, 1874-03-07

tho consistent FREQ Trsder tnasts; has boon tho
roault which folowa all confusion of itlons In
which sool. Of saiety IL sought under Govern
tnont protection, fraud, sl1ipwrdok, ruin. Hind
tho Government orfod' lands Off" tho per
cent Of currency would have Bottlcd itsolf 1nBt
m tho o. per cont Inns aottlot itsslf Tho multi.
to Immediate redemption, to koop domntltl
checks floating as currency on tho market would
llavo required 6t1oh q worldwide. woll-es
lisliod reputation for atrongth and integrity II,
tho indiytta'a or corporations who issno tllen1
thnt their notos must l,ayo posaeseod for,ntla-
ton OF value fur creator than can DO furnished
by any government regulation or supervision.
Tho groat
Law OF NATURAL SELECTION
and tho survivorship Of the best would have
como into vigorous play, and have, assorted it's
supremacy, It would have boon as impossible
bad choolts. It wnH Government protection,
tho interference through Government action
with tho wording Of natural laws,-whicll made
It possible. know Or no rcason why any man
horo sllonld not go 70 his ofllco Tomorrow aud
ias1,c q buaho! Of five or .ono-dol1ar ohooka,
except tho fatigue mud usolosBnosB Of tho
oporation,-thoy would all DO presented for
redemption within twonty-four hours Of thor
iasuo. Not that any law compols It. On tho
contrary, in our country. towns tho cllooks Of
months togatllor, and paHs as money through
mnny hantls, coming bnek to him AZ dirty as IN
ordinary baltlt-bill but with respect to IN
div,dual chockB tho community having bnen
aovorey loft, atona perfectly protects itself.
LosBcs are nevor incurred on tl,o medium Of
exchange for 94 per cont Of our transactions,
which Government does not undertake to ao-
euro or to regulate, but tho per cont, which It
does, is prolific Of fraud. r., =,
Tho trlo Troe Trade in inonoy would then die
4nkn FNu al +rty Cotf
. s1MrLE, sArE POLICY ... ~,
which controls 0i por cent of our transactions.
The Government puts stamp on certain sub
divisions Of precious metalH indicating, not its
value-wth Chat tho Government Inns nothlng
to do,-simplyiits weight and its flnonaBs. If,
upon tho application OF teata, those subdivisions
prove to have leas than tho satod weight or ilno-
noss they are bad money, and no matter what
the supersortption may atato, nro to be rcjoctol
al such. Having done this tho whnlo function
Of Government stops. It won't wholly beyond
Its province. when 1t undertook In nuy why. to
further noddlo with questions OF currency, or to
regulate 1t or to throw safeguards around 1t.
Fortunately it confined It's
rATEnHAL OVERSIGHT
to 4 per cent Of tho whole, tho remaining 9l
per cont by some inAcrutable good fortune was
loft to overace itBblf.
such is tho, thborist Wow OF what might or
should have boob. But wo 1.-Two IN world Of
LAosU h!iA lluL tuu!flselVG6 Lu
theorl or, II they do SO at aI it is but worry
slow!y:-and, consequently, 1t Is the part Of tho
sensible Ieforner to approximate as nearly as he
can to that lofty idcal which hc may hardly hope
to- SEQ fully ronlised. Taking then, tho bold,
nted, that absolute confidonco in nous actions
il left to take care of thomsevoa,- taking tiloHo
PRINCIPLES, lot us aa practical mcn-as rofor1ners
400 how fur we may hope to adapt them to tho
existing condition Of atTnitH, Lot m CONS down
at onco to the subjects now so painfully agitat-
ing our country.
or two things We may rest assured.
CENTURIES or FALSE EDUCATION,
false logislaton Of words, OF can't md Of mud
tllo, l,avo so thoroughly iligrained into the minds
of our feow-countrymen the idea that there Is
some Fundamental distinction botwoen bank
Checks aud individual olscoks,-tilat tho frat In
This mischievous fdca-tho whole basis Of tho
twadale-ia SO ground md knoaded into
tho minds Of men tlat 1t s useless to attempt to
ignore It.. Our people aro persuaded that 1t is
ono OF the FUNCTIONS Of Government, either
itsolf or through tho agency Of certain aom!-pub-
llo institutons. to furnish to tho country what
they pleased to call m abundant. SAFE staple,
and cheap paper currency. Tliis radical innova-
tion OH correct principles we lave got to accept
whether wo will or no, and submit to its inovit-
ab!o evils as best wo may,
Another point also wo may accept as estab-
lishel beyond our power Of disturbance, nor do
think + would disturb it if could. TLo
people Of this country will not again consent to
i return to t,e Bystom Of "rel-dog" or "wild-
sat" State banks. One chief difficulty oncoun-
torod in thoir struggle by the friends Of return
to specie payments Is it's 'inaeparahlo as6ooia-
lion In the minds Of those inhabiting by far tho
larger part Of the country with tho old currency
outragos under q nominal Slate protection tn
syatem OF national currency was inauguratef
That Hystem may he bad |; tito system OF paper
money which it drove out Of existence was fur
sorse. Il WAS Hystom Of ,c
ORGANIZED sw1SDL1Sa , ......<
throughout whole communities under the pro-
just sunicionr to hull tho victims into q false
sonse of security. :Hore in Now, England wo
snow little Of it, Our local currency WAS worry
good, tho batk-noto dotoctor. was indeed noe.
Dssary part Of it.--but tho currency Of q yast
majority Of tho States Waa drivon ont Of our
reIcy-oxcept gold mud silyer-was unknown.
For thirtoon years this groat OWL has boom ln-
felt, With tile advept Of {tle "groenback It
and in tho minds Of d niority Of
the people OF the Union, Unitod States money is
Tho representative OF a ttabo. universal our
rency, and to speak, Of abolishiug it is to aug
gest to thom recurrence to the odious condi-
lion OF Insecurity which preceded 1t. Therefore,
whether it IL violation Of abstract principles or
we may as vol accept the ossantial
~
Lho Government to furnish us with paper cur
ronoy. but it is tho National Government which
ia to do it. a..
Accepting than thoso two worry important dis
5llrbing conditions it only romans for us who
1elioyo i'll FREQ Trade to conform to them and to
,ppiy our principles to remaining conditions as
oost We mny. az:
And now at Inst We come to the great
QUESTION OF TIE DAY. ,~-.
Wo arc to apply the simpla elementary prtuc-
,leH we have been discussing to this subject Of
money which tho country Ia 10 anxiously debat-
ng. The recent panic has precipitated upon us
In issue. All along 1t was inevitable. Senators
md Unitod states Treesurers, with fatuty
shich could arise only from supreme ignorance
II all past innlan oxperisnco, might cherish q
'ohd hope TINT "do-nothing" policy was all
hit tho occasion required That the question would
ettle taaf II left to t4ef. Noyerthecsa, tho poi,t
'ad to he reached ut which tho roads diycrged.. We
,ayn Como to 1t, aud firm believer in tho doctrines
II Free Trade call fur lnomont hesitate as to tha
nurse he las to pursue. An irredoonAhlc par0r cur
cney-an ayowel "constahe-nloneyn-ue
or ita wlo1e value thu fifth Of tlla Government
7llch isaueta II, Is PROBABLY tho very lnost
t." gxPENR1vE AND COMPUTING
0r.n Of protection which human cunning and stu.
'dty has yet 1esigol. Why ta It evar Introduced
! Ii only introduced forced loan to protect people
rom a direct loan or III Immediate tax Fur ita
rff1N Ia u S,tn