National Republican. (Washington City (D.C.)) 1872-1888, 1874-04-28

tenders In coin 10 make our whole circula-
ton gold currency. a w u.
When the panic burst upon the country.
and disrust Of sll'frms, corporations, and
individusas 8as developed. not q word Sof
dhcredR was WHISPERED against tho solT-'
ency Sf the currency. Il was only When
Cpngfess assembled and proposed legisla-l
ton, il Syepudiaaoi Of Congressional and
party pledges that FEAR and Sdistrust IN
the faith of the Government was manifested.
1t was only when the two Houses enacted
that the policy Of the Government should
be reversed, and that our currency should
be expanded and cheapened instead Of be.
ing contracted and redeemed In coin, that
bonds began to- weaken and Republication
was again predicted and threatened ed IsbaI
Now. what Is the reasonable method of
rssusditation from this state Of iaffairsf How
shall the credit Of the. nation be strength-
ened more and more and its bonds be made
to appreciate 10 q still greater height How.
would an Individual conduct his affairs
under similar circumstancesi His inst act
would be an attempt 70 redeem his promises
If be could not do, al that he hsd pledged
his faith TO perform he would state his &C.
counts and get as nearly 70 the objective
point as possible. If be could not or would
not do this his alternative would be bank
ruptcy. Has Congress pursued 9 Ike
courssf On the contrary. l. has said to the
country and the world: ''Our irfedeemable
currency is good enough. We have changed
our minds. We viii not make it a gold
currency; greenbacks are quito as good.
We viii have more, Of them. Contraction
shrinks values terribly, and viii break every
man In the country II pursued until It ex-
hausts the six and half per cent necessary.
to make greenbacks par with gold. But
expansion, on the contrary. viii not initiate
values There Is strange popularity
about this currency question that but few
people understand. and it consists In this
thing that you resumptlonists call q paradox
the poor rule that will not work both
ways"
This language would be called ''stuff and
nonsense" If 1t emanated from class in the
Franklin school, and every member of the
class would be sent to the Ounce block for
the utterance Of Il. But It Is respectfully
submitted that this Is the plain English Of
the bill which was vetoed the other day.
And now, instead of going manfully and
truthfuily and frankly to work to meet the
facts in the case by ordering the accumula-
ton Of gold, with view to redemption OF
no distant fixed day, we are told by the en-.
terprising independent f'specials.''' whose
vocation it is to know and tell everything,
that new devices for whipping the devil
around the stump Of redemption are being
sought out and perfected in the shape of
thirty-year gold bonds. bearing lower rates
of interest, with which to redeem green
backs. This device would afford no relief
What is wanted now is confidence in the
honesty of our law-makers-that they will
redeem their pledges, or at least not take
the back track and make race in the oppoi
site direction.
In ordor to do this they must arrange for
the redemption of legal tenders in coin at
some fixed date, and provide simultaneously,
by repeal Of the limit Of national bank
issues, for suficieney 10 meet all the legit-
innate demands of business. Our whole
will then soon become specie pay
ing and the confidence thus inspired in Its
safety and availability will so increase the
activity of its circulation that its efficiency
will be augmented four-fold. The fault is
not in the national banking system but in
the sleight-oEhand by which an attempt
has been made at the manipulation of the
whole volume Of the circulating medium.
There is not profit enough in the circula-
ton Of the national banks to make an In
crease of it beyond the legitimate necessi-
ties of the country desirable even TO the
banks themselves. .--.. .-