The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1876-08-16
THE GRANGE ADVANCE.
WEDNESDAY. AUGUST 16, 1876.
H.H. YOUNG, Publisher & Editor.
The Financial Issue.


of opinion whatever on the money
question, nor has our desire for the
adoption Of the ''greenback SYSTEM
abated. We still believe that in
that policy only will be found per-
manent exemption from ruinous ex-
pansions and contractions of the
currency, and consequent security
against alterations of undue citation
and depression of business. And
moreover, we implicitly believe
that in few years, that, system will
be adopted, and that the experiment
will prove eminently satisfactory.
But we cannot avoid seeing that
the financial issue is not the only
topic demanding attention, nor feel
ing the conviction that persistent
efforts to force it upon the public are
calculated rather to retard than
hasten its adoption. In other words,
we know that it is nonsense to try
to compel people to accept the
opinions we entertain, until we shall
first prove to them, by patient dis
cussion, that such views are prac-
teal and sound
Instead, therefore, of vain endeav-
ors to procure the immediate adop-
ton of our peculiar notions, we are
content to labor for something less.
We believe that almost any settled
monetary policy will afford this
much needed immediate relief, be-
cause capitalists and business men
could then definitely calculate up
on the results Of enterprises. Such
certain prospect is all that is needed
to induce capital to seek invest
ments and to persuade business
men to employ it. Let congress
settle definitely upon any reason
able financial system, and revival
of business must follow.
Even if it be determined to abide
by the resumption act of 1875, the
contraction necessary to reach that
basis will hardly be sufficient to do
serious harm. Let the government
but say that the gold will be paid
for greenbacks on demand and no.
body will want the gold, for the
reason that the greenbacks will al
most Immediately appreciate to par,
and the national bank currency
will have to advance with them to
nearly the same standard.
The contraction to be occasioned
by this policy, is nearly all magma
ry. The present volume of cur.
rency in circulation does not ex-
coed $55o,ooo,ooo, and it IS not
probable that a resumption Of spe-
Gle payments will retire $25,ooo,-
900 of it, and as this will be re-
placed by specie, there will be no
contraction. Again, the policy Of
resumption will tend not only to ar
rest the outflow of coin, but will
lead to its importation to some ex-
tent. Foreign capital will seek en-
ployment III this country whenever
it can do SO safely, and it can do SO
safely whenever it is secured repay
ment in currency which is ex-
changable a: par with coin, or
whenever only gold and silver
coin is made legal tender for the
payment Of debts. We believe
that the passage Of bill by this
congress, making all debts con.
tracted after its passage payable in
coin, would give relief, because it
would secure foreign capitalists
against being compelled to receive
payment in a deprecated currency
of uncertain value.
At the present time nothing is
gained by discussing the financial
question, and the best thing for the
advocates of that policy to do, is to
further the interests Of that political
l.