National Republican. (Washington City (D.C.)) 1872-1888, 1874-04-10
A GOOD THING TO DO

The House of Representatives has now
the opportunity to take a sober second
thought upon the currency question, and
insert in the bill under consideration pro-
vision for the redemption of legal-tenders.
Each member of the House must feel and
know that it is a proper thing TO do just as
well as he knows that he must redeem his
promises if he would keep his credit for
veracity good. The propriety of this pro,
vision Of redemption is so palpable that
every constituent he has viii see it by cleo
ton day in next October or November, and
will surely hold him to account for depre.
ciating both the money and the credit Of
the country without any effort to save it.
The proposed increase Of currency can re,
suit in no harm if coupled with the re.
demption provision offered by Hon. Free,
man Clarke, of New York. Indeed, his
bill enacts the repeal of all limit to the issue
of national bank notes upon the commence
ment of redemption. The plan is so simple
and promises to be so effective and self.
regulating that it is unaccountable that
it has not commended itself to the
judgments and consciences of members.
To ignore its principles argues the design
on the part of Congress to encourage the
issue of irredeemable paper to the deprecia-
ton of the laborer's wages 1t is estimated
that the addition of ninety millions to the
circulating medium will appreciate gold ten
to fifteen per cent. With such an apprecIa-
ton will come corresponding advance in
the prices of all imported goods The
laborer's tea, coffee, sugars and fruits and
clothing of foreign origin will cost him 50
much more that although he may get the
same number of dollars for his work those
dollars will not do him the same amount of
good.
All school-boys know that as surely as
water seeks it level or air vacuum, so GER
tainly does gold govern the currency values
of the world. No commercial nation can
ignore this fact and maintain its commercial
character. 1t is plain that a paper dollar
irredeemable in gold is under value. The
more of them you have the greater their
depreciation is equally palpable. If tie
issue of twenty-six MILLIONS .: the reserve
appreciated gold tt-.0m g. to 1871, what will
the issuN ii ninety millions dot is problem
- me "rule of three" which it will be well
for Congress to ponder on. The same ratio
of advance would place gold at 81 when the
maximum of the paper issue is reached.
Now, as this untoward result may be pre-.
vented by providing for the redemption o.
the greenbacks in accordance with the
agreement of the Republican platform and
the recommendation of the President who
wa5elected upon that platform, the people
will naturally expect it to be done. They
may want more bank notes, but they de
not want deprecated currency. They
desire redeemable currency and redeem
able in something in itself valuable. Ma
tional bank notes are now amply secured
and inspire the public with the greatest con,
fdence, but they are deprecated by being
made redeemable in the irredeemable green.
backs. 1t will be seen that by making oul
legal tenders redeemable in gold, we at
once raise both them and the national bank
note to par with gold. With one
hundred millions surplus of gold in the
Treasury, Government would be amply
able to redeem, because no larger portion o.
the circulation than that could be spared
for presentation at one time. The
national banks would be obliged to hold
largely Of greenbacks at their redemption
agencies. If Congress should now enact
to prohibit the sales of gold till one hundred
millions surplus shall have accumulated,
and fix the first of January, 1879, or earlier
if the accumulation should, in the opinion
of the President, justify it, as the date fol
the redemption of greenbacks in gold. then
legal tenders and national bank notes. the
redeemer and the redeemed, would sppre.
ciate gradually, but in company, to the
gold standard. Meanwhile the ninety mil.
lions increase would prevent any stringenc,
from boarding or other causes. Fret
banking might also be inaugarated in com
pany with this redemption plan with per
feet safety. -
1t is rumored that the importers are al
ready preparing to arrange their prices q