New-York tribune., 1875-10-11

they ouId he worn and II six months hence the people
slorfI r.sovo shoes again, they would. under
the laws Of trade be brought into markets TO supply
The demand. Gold will here rs other merchani.se
when II ia wanted. just wheat would If there we're
scarcity here and abundance abroad.
Sere,H Ouesf0a-"Ts IL not fact that while the In
crease of The population business. and property Of tho
country requires corresponding Increase 0f the volume
Of money IN crcGaiion there y a. me pirsess Zane
less quantity gold and silver In the country 70 supply
the circulation than there has been az any me since the
Iosrer~I hope the writer of this letter will not
slider OF cour-sy II say he Is at loggethcads
wlth he A b. Of nnance chcer. IT i o.9r ]. %eknown
quired, with the increase Of population. business and
property. Money measure Of value and tool Of ex
change and YOU might well say that, because 10
measure 10 yards Of cloth requires yard.cK 10
meusure 20 yards Of cloth requires Two yarat.eS. m
changes OF the country carried on by me mere trans
fer OF bank accounts aad only per cent by the mere
transfer OF currency iron. hand TO hand Formerly,
when building was put up II Tss necessly 10 nave 80
steam engine here DO the same work aud tho writer
Of This letter might perhaps say that W. st want more
theory of the naiionss the increase Of currency
must correspond with the increase OF population ana
property As the question whether there IA not lcss
duanty gold and silver IN the country 10 supply tho
circulation than h-rrooreof course there H. and viii
be less and less the longer that financial policy continue,
which depryes gold and silver Of employment; and,
the naaionists get control OF The Goysllment, mey
might succeed in driving the last gold dollar out o. ths
Ninth eStiOs,'' Must the present volume OF currency
he reduced, assuming To be sbout SJOU0OOJ; and'
IL how much 10 render the resumption OF specie pay
ments practicable"
has been mainly driving At viii tell hin canditly that
in opinion specie payments cannot 3e resnned ann
maiIita ned long the volume oi the currency eN-
ccods tba, whcl would circulate as so!d ana PAPER con-
ycrtibc nto gold lApplausr1 II is siyi'cant iaet
which / suppose the quesiioner does MOI hhe 'nt Vo
volume OF the currency IS now bciug contracted h0t y
Emsi1 of tns eonnty its when tries to get rid of
thing it has use FOR CDccrS.l when me discussion
in Congress the currency question was going on,
there was a great outcry sbou, the souih and West
being hnEy iGF more "pJI tbe Sationai Bank
act was repealed and any man or set OF men
having the requisite capital was authorized - 7Lirt
conscg Ony sma! amount OF ner currency wa
issued. while about S2900OOO ace now III proc, - 0
withdrawal mainly I'm ;hc West and South Not Only did
thcy not take more. but they tried TO get d OF aiss
portion OF that which they had. Why 90 MOI ,n0'r e'r ,
their shoulders to the wheel and create moret Smpy
because the business of the country has no use for IT,
bring the volume Of the currency back 10 IL eal r.
quireinents. Until that IA accomplished spect pay,
Incnt- cauuOf be resumed am also convinced mat II
had less currency than Is needed for the tan-acton
the business Oi tnc country the necessities 81 DSle
would the gold and silver 5lhere out of IL hns
p3eeiM - 70 MI The P & lCntf G deduction not necessarily
effect a reduction OF the prcc.vaue OF p.opI,y dnt
labor il ratio nearly eluM to that OF 'he reduction OF
Ansre consequence of the business crisis general
pS 1sG now S" consider ~ tits tRrr"fore yery pro-
pOus time for lnaiguran5 aud caItyih Ou' 'oSu"P
ton policy.
4 GROWING HUMBCG EXPOSED.
ElrrepM Question:" What effect will this reduction
Of currency have upon the debtors of the country; VIII
uoi The nnui OF thcir Indebtedness increaseP =
Ans-cr-I take leave to say that there "a no greater
humbug in this discussion than dividing the people into
debtor and creditor Business men are almost
uniformly debtors redit0rs at t" same time II wo
wait until nobody Is in debt We 5hai liver ttLntn -
than there has been for many years, a ~ osJ oi
the deb.s short time, tncy can De llJu-
dated over and over again before thc uins
resump; on arrives. The premium on boh
will have To BE- overcome IN three ana a quarter
wears. making tho pro rata appreciation or
short time debts very nsignfeant; but the IMITATION
sts ought no; tih about Osscs incurred ~ huctu
zion, i'm value Of the currency for, 10y the cO nuac"
irr.,pphahle system, they cOItru" also
The uctuations which. in several single years since me
close of the war. have been dI" ad larger tha lhe
fluctuations from the present premium 10 ptf N lures
and quarter would be.
Ilrelh Question:" Are you in favor cf an erclusiVcV
mclllic currency; n NOT, what KIND Of paitr chfthcF
10 yon favor banks OF issue, STATE or National y
fH,wer-I would inform tie gentleman. II he i0ys not
know already that civilized nations nowadays 40 not
use any exclusively metallic currency. but also Dank
notes they 10 II that every bank note Is convert
i'm know that iss'c N rms cam
IN wnat KIND paplr currency favor, but VIII m
g the writer OF this letter. for his own gratatlJn,
that think the Government ought 10 have as htte 10 90
with the issuing Oi paper money ~ possible III II ho te
OF the Government resolve every year now
much money the country shall have lApplusc Oi al
ne bank like that kind of wildcat BANK note least
vyh.,h look bank note deirctor - see "
II Is worth thing, and To pay exchange on sew York
rmn tanrc. f the pnestomer can iu"rn NE "t
netiO. state currency as sale ANA HnlNei
sally acceptable, and as equal IN value trGu2hout t'
country, the National currc' ,, sAall pe grtsy
Obliged TO him. lCccrrs.l
.for ldet reports o" ue OHIO fampag 'ee ftr't iH5ei
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