, 1875-12-03

1ho "GreenhNckors" held Convention
in indianapolis on Wednesday. Tho Grangers
held one in partnership with parcel Of Com.
mnniets in Chicago yesterday. The usual
amount Of bosh was uttered before cnch
Like all other gatherings Of similar kind. thc5
make it point to ignore tho absolute neces-
sity Of cola redemption Of paper currency.
In order to have my certain Of uniform valnc
it nl'tat 10 convertible into coin at tha ploas-
ure of tho holdor, nnd for tho following
runso1ls:
Tho people of the United States sell their
w}'olc surplus product to foreigners, and !uy
III exchange therefor wbateyor their sparo
products will bring. One Of their surplus
products is gold, Of which they export from
sixty to eighty million dollars n year. Alto
Eethor, their exports OF everything nmount
to nearly $4,000, 900 per tlny, md their im-
ports MI equal sum. Money il needed to
effect these exchanges, and only one sort OF
money can do this. Tho "worlds money"
gold and silver, ere the open Besamo of for
eign trade. One Of tile grind problems
is to turn our pnpor currency into
this worlds money, and 30 make these
exchanges. Most Of the articles We buy
from abroad arc necessaries Of life.
Others nre fast becoming so in obedience
TO tho rule that tho Injuries Of one age bo-
come tho comforts Of tho next and the ncces-
Baries Of tho next to that. We can mover
produce everything wo consume. No man or
community can do this; no nation can do it.
Thore IL and 1nust DO an eternal demand for
tho worlds money for purposes Of inter-
national exchange. We need 1t ns much aa
any foreign nation does We do not sull our
commodities abroad for the deprecated paper
currency Of Austria or Of Italy. We demand
coin. So Foreigners will uot take our Nh
must havo gold. When merchant who
deals in imported wares has exhausted his
stock md has to refill bis empty shelves, how
does ho do 30? Ho takes the paper lie has
received here, sells it for gold, and uses tho
Inter 10 buy his now stock. In other
worla, ho has tho paper redcomed
in gold at the bcBt rateg he con
got from tho gold brokers' Tho redemption
III absolutely necessary. All other questions
como down to this: WHO will rcdccm7 We
naturally look to the rakor Ut paper cur.
rency to redeem II. Baul.rnper is sent to
tho bank; Governmont-pnpsr should DO sent
to tho Government. But tho latter Eshonors
its promises 10 pny. It says it will redeem
somc tina, but not now. Hence brokers stop
in to fulfill the function Of redemption. The
amount Of gold they give for paper dollar
fixes tho purchasing power Of the green.
backs. ThiH Is an universal rule. When
over tho maker Of n promise to psy refuses
OF delays to keep his PROMISE, the amount Of
gold any one else wilt glvo for tho writton OF
printed sign Of tho promise fxos It's value
This is true Of the currency Of Russia, Of
Austria, Of Italy, Of America, Of the notes
Of suspended or doubtful bank, OF
any md evsry broken promise to
pay. Now, the auaount OF gold given
for any such promise by brokers depends
wholly upon That they think tho chances OF
Its makers ultimately redeelning it in gold
are. II nil intent OF anch redemption ia
formally disclaimed, as the Grsenbnckora
wish it, in tho case Of our currency to be, no
broker will redeem the paper at all. How,
then, il go1d-rcdemption Ia abandoned, even
in theory, Is our currency to bo exchanged
into TINT Of tho world, mad tho absolutely
necessary international exchange objected !?
Lot tho "National Independent factions
answer this question, or elso go homo anl
study, instead Of gathering in conventions
and spouting nonsense
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