The anti-monopolist., 1875-07-26
THE CURRENCY QUESTION.

THE CURRENCY QUEST ION.
The Chicago Tribune, (Rep. the other
day, INDUCED in nearly a column OF dis
approbative commentary upon one of
the resolutions we submitted to the Con-
vention Of July 7th, to wit
Resolpcd. That we see noreason why legal
tender government notes bearing no interest
should not be gradually substituted TOR the
$3.50 900 900 OF National Bank notes,
based on s4l1 900, ,GOG OF nonds bearing inter-
est at the rate of s22 G00, 900 per annum: such
substitution would give Us an equally valA-
able currency at large saving OF annual TAXA
ton.
The Tribune admits that:
In this resolution. which the Convention re
ected is expressed one Of those fallacles when
nevertheless, to large number OF persons who
have not considered the subject, appears reas-
enable and Just
The T1.jbunc then proceeds. in q cour-
teous and gentlemanly style, to give its
reasons for believing this resolution to
be a .allacy." The Iribune is not
aware that custom, as established IN TINS
State. requires that in discussing any
onestion with us, an adversary should
open his argument by denouncins US as
"a pestiterous demagogue, and close 1t
by proclaiming us "scoundrel- we
are no, prepared for such courteous and
respectful treatment by Republican
newspaper, and it quite unnerves ana De-
wilders us. Nevertheless, to the best OF
our ability, we will reply to the points
made by the Iftbhne.
1t says:
Panel money, having no intrinsic value, can
only be kept at par by the certainty OF reoeinp-
tion. and to keep this redemption reasonably
certain. it must be sustained ny actual ana
available capital For this reason no doverh-
ment has ever been able 10 maintain paper
currency of its own at par
But suppose the government reaches
specie payments now, II ten years from
now and the greenback is convertible
into gold 1T par, in the markets OF the
world. where is your argument them
Our resolution was prospective. II
spoke of gradual subtitution Of
ureenbacks for national bank notes As
long as neither greenbacks nor national
hank notes are redeemable in gold they
are on a .erteet equality; when both are
redeemable in gold they would still bt
on an equality. Then why not substitute
the notes bearing no interest tor those
on which the people are taxed s--2'ooo'
900 per annum?
The II sblple continues:
Paper money can only be kept at par ny
combination OF private capital aetiveiy eiii
moved in proitaUte business, 80 conducted
to enable the banks to maintain aredemptlon
II SO why then is the government pro
posing to hoard gold IN order to RESUME
specie paymcut-? Why is it selhn:
bonds to buy silver? When a dollar green
hack is worth. i'll every bank in the coun
try. a dollar in gold viii any machin
erv be necessary to redeem the Que wit
the other?
This continues the Iribane, has been don
in most Of the countries lh Euiol* anu
ra,a'ja. i now successfully done in Ialitorni'
and Was done in various states OF the Unio
unnl Congress interposed and broke up tn
Gns1nsss Congress superseded this lAps
currency sustained by private eaphai ana GU
rulatiup 1T rar and substituted for IL loree
loan ,,nrrsuey issued by the government rs
war necessity. and which Is net redeenaei'
and can only be redeemed by oesng put INT
the form Of an interest bearing BOND.
And who will compare our preser
government greenbacks with the ante
war State-bank notes? The West 10:
millions OF dollars by wildcat BANKS
in that day. and by immense discount
even or those not wildcat. In
preenback now passes from hand
hand without a discount: it is as good i
cold save where we want 10 deal wit
a foreign nation; and if il initiates value
II initiates all values in the same propol
ton.
The TYi5tue adds:
II those persons who advocate sovernmer
currar,.sy can or Will devise any scheme c
measure lv which the currency Tan be kept .
nsr. or at 90. so, 10, 90, %, or any 9th pTics
# any plan can he adopted by Inch this cg,l
rpney VIII have liked yalGe. something per
nsanent aud staple. then that Will be accom-
rlishei which mss never been aeeornpitsha
kefora, and all the objections to nations
naper currency viii he removed IL MI
feuatius Donnelly can propose any scheme b
which greeuhaeks can have aNea vaius-ais
II i inlmaterial what that value MAY ee-h
viii become more famous than any one of tn