The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1875-09-10

money out OF actiye use. will accumulate
and retire the treasury notes FOR the
profit of thcir increasing value The
banks are permitted by law 10 redeem
their bulls IN treasury nots. 50 long n
the bills and nOie- are about tho slnc
value, The bills are Bgt presented 20 the
banks for payment. But as sDOH az the
tTea siiry noies advance in value they
will be presented for payment. The
banks VIII, anticipate that probable re-
suit aud will prepare for il by hoard
linSlhe treasury notes for the redemption
or their paper. The probable cOnsc-
queBcc will be that under these influ-
ences tie treasury notes will. hpr con-
siderable period of time. be withdrawn
from circulation. and our currency will
be contracted TO nearly one-half its
quantity. A. rapidly a. the treasury
notes are used in the redemption and
retirement of the bank bills they will be
presented at tie treasury for redemption
Ia gold. and will disappear forever. I
know ii j. said that a. soon a. il is esiah-
'lished that they are redeemable IN gold
they will not be presented a. they will
then he A. good - gold. To some tx
tent that would be true in a time OF es-
liahii-hed cOmrcsnre and confidence.
but that will not be ihe condition OF our
couniry whilst the law j. being executed
do YOU not present your 10 gOtiable pa-
per al maturity merely because Won
have confidence in the ability aud
wNhngl'ess of your debtor: How lnfg
10 Scr think The gold paid OH hl y. re-
dcmiyi.OE %: The treasury no1rs VII ~
mSin in the country! Win Il pa-s along
the veins and arteries of business and
give lie and energy. IN time of gen
eralronfidencc il might I've so. but not
Wills, this law is being executed. Pub
tic confidence and fiuancial stability can
not he made TO rest upon borr owed gold.
This measure will increase our gold OBJ
legations abroad. and. becausc OF con-
in'rfiou. will reduce production Al home
This flow :f gold abroad will continue.
and the borrowed gold wifi snon be
gone. In this presentation Of the sub
jert llsvc mol considered tie possibility
OF any extraordinary foreign demand.
Aby great financial cri-i. abroad. or dis
'urbsnce OF The peace of Eurcpe, y ou.i
cause our bonds TO be- thrown upon our
mas ket IN large quantities. and corre-
-p"nding draft upon oar supply oi gold.
do not believe we can rel, upOn Ibis
measure for gHy supply Of gold 20 our
domestic currency that will be pprma-
nrnf or useful Substantially our re-
iianee for q currency must iilrn hr gp,n I
the banks. Will they he ~ 4 condition I
is supply IL. The retirement OF ~. /
ir.a~nrv notes viii leave them under l
ilrc obligation 10 redeem in gold oulv. I
, an they meet that Obligation: And
with the known uncertainty ia the sup
ply nf gold. will they venture 10 throw
their paper upon the currents OF trade
in quantities AZ all adequate TO the de
mands Of legitimate business? The act
permits free banking. and the bills are
vet redcrnablc in treasury notes. What
has been lie result. The statement OF
the comptroller. made Oh tie 9Th Of JWly.
shows thar sine" the passage OF the law.
January -. 1875. 10 the 1T OF July.
nearly 2 half wear. the increase of bank
currency j. hut seven thousand five
hundred aud fii1y-ci-ht dollars. Docs
this statement justify the opinion that
after the Treasury notes have ceased 10
be available iOr redemption the banks
will venture their paper upoa the dis
turbed current. of business? I believe
the financial POI y of ihi, adrninistra-
tion. aud OF the party which supports
il. n expressed la this act of congress,
will "a contract the currency a. 20 para
1--WE all Legitimate business. and leave la
bor IN rags begging Tor employment ]
know the opinion is entertained for |
have heard it expressed by many--that
tiic law i 30 clearly inpoiIic that it,
ff..s Ia
the President. in his first inaugural. not
say that all laws should be executed.
whether they met his approval or not,
But the law is now being executed.
Many millions OF dollars of the bonds
have already been sold ro provide the
means for the retirement Of the out
standing currency. l. this terrible blow
iO fall upon the industries Of the coun-
try, Ohio stands IN the van. She should
make her great strength 30 felt that even
Scnator Sherman. who reported the
measure. will respect il i'm movement
for repeal VI Gov. Aliep he elected |
Eelieye ii will he repealed. so great j.
the power of the people. But senator's
Sherman aud Morton. In their key nute
speeches. declared to the people Of Ohio
that this Is The party policy TO be ap-
proved and stood by. May Il not well
be claimed that Governor Aliens defeat
j. IT, approval and endorsement by the
peoples Will you then expect the Sen
ate 10 consent to its repeal? However
earnest we may be for return Ia specie
payments we can not wish 70 reach III
through universal bankruptcy aud al
frightful increase OF our foreign public
debt. Bcrausc Of my sironc belief that
Ill. u,oa.nso is G-au.<l.s Ill. .I.unitr Ia