, 1875-07-29
THE CURRENCY QUESTION.
The Mutual Relations Of Gold and
Groenbacks as Circulating
Mediums.
Views Of Correspondents.
pAHApOxE3.

pAnApoxss.
70 the EdRor " The Ch,ca1o 7rdahne'
Co1I,EsvtLLR. H.. July AL waH hn lnas'
ZIONIST along about tho time when uon. Aosaa'
aud two-thirds OF our Congress, and thrce-
fnlrlha Of tho people Of tho whole country
thought that wo needed moro eurrencyi tliia wae
At about lilo period wI,cu tie President addressed
his measagu to The Congross which eonve"ea
afLor our groat panic. Uut subsequent osents
provo that tbRt uuiyorsAl wish uas based OF nti-
eubstsn,jsi grounds and nov the financial lend-
era of ruE Tntuuak, Which are undoubtedly III
harmony with tic now almost universal HoBti.
u,ent Of Tho Isepub1cati party, clearly Indicate
t4e true poicy for Tho party to purduo IN order
to attain Hucooss, and to lead tho country again
10 Roliu prosperity.
hut, while ! agreo with THE TnrnuNE In tho
general policy 1t slggcsta, AMI inclined 10 th'lk
1t ERRONEOUS In como s.Atosnes,ts. This paper
says shat virtually tleto has been no contraction
OF tho currency. Though I writu without any
Official data or financial tables before me- my
recollection Ia that at sou'e limo from ISIS to
1865, inclusive, inuludiug colupound-intorcBt
notes, together witty all sorts of Governments
papcr-moncy t5hich circhtttai as currency
smongst tho pnopo, tho aim amounted 10
&l,5G0 000, ,Do0 au1 now tlio volume IF our paper
monoy will not much otceed half ot This antn. II
may bo TINT overoHlimate tho Hnui In crca>ar
ton from 1861 to 1885, but I think not.
THE TRIBUNE also says Tint our paper-nonoY
10 below par bocauso 1t partakes OF ali irrodoeul-
sblo naturo md also becauso 1t is not considered
~ vory secure, This Ia tho generally accepted
opln,ou, and yot thoro are some phaaes Of this
subject which aeon, paradoxicll. Our bonds. or
fundol lsbt, aro only basod upon tho "l~lt1
OF tho uatlon. snl tbiR tl.eir only security; yet
they aro as good ~ gold, Our Brcontaeks haVo
this sccurity lus range Dt IS and u per eet only.
Although our bolltls at rough eHllmhtot
culatiinte Aye-sxths, snd our grocnbacKs
eas eapsi.ss ssy i.,o S,a ssaeudsa Il ' e
will pay tbs greater sum. while they Hee1n 70
think that 1t wlll nok pay tho amd1aT auln !;
honco grccnbacks, arc below l'ar 19 i!snssTato si
ptyit 10 individual transactions II shonld
oEe tho editor of this paper TWO BnlnB IT money,
and for tho hfst should Five him my note Tor
$4,000 =. per cent ,ntereat Tan,'9S ,or h;n, ,S,
nv dnelil! tor $1,000, then my 1lnsc may repro..
nebt tho 1oyD1nment bonds, and my auebill will
reprosoht tic Eroenbauks. We'll. i,ow, tho oditos
would conclude to convert ms note into money,
banker would tell him that ths was Eory good
napor and ho wontd nay him Sl1, 000 in gold lot
Il. Tho editor tien would conc!nho TO
convert my dnef,ilI into money, and would take
1QUIlA 10 DAlihFA. AAo 61AAot "'ot.
look at Il. aud Say, "Ihat thing is not worth
n,,lcl-abont IS uenta on tho dollaF,-Lacalse
IL will PROBABLY 1opudlato it eynntuaily." Int
tho editor would any. "feu bought lis note,
which was five t,noA ah large, for itB face IN
puld; arc you not afraid that L. rllf rcPudate
that!" 10 which the banker would reply, thai
there was 10 danger of tllnt. And tho est,tot
would 20 hack to li,a sauotHlh. convinced tlot
hls barker had bccpuo iusans 50 thoro IL
really naradox III tho aconling belief Of tht
peopfo that tho Government buIsds arc 10 Gond
whilo its currcucy il no worthloss. but there Ia
not tho rea,otess probability that tho Govern
1psnt will over repudiate its Bseeuhacks, natlazs
ii also Yopuiliato its bunds.
nut yot, alter all, tho hard, build fact Stands
ont that gold dollar IL wo,th Is cents n,ort
than 4 ereeuback dollar and thoto arc ouly twt
WAYS TO eliminate thu fact: Qne plAn IL almpl,
for tho Secretary nf tho Treasury 10 scll lnndi
aud lay 10 largo Store Of gold. and rodeeni tll'
erecnbncks 81 fAst rs they arc presented ; III.
other plan, and tho QUE the mont deslrble jun
now. IL tle oue augEcated by THE Tn11uaE son'
montha sinca that plan PROCESSES to iHsue goit
bonds OF 8 Of por cent Interest, which can b
purchased With EreonhackH ut par, and then per
NIT thcso bouda to circulate to ccrtaiu oxtcH
~ ousrphcy. Either Que OF th0ie plans 1neet
Tie d,heulty IN direct way, aud no other will.
T..