, 1875-09-26

= city; but the results Of it ought not to ste
: there. Some one should be held responsible
for tho murder of these men.
4 --..---e
t THE FRIGHTeUL SPECTRE: SPECIE PAL
, MEMTS.
The first thing that the average imitation
ist will e1clainl when specie payments NJ
proposed, is: 1.-THE thing is impossible
there amt gold enough in the country; wher
aze you going to get the gold to redeem tn
seven hundred millions of currency and t.
pay all the debts, public and private, of tn
people?" and this nonsensical trash is re
peated day after day in newspapers, and il
letters Of men processing to understand
finance and trade, and in speeches of men
holding the high Offices Of Senators, Repre-.
sentGtives, Goye-nors,-and by aspirants
| even to the Office Of President There are O
score OF men now advertising themselves fol
the Presidency by repeating the statement
we have quoted, and other equally absurd
| nonsense.
If specie payments were renewed, the need
OF gold II the transaction Of business would
| not be materially increased. Gold is now
only needed to pay customs-duties, balances
in the foreig6 trede, and interest on bonds
held abroad. We import 8 given value of
foreign goods, and pay for them with our
own productions. If the latter fall short, NO
balance the account with coin and bullion,
which is as much a natural product of this
country as IS petroleum or coa1 In several
Lines Of production We hare almost q rnonop-
oily. We have cotton, tobacco, petroleum,
breadstufs, and provisions These are among
the necessities Of Life, and command mar
Eet always. Unfortunately, we have not yet
seen the folly of prohibiting the expectation
Of our surplus manufactures by high ta-if,
and are therefore deprived Of the profit
OF that trade, and have to send for
ward the product of the gold and
silver mines to make up the deficiency
We have use, therefore, now for gold to pay
these balances and foreign interest, and to nav
duties on imports. The gold used to pay
'duties is paid cut again to meet interest on
the debt, SO the same amount Of gold answers
Tor both purposes. If specie payments were
resuped, the amount Of gold actually needed,
If obtainable on demand, might be slightly
increased to the extent Of supplying some
persons with few coins to be carried es
pocket-pieces, but not otherwise. The whole
domestic business Of the country would be
carried on as now in currency, and by checks
and bills Of exchange. Grain dealers coming
to Chicago to purchase breadstuffs and pro- /
visions, instead of bringing coin. would bring
sight drafts and bills Of exchange on New
York would deposit them in Chicago bank.
ano pay Tor the purchases with checks on the
bank- The DRIFTS and bills of exchange would
be forwarded to New York to the credit of the
Chicago bank, to be drawn against in like
manner to pay debts in New York. This
whole transaction, though on gold basis,
would not require the handling or transfer of !
single piece Of coin Multiply this traps-
action indefinitely, and nearly the entire |
business OF the country would be conducted |
without the actual transfer of coin. But
every transaction then would have the same
standard OF value. Then q drift On New
1or6 would have the same value when pre-
sented for payment as it had when drawn
banks IN Chicago now give gold drafts on
New York md elsewhere. Auy one in chi-
cego can get bank drafts payable in gold in
New York, but the cost of these drafts yarv
every hou7 IN the day. II we Ind specie
payments the cost Of q draft payable in coin
would be the same every day, and that, too,
without the handling or tanafer Of coin.
1he imitation advocates assume That If cna-
cle payments were resumed every man b.r.
ing currency would demand coin for it wha+
Is the man to DO with his coin when he GETS
4! Where Is the gain of driving the gold
lie can't sell it except st par for paper. Teha
% carry l. On bis person, or hide it away i? If
10 have ary use for it, or it be have no i'm.
Mediate use Tor it, it must find its way back
o the bank again for safe keeping. The diff
erence with him in csse Of specie poynoenta
VII be that When he wants gold for partic- ,
'lar purpose he can get it; and, 30 long IS
he paper Is of equal value with gold, he will
Ise the latter because it is the mora conven.
ent and less cumbrous commodity. Even if
e hare to make payment in coin be will |
o so by check on the bank, which check the |
ayee will deposit to his own credit.
The circulation Of National Bant notaa !
Ill be protected, as now, by the deposit Of ,
onds, with this difference: For every 800
bank notes il circulation there is on de-
os't bond worth s1os to sos in gold.
Fhen q bank now fails to redeem its notes j.;
1e bonds are sold tor $1os in gold; the =
aid .a used to buy greenbscks at IS cents. I
I'd the bank notes are redeemed with green =
acka, the bank retaining the difference, II
. had specie payments, and bank should | t
IL 70 pay its notas, the bond would be sold :
q gold ana tas epaa would ts paid to ths I