The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-04-07
IsfnnncIaI PROBLEMS.

Financial Problems.
The other day we happened to
get hold of the following CORES
pondence between two of our BUSH
ness men, both Republicans. They
differ somewhat on finance. We
merely publish them as q specimen
of the views being exchanged every
day between citizens and to show
that the financial question is one OF
the leading issues now before the
people.
One submitted to the other the
following "Financisl Problem for
Resumption Law men,: "Green-
backs being worth 81 "a cents per
dollar in 1870, and 81 "a cents per
dollar in 1876, how much, under the
same policy, will they be worth
Jan. 1st, 1872"
To which the following reply
was made:
l. If "green-backs" have decreas-
ed per cent. in value in six years,
Notwithstanding the earnest, untir-
ing efforts of large and influential
portion of the community to make
government creditors belieye that
some day in the not far distant fu-
ture they (greenbacks) would be
worth their face, how much will
they decrease iE value when 1t is
generally known that Government
don't intend to redeem its promi-
ses.
2. If business man issues so ma
ny notes that he can not pay them
at maturity, and they thereby be-
come dishonored, how many more
notes ought he to issue in order to
have the business community to
take them at par?
To which the first party replies:
AS you do not answer my ques-
ton, permit me to say that at de-
cline of % per cent. per year
greenbacks will be worth by Jan.
1879, So cents 8 dollar in gold, in
stead of 10Ocents, and the resumption
law will therefore result in q fail.
it causes are entirely useless.
And now i'll answer to your ques
tiOns-which, by the way, are but
partial illustrations of the actual
condition Of our national finances
l. Efforts wrongly directed are
apt to and in the present case dc
more harm than good. Govern
ment creditors are not going to be.
lleve that greenbacks will be worth
their face, while large and infiu-
entail portion of the community
the very persons who uphold the
resumption laW-are opposed to
greenbacks being received by the
government at their face value.
The inconsistency of their profess
sions and actions is so evident that
nobody can have faith in their in
tentions to make greenbacks as
good as gold.
2. When a man cannot pay his
notes at maturity in exactly what
they call for, he should pay in the
most acceptable thing he has, as a
proof of his good faith. But il he
refuses to pay in what he can pay
in, and merely sets q new date to
pay in what he hasn't got, his
creditors will have less confidence
in his promises than ever.
The facts of the financial status OF
greenbacks are these: The govern
ment is unable to redeem them in
gold, because it has not got the
10
tiIely fails to provide any way for
the government to get tho geld.
In this emergency, one portion OF
the community asks the govern
ment to do all it can do toward re-
sumption, which is to receive green
backs itself the same as gold, fol-
import duties and for bonds bear.
ing an interest of 3 rs per cent. pei
year. This will be practical re.
sumption-all the resumption that
the government can now accom-
plish-and would raise greenbackl
and keep them to almost gold val.
ne and until they are received the
same as gold for import duties and
for bonds, they can never acquire 8
gold value. Another portion of the
communicated very influential
because very wealthy portion
insists that the government shall
continue to repudiste greenbacks
by refusing to receive them for 1T
import duties or for it's bonds. It il
not difficult to see which portion o.
the community honestly intends &c
make greenbacks as good as gold
at the earliest possible date, anC
which portion pretends to have thu
same object in view, but opposes
every measure that really aids re
sumption.