Los Angeles daily herald., 1875-10-13
THE CURRENCY QUESTION.
s'Medium'' Defines his POsitiOn--P Plen.
~ Of Currency but IL Is ed up
Gold Spectators the Bane OF the
PeOple-A Remedy Suggested.

EEIToR HERALD: 1t is true we did
not state emphatically in our former
article on this subject which way we
would "gravitate" provided Congress
should take measures to bring our
currency up to the value of gold. Our
position was simply this: that if Con-
gress lescinded the act by which cur
rency is refused for port dues, s,currency
would then be equal to gold.
THIS ACT
Alone would add 10 per cent. TO the
value of the currency now in circula-
tion, which would ostepsibly be add
ing 10 per cent. to our circulating me-
dium. That we have the greatest
abundance of currency now in exist
ence for all commercial purposes there
can be no doubt, If it were in circula-
tion. But it is not in circulation,
CAPITALISTS
Are holding it for the purpose Of spec
ulating in gold. Gold is now 16A pre-
MUM, and the holders of currency
have laid their money away until gold
shall fall. Many who hold millions
of currency do nothing but speculate
in buying and selling gold. All this
currency ia now locked up, and will
not come out until gold falls. But
there are thousands of men with few
thousand dollars in carrency who
never thought of buying gold, and who
have also locked up their money be-
cause they are not willing to "stand
the shave" as they call it. Neither
are they willing now. to. invest it in
any branch OF trade, because all arti-
cles of commerce rise and fall as
GOLD RISES AND FALLS.
So il they Were to invest in any branch
of trade they would be compelled to
submit to the discount on their money
just the same as if they were buying
gold. Hence they prefer to wait until
their money will bring better price.
This is the principal cause of scare
ity of money at the present time, and
so long as the brokers of Wall street
can keep up the price of gold, so long
will it continue to be scarce. But as
soon as currency shall become equal
to the price of gold, all these old vaults
and hiding places will be opened and
money will be plenty everywhere,
property will rise, labor will be in de-
mand, and general state of prosper
ity and improvement will occur in all
parts of the country.
ar4C THEN TAXES
Can be collected and the Government
debt rapidly paid of. We are no in
flationist. We have plenty Of cur
rency now, but 1t is not In circulation
for the reasons above named. But as
under judicious management the taxes
collected would rapidly absorb the
currency, we would have enough re-
issue to supply the demands of COM
merce. So long as the country Is in
debt the Government should manage
to keep money as plenty as possible,
so as to enable the people to meet the
demands of the tax collector. But as
soon as we are out Of debt it does not
matter whether we have much or lit
tie money. If we owe nobody we
shall never be troubled with crisis.
But one thing all our Lawmakers
must keep in view: the property-hold-
ers and laboring people must pay the
Government debt, and they must have
THE MEANS TO DO 1T WITH.
OF course we are in favor of making
gold and silver the only legal tender.
1t has always been so in this country
until recently, and it was an eyre
gious blunder in our Government ever
to have changed it. But this will
make no difference with the currency.
When people find it equal to gold
there Will Ue very little trouble to pro-
cure gold for all demands that may be
made. 1t is not the fear that the ma
ton will not redeem its currency that
depreciates its value.
& no SENSIBLE MAN
Has ever dreamed for moment that
the American Government would not
redeem all its pledges. And there
never was q greater scandal perpe-
trated upon any government than is
now being done by editors and politi-
clans who are babbling all over the
land about "rag money and an ire
deemable currency. 1t is a slander
upon the nation and disgrace to
themselves. This depreciation is
caused by the tricks of gold gamblers,
aided by the Wise Congress which re-
fused to take our currency for port
dues. This is all there is In 1t: q ma
ton that can and will pay twelve hun
dred millions taxes annually can and
will redeem all Its pledges.
MrDIJ'M