, 1874-08-31

QH H. II F0t1t1H CErfGUCT Id fG1tFGfT Ef0.blDCu r
Il co1nn1orcial people. Mono .but ,bnnltr,tpt ua
tions--vlththo exception of tho uuttod Atate,,-
kcol, iii circulation MI trctleemablo paper o,,,
ronoy,-n currency which,. III thoir casea, tend
TO produce mud porpotuato the poverty It iul
catos. 10 tho. United ~statos such II ourrone,
Is not tho slightest noceBsity for II. Thn
nation 90 rich I'D oura, so grand In It's roaourcce
90 ynnt in its proluctions.--a nation Tint In
-chnilougod tho admiration Of tho civilized wor
mcnclng tint reduction at tho close Of war til,
most expensive tllat has ever boon carrietl OF,
a1,u actually reducing its indebtedness ar TIL
t raso ot nearly 5loo, ,ooo' oo0a yoar, Tint slso
nation ehnl,lfi, for no long d poriod. maintain ;
deprec'atet circulating tnotlium malo
| ,.i ,1Awru1. MONEY 1,Y STATUTE,
ia to Intelligent foreigners, nj, inoxpiicablc mys
! Terry. Ihe Hpccio standard ought to hnye boc,
reached bofpro now, mud I bclloyo It would have
boon II that groat power in tts lnt,d, tho pross
hnu given tho doctrine cuuncIatcd from the
Treasury Department from 1865 to 1860 sl,e
hearty indoraoncnt Ii llas given to siminr doc.
trineH When proclaimed by the President In 1874,
Il the financial trouble TINT las como upon liz,
and tho consequent .rroatration Of business III
nearly all branches Of trade, notwithstanding lllo
plontfuluoss Of currency, slall tend: to correct
tho public sentiment In regard to tile naturo aud
Offices Of money, they Will not ho entirely with
out comporsation. It required tho sacrifices
OF great war to uproot snycry; per-
cal danstos to teacl, tho people tho danger OF
discnrding tho tr,,o nloaut,ro OF value. ma Aub-
stituting therefor tho uncertain ductuatino
standard Of irredoo.nablo lcgal-tcntlcr notes. il
WI pc iamentablo indeed II, instcaG Of having
nrotltcd by experience, co,-onr financial trouble,
tho rcbuit Of onr financial mistalcs,-wo guli
cause ati)l witlor departure from tie paths of
wisdom and Bafoty. Heal nonoy-a,,d tIo
world always Inns lad, mid over will liayo, ponty
o. t1,d IT. t0r legitimate aos -loavcs or avoids eou
matter what other standard nay 10 adoptcd
by Inv, or how tho fact NAV DO A.
tempted to DO disgulacd for tho yaluo
qt al ~ property il still regulated By 1t. Tho
3h1egal,Teut1or Lee, act compca tho people Of tho
It 'yclo dollnr III fact, but except in payment
Of debts, 1t IL not QUO. It has not tho 1,nrcnay
lug powor of ono, its value hau bce11 III ccnts.
y u IL now 10; ycar henco it 1nny DO rs, Or what
II may 10 no oue can tell.
~, IT y TiE PArEn Dot1An,
fore, M UNCERTAIN and dangerous standard. Can
II thon pe doubted that IT il tho duty Of Congress-
sa 70 IeGislato ns to mako NJ Soon as practca-
uao, no paper aoltat Or which 1t authorizes tho
'osMu H. e;i uai 70 tno goid ono?
qulleu 70 eject this most desirable reBut2 Our
ie1onoa tn ol nj Eons1e,naa ,n Of ab1lity nna he
,uo s', W =. ~ ''ato NJ WHICH Foou financial seed
har hiv bII ." Sa1y oay ah has been proved by
hcr ha1,it;nn tnst;nt;n,.' a1r0 .ue sonllaucss n1
views nra but he wouid mi hao" ha t ,,os Nlat ha
5innucini ,uost;a,, re- r. Heao u.sonna upon the
flnn,,coa x"ro II ii. i,o,,ie 1'dT,aeent T OF our
,rIim,- ~ nJ.J ~ n nuus lor ono Bhouid bo
fiat io won1d 1,,rao ho to ,;1' a11uss nos aouninE
tho connrv fro,n t" u eonlsn 10 relieve
oon,noa atv smo o"iucu-lof 20 It isIof M
IIs ,on,Ia NJ ,,a nns hcn ID not tho face
shnt shn,, ~ ,a a'N, ,, @ossoss ~ 70 determine
this 5ntorn,,"t;or "' na. Mt'"ne1a. p9hcy, anu
rcsn,t oT tl,o nn,ronc,,;a ,nay uopehd On the
now ataud tfae ti,,n''aSi. 9'es..oIs As parties
1,ndo strictly porty n,,cston "nr ,s,,; Gtuhot 10
d mict bo ta ~ sna aeo Session It w9s lear
,ucgtfo,, ,,no,, syh; +;oro ,s,i T. nno. " ls
,niio,, a,n, 1nn, ~ III W., 10 OF
a,no State. hat thorn anlJ % ~ pIt,s anG .,.na
atin,,' nnd Lat '&ofo 1nouso 10 speedy lcgls-
'''''' 't.s1 ,',.,>.,.,, !"
,,o,-,, o,o uIEiSitE :I.i, POLICY EsFAn19sHEp,
ono "no ID Aot gatabler III business nl
mn a @uu IT, Mining put further imitation
,n',nSta,,t ~ tuA M lon matter 80
l,a c,rronos ~ ~ Me'.ue'nE ~ ~ VI INC country ny
'ny ~ sn ~ ~ ts Iof these reasons that
',,",,nei M9ctty 20 gvo my opinion upon tho
,a.n e.. tnat ~ reqnsrca state my
~ m iansy: no. a presenting tue only Way
nd ecs n"t! "tI for so9'S 10 nc sl4o most cortan
r. nEAo1r1Sa srEclE. .pAy;1EST. :, t
IL %lsor plum siaal bo adopted, no ono will
~ more poascu tlau myaolf.
.fsrs!t-,Congicss should ;x period, say tho
= =! O. Decombor, lS7G, Lilo time il uot material I
~ 10 not re1nuto, after Which Uuitcu States
otes SHOULD conso to ho d legal to1lder.
eecona-The Secretary Of lho Troasury should |
% authorized to retire, by tho nsa Of the surplus
oTcIl!o tand, II this should bo iusnfciout, by
o Bale OF bouas), atloaat $50, 900 900 OF United
tetcs notes per annunl until gil ,havo boon re-
reu, aud Ac sllould.b .bo prohibited from rossuing
10 notcs thus retired under my prctuxt or cir
amstances whatoro.. 80.
. 1A''d-ln Lew Of tho United States notes ro-
fcut MI oaual amount of bnnl; notoB, il thoy
nall be required, Should DO issued TO National
inks. ;, ,,;;u =
fou'M-When tho specie-standard Inns beon
established BY tho repeal Of Tho Legal-Tcndcr.
'ts, bankiug should be made free, aud Congress-
loud ceaso to. Interfere with tho curro,,cy, ex-
'pt 30 far as may be necessary to prevent lilo
NJ issues, aud to provide that oycry dollar in
rculation by authority Of law shall 6o secured
'yond contingency, MS il now tho caso, BY q do
oslt OF United States bordH in tho Treasury,
It is obEions tlat III long u.s. Uritoa Statos
otea aro legal tender tho specie standard will
ot bo restored. These notes should be grndual-
rohgoa, because. until tho volume Is reduccd.
ICY will not permanently improve in yaluo, and
,eAuBe until Tho lmn,s Darcn;vo ~, tJ,o rni1,o |