The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1874-06-11

fCOLFAX ON THE CURRENCY.
HE POINTS OUT A METHOD BY WHICH
SPECIE RESUMPTION MAY BE
.#. ATTAINED. A.ss.....
From The Advance, March %.


DEAR GENERAL II comply cheertully
with your request to write you az open
letter on resumption although | am quite
out Of the old business of attempting
to shape public policies at Washington,
or explaining or vindicating them at
home. *.U W Fl.
The famous phrase of Horace Greeley
that 'the way to resume is to resume" was
acceptep by many as philosophicahy
and financially unanswerable, but was
secuted by many as .nsanely preposter-
Gus. Ills argument, in brief, was that it
would by no means need q dollar in gold
in the Treasury Ter every greenback, dollar
in circulation to m! Ike resumption a
success !; but that the proclamation OF
| resumption would itself inspire so much
confidence as to prevents any disastrous
run Bui, on the Cor trary, 1t was
insisted that gold being more valuable
and desirable than paper. it would in
evitahly be drawn out rapidly by the mill
ions, resulting, finally, in another sus-
pension, and this tin e in Eeace, which
would be national disgrace as suspension
IN war was not. Thus, in consequence oil
this antagonizing of thought and theory
nothing was done nine years have
passed since the close of the renelIion
without resumption. And, though national
platforms, messages, and statesmen assume
and codcede that the nation is TO look to.
ward resumption atsome future time, the
events of the past year or two do not
seem to be fastening the day. ! @suA s
Meanwhile, On the other side, we hear a
great deal about "the greerback being a
lie on its face'-that the United States
promise to pay so many dollars to the
bearer, but fail to carry out the promise
that an irredeemable currency is dis
honor, shame, harmful to our public
credit, etc. While, on the other side, it is
replied that in the panic Of last fall, unlike
all former panics, the Government currency
was 50 highly appreciated by the public
that it was boarded just as gold had beer
in all financial excitements heretofore
Let us see whether, despite all these
!; antagonizlng financial guides. pointing
in opposite directions, there may not b,
some pathway plainly marked out by th,
principles Of right, plainly designated o,
the finger Of duty. III v b.-syl j
When in the dark hours Of the febell: O,
the experiment was hszarded. OF ISSUING
those hundreds Of millions of greenbacks
it was deemed essential that there should
} be some guarantee of their scundnes,
, given by Congress to the people who were
expected to accept them as currsncy F,r.,
1t wasenacted thatthey should be ! LEGAL
tender for the payment of every ones
debts, and also in all operations Of bua;.,aa.
over the country, in order tina. every ie,ne
should have their eggs in, thesama, basket
with the Governments. sesond. d it WA,
enacted that there should be an easy
method of redemption provided for, them
at the option of the holder. Printed
therefore, on the backaof each greenback
was the prefer of the, United States
Government to redeem them at any time
in national bond. bearing interest il
goid.iiN II deipa9 ieaaljsaoaaao0 af1
This was the 'promise to pay with
which the Igreenback commenced its f,nsr
cial life. Itwas this which, at the outset
gave it faith and currency. Thus fortified.
'every holder y off, Qrsenhacks. IL Snez..
Sg YE Ams0n9 i#1& Ae6sF84 49, f4e