Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1875-01-01
A SPECIE BASIS.


In the discussion of almost every ques,
ton, people use their judgment and com
mon sense; but when the currency is
touched upon they seem 10 believe hat a
great and profound proposition is before
them; one requiring all the mental re
sources and financial prOfundity of man
who has spent his life in the back parlor
of bank or behind the counter of pri-
vate shave shop. Several writers have
from time to time endeavored to impress
upon the readers of the Morning Herald
few plain facts regarding the money
question. To such attempts We have add
ed very little editurisilv; tut to>day VT
publish letter from Mr. Henry. origin
ally printed in the st Louis Times, which
calls for word from Us. The writer Ut
that letter views The question through
strictly Democratic sprctacles We utterly
repudiate ali OF his politics. but We agree
with considerable Of his currency views.
After we got fairly into the rebellion We
ran short of money, Every nation before
Us had done the same thing.
1his Government did not start bank,
but II issued its bank notes. The first
bank ever started In Europe was the B .nk
Of Venice. incorporated to aid the nation
in carrying on the Crusades The Bank
of England was Origanlzed t. provide
Great Britain with funds to carry on her
wars. Whenever the p per curr ncy was
increased aud specie payment stOpped-as
has been the case in every great war-the
prices of properly increased ana debts
We're freely incurred ON the new values.
The moment system Of contraction was
entered upon, the entire machinery was
reversed, prices of pro, erty fell, but We
-, l..H, 81.
plump, full value. Coz. Forney says-and
We believe him. hat capitalists in Europe
looked with alarm upon the rapid conlrac-
ton of the volume OF currency inahguratei
by Secretary McCulloch. Well, They might
have been alarmed In the days Of inda.
ton We built over forty thousand miles of
railroad and are IN debt to-Gay over one
Di lion of dollars for that Singleton. That
Debt must be paid, and resolution IF Cons
grcSs cannot Ooilteraie II nor can IL create
the coin with which to pay it. It wiiIonly
TIC paid by quickening Of induslr .es and
ali enhancement Of the prices Of property
throughout the nation.
In 1857 We produced fifty five millions
OF gold, while last year the tot 81 gold pro
duct Was twenty millions less than that
Tins year our exports are two millions
less per week than they have been on an
average tor ten years past. England mott |
fles Us that she wants none of our wheat !
and breais,uffs. Gold is advancing con
stantiy. Now, We ask every man to look |
this question in the eye and say If W. are |
IN any Condition to Come down to a specie !
basis, Of course; nObody knows exactly |
bow much gold there is in the nation. but
estimates pace it st $7J, 900, 900 outside
II the national c0ffersand that which CIR
Hates in California Individual debts are
;stimated by the best judges to be over
our billions, while National, State, mu
''cipa! and corporate debts foot up over
TX billions. suppose the properly of the
ountry to be forty billions. To take care
t all the property and Indebtedness there
re but $7OO,O0O.OOO of circulating medi-
IN; and one fifth Of that is held as tank
So, We owe about fourteen ,
mes as much as We have money cf auy
cscriptiOn to 10 pay with, and We owe
xiv times a. mich as we have gold
What sort OF proposition Is It to begin
) pay up with gold?
But suppose We announce that we will
~ gold on future day. Wall street !,
ill lock up 800, $50 900 of de,nand Treas !,
v notes and hold them for that pay day
wo billions Of call-loans would be called
by banks, savings institutions and u
"kers. and there would he less than c.
80. 10000 of gold to pay with, and OF y
is the government must keep on hand d
margin large enough to pay lis bond G.
tercst, or all its bonds become due al q
CO. About how long will it be- before
, will pay in gOld?-St Joseph uersil. u