, 1875-12-29

largely anl suddenly CHECKED NJ n Rru'iu:.
rcvuIhou and prostitution Of Mi TIN i,rl,'rt".
FnftlicEmeto, nc cannot reasonably 'trIrs''.
the slecras Of rennE11tiou ni,n1 Il rHlus !.nn II
bt,Blne.6 to iIeat1iy nn3 .pf:lc basis ia fthfrt
1'n!t9,1 nf rrsnnFfinn. Fl, lt,ny n t,c prc>er.
i Volume OF CURRENCY remains in circulation, nHl
! w,ii the exception Of the gradual ant very t!u-
! tied rsd'i::ion "t IL If :2.1t'',r''' meath
; undor Funding sc:, a:Hu r:cohInenI.
+; el by onr Secretary a. a'fosler ri"p
towards Hpeca.3ayanetAa. and in itself a
substantial ono To that entt.- cannot look for
mich tetFclehnsht and roIuc.ion N indsbted-
line tho Int Of January, 1a77. in liking aud de-
! tcrmsning old ntnl new ,nlabtejneAs ~ cor
tcNl'ated by tho ndyocates Of thu rnpetl IT tic
| 1oYal-tondcr clause. AL the ihde Ltsdneas car
dchtsinchn. wEiIa renewhEo. either direct or lur!l-
rocL viii 10 nav i1debteIness for old co,,sidesa-
ton. Al obligations outerod iu!o after snat
dhto, whether to lDdfTduals Or to BANKS to raise
| 1neann to psy Oh debts, will be new indebte1-
uoas. And payable only in CON or itn equivalent.
| Another very formidable ohstacIe aga,nst TIM
repeat II tho relation our Natioual-1t.nk notes
Stand IN to TIN lcgat.aendets. uW!or tho
hre reieemablo IN tho iegaI-teE]a, sud Ito
! unt u.detntand It is contemplated 10 take away
tt,ls privilege from tho baDiH. Tho National
bnuk notes being redcctnabIo in grccnhaeks
cannot eeo how 1t can DO otherwise.-thn entjro
7olnsno of our currency, grecslhn;sss aul
Nationa1-l'ank nntca, will bo Of tin talno rau~.
- lower ono than now,-and the premium gu
| gold would ho still greater.
| becrotary Drstow truly aayn "Good aud bad
| currency cannat bo retained in anything ilAe
| equal proportions Ia q country having cnunet-
c'nl relations With othor powets aud p,rofes,
si1yer will How steadily To shase points of thu
commercial world where business is done on t4o
Iata OF all i.nrarylng STANDARD Of values. aud
whore every tesuo OF paper IL convcrtiL!c into
us,ir. al tall.
bccauao they arc needed thcro." might add
nlicli moro Ut hia sound aud comprehensive views
on tho subject of tluanco; but III recommending
the fepoal OF tho legal-tendcr clause, to tako Ct
time, carlier or later, az step towards Eehaiap
tion, caonot but vsw ho Ia greatly IN error. -
behaving that such q measure would toud to.
Ma1hs Topndatiou rather thai raautnption. Our
financial ayHtam ia b*aed OIL tho loRRl-tanders !;
they aio the keystone to tho arch and to dis
trust and derfsclatc them, tho whole super-
structure will tonrlo, overwhelming ns with dts
sstcr and tna1tsicAhlo confusion. Under ouI pres
ent sJstem they arc substitute for coiu. and
NO eau only dsplace them gradually with coin
ltheil. re-cstablshluR tho specio basis and again
plnclug oursoFeB iu accord with tho true laws of
finance. There is no other solution to our
| financial condition but to fund tho leEal-teudctB
In Uutod Staten bonds, and redecu them in
o1ln. The Resumption act, 10 takc OBJECT the
1Rt Of January. 1879, vii! prove aburtlyo unlnas
supplemented BY Funding. act 70 go into
| oPeI0bloH AZ HuCo tDG. tno longer We
delay in adopting some active measure
for Relsing nd Of tie tegal-tendera. the mora
ditlcntt and ut.,4 .in vill bo resumption.
| 1t waa an gorgeous error In the legislation Of
ConRross to repeal tho Funding act. Had the
Government applied lis surplus aud us~d every
mehns to pay of the graenhncks and restore the
spacio.basis, instead Of paying of and funding
ita bonds at lower rate Of Interest, tho pro-
ductyo intercsts Of tho country would bc
now ln g comparatively healttly aud prosperous
condition. It docs not matter much really;
10 lar az the productive interests II
tho country hro concerned, the only true
source of wcal!ll-wilethor our bonds aro at par
With gold or not. Tho inte1eHt being rad Of,
thsm Regularly, wo should hayo locked TO orr
homo lnteroHt In restoring the only true basis
Of raue, and let our bonds take care OF thcul-
sai,es. In Trying to mako papur bass take the
place permanently Of Bpoctc, one, Me
have t4eorizel oursolYos into tho belief,
almost, that Tho faith of tic Government
It's bonds oelHg at par ruth go|d-makcs
paper. nj money for u6, as good aa gold
a most fallacoud conclusion, and ono which 0
arc beginning 10 reap the DISASTROUS fruits Of.
It ia nov imperative thAt re .otrievo our erross.
and adopt tue only mcauB to restore tho specie
stnndard: absorb aud rom1ye tho 1cSal-touder
which. In the language Of Secretary Dristow,
''s an artificial barrier to tho use Of gold and
silvtr, tondinR not only to prevent the tlou OF
rold to tho country but promoting the shipment
abroad Of our production Of tho precious
netala." GoLp STANDARD.