, 1875-11-27

but tho people Ha<o not yet ft1aod tor.,ho,
W the heat OF tho War; they coul,l ear, IT..
money; thoy had not the dis,osit;on
a. TINT time to part with it. Tha
pecan'ary va1ns to tho Union Of ,ha
sentiment Of patriotism at home on,
ot respect abroad, founded on success, had
not yet become deeply manifest. It ia srch
1n'efter1ng esusca a. these that mako fa,,l
@oe'sa aaons In tho operation Of tho nm.
carotni calculations Of the merc fInanc;o,
1ho political economist caunot disrcearl t1a
most powerful motives Of hu5na,, no.uro i,
propounding his theories, -
Tho records Of tho tino ore full Of cr;do,o.
thas this attempt to throw the l,lam. Of tbs
suspension Of specie payments on Mr. t,r,as
IL unfair. 30 late as Dec. o, 1861. sccrct,r,
oHAsE, In hia hnnua1report, urged Con eress m,
70 adopt a schsmo Of Government parcr, m,
even il 1t were convertible into gold. Ia
proposed aa the fnancinl oxpcilicnt for co,,
ry1n8 on.the War the National Banking sa
soe'htion. The reason why tho :;ccre.ary 5;a
continued tho uso Of tho banks WINS that ,l,cy
insisted Ia effect TINT ho must take the ,nonor
subscribed through them In gold or bank.
notes. as tho easo might bo. This VIVA in
tho interview with tho Now York ban1ors
Nov. 1C, 1861. His reply wis: srf yon
can lend mo NIL tho coin required to con-.
duct tho War. or ahow mo vbero r
can borrow 1t elsewhere nt fair rates
will w1thdraw every note alrealy Issued. onl
pledge myself never to issue another: Int II
you cannot, you must let mo ctick to uDi.n1
States notes, and increase their issue lust 90
far as the deficiency of coin II, ay mako uceea.
aary." This record, which is alnost nuto.
biographical, being written by Slr. scarcu.
ELS, Mr. cnAsrs private secretary, places tia
mattor in Its truo light. Secretary cu,s,
was distinctly oiforcd by the bnnke-s nothing
better than odvances In mixet1 coin eud bana.
paper. This would havo entlet it, unlimited
imitation OF State banl-pal cr Mr.. CHAss
thought Government paper better than wild.
cat paper. The Legal-Tendcr net WAS missed
against Mr.. CHAsz's advico, and so lato NJ
December, 1869, he urged Congress tn 10.
place 1t By National Bunk circulation, sov,
ing he proposed "Eo more paper.rnoncy
scheme, but, on tho contrary, eeries of
measures looking to safo and gradual retnrn
to gold aud silver Us the only permanent
basis, standard, and measure of va]uu.
recognized by the Constitution"
A final evidence Of tho difficulties that n,>
set tho Secretary Of the Treasury at ever
stop was tho comment Of the London Etoao.
mist when 3fr. CEASE wont to New York to
borrow $5o,oo0.0oo in August, 1861. It
said: SIT ia utterly out CT the question, in
om opinion, that tho Americans ean olta;p,
either at homo or In Europe, anything like
tho e1trava3ant sums they are esling--forEu-
rope teont lend them; America c..ano.."
=-.---==>=--.--
Ths wild-cat imitation oE,on, which bcliovos
only in i1cdeomable, auctuasin:;. lapyecutod
scrip for money, says:
The proposition that N tncrcascd supply lot Ro'b
would come to tho nation meray bo:Au.s more v31d
be needed. IL absurd a. would b, TIC ds"4raticr
that tho individual has only to tt gold to pos.cs,
aufadepcy Of 1t. Tao idsz thut w,su7pr Tia goldis
needed shsrn witths gold speedily mud directly IN its
NIT" en'nsntly worthy ths icnoran % and innocence
Of &hs dark agce.
Notwithstanding these ,g.aatic assert;oas
it iR fact that gold docs flow where it ii d..
eised, and that where 1t isneeled goldspecalt
finds its way. Where it is not desired il
never circulates, but stays away. What peo.
pie do not dosiEe in the way OF my particular
kind OF property or goods IL not tarust upon
them In delance Of their wish. In order To
possess gold or any other valuabl. object, tho
first thing necessary Is II, desire to lsayo It,
When tho people d<Ire to lavo gold :
In circulation as E,o2cy, they viii
speedily find why to obtain it. l.
country which produces fronI its miner
from eighty to a hundred millions n year OF
gold and silver can surely keep some OF it Il
1t desires to, aud more especially when the
sane country produces from throa to four
hundred millions Of surplus cotton, bread.
studs, and petroleum for nnn,.sl orpor:ation,
and has the powor to fabrieato aul export
other hundreds Of millions worth Of MANI.
facturea whenever tho people chooIo to aiopt
Q flsoal systom that removes tho barriers and
thereto. Tho banks 1t thy
United Statos can import hundred millions
Of gold whenever they seo fit to export ous-
quarter Of the bonds In their possession.
rhero are ways and means In abundance III
this country for obtaining all tic coin needed
10 support rosumption whenever tl'u people
leaire tho gold aud conclude to res,ll.e, apd
ae TINT denies 1t shows that hs is too stupid
o comprehend what BIB Is talking about.
Italy seems to bo struggling ut Inst out u
he slough OF financial despair. Year at'es
rear the new Kingdom, bs1denea ly The
debts Of the petty desrotiatus which
t swallowed up, has groancd unlcE the On.
lual deficit. This has sometimes Amounted
o many million dollars Tho natio1al debl
las been piled up, Pelion upon Ossa. Tls
premium upon gold Was long since SO great
hat tho precious metal VIVA d1ivon out Of
circulation anl nothing loft but deprecated
PAPER currency. Matters Lays gone from
,ad to worse, until 1t seemed as il the loud
$nr {,o mud }hrf