, 1875-09-22


TO 9au qugntiu ths ut,prnuop.
GOV. DIN on TIE MONEY QUESTION.
A Clear aud Pointed Letter.
SEar1Elp WEsf HAMPTON. N. l., Sept. 10,
1s75.-Aly DEAR s1u: l.al road VIII, great
pleasure your admirable lattes Oh tho "Cur-
rehcy." to tho editor Of ,he Tribune, befuro
recetsod your fay6y inc'o=Ing it. Your vlows
md reaeonings aipnar to me TO DO tlna,Iswo:ablo.
II you have not exhausted TIC Argument, you
hasa loft ltttleko bn said III It's SUPPORT.
ury pcpa,tm tmint ii 1861. lil no lao ponor 10
consult ftla ii regarll to lio financial ncast1res
whielt hc propoAea To feccaineul to Coueress
to meet The cxiscncies IT tIo War, ! objected
AZ i.nrarrouteu BY tl.e Constitution and cape-
cia1ly 10 its application to eSslIng CONT acts Ic
twoeA ipuisiuUI!s NJ m acl Of gross tyranny
nnd IN violation Of tho rights Of property. which
~ que q 9 5st - in o5 sGns =
lid lot think thAt .neaAtlro necessary to the slu-
ceasiul prosecution OF tho Wur. Lolisvod that
II. in every act Of Congrcat Authorizing loan.
q provision was ihse.ted Laying q ta1 u pay tho
needed; and aul satisfied uon that wo ahould,
in that caab, hare contlaeted from $500, o0o 006
70 q, ,0oD, 00o, 900 lcsH Of debt. :,
look with great anxiety to she result Of the
pEuA4Ab NHltUsk 4UkhG0lA uu1oC3tC6 VI 70"
deema6lo and irret1ocmahls paper money. 1t ID
beyond question tho most important inHuo to bo
tried BY tho people at tho mkt election Of
Frea1dent; !; and 1t tho principles proolntmed by
tie Democratic party III QliU preyalt, can Heo
notLiag Ia prospective butdlsaasor and tfiagrace
There are two asauhlptiona ID tie Argument
IN favor Of an rEeleamable paper currency and
OF an en1atgement OF ~ selHn.s+ tie fgI.acy of
Which 4 demonstrated By sl1e tnQ't sappraoia!
acquaintance with Statistical facts:
]. That We have not currency enough to trars-
act the Blaiieas Of Tie country and,
2, That tho business Of the world has 40 enor~
monaly Increased that 1t eannot DO tFanAao!ea OBJ
10 tbe arst of these assumption. 1t ia =
au!lcient answer that money is loaned on call
eyary day u the City Of Now York At to = per
esnt POI nnnarn, snd for definite periods of
rite establialqd foF the state. hnyo vsfY
recently bdrro sol for nu institution with which
am Gonnectcd 800, 600 At 1 per cent fer
aunuin Tor nerloas varying from three to ntno
months. There bal be6S It no period sine
tho War 80 e1oat = suptrabnndanco OF pappt-
money ~ there il at tho present tnolnent. / be-
liovc 1t perfectly safe Ii assert that there nre
two hundred millions Of Government aud bank
paper in circulation which taunot tin1 etnpfoyc
mcnt in tho legitimate channels OF business,
Which cannot even DO proiltah!y uHod for apocM.
lasluR purpoaes.' and which aro therofora loaned
at ra!es Of interest low boy 3ond all example iii
the United SLATED.
AA0 aeG9llR u4 eAHEN dbEAMpt4I!U tAQttEu5
upon to:aF disregard 81 two 7uolfkuowh fae;a':
First, that a vast increase Of business may bo
transacted by means Of bills Of exchange and
other commercial faoiiitles wlth very little en-
o. the paRer o!fcastqn Or he 9ass
oll.. tAas the ntpn.dsnt. production Of tho
preGIous metals during tAq last hundrol years
has not only gioas, diminished thotr purchasing
power. but has 20 exceeded tho demGld for
large snrpEqs fqr ornamental PURPOSES and dos
moStlo iso III tho unilod statcs; alono during
the last tY'aye seats ve bavo produced. ~
nearly can be ascertanc1, osoy l.167 not. 100
Of gold and ai)y6r. During tho SAND perlod We
III, ,92g tDU D1-at least four times ss much al Ii
needed to austain tho "hnle papcr. curroncy OF
!he eq9ptry. oySp m IT, present ~ !nste &C., coa II
average ahhfat produot Of our guld' ant silver
ndlhgs a,n6nnted- 10 ea,ooo.0QI AT lilo Band
Ia.o 20 shAu E1oduca onough IN tho ue4t thrao
ye4rs to sar{s1ie Y HepE II lano,sa rosuni ti5ti
of specle IaymentEs .; i! 1a19. an4 preserve tto
tion. ~ -. -
IN tho face Of these fActs 1t Is iiIAlous TO con-
feige now 9pI tneA m 1syiuG respect tpT hts good
naiao ahaald opposs fe4anpton Of sPeria pay
RsHf e. fe2o. Sa iSe stss stssea ground Of sas's4'y Of
Tho consest boEote na ia 10 ho soyerc one
force no shall hays to cneountef:' ii viii GU
i. rspfesaionsl politicians. who think tle cry
Of !: t,tiro u,ouey popular ono, and whose ad-
yocaoy OF public measures is usually shaped by
tb.snaFrow ana aelf!al! eots!deratIdn: c
h94atssars or !s RaEpSssS 1i aosPRg
salqo Of paper nouey by:adding to its yoluno
a,i1 'lhefsby sd6uring q virtual increase of 4l,e
in.post On foreign p1paYu!a vA!pp eo4.,e in COM
petition NTH tfctr own; tttus aecomp!4Liua all
). 4 claBs of tf,eutiAts; who do 74ot .sctnrso 10
rot up tier cru1a opinions against shpfp Of tho
nioHt ',ntbligpot statesmen. ind tho most alba
and profound political ecot1oInleta OF tho ago.
dud wuo regardless OF all tho experience Ut
mankind FEdltl IN Inflated ind ,lfclectuab.e