmers of Wisconsin, who. with large
surplus in their granaries. and no pros
pect tor a foreign demand for some time
TO come, can ill afford to divide their
LONE market with their Canadian neigh
b rs who, with their labor on specie
basis and paying small taxes, and little or
no ,ar,ff duties, can undersell them ia all
our best markets. Its adoption would be
most disastrous to all the great leading