The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1874-01-29

Thursday. Jan. 40, 1874. j.
THE REsulrs OF 1sFLAT1OS-
Minister Bancroft writes to seoreta.
~ Fish, from 'S Berlin, that
the policy Of the government q
The United States in 6a.nsi.'
natsGss-tbs ssSn,agly indefinite lctt,
ponsnsatSof specie payment aud Ii.
inersass Of Tic public deb.-h,a had .
serious sdsct on American s.osks, and
that .hsrs'a lsssI disposition abroad T.
invsst h my NV han which the Uni.
ted States might IS disposed to invite.
These 10 tic inevitable results Of the
policy u imitation which has beso
sdoptsd ~ the Secretary Of the Treas.
ny u :. .issainy The rsssrveSfund, .uo
which has sppsrsstly become the poll
~ u Cougrsss. II the uufmtuoa,.
results Indicated BY Minister Bancroft
followed the earlier action Of the Treas.
ursr shd tho negative force Of the lack
Of assttled policy ST resumption, "ha'
may DOT b expected should the i"fa'
tiosisss, Who have sbown their ab'ht,
70 carry The House Of Representatives
By hrss majority, b able to
harmonic o. any one plan, or should
Sssator Ferry b able TO carry through
his sehsms Of doubling the volume u
The currency, raising il 70 $SU0,0V0..
600? A new government loan woul@
b fingered By foreign investors like {.
rsd.hos cannon. ball. The Uoitea
States sast keep good faith it the,
would hope for good credit. The
staad pledged, throsgh the solemn
declaration Of Congress, ITO make pro.
visioa q the sarlisst practicable period
fox ths redemption Of the United Slater
notes in coin Z The late anie did
more 70 make good his pledge than do
Ill our 6aaneisriug. Gold and green.
backs vsts then separated BY yer,
thin margin, and . irm, decided policy
the direction Of RESUMPTION would
have caused that martin to soon melt
away. But that opportunity ~.s los'
BY he zs.is.uing Of the reserve; gol'
ssain mosn,sd the scale ); aud al thai
shs eoanssy rea?sd from tho p.oie ser
The distress and failures il brought.
w srs further IF from redseniux OUT
plsd = than W we're before, ~ 8 'mr
S26,OO0, 900 more greeobacks .rs ou'
ssasdipg now than then. Tho resu'
Of this inore ass aud OF the increase Vi
The public debt could not be othe'
than the impairment Of the ussivua'
credit. =
i Il 10 not true that the country wants
more noeey. What it wants is b, t'e'
Aosey-moneJ that represents sumo
thing and i redeemable. Every think.
ing man underStand. that to ihcreas.
the volume Of tho currency IS to max
money ehssp and 10 make living dear
The purchasing lower Of eve.y doll"
i reduced just in proportion - til.
number Of dolisrs in circulation 10 j..
creased. A paper dollar il Dot
In itself value, it il only > rep
fesestative Of value, aud IT,
farther it i removed, BY ,nd..i IL,
from thst which il pledged by 'h'
government - its ba,,.-coiu-th
more il il ehespesed. Tia. = ost' u
with $sO0,o0o,0v0 Of irredeemabl.
paper currency - no richer thai
. nation with but $4O0, OOU, 600
that It il MT nearly 30 rich
every msn understand. 1t i.
70 this kind Of false prosperity, bo. rel
ditasteT, that the i.h4tiooi.ts 10 .uo
out ofCougress .rs ende.vor,ng to rec
oucils the better judgment of the eouu-
try. q And in It I'll, good faith to the
nations creditors seems to be entirel,
lost sight Of. "
What 10 wanted il 20. more green
backs, but, Is soon - possible, with.
drasal OF the surplus re.issued, snd
With iii: contraction the sd.rpest pos.
Sible contraction of the public expeodi
turss:: The rapid increase Of the NJ.
tional debt should be stopped, by I'd.
diriosl taxation II necessary Contrao-
tios, economy and good faith mark out
he rosd 70 ! rsdeemsbis currency, t..
true prosperity and to good cred"
sbrosd. ~; -@.