The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1874-01-30

issue gold and other metals, 1t VIII nee
essary furnish small change for our for
eign commerce-not even that our vast
home transactions, manifold greater
in value, in which gold is hardly
used at all. A money suited TO this
great and widely extended business, home
and foreign, must be issued, and the
real and only question is between a Ma
tional money like the greenbacks, and
the notes of private persons and corpo-
rations. Shall we return to the old rick
ETY. currency issued by and for the profit
of the few, with interest always separate
from, and often adverse to those of the
masses of the producers of wealth, to
whom cheap money is neeessity?-a
currency, of which the promises to pay
gold have always failed and always must
fail, whenever the redemption of large
amounts is demanded? Or shall we ad-
here to and perfect the greenbacks?-the
National money which we have already
tried, and with which everybody is sat
isfed, except the few interested in sup
planting it by something worse.
The benefits for all the industries of
the country, a National money permea-
ting its business, of and with no other in
any form permitted, are great and obvious
Banks of discount and deposit and 9TH
er fiscal agent and agencies may be es-
tablished on a far safer footing, both to
themselves and the public. Increased
| facilities will be furnished for lowering
/ the rate of interest and reducing the
principal of the National debt, and for
relieving the industry of the country
from the burden of exorbitant interest.
England has recently shown us how
through the Post-office and the tele-
graph she can furnish safer, more speedy
and more economical means for the de-
posit, exchange and transmission of
money than is possible for private agen-
cies.
And England, about the beginning of
the present century, gave US a money
lesson by which we may profit now
When she stripped for a deadly struggle
with her powerful adversary, she diecar-
ded gold as money, and relied on the
trust which her people had in their
Government. For near a quarter of a
century she subsidized the less advanced
Nations of Europe, and came out of the
contest triumphant, having then laid
the foundation of her commercial, finan-
cial and maritime supremacy.
Meantime, it nattered little to her
! that gold rose and fell like other COM
modities. Throughout her wide do
main her people, true to their Govern
ment and to each other, throve and
prospered, with currency inferior to
our. greenbacks, but which served them
better than gold. And this, although
England was bound to the metallic sys-
tenn of European finance, by ties far
stronger than any which exists in our
day and country.
We have engagements to pay gold to
public creditors. The validity of most
of these claims for gold was more than
doubtful, until they were confirmed by
Congress, long after the bonds were
issued. All claims so confirmed are
binding on us, in honor and conscience
now, whatever they may have been be-
fore, and must be paid in gold to the
last dollar. But let US MAINTAIN and
perfect our national money, freed in fu-
ture from the delUsive connection with
gold, which has cost our people more
than the whole amount of the National
debt. If this be done, any enterprises,
peaceful or warlike, in which our Gov
ernment shall be sustained by the peo-
pie, may be undertaken without aid, and
with entire disregard to the opposition
of the money lords of the Old Continent
J. T. WoRTHINGToN