, 1874-02-10
THE CURRENCY QUESTION.
Important Letter by DIR. q. G.
2. Clark, of OSwego.

AIHpOIthut AcClCF NY LIZ ~. u
2. Clark, Of Oswego.
10 the Editor 1f Tho 0s,rcgo Palladium.
SIN: Tile financial problem Of the day is two
fold: ~ How shall We got hack to specie pay
ment2 and {2) How can We bestow upon our
paper currency the faculty Of obedience to tho
lAw Of demand and supply7 Itd solution is tho
study Of the President aud bis Cabinet, Of Con-
gross, and Boards OF Trade and Commercial
Conventions all over the country, and indeed,
to aomo extent, Of almost avery man who cares
either for tho honor Of tho nation or for tho
safety Of lis private business.
A olaBs OF men, 1t Ia true, are lately making
themselves hoard who think that the first ques~
tion is Of no Importance, Or at least need not be
considered ut present. They hold that = prom
iso to pay, il only Il Is made by snch Govern
ment as ours, will never really need to bo re-
deomod-o1copt by another promise to pay.
Gold and silver they regard "a antiquated and
nuporauous elements in tho exchanges OF she
world, whose former function can now he we'll
discharged by IN
EvRRLAsr1Na ROUND OF I. 0. us. Il
Theao inancier8 do not merit to be argued with.
They SHOW themselves equally ignorant Of tho
first elements Of political economy, aud regard
this and other Countries. Ttlolr proper place is
In tho company Of tho two historic achoolhoys
who, shut into closet by their teacher for pnn-
iehment one afternoon, made 'a5 apiece swap
ping Jackets with each other.
4peeie-payment, it ie obvious must begin, not
with the people. nor with the banks, bnt withtho
United States Treasury. Near four years ago,
Congress pledged its faith "to make provision
at tie earliest practicable moment for tho re-
demption OF tho United States notes in coin."
~ T. k1.nil
]apae Of 80 long period Of peace and general
prosperity ought to have fusniahed q s'practica-
ble moment" for at least
DEaINNIJ1 TO PERFORM
thia solemn promiBo is becoming anxious about
tho matter, aud a little aBhanedt Ii desires 10
sec this pledge redeemed, to ses tho financial
honor Of the nation again erected, the stability
Of prudent business atrengthened, aud the re-
wards OF honest industry made more certain. It
wants to hare specie payment resumed BY tho
last device Of high functfonaries Of tle Repul-
1ici npt In half or other smaller portion, as has
been ofton proposed III Congress- and elsewhere.
not temporarily, but permanently and totally.
Legislation viii Of courso be required for thiH;
for It is certain that ot1r papar-inonoy will never
by the mere force OF the public credit. reach )
. TIE sPEc1E-BTANDAnD.
Mover in tho history OF tho world hnyo the
pnper-isanes of any Government been worth
their face In spooo till specie vns provided to re-
deem tlCm.
We cannot pay specie now simply because wo
have not got enough Of it. We hive e40o, o,000-
600 worth OF outstanding promises to pay on d.
mand, and only $40, 100000 to S50, 600 Of
hard money in the Treasury to meet them with.
We might begin specie-payments with this sum,
If wo should colloos all public dues IN gold and
silver. Startling with S100, 900, ,000, we might 70
on we'll enough In quiet times but nothing less
than twice that sum would make US ready to
moet those
FINANCIAL coNvu1s1oss
that, two or three times In every generation,
seize upon tie commerce Of the world.
Probably there iB no man who will see the
way cenr to collecting this surplus Of 5000 000,-
600 into tho Treasury. To undertake 1t ia forbid
don oy truo economy, By the naturnl and rea-
of taxation, and moro potently. still, by those
necessities of party and expediencieH Of poll
tics which now subject to their requirements
every measure of public policy.
II this be true; 1t follows that wo can return
to specie payments only BY reducing the CIR
rency obligations Of tho Treasury. Like tho
embarrassed trader whose aBeets aro abundant,
but whose eush in hand Ia little deficient, wo
must got tme on tho demands that press US.
We must Withdraw greenbacks from circulation
DY FUNDING THEM
on such most favorable terms N our creditors
will accept.
All this is simple enough, and it ll4s boen said
many tines before, No Intelligent mAn
doubts That it is what we muBt como to before
we al!ali sec any form OF national paper as good
as gold.
Moreover, this withdrawal Of greenbacks from
circulation IL groatiy to be deslred because, so
long as tho Treasury haa paper-eurreucy ont,
tho quantity Of altoh currency must he albieot
to tle determination Of Congress. Ihts is
most objectionable atato Of things; because ~
no Congress ever has hoen, or ever will bo, wise
enough to know how much currency iB really
needed and (2) because tho leaving this ql1ea.
lion to Congress is to cultivate alike tho de-
bRuolment Of Congress- and the insecurity Of
business.
But thlH Ia contraction, and at that word
part OF the h,lBuoHs-world cries
Aloud. Must tlat cry be heedod !? Not 40. No
lonbt contraction would diminish speculative
activity; but there never has been, md ne9er
Will bo, time when that reAult would not attend
&c, or whep entorpriaing men will not
ASK FOIL MORE MONEY!
aven though At the expense Of tho people and Of
public credit. 1t WAS q memorable saying OF
androw Jaokson, that tloHe who trade ou bor-
rrowed capttal ought to break. Without going 80
|Gr az that. tt may aately 10 hold that thoy
shose btlsAesaHuccosa depends OH the contlu-
1ou bankruptcy Of tho nation and the irredeemA-
'llity Of the money OF the people, have no
lain upon the public for md II there
anything that doea not noed o,,-
in thiR country, 1t is what Ia
'allad enterprise. Every year 1t mieplacos and
yasteH an Infinite amount OF labor aud capltal.
Not seldom 1t IL more appeal to CHANCE or q
eckleys discount OF tho future, aud often 1t is |