, 1875-08-20
WHOLESALE MERCHANTS,
NIL 1aA&C N. HARMON.

Of the firm Of Harmon, Merriam l. Co., cornor
OF Wabash avenue aud South Water etteetH, WIS
also interviewed on the, subject, In nnswcr to
IN inquiry as to Tho standing OF hIa firm on tho
inflatlou question. he sail: ''Te are not at all
In favor Of imitation. We want TO moro paper
money than cau be redeemed III culn."
A,-l1ass you beeu tho effects Of variable
ductua:iu8 currency In your ba1inoss7
Mr. H.-Yes. sir. Not All Luur eoes by bnt
that We feo it, and It is causing loss, unce,s san
ty and gonorai instability tint iH Injurious to
tsRde. There for instance, IL grAdo Of coffce
(poin1ing to samplo) which We may bo ablo 10
buy for Il cents gold to-day. with gold at sl.13.
Wo dou't ''coyor" perhaps for sixty
days, aud sell tho culreo upon tho
bsHis Of its price with go|d A.
that rato Dus gold At the time payment il due
may be ll4 or 1l5, when We will Ae.aa!!y haze
sustained loss on all we hhyo sold. We ase
subject al the time to these variations.
Ill supposo somstimea they Arc iu your IA
yog2
Mr. H.-Hometimea. But wo would much
zslhcr do buglueus on solid, interchangeable ba-
sis. and know Ill Tie time right whoie ws aro.
Imitation ts = Aunabug, aud ! csaaot conceive
hoN ulsn eau bo such idiots ~ TO faFor it.
K.-Havo you considered any scheme by which
tho Government could easily alld safety reBnmo ?
Mr. HI think they should put their bonds
on the market, aud gradually draw in gold ana
tioaal Danks also gradually Contract the bulk Of
their circulation! and ha7e only such m
atnount outstanding ~ they ato able
to redeen. Ths currency Of Eng'ana
css,s Yet but little co;n Ia ID Circulation i, its
trade. but every napk-noto ID backed Up with
itB o1ulvalsat In gold. Tho banks can redeesn
every bit Of It, and 1t CONSTITUTES never.arrsng
currency. Our anances should bo on the satuo
| footing.
N-Coula re Government realize sufficient
ai,. H.-Ihese has been m unuaal demand for
| gold recently. and hence scarcely OF It. Thus
Francs to return to specie basis, and trou Cor
n,uuys dumonetiEug ita ssiyer snd pubslisutiug
| gold therefor. a Rteas dral OF gold has besl,
drawn out OF market at present bT these causcs,
mense e1poEtatlon Of gold. The balances Of
trade with olAct uAtiona too, haye lucIt agaipst
us. ard Ne have uot Eoen getting gold ia scsarll
| for our products. But rcAumvtiu, will como
about gradually, aud there will ho lo tsauble.
N.-Do you shiuk tle RosunIpl.ou act allows
| BuIlicicut tine.
alr. H.--ios slt, / do. -Four years IL time
snough. Most! OF tho legitimate hue Of u.sr.
chants arc roa5y Tor il now. It ia aulY tae spec
ut4tlyo cAssos Who wish auy delay.
K,-You thipk the volume Of inaooy ID sultl.
cieut fur u! prssent neeax3
Iii, II Ample. Tlors ia moro money, such
Is It H. thsu tho oountrY noeds, ss Is oytucod by
the ~ sAto OF iutote4t. Aouey hss been plenty
J a. IRON 10 ) per cent.
l...-WhAt do you thlnk Kolley. SOS bond
| scheme?
sts, Ill have not looked into i. Kelley Ii
| N idiot. lie said here thst no cue had oyor ost
\ cout by she Ssseubaek. That's ths ssate,nen,
OF m ignpEamus. Ths instance Q. thu coffee
showed you the fatality Of It. Tia rise Of gold
:. tho llnls w hAss 10 pay toE II, Of The dsalaa