Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1875-11-04

neither It's wear nor It's destruction will be
any loss to the government issuing It.
Fourth. also desire the dollar to be made
OF such material, for the purpose that il
shall never be exported or desirable TO car
ry out OF the country. Framing an Amer
lean system of finance, Edo not propose 20
adapt 1t 10 the wants Of any other nation,
and especially the Chinese, who are nearly
one quarter Of the world. Fifth desire
that The dollar so issued shall never be re-
deemed. | see no reason WIN the unit of
measure of value should be redeemed or
redeemable than that the vardstick with
which measure my cloth. or the quart
with which measure INV milk, should be
redeemed. Sixth. for convenience only l
propose that the dollar so issued shall be
quite equal TO, or a little better. than the
present value of the average gold dollar of
the world. not To he changed or changea-
Bile, il the gold dollar grows lower In value
or grows higher, or to be Obliged to con-
form itself Ia value in any regard to the
dollars Ct any other nation of the world.
keeping itself always stable and fixed, so
that when all the property of the country
adjusts itself 10 il as a measure of value II
shall remain a fixed standard forever. |
need 90 no further than our present green
back for all these desired qualities. includ
ing uniformity of value Ia all parts of the
country. except in fixed and intrinsic val
ne. II those two qualities can be added to
the greenback II completely fills the six re-
quirements which have above set forth.
provided all thought OF its redeemability In
gold and silver be taken away from it,"
1t is impossible TO surpass the adroitness
and skill with which the several points OF
this creed are put together. The nfatiou-
ist force which they contain is so hidden
that few persons who are not adopts in the
science of finance would be able 10 expose
and refute them. The effect was enhanced
when the general proceeded to say very
emphaticlly that he did not desire imitation
OF the currency, and that he was foe to
imitation OF creditors. lie forever pro-
claimed himself in favor of making the
greenback equal to gold.
To reply 10 Mr.. Buffers arguments in
detail wopld extend this article too far
But he has made two fundamental mistakes
on which we must say word or two, rs
the inflationist citadel rests upon them. aud
when they are demolished the whole fabric
crumbes and falls to the ground. The first
blunder of the inilatiousts is in irving To
keep paper currency at par without 4
specie basis for ii to rest upon. This feat
has been attempted during centuries of ef-
font. financial history Is full of the rec
ords OF the failures and disasters which
have never failed to befall those nations
hat have .. hs.
The amount of gold or silver coin requisite
for the work of keeping a currency at par
is smaller in modern times than formerly.
for well-kuown reasons which have been
some suitable deposits Of specie must be
accumulated in the great centres OF the cir
culatory system, that the whole OF the cur
rency may be kept from deprecia,ing and
may be held constant and steady in value
No efforts to keep paper notes at par by
any other device have ever succeeded.
When General Butler processes 10 be
able TO do that which has heretofore eluded
human power and defied centuries Of trial.
an intelligent audience Of American ciii-
zens will require some better warrant for
believing in this financial miracle than the
simple statement OF the enthusiastic magi-
clan himself. In spite of the promises Of
General Butler, the public know tina; no
paper money has ever been permanently
kept at par with coin except by the expe-
dent Of free redemption of the paper in
experience in view, they will hold to the
assurance that this proposed feat is impos-
sible.