The Republican journal., 1875-10-21


Dor the Age. If such is not the case, why is
the journal quoting Tttsburg paper in an
approving tone. when it declares against specie
resumption in 1879? Under which king, Til
den or Pendleton? Portland Press.
Not at all. The Age believes in cur
rency having no intrinsic worth, but de-
irving its value from the faith and credit
of the country. 1t desires to see gold and
silver demontized, and made articles of
merchandise. like corn and wool. 1t holds
that we should make our circulating me-
dunn for this country alone, without re-
gard to the wants of foreign trade or the
practice of other nations.
We hold, on the contrary, that the rela-
| lions OF mankind are so intimate, with the
enormous increase Of commerce and the
facilities Of travel, that we cannot afford
to build such u wall Of exclusion about
ourselves. We must, except at very
great disadvantage, conform to the prac-
tice OF the world OF trade in customs, cur
rency, and kindred matters The curren-
cy OF the commercial world is gold and
Silver, OF their equivalent All the fine
theories that have been spun from the fer
| tile brains of paper linaLciers, and all the
pretty bubbles of credit that have been
blown, must break upon the hard and
tangible fact that a dollar is a dollar in
coin, and that any other currency is but
a satisfactorily somebody's promise to
pay that dollar. Any substitute for the
metal dollar must depend for its value
upon the credit of the issuer or endorser
SO long as the country, the institution, or
or coal or cattle upon q thousand hills,
and people know it, they have credit, and
can keep the paper dollars atloat. The
FrGnrhn2n who rushed to the bank in a
time OF panic illustrates the idea He
was surprised on having q pile of specie
counted out on presentation OF his notes
| Il don't want him." he said, eff you've
cot him. If you've no got him, | want
5Atttn G 'p G siltac at' could not Better tell
the story OF that confidence which consti-
flutes credit Credit is a queer thing,
when You come to analyZe it. Credit is
NOT the possession Of Means, for men may
have wealth and yet avoid payment of
| debts. 1t is not integrity. for the most
honest persons may not have the means
Of payment. But true credit is be@ot by
| u mlngling OF integrity uM means
This country OF ours is wealthy almost
beyond computations The great mass of
| lis people are honest, and mean to pay
| their honest debts. Its credit, therefore,
should be of the best in any money mar
ket. Its paper promise to pay a dollar in
coin should be at par anywhere in the
! civilized world Why is its currency de
preciatcd? That is a question TO be an
swered by the party that has governed
the country and controlled its policy for
u period OF fifteen years. The Republican
party is to answer for that to the people.
IT the government and its finances had not
been shamelulymismanaged, Il paper dol
lar would have been equal to u gold one in
two Years after the war closed But there
has been corrupt extravaganza in every
branch Of the public service, frauds and
salary grabbing in Congress, and broker
age ut the White House. Even the Su-
preme Court has been made a thing to be
toscnI ,hnIt law fb. hnl1c md hnnr, Of lo
money centres. The way in which the
great vital question Of legal tender has
been converted into football is simply
shameful, Notes, mortgages, and solemn
pccuniary obligations, made upon q gold
basis We're by the decision of the highest
tribunal Of the land, reconstructed to that
end, forced to settlement in deprecated
paper. And now the same party that
fathered that injustice avows a purpose to
make payable in gold all contracts made
upon u basis Of paper currency. Is it
for the constructors of such pecunary
see-saw to reproach anybody with enter
tanning financial heresies9
Much as the resumption of specie pay
ment is to be desired, and we will stand
as rigidy as the Press for the declaration
that it is desirable, the means by which
that point is to be reached and maintain
ed and the time when it can be reached
with safety to the public, cannot be fore
told, even by the aid of an act of Congress.
Such an enactment can no more control
the matter than did the other act provid-
ing that gold should not rise above Ger
tain point-which it will be remembered
was actually passed by the financial Sol
ons during the war. They might as well
have forbidden the ocean to flow
The country may be in a condition for
resumption in 1879. If SO, by all means
let 1t come. But when the time comes,
II such step cannot be taken without
the danger of panic and commercial dis
aster--if the country needs further time
ior recovery and the promotion of indus
es,--then let further time be taken
But let there be, in the language of the
Maine Democratic platform, steps to-
wards specie payments; no steps back
ward" We do not expect these steps to
be greatly aided by the present admins
tration, Judging from what it has done,
however so loudly it may resolve or earn
estly protest. But on the fourth of March.
1877, unless all signs fail, Democratic
national administration will be inaugural
ed The great and leading issue in the
campaign preceding that event will be
that of REFORM. 1t will be rigidly APP
piled to all the departments of the gov