, 1874-06-20
THE LATE INDEPENDENT CONyEN-
YION.

Letter from Col. II. T. Morgan, Jr.,
ON tho CURRENCY ind Eet.tlru1.I ea-.~--
IA0nBs
BLOOMINGTON, ILL.,, June ., 1874.
John Sslls, Esq., Chairman Of tho Mclean Couni1
Delegation, de-:
DEAR s1n: At your request, 1 herewith hand
You my yiowa, in brief, Of the financial policy
which should bo pleased to SEQ adopted by tho
Convention to be hold at Springfield Oh tho 10Th
inst. to Which We arc delegated. I find that
shall not be able to go to Springfield, and, from
conversations with yourself and other eo-delo-
gates, regret to learn TINT your views on ques-
tions of fiuauco differ 80 groatly from my own.
lnasnluoh as tho main object Of tho Convan.
ton is to take effective measures Tor tho genera
prosperity OF tho whole country, such
as will have beneficial and permanent inf1u
onco upon agriculture, manufacturers, aud
commerce. md believing thatsuch measures can
only be successful uIldor tho guidance Of correct
principles, and the adoptou OF q baais which 1aa
por.enco Of the whole civilized world, am very
deBifous that, on this subject, tho Constitution
should not make what it seons to me will be
serious aud fatal mistake. Honesty is. in all
diyittual affairs. We should demand its exercise
on tho pnrt of our own representatives. md hava
right to expect it Of al public otloers md cor+
porations.
Although syetem Of credits Is 3ustiaablo as =
convenience to- facilitate business, its e1-
dangerous to tho credit of nation
or an Individual. Tho subjaot Of
the currency Of the country iB ono whic, ia 1!ko.
ly to occupy mucl! Of the Intention Of tho Con-
yonliou, anil Which will, porllapa, tse!oae grayo
differences Of opinion. AL concur IN tho belief
TINT tho presont condition OF the currency is un-
satisfactory; bnt many and various notions pre-
vail, oltou irreconcin6lo, to where the remedy
fnr fha mills In tfH n pfn1i A11
lieye or profess to believe, that the currency
should, at Aon,e tiIno, bo brought to speca
basis; mon ditlor widely as to tho detail Of the
measures by which this roBult is to bo attained.
ln tho menntimo, fooling tho pressure Of tho
OWLS existing, tile stnsnatiou Of business. tha
doubt which enyclopB tho future. causing capital
to i,oHi ato to embarls In now enterprises, r'any
are looking about for somo remedy which may
afford temporary rellct.
Among tho measures proposed to this end,
ono, perhaps tho most SPACIOUS. and got, rs it
soouls to me, really the most dangerous. il q
furthor int'ation Of the already depreolatod cur
fold: First, to doprcoiate tho cutrouoy still
moro, mud tlieraby iucrenso tho embarraasmonts
with Which such currency surronnda tho busi-
moss Of tho country; aud second, to make thu
ultimate return to sound standard moro dill.
cult alNl disastrous. II wo arc ever to return
to Hpccio oatandord for our currency, tue first
Indispensable step is to stop, tho further Issue
Of irreheennhlo phpor Ilia oxlRtenco OF auot
lth incroaAo in violation OF tLe plightoa faith ol
tho Nation, Mill bo alike disastrous to public
credit and private business. ,,u......,,
From what I hayo abovo said, you will aot
TINT nm nnaltesaby oproaea to q further in'
i!atlon Of Tic currency, This, porAaps. answer, .
tho questions Oh which you dcsirod mo to OK
prosa luyBolf; hut, ~ am deeply interested IL
thu successful action Of tho Convention, potml
lilo to add fnrtllor suggestions:
Tho true so.,rco OF prosperity to the people ot
tlia country oxiBts III the effective aud econom.
ioal application Of lahor. Az industries ot oil
descriptions arc pursued at various loca!sius
over tho widespread territory of the United
Etatos, fro0 nter-comnuNicatiol, and cheap trans
portation are esauntnl to the general welfare Ut
tho people. a1il Aonco railroad-mouopoly is ono
embarraBsmonts of tho country. Tho sublout OF
control OF raroal. l.tranauortation 10 ono which
han recently largely occupied public atteMtion,
aud 1t aoenas to MO tlMt popular opinion IL, per-
haps, nsonsibly drifting In d wrong direction.
THO di!onltios whioli surround Y are 10 groat.
inclined to lospa,r ut relief by State lcgssaton,
or by tho proper application OF tho remedies
afforded by thu common lhN, and to appeal to
the Fodoral 0oyelMnout iOr roliof, Alreaty
various wild and tmpsaotcable schemes llaya
beou nuggostct, involving Tho expenditure OF
untold millions, a,'d throwing wile opon tho
tloor for corruption, and for no clearly defined
advantage, which, I trust, will not receive thu
approval OF tho Convention,
Tho states can conserve their own rlgbta and
dignity" promote sho welfare Of their own csit
zUl,k, watch over tho economical expenditure ot
public, ,roronue, lealat tho tendency to Fofora
centra!t:a:ton by refusing tn rocaye from ths
General Government help to do that which shej
call 10 much botter 10 for themselves.
fou ara nj liberty to communicate theao visHs
as you ma7 doom proper, Yours very truly T..
NIuuARp i. MoAoAS, JN