The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-10-15
HARD MONEY.


PREPARING FOR THE CINCINNATI CONVENTION
ON THE 25TH-THE CALL or THE RICHMOND
CONVENTION ENDORSED BIZ MIcHIGAN-Ex-
TRACT FROM THE LETTER OF SENATOR CHRIS
TIANcY.
DETROIT Mich, Oct IA, 1875
The Hard Money Convention held here to-day.
No effort made procure a large attendance, and
invitations only sent to prominent liberal repub
cans, a number Of whom were present, and others,
unable TO attend wrote letters sympathzing with the
object OF tho Convention Among those who wrote
Senator Christiancy, Congressman Durand, OK
Governor Blair and ex-Congressman Charles s. May.
Addresses were delivered by Mcssrs Frederick A
Baker and Eugene Prindle Ten delegates prominent
from different quarters of the State selected
10 attend the National Hard Money Convention called
to meet at Cincinnati October Is
Resolutions adopted recitng the objects Of that
proposed Convention expressed in the call cmanat-
ing from the Richmond Convention last spring, and
then going 10 declare that dscarding party feeling
and believing that foreign and domestic industry must
languish under a currency deprecated and fuctuang
in value and revenue system which is unequal in its
burdens, they responded to tho Richmond call
Second-That infexibly set faces against all
schemes for currency imitation, any form Of paper
currency, ''greenbacks" otherwise long that
currency shall consist Of rredeemable promises to pay
money, and we VIII oppose any policy which has not
direct purpose establish the currency par with
and actually interconvcrtible with coin
Lastly, the resolutions TO the people OF the
United States the proposed Convention at Cincinnati
and urge the general appointment Of delegates to it
The letter OF Senator Christancy is quito lengthy
Tho following extract indicates the leading idcas:-
The evils of a deprecated and deprecating currency,
which, while i continues irredecmabe and without any
certain expectation OF redemption and yet circuates as
substitute for money tends TO drive and keep silver
and gold OF circulation and out Of the country; to
confuse all just ideas OF real values to create fictitious
prices and TO render all business calculation unreliable,
thus preventing the investment OF capital In business
enterprises and producing universal stagnation OF
business, while the capital of the country and an ample
amount OF such currency have, is locked up for
want OF confidence, and much OF the productive in
dusy of tho country thereby reduced to dloness and
the laborer 20 poverty and want
The evils not overstated In your circular and
cannot easily be overestmated but If It be possible to
overstate those evils, language Is hardly adequate to
condemn with sufficient severity the folly, the absurd
ty the reckless and wicked of the scheme setting
aside the common Of mankind and the teachings
of history with air Of seriousness which, If the
scheme had not actually been put forth basis of
party ana political action, would naturally be undcr
stood as clever achievement OF grave and solemn
wrong actually purposes to remedy the evils of this
deprecated currency by issuing more and still moro OF
1T and though its present depreciation Is owing only
to the fact that definite provision yet made for its
redemption in gold and silver and such redemption
cannot be relied at any early definite period yet
according to this scheme all idea Of such redemption
Is 10 be at practically and forever abandoned.
This currency asserted to be better than gold and it
is 10 become the exclusive medium of exchange and
measure of value, and to be made legal tender for all
debts and duties to the government, as we'll as be-
tween Individuals and in connection with and
essential part of this scheme, and Wanted by its
friends as self-adjusting apparatus, regulating or
balancing contraction expansion and preventing
huctuaon and panics this currency is TO be redeem
able at the option Of the holder in bonds drawing 65
per cent interest and this again the like option
convertible into greenbacks All this, 1t is true, is
not specifically expressed as yet In any party PLATFORM
but IL is what Is to be understood involved in these
platforms, expounded by the most eminent advo-
Gates of those party platforms and other supporters OF
the policy OF initiation.