, 1875-12-11

thoH Hl4* VI uI9so lutoENdtt DUE Eu3rQ aEA!u4s
having currehcyto curry too heavy Premium
after maturity; bur put tho intores. tho gotI-
notes for tho benefit OF tho peop'a, and not On
bouds ior tho oeno6l OF bondhoidets.
?. 4. T..
PAPER vs.. COIN
To ths Edifor Of Tht Chicago T<touns: !:
CHICAGO, Deo. 7.-As vour papsr eeoms to
argus tho currency question mostly from tho
hard-moacJ or bank-ourfency sIdo, and, "a il
soens to us, rather unfairly, al tho Use Of rho
terms " hard mon,Y and "ra: :-moaer" MIR
l:ni soms to beio1o that tho so.m "hard
money means coiu, vhnn, in fact, it is ussd
only to mean par bsuk currency. or a uesr "a,
AZ lauk-cutrancy can bo made to circulate. you,
perhaps, would bo willing to show tho other si,lo,
though not In accord with yn,tr rioss. It seoun
to NJ thas tho ouly valid objection to greonbacks
Is their liability to fluctuAto In value. The olmpla
fact Of thoie bcing worth leas than par 10 Of no
Importance to trhdo. Tho importer ,ys for bis
merchandise with exchange, aud may
havo to pay duLics with coa; but,
IL uslng bank-curreuoy, par as the bank
uf'ore 1t was issusd, Il Is not necessarily 80
uhero ths !uportor receives 1t. and 10 must acll
Tor coin, II the coin IL peodod; and the troublo
to him 10 As great IL tbs discount Ia but Il Of /
psr cent A IL p.r oon:. 80. II By using green.
than in using bank-currency, where is the ad-
vantage OF tho ]Atter7 That tle1o il - ad-
vantage tn usipg psprr-currenov tnstead Of
CON. Is apparent euougb; and tho quss.ion
sooms to bo. Who ahall havo tho benoat OF ii?
Tho rholo people. or a fo"7 The efforts Of tho
bank ank-our1enoy-sdyocatoa ECON to bo 10 show ho1
little bankers make out Of bank-cur1enoy, in-
stead Of hor much the people can N ske or eeyo
br tho use OF tho 0EoenbAtka. Eoms hayo eyea
triad to show that tsley cuud not mako more than
paving the 10 por oeas for capita pshhe when tbsS a
can lave ii! they want for 5. Tbsy ofYet to
loan tic people 300 for $4.1o intefsst, ii tho
people will loan tham 855 without any interest,
3uppoas the people loan Memsslrcs $85 without
auy lnteFoss, and borrow Of eome oae else SIS
~ per cent Interest: .-hov much would bo saved
In tic trausaeti,n. It would aes;n to tigurs out
about sko00903o on e500, 0a0, oo3 OF currsnor,
II tho fow accepting tho privilege Of isauing
bauk-curTenoy can make nothing moro than IN
uslug th:ir capital aomo other way whoro IL tho
objectlon to tlis Government saving &C. OK, ,0J0
sunaally, unioed Ehey sre abie to furnish batter
TLa cty Of imitation may bo we'll ouo,ob II
thero Ia anybody AlvocasaR Imitation; but $40
no necessity for imitation NTH tie uao OF greou-
ba:ks, Ut for bringing thom to par With colu. II
law ware passed rnlulln2 tho National Banks
lug grcenbaekn intcrchaug sablo for 8r85 bonds.
tho result would naturally b. 3 Broatar Scarcity
Of papcr.oarsencY and lower prico Tor eoli.
During the panic of 1879. gold declined Ior
time qlate rapidly, uhllo tho character of tho
curro''cy renamed unchanged. Was il because
OF tho Abuntthnoc OF gold o.. tue scarcIey OF cur
rency? More hkalY ths latter, ~ thr temporary
hoa,d!ng aud lack at facilities for us:u: bank
ekchaoeo made gFeatos volume needed, aud a
lcSs on the market or 10 circulation.
Thtd le.son aoauR TO Bhow that peopto will
uso It ~ lonR ~ it can be had for loss prices
than gold to par their dsbts With; +; aud thas q
seduo'lou Of Quantity will sure'y DO followed bY
oorfospond!ng appreciation Of vatuo. The
privilege Of exchau8tng EreonbackA for 3.fi5
bonds would eDkblo bRnke1s to !oau on call such
surplus Of canltal ~ they might have on depo4t
- dnE! seasons. which feature would give the
curreocy an elasticity that it would hot othor.
Wlso hava. For tho benstlt OF the dobtor ctasa.
thu socrasarv OF the Treasury might 30 required
to purchase gold for groeuoacks ut al ti.ncs 1t
given pr!co, s.y por cont premium. aud. to |
cfoslou, ~ anY prce no. IoAs than ths prices OF
buying. Ths objection to making paper 4 legal. |
teadss doo4 GOT sssm 10 be we'll s1atsIael, aiuce
the act 1t tho same time giyos it q commerctAI |
value - seal ~ that Of god. or ANYTHING else.
Gold has what's called 40 intrinsic value, which |
NAV % little OF much, indspsndeLt Ut III co,u- |
martial value. wlich Il cteAled III soma man. |
m mner " ~ use for currency. Except for
troubled as much to lind purchaser for Il ~ ftr /
= neat o. corfu or sIy oshar Art!uls o{ taerchA1.
dae. There u no question OF itp AJAptAb4ity to |
u " usa na!thes doas tAta fact argue cnncluaiye-
y agalnst tho uas OF dcpKeclAtsd paptr-cur.
"a 1cy.
It seems plain that small Ampuns of kEesn-
lsscx -curroucy would c!sculate 1t par viii gold
y y lsRa!'tsndsr for ddbta; also, thAs ~ unsn.
loo value uniform. they muas BE- redoetael ID
eo4a'. not necessarily vt par. A par-cu.teucy can
20 aaoEs &esp guild from lesying tie cnantry
than deprecated currency. Tno most II ean
do h to msaa 40 ARTIFICIAL dnm4od fot IT, that
VIII hold IL hero till gil other available property
e ono. II It ~ held 1t luna to Tho people Of /
20, 0300 900 per yoas. while the isausrs OF bank
currency are not benefited, it ssenaa en e1pan-
ave b7ssiueas, and lnoliue to tho oplnlon that
gold nettaE 10 dlst. and other property afLec-
Ha1dh ECoxoMr.
.. MISLEADING FARMER.
r. ~ 1astar ~ ihs Chicago ir1buns:
Cmc4 90, Dec, 8.-Aa you have q column for
ettets from the people. propose to avail my
sa!f Of your Abetsltty, and 8tvs yoa 4 couye.ss-