, 1875-09-13
EVILS OF PAPER MONEY.
Another letter firUnt I;x.Sccrc.
tury MGCu1locl,.
European Opinion Of Tnnatlon...Oycr-
Production Une Cause Of Tinan-
cial Depression.
Tho Experience of the United States
with MI 1rredeemable Cur.
Tenty.

, " - ''u" ""3h "k" a1Rou q
son''on'a" ot largo esfof'onco and careful Or
sefsss.oll-a 1r'end OF tho Unitea statca wl,en
W. nao 10" atletas among tue le'ding men oi
.As'*""- "hon Fheh ~o DO aolo to borrow al
per cent LOT the pHrpoBa Of retiring our 0 pc,
eou' ~ uoSornl"ens pohus
"hen, fepllea no. 'yoH eat back to specie
p"s"e"ta' ''Vetyth'hs lflhsca upon that.
Akico WIN YOU tnA' 'he eioals OF your Govern
mens ought 10 10 eqnas, II not superior. to
."e' ot a"5 Governments III tho world, and
Will DO when you como to your
aensos npon the question Of tho currency,
Should tho infatioutsts succeed In their effort.
to increase tbo crrn,atio,, -, .,lo io,.,
tender notes. yon vii, moi mi, In 1,nahIo -,
5"aA p't csr'te e'thss At homo or III Europe.
oat you Will 1nd even tho holders OF your 5s
| (fot wlItch thure is now AZ active demand at q
premiam) tlisposul to rot rfl Of thou a. speeli,v
w. 'po 'o,'Rt'oh'sts get tho control Of
Soa' le9'A'ation anu Feno- tho old and foolish
1 experiment. OF making money plentiful by tho
use Of tho Printing prosa, the credit Of yonr
E0vnt or rn,ko," 'A' ''ss' VI 'n"' o'
I 0H'' ........
1'a1p'Tf or nARD"NosEr MEN.
ibis opinion, which bare given 10 very nearly
10 the prevailing sentimn,,t m tnis ~ ~ ~, ~
I It,n,,tio -r.ns@ H. a' ~ .''' 7oe o. the
r'' n~an''' -noro u oos an Intelligent man In all
nu'ol'o "no LAS gisch attention 10 the subject
who docs not wonder at tue inlatuatiop, II Ii bo
| not Honothing moro than in,a,uotjon. of tho
ntyocaten of so ;,-od,,,r,t,n a,,..o..t, nv
rr,,;,sa u,..s. -. 'naoi' e"''aucy =" Tue
sea os.see. VINO uocs NOT condemn tho irEcao-
taslon o1 most OF those who claim to be the
moro danger to bo anprelondctt from .,,o t,,n;d,.
to NJ war, VIZ ~. s.H,"., 49," ,no t',.'o'.
sroc,a .,.s ., WV nv a., iaunou on ho s'ao OF
.4' "n'e'' 'nan from tho and'sgulssd action OF
those who favor further issues Of Government
notes. Tho latter sso In eRrnest and their ,,n,
selves with ileldsiye exnectatIons. EFary "v1 ~.
f1ecting and Intelligent man n,tst narcrirn ti.t
further ias,1o Of irrotleetnahta nnas p,ss,e
further depreciation Of those now In circustion
an tucroase OF iinsucial tronhla. anl ;, ,t;.no.s
ropndiation; but tho fatal rcsults Of tia - tot,
hlons" policy are not 10 AprArott. An I'M
menso majority Of our lendinp t,ol,tiefrma Ina
Of ali parties arc sound in .hrrorv' aa,t
tloy seem to lack noryo. Tim TosnIntiors
which they adops in their conynntions
lack the metaio Ring Of real earpcstnese rhnv
favor totpru TO Huecfo rnvmnnt, hmt thov 4,
not say how this ID to be nfrectei. rThcv ia,ro.
cato continuance Of 4 dopfocistod ourrehcy
hut they hesitate to nut thor lIantis mon tia
n1imo CAUSE Of tniachiof, tho lcga-tantor notes
traction, a. II rotrn to thu traa c.onrc ~ eoo ~
ya!uo would hf1oct valuox. They seem blind In
tho solf-aytent proposition that tnore viii hc m
reai contraction il tho purchasing powor or ria
currency is Increased p1oportionatcIy with
arA IL to be reatored something more is re,titea
tlIau tho passage OF miik-and1votar resolnt,ona
and acts Of Congross liking day on which res
sun sumption ah9ll take place. uoless somo decided
operation fJr tho rentoration Of the sDcoio
STANDARD. we shall 70 on ~ va t1ayo boen tnnr
for some y0ard past, during which oyery daY haS
mado rotnru to tue paths OF safety aud real
p1rit+ IN
mont ut tho causcs OF the existing v,dbarraas-
mepts and pro.treton In tho Unl,cd Stater. ami
then consder solno Of tho ro1netiios which have
boon saggesscd.
First, tl.o causes. that there III rrrat stnpn..
tton III all or nearly all branches of euterntiar
and industry in the United States, tIat nnr !nnn'
oar tsrs are s,ay I'D tss iew q
actual cost, while largo psrt OF them aro upn'a 7
to pay Ito iutoIcst On iLeir bon,is that ,r n,'r
chipping tnterents have 80 declined. thnt tho
United Hsatoa. which quarter ot 4 c9osury aeo
time powers, IL now not to be- raoketl ayo,, amn"e
scconl.cass nat,ons In tbs foreign cnrrvinr trsIn:
That our countles cltios anI fpwi,a nre ~
scrionAly in debt that tax-paycrs ara looking -
SeArs past we, as a people, have Deet, 40 c1tray.
word trosoat Eoron~ we ns'G ny
neither bo denied nor 'dIaRuiaod. NOW, Wills hno
tttfh HGnfe6AlGD OF our mnnnfanturoh fhih mr..
prot,taGlnneys of our railroads. th,s iac1lne min ~
our meschant marine, tlln frightful acc,,,nuls.
tlon Of muAioipat iudebtoj1oas. th,r AZ
lravasance aud .waa1ofulness cannot he
attributed exclusively to rcdrnaamt cnr. ~
reocy, they can Id greas measure @
pe traced to 1t. Other canaas. It ia
true, have to some extent assIeto IN nro,tmonn
tho trouble In which va ate inyntyeI bsf p
we Ind boon on 4 upecto basis. lila frn,h;o
would h&vo been small IN comnsrison Wiz
what It lB. Had thore been M mora ovnr.
emission Of paper money, ti,ero wm1d havn st'l,
boon DEPRESSION iu lrndo md maunf.",uras I.mt
we should not hayo bran aTcrwSnfmad =, ,"s mn
hayo been with dsbt and bankTnnt"v 40 Va Va
should hayo felt tho cfYnct Of oyer-nroiuoton
As Great britain Ia feeling il, Enor6nona ~ sas
been tho incroaao Of corsnmntIon in eIyi;izcs
nations w,th,n tho laat twenty v"ars
1t las not kant nacs viii '.o' nro'
tinctjou. Tho world has NJ LIN been .,,s,,e5 ~,
too rapidly, Tbs wonJerful inyontinnss s in ma W
chinerY, t,o rovoluton affactaii by stcam. .notrar
aud thu reduction nf tine in inta,ras;n,,.I n1
changes. Lave rreat1y tl'stnrbnd o1% 'S cconon,ie
laws. Trniuc,ihn i,as haan 3'nnom.,,, "a ouGu.o t