, 1875-09-15

Inc PUBIC Ia dlflaed, OIL the currency quea-
tion. into three c]asscs. The first wishes the
currency left aa it is- It wants no interior
enco, no imitation, and no contraction-l:at
is, no depreciation and no appreciation. 1t
would have no stops taken towards resump-
ton mud nothing pitt upon tho record which
would ndd to The improbabiuty OF ultimate
redemption. This Is the Misses; fare, tho do
nothing. tho stand-stil1 party. It Is pretty
largo, and it votes now on ono aide, now on
tho other, now not at all, actuated by vague
dcBire to keep an oxnct balnnce between tho
two other fractions Of the body po1itio.
Tho SECOND class Of tho general public
wants the paper currency so bettered that
it will bo intorconvertiblo with gold. It
is not united on tho precise method, nor tho
exact time, but it is a unit In its aim. Many
plana have boon proposed. Their central
idoa Is that resumption shall be brought
about with tho least possible disturbance Of
business interests, and within reasonable
length Of time. This party insists that tho
paper currency shall be Of R steady and relia-
Bile value; that 1t shall not be e1poael to in-
cessant fluctuations; that tho poor ehal1 not
bo robbed and tho stock gambler enriched by
tho continued use Of a currency which risoa
and sinks like tho waves Of a troubled sea-
Tho third class will neither 60 forward nor
stanl still. Its members are determined to
go back. They think tho currency Is worth
too much, that 1t is too valuable and absorbs
too much confidence. They propose to mike
it worth less. They arc in love with "cheap
~ fr,b
in order to get this sort OF wildcat stud thoy
are prepared 10 subtract 20, 80, b0-any
number OF cents from every dollar intrpstel
by the thrifty poor 10 the savings-banks
These men want a currency that no prudent
man will keep on his hands moment longer
than ho Gun help, currency, that flucsuates
violently, with q general tendency down
ward. 80 that tho $40 bill wilt buy So worth
OF goods to-day, and 81 worth tomorrow,
and go tho day after. They want currency
that will be like rags tainted with soma in
fictitious diseaso, which the holder is afraid
to handle or drops in disgust, OF
like rotting pear, worthless unless
instantly used, or like MI electric eel, giving
shock Of fear to every hand TINT touchcs 1t.
Tho people, these men think, have too much
faith In their grcenbaeks, deprociated aud
tluctuating as they aro. They believe they
stand good chance Of redemption, and tho
paper, therefore, passes somewhere within
sight OF par. 1t IL now proposed to destroy
this fifth as far as possible, and to thus
"eheapen" the greenback. It is not pro.
posed to mako the grcenback dollar worth IL
cents or 80 cents III gold, and then keep it
steady at that value, but to give it an utterly
uncertain and varying value, ateady al moth.
ing, with strong prospect Of flnal extinction.
Iha mon who compose this third clasa and
comprehend the effect and outcome OF iuaa
tion are, without exception, persons who orc
overloaded with unstable property. Tie,
| are embarrassed or broken SPECTATORS. The,
havo unsalablo lots and lands, stocks of good
and manufactures that will not sell, uureatee
buildings, idle factories, stock in bankrupt o.
crippled enterprises. They wan. to se!!-un
loud. Nobody wants to buy tleir stuff
They arc therefore zealously striving to max
the currency the most insecure and doubtful
thing in the country, go that everybody vii
prefer even their unsalable traAh to the NOR
trashy money. When this comes to pass
they hope to sell at their own prices Il
The honest but frightened public, pay oi
their debts, and have large sums left witt
which 10 begin thoir spscu1ations and thei
batting on the market, anew, They kuo,
that . crash will come. but they hop
by that timo to have won by thals gambling
10 be ownors Of soms sound pieces Of proper
ty, and thus to have exchanged, during til