The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1875-11-05

ClFcul1LlOns WQ6H trade demanded
more, In was obtained by the de-
post of the proper securities When
trade languished, the circulation
was returned to Albany and the Sc
curities released. New York never
felt any III effects from the surplus
of currency, and think we may
safely venture the assertion that to
the wise provisions of tho free bank
ing laws may be ascribed her proud
pre-eminence in the constellation of
states.
Why are our greenbacks at dis
count? We are told by those who
favor contraction that it is because
there are so many. We are further
told that If more are Issued there
will be . further depreciation, and
the only way to increase their value
is to increase the amount. Let US
look back at their history and see If
this mode of reasoning holds good.
Greenbacks were first issued In
September. 1862. In September of
that year, lwhen their volume was
not nearly so large as it is now, gold
went up to 1.35 in January, 1868, it
run up TO So; In the following fall
II run up to LA; in 1864 it was up
TO 2.85 and vet the volume of green
backs was never more than $4O0,-
100000. Since the war the price has
been coming down, at first rapidly,
but the further it dropped the more
slowly it's pace until IL reached IL CO.
Not by contraction, for the amount
OF greenbacks to-day is very nearly
as large as II ever was. Indeed, gold
has risen recently in the very face
of contraction some s per cent CIO9
to 1l7.) Why is it then? It is be-
cause the government discredits its
own demand paper, or due bills.
That same government which has
issued over $4,000, 100000 OF notes
drawing interest at four, five and
ak per cent, and has paid $500. OOO,.
600 Of said nOtes in five years, and
long before they were due, has
seemingly so little confidence in
herself that she refuses to receive
her own due bills for debts due at
her custom houses. Let her do this
and greenbacks would rise to q par
with gold Immediately, and specie
payments become an accomplished
fact. What would we think of G
merchant or manufacturer, whose
paper was worth 90 per cent. premi.
UNI, as are the bonds of the govern
ment, pursuing such . course in re-
gard to his due billsT How loue
would his credit stand unimpeach.
ed2 Let the government act in this
matter as any sensible business man
would act in the prosecution of his
business. Having raised the stand
ard Of her interest bearing deb
higher than the standard of the
debt nf any nation on the face Of
the globe, let her turn her attention
to her due bills, and by placing con
fidence in them herself, by receiving
them at their full value, inspire the
same confidence in them in tbs
hearts of the community.
But sOmo will say, "Then tht
government will have To buy gOlG
with which to pay the interest OF
her bonds" think we might an
: swer In the language of come, "HO
. nuch ;" aud even il she did, wOulI
IL be any worse for her to pay in he
corporate capacity two, three o
four per cent, on the 500, OO0, 0O'
she would need, than to oblige til
people to pay from 10 to II per cent
on the $500, OOO, COO they need TO pa!
duties, to say nothing of the mill
r ions needed to pay for foreign mer
r chandise2 say the people. for ev
cry one who uses or wears any arti
, Gle Of foreign production pays hi
; or her proportion of The premium
} on gold in the increased price o
that article. E. j. G.