New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-17
THE CURRENCY ISSUE.
co1rrurpN FINANCIAL OPINION.

AUGUSTA, Ca, Sept. O.-TasSihH .ho"S"
Charlotte n c. few days ago. fell III win oou'nc,
member of the United states Senate who curing 'ho
last yo sessons OF Congress has been one OF the most
active among the Democrats in support OF every neso
of currency imitation that has been proposed our coh
yersation naturally turned upon the pohtca ""
I'm progress in Ohio and after exchanging coectfes as "
,he nrohobc result of the election there. remarked
that could then think OF no single event that "ouo W
likely to cripple the Democratic party more III 'ne
Presdentai canvass next year than the election OF
Allen I'm Ohio next month, and the consequent triumph
OF the initiation heresy. dd not expect ,ha' NY nv,
would agree with me, ana was therefore, not a h''c
surprised when instead OF combating a once my prop
oston, he asked me Y give my reasons .or 'l@ 81
had EXPRESSED / told him that Democratic success
in Ohm hs wear would feared give the inationists
60 much prestige and strength that they might be able
to control the National Democratic Convention next
year. or failing in that to cause division III the party
NV friend replied at once that in his opinion, the Dem
ocrats would 80 into the campaign next year neither as
inaationists nor even divided that question We
shall be obliged to make compromise" he continued,
"for we cannot fight against the money OF tho world
The people want abundant currency but they want
ALSO safe one and have no doubt that We shall be
able fix up currency plank for our platform that
will be at satisfactory to the people OF all sections
at any rate cannot afford to drift away from the long
established principles OF the Democratic party on TINS
subject or If we do we shall be Overwhelmingly BEATEN
Pursuing the conversation still further the Senator
said that in his opinion, the Democrats OF Ohio had
made great mistake when they put al imitation plank
into their platform. although, from what he had hearu
from that state he believed that Allen would be elected
Referring again to the Presidential canvass OF next year.
he the fear that an imitation plank tho Ma
tional Democratic platform would unite the moncycd In
terests Of the country in support OF the Administration
party and perhaps result in the reelection Of Gen. Grant
for third term.
OF course surprised to hear such opinions as these
expressed by who last Winter 80 strenuous Tor
abundant paper money, and can only account Tor INC
change which to have taken place In his Opinions
since Congress. adjourned by supposng 1t to be the nat
ura and inevitable result Of few months contact Win
the people Of his State In visiting different portions OF
the country this year and last have made 1t part OF
my business to ascertain as far as possible the exact sen
timents Of the people the currency question: an as
result OF my inquiries, thoroughly convinced 'aI
there is much less popular feeling on the SUD
iect than Is generally supposed 10 exist
The canvass in Ohio seems from this distance
to be pretty square fight between the advocates OF
honest money and nGatOn but although the same ques-
ton has provoked discussion in the party conventions
Of other States and has given platform builders some
trouble don't recall single instance in the West
or South where a state ticket or even candidate Tor
Congress has either elected defeated simply be-
cause of his ideas the currency question On the
other hand the apathy of the people on this subject mas
been often so great that Senators and Representatives
have, In than one instance, been ue
ceived in regard to the sentiments OF
their own constituents. most striking exam
pie of this was that of Senator Window OF Minnesota
on whom called at his home few weeks after Congress
adjourned In 1874. He had, during the session then
recently closed with the nationiss not so much
because he believed IN 1t himself as because ne supposed
that the people OF his State camorous for moro
money" A few days intercourse with his constituents
proved to little popular int rest
int ,a auh and at
strongly in favor OF hardmoney During his last Visit
to Washington this Summer, Senator WINDOW assured
me that there almost nOdyision OF opinion on the
currency question in Observation-Disclosures being very
fewand the testimony OF Gov Davis, whom also met
recently, confirms this assertion.
Since came South have been gratifed to IND that
many Of the most influential men in this State. repre-
sentng both parties strong advocates or honest cur
rency. few evening ago listened TO very interest
ing conversation this subject which took place on the
porch OF the hotel at Sandersve, and which was par
ticipaed by several OF the most prominent lawyers
and politicians OF Middle Georgia The sentiment In that
company was at to In favor OF sound cur
rency convertible into specie. Judge 1Iersche " John
son. who Joined In the discussion secuted the idea that
an irredeemable paper money no matter how abundant
It might be- could In any promote the prosperity OF
the South What the South needs is more capital and
not more currency and the cotton planter whose crop
fails pay the cost of raising it, would be just as short
OF money II the Of the currency to be doubled
as now.
Among those present who Joined in the discussion
the Hon. A. X. Akerman, exAttorneyGeneral OF the
United states. He said that he unable to conceive
how any one who within the lines Of the Southern
Confederacy during the war; and had four years expert
ence with the inflated paper money then in circulation,
could advocate initiation now The class who expect TO
be most benefited the issue OF more currency he said
ais composed OF those who in debt They expect to
pay their debts in currency worth less than that in
otaA and do of
course imitation WILL to certain extent, relieve them
But the truth Is that men don't take advantage OF
these opportunities when they are offered; they
did not do IL here during the war, and, l believe,
they will do II anywhere Up TO July or August.
1868 Confederate money was very rarely rejected by
anybody to whom it offered in payment OF debts con-
tracted before tho after 1t began and when
our currency was not deprecated Up to that time it
was SO generally considered dsoya to refuse to take it
that do would subject to suspicion not to per-
secuton In other words, in the Spring and early Sum-
mer OF 1853 the debtors Of Georgia had opportunity
TO discharge their obligations by paying them in cur
rency worth only about 20 per cent as much as
that in which they were contracted. But
nobody did So debts most easily paid are
not those which are most promptly Cancelled; there
was a sort Of intOxcaon caused by the handling on
money in such large nominal sums that stimulated
speculation thought that they would wait little
longer until the currency little more deprecated
before they paid their debts Then came the disasters OF
that Summer paper money shrank very rapidly
in value and, when the opportunity was past not one
man in ten had taken advantage Of 1t. Since the
these debtors have been clamorous for relief and
attempts been made to give to them by Of
scaling laws &c And we have even been checked in
this by decision OF the Supreme Court OF the United
States that Of those laws was unconstitutional
MARKET VALUE OF CONFEDERATE MONEY
Mr. Alderman added that Confederate money continued
to perform office Of currency long after creditors re-
fused receive it In payment for old debts and indeed
that no other was in circulation until the close OF the
war; he very amusing account OF his own last
exnercnce with IL lie q member OF Gov. BrowL's