The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1874-10-09

not now and never have been IN favor|
Of repudiation, but do believe IL Is our
highest duty to fulfil all our country's
obligations, not according to the merits
of our creditors, but according 70 the
spirit and the letter of our promises.
fCheers. We are not now and never
have been in favor of volume of cur
rency, changing, fnctuating, according
TO the whims of Congressman or the
interests of bankers; but we are in fa-
vor of an abundant currency-as abund-
ant as the easy, active, economical, prof
liable Interchange Of commodities de-
mands, and we would have IL A. fixed
and stable as the nature of the case will
allow; and so long as We must have
Government paper currency, we prefer
greenbacks, which are cheap and good,
to National Bank notes, which cost the
people six per cent, and are at last only
pa yable In greenbscks. loud and pro-
longed applause.l
The mines Of Mexico and South Amer
lea carried the world from the ages
which we call dark to the living light
Of the. seventeenth century. The mines
Of California raised the world from the
stagnation and distresrOf 1890 and 1870
to the unparalleled activity Of 1850 and
1870. A wise man has said that high
prices and plenty are prosperity. low
prices and scarcity are misery a
voice, That's So"
Would not the face Of labor, ofonter
prise be frightened. and th. general
prosperity of the country u. increased,
Ii new gold ming were op, ed. and in
course Of sixty days bv superhnmsu in-
dustry. two hundred millions were ad.
ded to our coin currency? And would
the benefit not he largely enhanced II
those two hundred millions could he
kept at home and be added permanently
10 our domestic circulation? Certainly
those two hundred millions would be
added to the actual wealth of the coun-
try. but their addition to the currency
would be vastly more important than
the addition To actual value- II, then
the problem Of modern stalemansh(p II
70 find . currency 10 ehe 0nt the def
cheney or gold and silver, what shall
|it b0f Evidently The 'cursoooy which
shall, with tho leaat possible expense
perform most nearly all the functions
of . gold ard oliver currency. have
shown that & IL impossible to have II
actually and absolutely redeenable In
gold aud silver II is desirable that II
should be SC redeemable. BY wise man.
agement. by carefully maintaining pub
lie confidence in Its present and ulti-
mate redeemability-by keeping up a
sort Of pious fraud = 20 large proper
ton may he kept outstanding aud so
little may be presented that the little
may he exchanged for gold and silver,
but redccmability in gold and silver AT
all times and in any quantity, as an es-
scntial quality must be abandoned. The
paper currency must be founded on
credit and whose credit stands highest
Whose notes command the readiest sale,
aud bear the 10 west interest? Certainly
the credit of the Government. That
then Is the best basis for the paper cur
rencv, and il, in addition to its value
derived from this credit. there Is added
the quality Of lcgal-tender in payment
Of debts and taxes, the currency ap-
proaches as near purely gold and silver
currency rs any which can be devised.
Ii is also the cheapest. l speak Of ouI
conditions and these times; other con-
ditions and other times N sht suggest
and even require entirely different
measures.
The National Bank currcncy derives
it's value from the deposit Of Govern
ment bonds, and these in turn derive
their value only from the credit Of the
Government. The National Bank cur
rency rests remotely on Government
credit and costs six per cent. In golt
yearly. The greenback currency rests
Immediately on the Government credi
and costs nothing.
But how will you get the greenbacl
currency into circulation? asked yer!
good friend of mine. He seemed Il
think we would have to give 1t away
I will tell you:
I Call in the National bank notes at sucl
times and IN such amounts as will no
: disturb business and cancel them issu
i'm their stead to the banks which desir
them an equal amount in greenbacks
and take up and cancel the prope
amount of bouds deposited. II an,
bank refuses the greenbacks. return Z
Il the bonds which il had deposited an
then buy in the open market bonds SUI
iicicnt TO absorb the gree" backs refuse
b. tie bank. In this way ynu maintai
! the volume Of currency AMI save nearl
: twenty millions of interest each yea
Applanse.I
But how will YOU rrcvep. great lnt
ltuations Of currency, according TO IN
whim of Congress or the momentar
exigencies of business? Just as yo
prevent adulteration Of the coin, or pr'
vent changes in the standard of weight
r land measures. The amount Of the ps
, I,or .,rraucv ~will ho f3xcd nv law peI