National Republican., 1874-05-27
TIE MNANoIAr QUESTION:
A REVIEW OF THE SITUATION BY MR..

! BRIGGS. =
We have printed from tlme to time In TRn Re-
PUBLICAN letters On pubic questions from Mr.. 8.
B. briggs, Of New York, an experienced writer
and gentleman or Vida lssrning and informa.
tion. These isttsrs have bsen received with much
favor not only By our own, rehdefs, but BY people
in other sections, hsyipg been copied to eonsid.
.erable degree In our exchanges. They have
shown . familiarity with history and statistics
rarely found among men In private life. The
views Of Mr.. briggs on financial questions were
found to be very apropos during the discussions
In Congress over the bill vetoed by the President,
and are not less oppor tune now while the two ne
bills are before the House. We therefore quote
from previous letters some Of Mr.. briggs views
however % tBSt COnStss" % Will NOT foree % ~ another %
veto from the Executive. His duty Is SO clear and
plain, and his conduct has been 50 generally com.
as to the temper OF the people. The hrst duty Of
Congress is to prUvide for redemption. After that
the currency may be increased with safety. We
II "Faith is the evidence Of things not seen, "
gold must be to the secular world what Christ
isnity Is to- spiritual existence; for although
in our everyday busy lives Of worldly affairs, still
at tns same time, and all the time, We are unable
70 ignore the innate desire for satisfactory feel
Ing Of safety In the -hnal redeeming power OF
either. The one present and transient, the other
future and eternal; so that the we'll understand
ing Of both seems to meet the paramount object
effort made to resume specie payment soon after
the failures Of 1885, "a, when gold was imported
q
Of our present lawmakers to read the notices OF
arrivals Of ships (all sailing vessels thenl at the
G6 Ssr 1SJ5 SS
arrivals were published to the country, and many
in New York read these announcements with won,
condition to everybody. until ali felt safe again,
and so II continued for about twenty years, until
the crisis Of 1857-'58. 1t might, however, be 4ill
more amusing to know the fact, that when COD T.
dence was fully restored in commercial circles and
the balances Of trade came to be adjusted and set
tied, almost the entire amount Of this almighty
packages In which they had been received from
time to time, and without even breaking the orig
inal seals. So much for faith alone. .- :
- Notwithstanding all this, insist that we, rs .
nation have no need to exist on faith ms to our
finances, and for the simple reason that We POSI-
lively possess more of the substantial cyidenceor
world; and they 1.-THE outside world) must finally
anchor their faith In us, instead Of we In them.
Sill, Notwithstanding all our natural advau-
has to prO6sably transact @ its legitimate business
II Mr.. Moran, and others Of accepted authority,
are correct In SAYING that not more than five per
city are done on ready currency or cash (athough
large proportion o. all In the country Is done there)
and the remaining ninety -five per cent. are done
or seSan Ss the counrS s
do what would be impossible for strangers, or
Snd living sSs To
outside, particularlr the Western people, pay up
everything in ready cash, while they, themselves,
do $500 Of their business with paper.
But II We had more money In circulation such q
system OF mere paper evidences OF personal obli-
cation growing out Of the legitimate eyolptions
sSe, eUGsu .cps nS o1r, hs aSt eonnl
try in the world that should be allowed to get
into any financial difficulty or doubt, for in addi
sesnS fTscs = soT We srsets WssiS
and what our products are. II these are facts,
why does mot Congress make such laws as the
people clearly need, and which as clearly is the
The following is from 0 letter OF Mr.. briggs,
printed IN TIE REPUBLIoAE early In April:
ne sepss sas G
II the general features Of Negley's bill could
become aT EIiSs would 60 d9Tn to
has become law, and therefore the prognosn-
cation cannot be proven true or falss-EDl Yet the
S a RS1s
bill. This is bold assertion, and, II true, should
be examined to learn why tho country may not
have the oensht Of such vast difference;
ference. The extension of anything like free
even although II may be confined to 3
few localities, leaves the whole financial plan In
Of CONSERVATION among substantial business men.
The words "unlimlted banking" would be more
term, the people would understand its
real meaning better, because It ends no where,
and they wOnld soon learn why gold goes up and
down SO often. They must be aware that that
precious commodity is extremely sensitive on the
subject Of its relative value with other commodi-
ties the world over It's sensitive qualities In this
respect are cultivated to the nicely Of . secret
art, that is not easily learned, but its maniPula-
tions seldom fail to produce their effect upon bus
ness affairs and In the end control them.
Admitting, then, the fact-admltting that all
civilized nations place the same Importance
upon 1t, las distasteful as 1t may be to many,
myself not excepted.) we should, at least for the
time being, accept the sltuation-admit the theo-
ries of the older countrles-thst no system OF
finance for nation throughout Its detail for the
dIlutlons necessary 70 meet the wants
OF the people could be permanently sound except
1t is based on gold or the precious metals. This
has proved In that as well as in other relations,
the truth that general public opinion Is stronger
than law that might oppose II In fact this
ternatIOnaI laws have been and are still being
made from those old accepted rules.
Each national centre has made laws In conform
without public caviI, and all go smoothly on.
Now, arbitrary, unphllosophical, unnatural and
as selfish as these rules may appear to country
ETsrS Fs Sqa ns;as sS ol nsssf
only. She is expected to adQr4 herself 6cagtHy
herself, and comport herself In MANNER that
shall not appear undignifed or In any way be-
lions. Why should We not do the samef What
though other nations ridicule any real settled
policy we may try to adopt because we have
republican form OF Government. And again be-
,suse we are made up Of people from almost every
nation in the world, and because other nations are
ready to loan US money for the purpose Of making
more money out OF rs than they could to use IL all
among themselYeS2 .......-
All these influences form the best reasons why
We, beyond all other nations, should adopt dis
.inct positive and individually distinguishing
policy of national finance. This country is capa-
Die Of producing from her own mines more Of the
precious metals than all the other nations in the
world. We have also all the other elements
to the accumulating Of vast wealth.
Then what is the matter; why are our productive
Iources at present so unyielding? Because they
lnprolihe silence. Then what is the remedyf
II appears plain to my mind that we should try
o be rs arbitrary as other nations: make laws
o suit our own convenience, II they do no injury
o others. We will be more respected; we will
Lccept the worlds fashion OF gold for basis; and
,y making General NeElsy's bill law, put on
make them more durable than those OF any other
lation; And to conform to their court rules a. to
lress, let US put It on
The Nsgley bill provides for the funding Of the
rational debt into Q uniform style of bonds. It
provides for the redemdton OF the Government
egal tender currency in gold In such manner
sold. The routine OF operation requires q little
line, but the results are certain.
II the plau Of Judge Kelley's convertible
,onds'' was adopted In the Negley bill, and the
SecretaIy Of the Treasury allowed to issue por-
ion OF them In amounts as small as go each, the
rugal mechanic, and the laboring classes gener-
Illy, would gradually become receptacles, whose
pockets and bureaus would take the place of
avIngs banks. and gradually absorb large por-
ion OF our debt.
The increase Of circulation allowed to the ex-
sting national banks by the Negley bill is, 1
hink, . matter that will be selEregulattng; but
his may or may not be adhered to-lt Is Q matter
4 small Importance in comparison to the main
eatures OF the bill. '--rrr
Those banks that have had the sad experience Of
,oing through the panic; their money locked up
md wholly unproduetive, because Of doubt In Sc
urities and all kinds Of business, would be far
'etter and safer Judges as to expansion, ana when
md where to put our the money than noyices. In
his view 1t could not be called imitation 10 any
ense, but proper expansion that legitimate
BUSINESS might Feed. There are other important
eatures In that bill; but those have referred to
eem to be the principle ones for arranging na-
ional system that appears to possess many II not
II Of the elements ofperpetuify.
PHEBE G0UZZLNS. "a
IN OPEN LETTER TO OOL DoNN PIATT.