, 1876-01-29

at 1Icxuier, ELo las nntio quito q nNmc In thta
sport.
TIE CURRENCY CONFLICT.
G:cns GurIlefh,y Views
EGsfon journal.
One Of the best aud 1npat timely contributions
10 tho pending currency discussion Ia 0en.
James 4. uareld'a art!e1o In tho February ntirn-
bor Of tho atlantic Mo'A.ly. Tbs vti.er has
long boon known as among tito sbles. aud most
estlnablo Ut our public ner, md lis experience
lias boon such as To gire peculiar valuo to his
financial vicrs. Tho obje:t OF bis present
article Ia to ahow how far we a. a nation havo
dri!te1 from the nouud principles held almost
unanimously up to the clone Of tho War, and to
enforce the rcaasns for returning to those rriu.
ciptes ns soon AZ possible.
Gen. Garfield SLOWS that tito father OF our
present financial policy. Secretary Chase, kno*
perfectly vol Tho dangers to which, lln was Ell.
posing tbs country By the adoption Of the sys*
lem OF irtedeenab1n paper currency to which ilo
was driven by overwhelming necessity. In
1860, when como one iD convctsntsoa had de-
fined motion rs "tho sprlt of God made man-
ifest In ma!ser,' tho Secretary said: "1f that
iB good definition. thon logat-tcn5er notes inust
be tho dcsil nna'la manifcst fn raper for no
ulan can fo'eueo what mischief they may DO
made from tho Congressional epoeehcs of
Ibaddeus Stevens. Senators Fersendtn and
Sumner, and otho1s, to provo Tint tho To-
Eal-tonder system wlH only regarded %
an absolutely necessary war mcas-
tho danger should DO over. Even IN 1865 tho
liousn Of Representatives. reiterated tho eaHa
position hut sts,co then there has grown up a
eoft.tnoney party Which, without much COLI
sistency in .ho views OF its several sus1iys,n,h,
will concentrate ta forces FOR tile final battle Of
| 1n1U. Con. Garfield then luntca IRON, sllo so{t-
money champions, like Judge Kelley. Gen. But
| lrr, and others, Rllnwing tlllso fatl.cteA md
e1t.ayng ances which arc sufficiently familiar 10
| the public. lIo Hhows, too, TINT every ono Of
lhose thsurlitiaa II not ncv-tl'y l1aro all been
put forth By EnErA thnosista In former times.
aud nearly all havo been practically exploded as
thoroughly rs John Law y schemes.
| Against them all Stands tho inlpEegnlble doc.
tfino OF hard uoner which Gen unrtiell eluct'
tates With Buch admirable directnc.s AM! force.
| Tho functions Of coin in general aso well under
stootl; bnt the relations OF paper 10 coip-tle
point ulleso tlIs 1snscrh of excessive papcr.is-
sueH tsko their ripe-aro rnrely 10 we'll statcl hs
IN this article. It III pointed out that credit IL
not capitaI, but tho lermason giTen to ono man
to uao tho capital Of another. Gun. GatGola
| Says:
Frequently, however, the c.rsal loansd T. not ac-
tuaiy srat+ierr.l 10 .he borrower. but written esi
tra,,stesaIp may u uel as 1uhstitu'e foz money;
fo.. within certatn limits l.ss the purchasing
rwcr Wlcn .hrso eyislcncts Ut rrud,t in tho fern
1T ccctn a,d GRATIS, hills Of exc.ang., anl rrouis
nory noes thy arc largely used ~ tnatitutea for
aro asss spon eondeilcc. uro:. The bciI that thy
represent truly wht they Prcftss To tapFcBaE,-
capital measured " rtl money, 10 bo delivered IN
Theso evidences o. credit have become, in ncdcrn
timca. tho c!ief tnessuncDts Of e1chause. The Lark
sa cronto Indispensable to the exchange Ut values
the railroad to the transportation of lnerehsudife.
II is the Institution Of erel1t ny Of which tInso
In. Issn sSown tt!s. not less sn o. rer ce of ali
thu ea'suges tn tho United ssaes are accomplished
by ntans of .apk Credits The psr cent n Egani !.
commerce. Ia Perhaps nwtnB 10 This flet ths many
are 20 iaxzlra ~ tho brilliant achievement OF credit
auuro: that Il n tho Sign. tho brilliant su but not
tho thing sEI1el. Let i 10 constantly EoE1t tn mnl
rsn,i.sc.y uctc arc al evidences Vt acbt Of money 10
lc rc!l II not, trey arc fictitious and fraudulent II
s r.. On na wh , sS hFs v1s n1isa sres %
connlcnce In Aeir PROMPT payment be IMPAIRED they
Immediately dcpvtclate IL proportion to The ds!sust
OF that character IL our grocnback. It IL an
evidence Of debt, promise to pay. 1t ID not
monay, and no power Oh c7rtt, can mako il
money. It Ia a tito to money, but eau Gully be
made equsl to money when tho dDator lcrfor1ns
Ills pEonlso. When thai IL done, aaya Dir
aazllold, "aad whes tho community known. b,
aetunl teHt, that it wi!f continue to bo done
tt.on. nnd not until then, this credt~curronc,
will in fact bo tue honest equivalent Of money.
When that point Is attainod Ecasors Of convcn
ience will ordinarily mako paper preferred to
coin, and will give II Its highest ealcloncy. Any
thing short Of this complete conyertibi!ity do
rrcclu,es tho pnrcr cur ency. drives nway gold
1otucos co.bta1,t fluctuations Of pricee, cut.
; down onr foreign trade on both ita oxnor1
en1 import sides. gives stimulus to tho wiIdes
npecClktion, md FninR tho laooring mail
There has not been . f3uancial es'i which llas
c1,rncd tho country since ta.s War that has not
boen tue to this causo 0f al trrcdctnlahle cir
ycncy, though other su!lueaccs hayo somctlmcf
co-opcrAted With It.
Con. Garfield eloEes his rhpcr-of which ~e
have gtrnn but q nero rhotcla with puworfu
stRtc1uent Of tue duty nov rcat'nE upon tho Aoy
c7ninont TO tostora tha couvatupty Of Pape
y md coin. to redeem its pronlscH. to give III
rcoplo sound money. THE l&aElshiDs Of TIL
rrocota, l,o believes. bavo boon grossly ovcros
timetnd. Ho asys: II am not ab!o to Hoo VII,
dual that the ,lUctnatiou In any one r!sonti. vii
be less than that which wa have suffered frou
mouth to month Bibco 1860. No have travolo'
. 1uoro tl.an half tho distance which tl'e1
;s.ssd resc " " nneease ,S% se Ga tas tad'iS
: which England rsumod in 1891 would greatl
!, mitigate ihe Aar,!ships arising from Tho move
+ uIent. Those WHO bo.tuse that tho volusno 9
2 our currency Is but lttls above ias normal ievo
nco<l not fear that there will ho much coatrat
ton; TOT, with FREQ banking, they may 10 hnT
that all the paper witc. can be an actual subst
tuts for money will remain u circulation. y
osl,er ought to circulate" Aes1mrtion. !,
in lBG7 than tcan DO In 1873 and It cail DO accou
pjist1ed more caH!y then than At any later ror,ot
1t is OF no use TO wait l tho vast u'aas Of priEas
debts can be adjusted, for tlat wIl never b.
Let us rather copy t!o uiarepla'ty Of france
stble, and III realizing tho boss!ngs which I'll
taa SHOWN to walt upon such Just and homo
ablo cOuttc.
AnKlu-Eruuch Travels
Ga!4anani.
Al fho moment WlIGn tho prQrAfgtQfy Etudit