Nebraska advertiser., 1875-08-26
Currency Specie Payment Specie
BaSis-In Il Nutshell.


garded by very many, at first sight,
and withOutthought. as sunpsrdonable
financial heterodoxy. Yet, Adam
Smith. standard writer, of univer-
sally acknowledged ability as politi-
cal economist, near a century ago, ad-
vocated "superseding the employ
ment of gold. and establishing the
paper currency of the country on a
solid foundation"
In the early primitive days OF the
world, gold being considered precious,
indestructible, by common consent
possessed of superior intrinsic value,
In whatever form found, or used, was
adopted as mOney-currency. So re-
garded, because no other was known,
the business of the world required no
other. Advanced civilization and
commensurate commercial growth
and expansion. the world over, has
shown the necessity for ''specles of
currency more portable, more readily
transferred from hand to hand, more
easily guarded from theft. and as CIV
ing greater life aud activity TO trade"
AS well and reasonably might physi-
clans continue the barbsFic usage In
medical practice. as of old-admiD-
istering calomel, bleeding,and blister
ing for all the Ills human flesh is heir
to-as adhere TO the old standard of
value, simply because It was so In the
commencement of business operations.
Thinking men. who keep pace with
progress. who are free from, "entang-
ling alliances" utterly ignore she
utopian doctrine.
"Bullionists''-th who trade and
traffic in gold-aided by their allies In
Legislative assemblies, so manipulate
as to create financial dlscoFd, disturb
ing the business of the country, that
gains for their exclusive benefit may
inure, though it be at the sacrifice of
labor and legitimate transactions. Be-
Ing under the control of the class
named. we ignOrantly concede gold
the standard of value. In reality, It is
no more so than wheat. Congress, the
only acknowledgedD law max
ing power, Issues a gold coin, and
stamps II one dollar, or one hundred
cents. The SAME power issues green
back and fixes upon It the same value.
By law they are both of equal value
-intrinsicslly the same. Wall street |
gold mongers. say a gold dollar is |
worth one hundred and sixteen cents, |
or any other sum or price desired
The same power says sixty pounds of
wheat is worth one hundred cents, or
one hundred and sixteen cents, more
or less, as best suits ends sought. The
prices of gold and wheat huctuate as |
directed by controlling power. 1t mat
ters not, however, what may be the |
price of either, a green back dollar
pays one hundred cents debts and |
taxes, and therefore for those purposes,
never fiuctuates, or changes its valua-
tion. Let Congress be consistent with |
itself, and honest with the people, |
make the same provision for receiving
Its money as it does for Issuing, It
sends forth the gold dollar and green
back on perfect equality-each worth
one hundred cents. Continue that
relation, and receive each for what
they were put IN circulation. Repeal
discriminating laws respecting cur
rency. make green backs applicable to
and legal tender. receivable for all
purposes. Then gold and green backs
will at once re-assume their original
relations Of par value with each other.
Gold Will cease TO be trafficked In only
as other commodities. That great
natural. and only Legitimate equalizer
and regulator of the price of gold, in
terest, products aud labor-supply and
demand-will govern and reign su-
preme. Confidence and quiet will be
given finance, and healthy Impetus to
all branches of business. So long as
gold is recognized as the standard of
value, and the commercial interests of
the country demand paper currency.
80 long will the former be used for
speculative purposes, to the detriment
of all other interests. The cry of
"specie payment" and "specie basis"
is but the greedy and ruinous device
OF those who are interested in the
margins created from time 10 time by
rise and fall Of gold
Gold recognized as the standard of
value, becomes the standard medium
OF speculation. Other interests foot
the bill.
"Specie payment" and "specie
basis are utter impossi biIities. The
business of the world is not now, as of
old, transacted by the transfer Of coin.
at has outgrown the capacity Of the
mines" If practicable as a currency,
there is not sufficient gold In the
world, to serve the business purposes
of the United States.
One hundred cents. whether In gold,
silver, or paper. possess no more pur- s
chasing power than the same value in
wheat, corn, or machinery, required {
TO subsist upon or labor with. They
have not the intrinsic worth really, OF
either cannot be subsisted upon, or
Iabored with. Money, at best, is but
4 mere convenient medium of ex-
,hanRe. he cheaper and less expense l
1t which it can be furnished the bet ]
,er. The note of hand OF A. B., or
he letter of credit of the private
Banker, II endorsed by the confidence i
If parties trsnsacting. is good, for all {
PRACTICAL purposes, as a medium of ex- a
change. IL
When the General Government it. T