Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1875-09-09
Win Resumption Contract? Ete.

II Oul luS ClECulabAOu uDuCA 1Ho
of resumption it must necessarily con
tract the circulation just exactly one
dollar for every dollar redeemed. The
idea never seems to have penetrated
their brains that for every dollar in pa
per currency thus redeemed a gold dol
lar takes it's place in the circulating
medium. But in their defective theo-
ries they cannot see how we are to re-
sumo specie payments without largely |
and injuriously contracting the volume
of paper currency, when that kind of
currency is IA per cent. below the
standard measure of value, or, as com
pared with the standard is worth but
SO cents on the dollar
We do not pretend to say that the
paper currency may not be contracted,
equally, perhaps, to the amount of dis
count; and while this may be true, the
effect of resumption will be to increase
the purchasing power of every dollar
of outstanding paper currency fully IA
cents, making its purchasing value 100
cents, instead of Sc cents to the dollar,
or equal in its purchasing capacity to
the standard of value throughout the
world. So you see that if there are not
quite as many paper dollars in circula-
ton after the resumption as before,
there will be left in their place some
thing of a more valuable character,
possessing a more metallic ring, and
the paper money, which is designed to
represent value, will, instead of being
worth but Sc parts of dollar, repre-
sent in fact (what under suspension it
falsely processes to represent) a gold
dollar. Can't you see that by resump-
ton you increase the purchasing value
of paper money equal to the contrac-
ton, presumption should produce con
traction, when there is but IA cents
difference between the two.
1t is not expected nor desired that
the paper currency should be reduced
so that there should be but one dollar
in paper money for every gold dollar
in the country. That never was the
case in this country when it was fash
ionable for the old Bank of the United
States to redeem every dollar of its
notes in specie whenever presented at
its counter. The advocates of imitation
might as well ask ard expect the gov
ernment to issue as many greenbacks
as it would require to buy all the real
and personal property in the Union
at the will of the owners, as to suppose
that resumption means that every pa
per dollar is to be redeemed with gold
dollar Immediately on resumption. No
sane man asks or expects any such
thing. Gold and silver is not demand
ed to any great extent for an active
circulating medium; yet when resump-
ton actually takes place, the gold and
silver dollars that have been hidden
for years from the light of day will
come forth, and our farmers will again
be rejoiced with the possession of the
s'yellow boys" But when it is under
stood that a paper dollar represents
the'value of gold dollar in all the
commercial transactions throughout
our vast continent, owing to the in
convenience of carrying the metallic
currency the paper currency will be
preferred, and the gold used only or
special demand. That used to be the
case in the times when our solvent
banks, such as the old State Bank oil
, Ohio, and the old State Bank of IndI.
ana, and many other banks we coul(
mention, paid gold on demand for theil
issues. But by this reference we dc
not wish it understood that we havt
any desire to return to the old Statt
Bank system of furnishing paper cur
rency. We have now the best system
of paper money that this country ha!
, ever had !; one that, while it is not a
present at par with gold, is of equa
= value throughout our whole country
e. and one the holder of which is no
q subjected to suffer shaves on by brok
$ ers at the crossing of every State line
: What we need is permanence, stabil
o ity, in our system. We want to pu
it beyond the control of political par
S ties to use at every annual election 70
7, purpose of their own elevation, with
= out reference to the interests of th
country. Thousands upon thousand
of dollars are now lying idle becaus
e of the uncertainty of our financial al
e fairs. One class advocating res umE
r ton, and another imitation; and by il
fation we mean an amount of currenc
Il greater than the demands of the SOUND
Z legitimate business of the country
l. We always want money enough to har
= die the products of the country at fai
ia remunerative prices; more than thi
is imitation, and not demanded by tn
= best interests of the country. So long
Ic however, as the currency qustion is le
s. where it can be used by political part
ID zans and wild spectators and stoc
10 gamblers at every annual election, fc
partizan and self-interested purposes
VI there can be no stability and no conf
er dence in financial transactions, an
t. capitalists will hold their money, ratht
n. than risk investments under an unce
- tain, unsettled system of finances.
. For our own part, we need none
9 but, like thousands of others in thel
I'd times, the simple reason why we cannt
j. get it is not because there is not mo,
e. ey plenty in the country, but becau:
= we are unfortunate in having nothiu
~ to get it with and this is the solutic
1t, to the cry of hard times and the scar
he ity Of money that so many people a
to making just now in this campaign.
,o Every article the farmer has to S
. brings fair price in the market a
e ready pay; but the real trouble is,
oy there is trouble, that our farmers ha