National Republican. (Washington City (D.C.)) 1872-1888, 1874-02-05
9atiiasuaial Estrgaatlisan.
REsUxpTYoE
A rnrNcn VIEW or QUE FINANCIAL

. RESUMPTION - ;ssr .iol
A FRENCH view OF QUE rryaNorAt.
SITUATION.
The Eenotn;as EG,eass, Of the 9th Of De.
member, 1873, publishes the following article
ON the question, allow to resume specie pay
Qen;s il the United States ~ 1.-THE citizens Of
the United States Are, 1t length, seriously en-
gagged on the question Of . return TO specie
payments. The Chamber Of Commerce ct
new iosk sfrenuously urges it, and calls sttsa-
ton to the difficulties that have been caused
BY the fndefnite prolougaefon Of q system Of
paper money. There Is, than, both the dispo-
sitiou and the effort to suppress IL, but, un.
f6rtuaately, there b q tho ssue time an
|opinion Of some weight in Couesess which
would 60 not only to prolong the tystem, but
even to extend it. In that opinion We srs glad
to see that Gen. Grant does not psstistpa4e.
Perhaps, llsc all military men, without taking
much acCpSne of the machinesy Of credA, hs
has an iAguitiye pfedilection for metallic
money. Lilte'the frst Napoleon In years es4ss
by, or like the Prussian Governments at fifs
passing time, he doubtless pereeives the -
vantases Of gold or silver IN its permitting tbs
holder to procusef q any given moment
whatever he mzy wsst free Of the
risks connected with psper money, Of
which the purchasing. power d apt to de-
cline just when there b tho most eecasion to
employ Il. Attendant on fncossertfble paper
there is always danger q butsess msstses
being brought to . dead lcck, for kew is n pos
sfble to say what should bethe' arsount Of cir-
culatjon when II is in the nst,iFe Of money that
ito Guantity sbould vary Of Itself wits the vary
ing exeencies Of tradel A defined Hnit VIII
be xt e1e time insufficient and at a7eGher In
excess. By the now existing 5ystemy - Rresi-
dent Grant unmarked, the papes circuifioa of
the United States Il the same TOR amount all
the year round, 30 that when the pnBfic 10 uu-
able TO make use Of Il in the intefSais between
at crop time, It is found to accumu3dse fu, ne
banks at New York There It soor gets placed
out In loans - all sosts Of securitieSof hind
which efectually depsive II Of its movestle
character: Piper money, when it hsppens -
Be m exccssr eaght only to be em1oyed; FL
loans at shoot term, and within thecfc1e Of
commerciafcsedk. II there b q scarcity Or bofr
rowers ontAnt S6oting, tbentoo otter, ratSefthsD
reap no profit, recourse b had to investnnAts Of
the pFotracted ela9 even I'm spite of the dalgef-
By aprocess Ike this, let the circulation beevsr
90 large, empaoyinsnt VIII not be wanting foe
II, ana u villa % ABSORBED. As the paper Tn--
ereases In rcdundanee, pFices rise, rs matter
Of course, tin. the period arrives for disAs-
trous liquida1ioo.- There b no such thing -
elasticity withia cseulation of paper; this can,
only DO obtained through the precious metals.
which freely expandtoward those places whepe-
they can be employed and paid for. TheWhols-
secret Of the elase&ity Of metallic money COZ
ssts In thts, that it, range, whether IN one d.
rection OF the other, b determined By simple
and infeiligtbae Law; y Y exported - It be-
comes abundant, and Il % imported a. y Be-