Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1876-06-17
LETTER ON FINANCE.
LEXINGTON, No, June "a, 1876.

LEXINGTON, Mo-, June IA, 1876.
Hon. BAYLEss w. HANNA: Dear Sir:
In compliance with your request, 1 sub
NIT the following as covering what, in
my judgment. should be the platform of
the democratic party on the subject of
Finance. 1t will probably need some
pruning so as to bring it down to proper
dimensions. Hoping it will meet your
views, / am, &c, 81
.a ETHOs. P. AKERs.
We hereby declare that we are IN ia
vor- of a thorough and complete refor-
nation of our National Financial Sys-
tenn" . -.- a-< .
This system embraces two elements,
namely: Money and Credit. The money
element, properly speaking, includes
nothing but the coins made Of the pre-
cious metals" These only are money {:
% because they are products OF labor !;
(2) because they possess an inherent
value commensurate with their declared
value; (3) because the value of the la
Dor put forth in obtaining them fixes the
| standard to which all other values grad
ually adjust themselves and az because
the government of the United States, in
the exercise of its sovereignty, has en-
dowed them with the power OF purchas-
ing their equiUalents in all other pro-
ducts, and of ~extinguishing absolutely
all debts.
The credits of the United States con-
sist of government bonds and govern
ment cnrrency-which latter includes
the notes of the national banks, because
these are based on government bonds
and are redeemable in government cur
rency.
In this sense of the terms money"
and ''credit," we hold that each is in
dispensably necessary in our national
financial system. Without money we
could have no rational conception of
values; and no means of settling our bal
ances with other countries. Without
credit our condition would be Just as
bad. Our commerce would disappear
from the seas; our home industries
would be paralyzed; our civilization
would perish; and we ourselves would
relapse into a condition of barbarism.
We are, therefore, the advocates of both
money and '.credit." fa-T -
The "coin dollar in Federal smoney,
is the unit of values; just as the s'pound
weight" and ''foot rule'' in Federal
weights and measures" are the units
OF quantity. at .,s
The currency dollar" is a credit,
and no legislation can transform it into
money. "I go ls,. o.. .gai Z e
We need the coins therefore as the
standard of values. And be sides,
as ours is a debtor nation, we need
them as 1.-THE small change of com
merce." But we need credit Just as i'm
peratively; because this, in modern
times, is the powerful lever that moves
the business of the world.
In the matter of money, our national
financial system needs no revision.
The experience of three thousand years
has demonstrated that the .precious
metals" furnish the material for a stan
dard of values superior to all others.
But, in the matter OF government cred
its. there is ample room for improve
ment. We hold that these credits, in
times of peace, ought to be at par with
coin-neither more nor less; and so they
would be if vi financial system was
not itself at fault. The fact that our
bonds are worth a premium in coin,
shows conclusively that the Underestimate
is too high; and the fact that our cur
rencysis betOU par shows just as clearly
that its basis is unsound. Under this
system we incur 4 double loss. We are
forced to pay an excessive interest in
coin and in doing SO we are obliged to
submit to a ruinous discount on our cur
rency. The damage resulting from this
two-lold loss is incalculable.
We demand, therefore, in behalf of
u PROSTATE industries and in the name
OF forty millions of tax-ridden freemen,
that this great evil be speedily removed
by the prompt and effective reformation
OF our national financial system.
Such reformation we hold to be easv
and practicable. First, let the interest
rate OF u government bonds be redu-
eel SO as to bring them dO,on to the coin
standard; and then let the deprecated
currency, now in circulation, consisting
Of greenbacks and national bank notes.
be taken up by the issuance of a new
currency, put forth by the United States
in such quantity and of such quality as
shall bring it fully up to the coin
standard.
The imprint on the face of this new
currency should not, like that on green
backs, be. an impossible ..Promtse TO
PAY in COIN" but 1t should be a posi-
BILE "Promise TO RECEIVE for ali dues
to the United States." 1t should be a
legal tender in the payment OF all debts,
public and private, unless otherwise ex-
! pressly provided by contract; it should