, 1874-08-31

mnrc1tS g. money, bnt to falling OF In tho do
o1 fasnan consumption at home Is lesa, nnd tn
1ialiy' Of our manufactures nro idlo. M
I"1opean mhrtoss arc t,sturbctlby
oo1t FINANCIAL TROUBLES
III aais tneoo canscs,-thnt aro only temporary
nroaa,n sos aeafce money; which oocason tho do
uiessi9h which ut presont exists. There lin
WGyer Was. p geol tmo whom tho products Of. tl,t
MGas ean prcnk ntlyiBclly OF tia acctionl lay'
aa!iea 20 brlug what they woro really worth, no
GolttnR ,I 20 pficoa nt tho homo md foreign mnr
there lovor will DO. know that these produutl
| naso commanded at'vhrioua times extremely Low
pr'cep but this was owing to tho laolt Of ,1oa,,t
~ transportation, or Of supply superior 10 Llit
tn,emala, t,aaa Tho fact TINT nino out Of ten ol
| ing 'nnl shipping. tho products Of tic
.WeBt to tlo aeaboatd,. where prices nro ueuo!ly
regulated by tho European markots have failo;
III buBlnona'tB Nh evitlenco that those ptoduotr
navo nos beon haorIleoti, or Rold at homie for less
Ihan tliolr yal'to. by reason of n scarcity ot
money. There neod,' thon,' no no apprehension
or tho part Of tho farmers Of tho WoEt that toy
VIII 70 injured, or that there Would o scarcity
OF ino!ioy by roason of tho withdrawal OF tho
United s'tstes notes, OF IL reduction Of rnpor
circulation. -. ..s...- 1'~
-. 80 Fon EVERY DOLLAR or pErREc1ArEp
currency withdrawn. they would hayo dol
',ar IN value Mt .loast. cf convertible
IsI"t papsrit or II of speeie What ia trio in
trim
n regard to manufacturorst merchants, aud
Iaborors. My owntloliboratc opiuiou IT, Tint wo
Hhall never hnvo really cheap 1noi1oy. ag wo can
nt neyer have reliable money. until tho United
sthteh notes arc stripped of ttler false clarac-
tor retired from circulation. and tl,utr aco s,l,,-
piled by specie, nnd porscctly-sccurcd, conyort-
ablo bni,k i,utea. Specie tllon will ceaso to flow
ont OF tho country ny now it does, but will COM
Mo'lce flowing In 80 soon as wo' drive ont of cir
cl'sation tho notcs which havo deprivcdit nf its
fntnHtnrt In nAa <,Fn -
and silver millcg now lonyo l.a, because wo layo
no uso for them. Au tlo precious motais arc
not circulating mediums, nor basos for money,
thoy would 10 n burden II retained.
III roga!d to substitution Of
=. -. ,NANN NOTES ROW oHEENpAcEs.
I'hayo only 70 say tint thoro ought not to he.
aud there will not long 10, two kinds Of paper
niunoy in circulation. Ono Kind or Tho otbor
Will occupy tho lloll. Thiu think Inevitable.
Wo shall got rid OF the United Stntca notes., or
there viii 20 nn Irresistible domu,l for moro OF
them. advocate the substitution Of Bank uotoB
for United States notes bacauAo tho atter stand
III Inc why Of Il return to specie. Tho Goyern-
mont lacka tho mouths md machinery to keep in
CIRCULATION convertible currency Of It's Own.
10 maintain aucl, a eurronuy, the Troaaury De-
partn!ont, Or n department to bo created
Tor tho purpose, 1oull necessarily become q
bunk Of issuo, Sucll q bnnk would be aB unsrtit-
ed to our institutions rs 1t would ,bo deficient In
tho power required to gtro tlexibility to its H.
SUES, mud Hecu'on just aud equal distribution Of
tllcni throughout the country. For such at, OK
posimont w9 aro not prepared. Aa long ~ wo
have lcgal-tonder paper currency 10 shall lnyo
IN incontroycttiblo currency.
I advocate the Substitution of bank notes for
United States notes, alBo, becalso I regard it Of
exceeding Importance tint tho subject Of tle
currency shonll bo
WITHDRAWN FROM POLITICS.
:pollticiana nro lecosEaiily asitatore. !. They
cannot po otherwise. They need capital, aud
agtoslon ia thoir. capital. That this capital
should not DO 1nntlo by perpetual Interference
yioua truth. A Government, currency, therefore,
ls not What Ia needed for q circulating medium.
NO political party should bo iutrustod with tho
power ol making. noney-or what IL called
Im9ointoy|scarco, o Or plenty, at pleasure. Lct the
upon bank circulation ho removed.
Let bnnklrg bo froe, md tho business Of ba,,It-
ng bo mnnngod by those who embark in 1t. Let
ho circulation Of banks, secured by the bonds
u rug Goyernmont, DO regulated by their ubi]ity
sy, aud We shall hare TINT freedom, from royit.
esl Interference, mud that toxible, yet stable,
'ecatso convertible. currency, which il needed
.,: 70 STIMULATE ENTERPRISE
md secure to labor it's proper reward. Tho loss
nv tle people! would sustain in tho matter Of
lotea would not bo felt. If tlls loua should not DO
nado up by tho taxes assessed upon tho bnnis, |
nd the facilities which they render to bnslnoEs.
would bo small decomposition with what would !
10 gn!ncl by tho withdrawal Of tho currency I
question from tho arenn OF politics.. l m, no
dyocaso for banks. If thoy lid not exist, I might
egard tho creation Of them question Of doubt |
III exradionoy; but they nro 40 interwoyon will, |
ur financial interests. tint thoy could not bo
cAtroyet without 4 financial revolution. And It
must DO borne III mind, in conaidcring our bank
ng sByHsom, that it III II worry difFeront one from
hat It superseded, iAnsmucl as it gives to tho |
eoplo. a circulation Of uniform value and TN.
nestionablo solvency. It ia undoubtedly the
nEsF SYSTEM NOW III EXISTENCE,
nd it should bn sustained until il batter ono ia
ovised, or until Tho country is prepared to do
'ithout banks altogether
In what Aayo said in regard to tle United
tntes notes, must not DO understood na ro-
Getting upon tho iinancial Minister who adyo-
II regard to tho wisdom of this measure there
70 now. NJ there .wero then, differences Of
E,inlon; but. admitting TINT this xas not tho
lsckt mcasnrc, tho advocacy of it ought not to
esract from tue groat
MERIT OF sIn. cIrAsE,
whose administration Of tho Treasury tho
,ccDssful termination Of tho war Is very largely
} bo attributed. Ii lIr. Chase lacked financial
aiming and experience he possessed what was
ottor in tho trying circumstances in which l,e
'llos In tho iield MT, but seldom won by strict
lherenco to tho scientific 'rulos Of war,
rent commanders aro seldom found In
stinguislod military engineers. The samo is
no III grcnt ilnancia! contests and tho struggle
II aupt en1aoy botwecu tho Government and the
7uthern States waa a8 much struggle Of
'lla.s aH Of aims II tho Government had
Oxen down financially, the rebellion would not
.vo boon suppressed. That it did not Groak
'wn was largely owing to tho qualifications OF
r. Chaso fur tho position lo hold Ho uu-
'ubtedty Undo miatRhcg, but tlero is Cause for |
Dnaer that lo did not mako moro. i DO not
ioyo tAoro was another man In tho Union who
onld lay0 mado less.
Thoro Is another subject to which I should not |
udo, il thoro WIS not u plank n tic " plat
rim "adoptcd by tho recent Democratic Con
ntion at indianapolis, in favor Of the puymont
Go ,
noSDs IN 0HEESDACKs.
Although It III known t'iat party platforms are
TALLY mado to be dtHlegarded and. "unit
'on," tho expression OF such a sentiment by :
: intelligent md highly-rospootablo body. Of
on, cln1Mlng to represent great political
rty, whoBo record upon financial ouostoug I
8 bcon most csoditab!c, is calculated to mis- 4
aa Toll-mean!ng people, if not to damage tho !
tional ctotl't. This subject is rapidly IoBjng I
interest in n pccnniary point Of Wow, by The, q
1t thai the 6 per cont 5-20a aro bong rapidly
81 I $