The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-06-09
TmE F1NANCraL auESTloN.


AiCAu 1ScSulHptLOH S6oeCS 1Aob
he regards the Resumption law as
merely resolution 20 resume specie
payment by Jan. l, 1879, and he agrees
with me that it will prove practical
failure, unless there are more adequate
measnres adopted 90 carry it into effect
than it now contains. He endorses it,
however, as a necessary and proper
pledge to DO what he believes ought to
be done, and also thinks it does no
hartn To the business Industries of the
countrss and Is mol In any w,s ihe
cause III sreenbacks being worth less
Ia gold since than oeforo its pass age.
He therefore believes in sticking TO
the law, but admits that he is undeci-
ded as to what specific methods will
suffice to carry it into effect.
What this necessary backing, or as
Mr. Blaine put it in his financial
speech, "supple mentaly legislation,
should be, neither he, or Resumption,
or any of the specie payment men,
agree. One-halfof the timeset ito get
ready in" has passed, and greenbacks
are lower than ever, business is more
depressed, and we are apparently just
as far as ever from the suggestion or
adoption of any practicable method OF
keeping the pledge made by the Re-
sumption law. This may be progress
sing toward specie pay ment, but it is
the way crabs progress, backward.
To be sure, we have resolved. Con-
gress has resolved, both parties have
resolved. the administration has resol-
we'd, nearly all the political conven-
tons have resolved, most of the people
have resolved-that by Jan. LIST, 1879,
the paper currency OF the United
States shall be on par with gold and
bring gold whenever demanded. This
is plainly, emphatically, repeatedly,
almost unanimously, resolved, and
now the two great national conven-
tons of the Republican and Demo
cratic parties are going to meet and
resolve again, and their platforms will
resolve, and their nominees will re.
solve, and then every body who wants
''honest money" will re-resolve, anG
then we will go into q Presidential
campaign with boundless enthusiasm
and triumphantly elect specie pay.
ment ticket-aAd then-how muct
more gold will be lying around loose
in this country, or be in the govern.
ment treasury or bank vaults thai
there is now, or If we don't do 81
much hard money resolving? Just
figure this out, and then let the people
know who has got gold dollars to trade
evenly for paper ones.
The only way that hard money
men have been trying to resume is by
resolution. We may resolve ''till th'
COWS come home," but it will take JUS
one thing beside resolutions and re.
sumption laws, and that thing is gold
If resolutions can create gold, or i'm.
port gold, or make paper bring gold OF
demand, this nation had better meet
in convention next week, and resolve
enough gold into the treasury to pay
off the national debt, and give every
man a small gold mountain for future
use. Gold isn't to be obtained in 81
easy manner, and consequently al
the resumption resolutions being 81
solemnly adopted by the assembled
wisdom and Influence os the country
will have about as much effect on tn,
gold value of the currency as an equal
ly impressive series of resolutions IL
favor of railroad to Europe would oil
steamship freights. Keep watch O
the money market quotations for the
results.
The figures given in my previous ar
ticle, showing that a few months ag,
the government had only $4,000 00l
and the banks 100000 in gold tc
redeem $3.50, GOO of paper money
should satisfy the most ardent resump
ZIONIST that more gold must be provl
ded before resumption can take place
But my friend isn't at all discouraged
He just kicks one-half of the difficulty
out of the way as easily as q ma
: could lit himself over the house by tn
seat of his breecnes. He says:
In all our calculations on resum o
ton we need not bother with the is
sue of the banks, for they could re
: sumo to-day it the government could
and of course that takes off seVera
hundred millions from the very i'm
: possible task Mr.. Graham thinks w,
have set before US.
If he had just added that the gov
: eminent conld resume if the bank
5 could, the resumption problem woul'
? be entirely solved. AS he gives n
D figures to show how the banks coulC
redeem their currency in gold, or HOY
they could if the government could
am forced to conclude he is entirei
D mistaken in making such an Off-han
e assertion as the above. I am yer
e much surprised at such an assertio
: from so intelligent and clear headed
D source, and trust my friend will dem
: onstrate the precise manner in whic
D the banks could redeem their currenc
in gold to the extent that woul
;. most probably be demanded the mo
: ment that they announced that the
e had the gold dollars ready to exchang
t for the paper ones. Until he does thiG
his assertion does not lessen the re
sumption difficulty. Senator Sherman
: tried to show, in his financial speech
2 how the banks could resume, but hi
plan won't stand q moments investi
CATION, and IL my friend has not an,
: better plan than Senator Sherman sug
. gested, the case is hopeless.
The :65 interconvcrtible gold bon,
and currency plan intends simply t
make such bonds, instead of the actua
coin, the basis of the greenbaek cur
rency, by legally requiring the govern
ment to exchange gold interest bond
, bearing an interest at the rate of 3 e
per cent per annum, at par for green
backs, and greenbacks at par for sucl
bonds. That is all there is of il, an,
as the government can certainly re
deem its currency in such bonds, to an,