The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1876-03-23
THE CURRENCY QUESTION.


THE CURRENCY QUESTION.
Speeches by Messrs. willis, Sccl-
yc and Durand.-.POOr Pros
pect OF Present Reform In Our
Currency.
Correspondence of the Chicago Evening
Journal.
| WAsHINGroN CRY, March 18th, .6.
must regard it as fact worthy
of special note that the two closing
days of last week were largely occu-
pied in the House by discussions of
the currency question, and that while
there was some insufferable nonsense
uttered by Republican member,
two or three Democrats and lnde-
pendents spoke words # wisdom, and
pleaded with intelligent. and power
for financial justice. especially re-
fer to Professor Seelye, OF Massachu-
sets, Independent Republican; Mr..
Willis, of New York, Liberal Repub.
lican, and Mr.. Durand, of Michigan,
Democrat. The strong aud sensible
speeches Of these men in the midst Of
a period of political intrigue, of fierce
crimination and recrimination, were
refreshing; and know | shall be ex-
cused for considerable reference to
| them.
THE NATIONAL BANKS.
The salient point in the speech Of
Mr.. Willis was his defense of the ma
tional bank system as it is now es-
tablished. There is not particle Of
monopoly in it, he asserted, and with
truth; for under the law as it now
exists no one has an advantage over
another in the establishment Of .
bank. lie also contended that the
banks were better medium through
which to supply the country with
currency than the Government could
be. He would fund the greenbacks.
He did not think it would be either
wise or necessary to hoard gold
through series Of years in order to
resume cash payments. Mr.. Willis
is not afraid Of contraction. He
would take up the greenbacks-the
forced loan--with gold or bonds, and
would begin at once.
As the most notable point in Mr..
Willis's speech Was his defense Of the
national banks, SO | was struck with
Mr.. Seelye's argument for the neces-
sity of contraction. He had no con-
fdence in the let-things-remain-as-
they are policy, and even less in that
of the boarding policy. 1--WE must
reduce" he said, "the actual volume
of our present currency n order to
make specie payments possible. Ii
il pinches, if it pains us, If even 1t
plunges us in distresses, which, for
the time, may seem inOlerable, ws
have got TO bear it if we get back to
specie payments and healthy state
of business again" This, he solemn
ly asserted, of all possible methods of
dealing with our currency, was the
only wise one; "and / venture to say
also," he added, "that if this be re-
jected we have no practicable alterna-
tive to reputation. We may as we'll
face this alternative first as last
But the most practical speech of
the debate. and one calculated to do
the most good with the people, l
think, was by Mr.. Durand, of Michi-
gan. The great point in this speech
was it's demonstration of
THE WASTE AND WRONG OF PAPER
MONEY.
His argument against the power OF
government to emit paper money in
time of peace was brief, but strongly
and clearly put. | have nowhere
coRe across = better statement Of the
argument. But l would call alton
ton to the more practical portions of
the speech, to the statements of
facts showing hew fluctuatlng cur
rency must be most expensive to the
body Of the people, rs..aous to legiti-
mate industry and trade, and labor,
and of bene6t to the gambling classes
only.
The expense to the people at large
of our deprecated currency was IN
two great items SO well set forth by
Mr.. Durand that ! beg to quote this
portion of the speech. He said:
We owe a foreign debt to-day, na-
tional railroad corporations and pri-
yate debts included, estimated not
far from 81, 500, 100000, the annual
interest on which amount, to about
$3.50 OOO, 900, all of which, both prin
cipal and interest, this Government
and the corporations and citizens Of
this country must pay in a money the
value of which is estimated from a
gold standard. In other words we
must pay it in gold; aud We do not
paw it and cannot pay it in non-ex-
portable currency, unless We make
the non-exportsble currency equal in
value to gold; and if we do this with
. currency worth II per cent. less
than it processes to be worth, which
is the condition Of our currency to-
day, we are compelled to use what We
call s171, 900, 900 to pay tl5o,0oo,ooo
of interest.
Then again we imported during
the fiscal year ending June 30, 1875,
goods from foreign countries amount
;,r /, round numbers to the sum Of