The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1876-05-07
Money.

existence. 1t has, as yet, made only
scanty appearance and altogether in tt
: shape of small change, but we can hoE
that it will multiply until the lining sha
+ hide entirely from sight the gloomy clou
which has so dismally darkened our day
for long time. What we see may be only
frantic and foolish effort ON the part c
Government to do something looking lik
resumption it may fail disastrOusly, an
leave Us without any fractional currenc
green or white but, if 80, the experiment
will still probably result in good. TIL
Government ashamed of it's failure, vii
take more direct and effective steps to tn,
re establishment of gold itself as the circu
latipg medium, and, if it do not, the people
having had q taste of good money, will
clamor for immediate resumption at any
cost.
In fact our position as a nation is, on
not already, disgraceful one. If a pri-
vate citizen of this or any other country
were beyond any shadow of doubt fully
able to pay all his debts without sacrifice,
and should refuse to do it, he would be set
down as a grand rascal. If he could borrow
money on reasonable terms to take up his
due bills, he would be considered great
rogue if, backed by superior force, he
should refuse TO do 30, and more especially
if he should refuse to receive them in pay
ment Of sums due to himself. He would be
called q knave, a fraudulent bankrupt, q
thief and other hard names; and yet what
is our mighty and magnificent nation doing
but this very thingf
Our great and respectable country of the
United States has unparalleled resources, it's
wealth is practically unlimited, it is the
heir of unnumbered millions of acres of
public domain, and is only beginning to
develop the value of it's magnificent inheri-
lance. The debt with which reckless mall
has encountered it is really
\ trif1e in view of it's capacities yet this
same country now, eleven years after the
war is over, refuses either to pay it's due
bills or even to receive them for it's own
lues.
1fit were the case of Turkey, or Italy, or
spain, or any other country with limited
resources and an enormous debt, aud if
hat country had poor credit and could
lot readily borrow enough money to can
eel its floating debt, then sympathy for it's |
would save it from reproach
'ut in our case none of these elements of
'alliation exists. The United States can
N reasonable terms borrow money enough
0 call in and cancel half of her paper
money, or the whole of it as for that, but
he cancellation of one half would be
nougb, for that would bring the balance to
'ar with gold Immediately.
Another and very simple plan to accredit
igns of honesty at the same time, would
20 for the Government to accept that cur
ency for all it's dues.
To this is objected that we should not
hen have gold to pay the interest on gold
ponds. And to that we reply that Govern
nent should buy gold like any honest man.
However, We do not know that the Gov
,rnment would have any to buy, for it is,
perhaps, the discredit fastened on our pa
per currency through the act of Government
n refusing it for import duties, that makes
t of less value than gold. That stigma
being removed, it might we'll be that
yreenbacks would at once rise to par and
De accepted by bondholders as readily as
gold.
But to both of these plans comes the OBJ
ection that it would be a cruelty to raise
yreenbacks suddenly to q par with gold. 1t
would operate most Qnjustly on the whole
lebtor class everywhere. A man, for in
stance, who now owes one hundred dollars
would then be obliged to pay it in money
of the same amount, but really
worth as much as hundred and thirteen
dollars in present values.
This would be no objection at all for a
government willing to do right. Every
body knows that it could be entirely obvia-
ed by simply enacting that all debts
should hereafter be paid in gold if demand
sd, but that as to debts now existing they
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