Los Angeles daily herald., 1875-10-10
THE GREAT QUESTION.
More Light Wanted - Extremes Re.
yiewed-A Medium Course Suggest.
cd-The Act Of Congress Censured.

EDITOR HERALD: We want "more light"
We have read everything we can find on the
currency question, which is the all-absorbing
topic in the Eastern States. In all that we
have seen, there are hut two ideas presented,
and upon these the respective parties in tho
East have taken sides.
ONE PARTY is CoNTENDING FOR METALLIC
CURRENCY,
The other Tor paper currency. Although we
had been told that this was the true position
OF affairs in the East, 1t appeared TO be so un-
reasonable that we were not prepared to be-
lieve it until we received copy of the Hon.
Carl Schurz'S speech delivered in Cincinnati
on the 27th ult. As he is one of the leaders OF
the hard money party, we suppose he Is au-
thority. 1t appeared to us SO unreasonable
that there could be party found in the
United states To advocate the imitation OF cur
rency merely for the purpose OF reducing It's
value, THAT the debtor might be able to pay
off his creditor in less value than that in
which the debts were created" that we could
not believe it. The idea is so insane that we
can hardly believe IL now, Notwithstanding
Mr.. Schur2's say-so.
IF THIS Is THE OBJECT
Ofthe currency party, of course the sensible
people of Ohio and Pennsylvania will defeat
them by an overwhelming vote. But as
Schurz is politician and we are beginning to
doubt many things said by politicians we
opine that the currency party have net been
fairly represented by him On the other
hand, we were not willing to believe that any
body except the large capitalist of California,
whose wealth is in gold, ana the bond-holders
OF the United States bonds, even thought IL
possible that the United states Government
could exist without paper currency. But to
our astonishment many apparently sensible
men are in favor of blotting out all medium
OF exchange except gold and silver
THEY HAVE AN IDEA
That there is sufficient amc unit of these met
ais to supply all the demands of the Aperican
people. When they are told that there is less
than seven hundred millions of gold and sill
yer in America and that Fix hundred millions
of this must be paid into the treasury OF the
United Statcs annually to pay the interest on
our debt and meet the expenses OF the Gov
crnment. In addition to this, the State c0un-
ty and city taxes are to be paid, which will
aggregate over six hundred millions more,
making over twelve hundred millions yearly
which must be paid at all hazards. These
hard money men reply by saying "stop pay
ing taxi such men forget that the nation
owes over two thousand millions, and that
the men who hold the bonds OF the Govern
ment hold a mortgage upon every mans
property in the United States. The Tax Col
lector is their Sheriff, and authorized to sell
the property OF all delinquents until this debt
is paid.
NOW If IT WERE POSSIBLE
To divide, pro rata, the gold and silver to ev-
cry man in the United States, so that each
could pay bis tax the first year, 1t would be
utterly out of the question to meet the de-
mands of the tax collector the second year. as
q vast amount of our bonds are held in for
eign countries. The thing is preposterous,
and men who talk in favor of 1t do so without
consideration. Avarice Is always unreason-
able, and we are not surprised that large gold
bankers and large bond-holders should favor
metallic medium. They have an eye to
business and know If there could never be
ANOTHER PAPER DOLLAR
Tha, their wealth would be enhanced five
fold. They would then, indeed, hold mort
gage, not only upon all the property of the
nation, but upon the labor also. We have
thus far only given the extreme views upon
this vital question, and as extremes are al
ways wrong, we are satisfied that neither of
these extremes Will have eve.l q respectable
minority of the American people to advocate
| 1t. What the nation needs is sound cur
rency. equal in value TO gold, and enough of
| it to supply the demands Of commerce. This
! they can, and we doubt not will, have when
Congress meets. Our currency would have
| been at par if not at premium to-day but for
| that abominable act of Congress by which
| they advertised to the nations that deal with
| us that we had no faith in our own paper.
After making it legal tender at home they
| refuse to take IL Tor port dues.
| If CONGRESS
| VIII have sense enough to repeal this ACT, and
| publish to the world that we will take our
currency for all dues, the currency will be
sought for by all the nations that deal with
America and be at par with gold in month.
| OF course it would be damaging blow to tho
| gamblers on Wall street. Let them take
| care OF themselves-Congress has nursed that
| brood long enough. But we are told that we
| have ptomis ed to pay our boads and interest
! in gold, and we cannot raise the gold only by
| import dues. Nonsense. III our paper is at
par with gold we can exchange it for gold, il
| necessary, without any loss; but when 1t is
| equal with gold nobody wants 1t exchanged
! They would take it gladly.
| MEDIUM.
| Los Angeles, October 9th, 1875.