, 1875-12-14

sfecte in tlo payment OF cuttone This would permit
the export The amount annually paid for lusiea
and would consequently allow tic sok Of trcee held
in this country 10 IN iursher reduced. werc Il pos-
sle " suppIon,snt this absnrd ,,.asure BY nnohcr
sulsitNttng currency for gold III tho payment Of u-
test tsL oil hs public debit, tlsre would bs furthnr
usr for specie Aid It would disappear from narta
Of trade Tho thing needed IL to have tbe demand in
creased instead Of teese sed &at iarger quantities
Will bo rssulnea to meet the l:gIimse requirements Of
busaess-Buadto Cunlsnsrcitt .idrtrtistF.
The ll:irtrkiser, which is a sound Ropub-
licnn paper, and 30 usually sornd ON tiuanco,
falls in this paragraph into m odd error, to
which We wish to call its attention, iu Il
friendly way. Even If Booy's absurd bill
became law, and il tho nation should thon
cheat It's creditors by paying the interest Oh
its bonds in mere promises, i. C., grcenbacks.
Instead Of gold, there woul1 still he " fur
ther l'se for specie" and it would not "dia-
appear from our lnnrta Of trnle." 1t would
be used in three why's. In tho first place, 1t
would 10 needed to buy imported goods.
These eau only be got by paying gold for
them, or giving other goods in exchange.
Tho New York merchant who orders iron,
tin, glass, ten, coass, sugar, quinine,
silk, cloth, linen, 1ndin-rubber, or
anything else, from 4 foreign coun-
try, mhst remit III payment q drift
for which ho has already paid gold in New
York City, or lie mnst ship the gold direct by
express. Even it IN ingenious system Of
barter could be arranged, by which our OK
ports were exchanged directly for our imports
without my uso of money, and this is mani
festly impossible, the difference between tho
yalue Of what We shipped mud What We re-
ceiyel would havo to be calculated and pnid in
gold. Hero, then, is ono grant use Of tho
precious nletat, which is wholly independent
of its present lsea in tie pnyment Of duties
to tic nation and OF intere5. by the nation.
Secondly, even it tho interest on the dobt
were paid in grccnbncks, they would have to
be sold for coin, and the proceeda would bo
remitted to Europc-whicll hold1 from one-
third to ono-llnIf OF our bontls--in tho shnpe Of
gold. The representatives Of foreign bond
holders would take the laprociated paper
aud sell it OIL Wall street for what it would
bring in hard money. Tho gold Thus OBJ
timed would be sent abroad. Thus, us often
as the interest maturcd on any OF our bonds
held in Europe, there would 10 All active de-
naud for gold hero. For the paper paid ont
| ut Washington would not circulate abroad
Tlo recipients would therefore promptly ex~
! changa it for gold in New York. In the third
rlace, thors would bo steady private de-
/ n,anl for gold outside the needs Of importers.
Every European holder Of a railroad or
American municipal bond would either draw
lis interest in gold or exchange tho green
bucks in which it was paid for
their equivalent in gold. Every Ameri-
can tourist would require to have o
letter-ot-credit redcemablo in gold Oh
the other sido Of tho Atlantic, and ,Thilo he
might buy this hcre for deprecated groen.
backs, his drafts would bo forwarded by the
bankers who had cashed them to tho bunker
hero who issued tho letter-of-csedit, and
would have to be mot by romitting gold
! abroad.
These are some Of the ways in which gold
must necessarily be used hero, no matter
what Democratic matlmon may do in the way
Of legislation and the nation in the way Of repu.
dintiou. We wouM have to be cut off from The
rest Of tho world by an ocean Of fire In ordc,
to prevent the conversion Of fourpaperinto The
worlds currency, gold, within our borders,
ind so fixing tho value Of the dishonored
promises to pay given in exchange for it.