New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-26
@1r mpRrNoY AND ITS BASIS.

ignore this issue, and grant genera as
pensation to every man to take any sort
or amount of money he can get. This 49,
perhaps, the cardinal principle OF the
hard money and anti-bank Democracy.
That Jackson and Benton do not return
to torment these recreant worshipers at
the shrine of paper Mammon establishes
clearly the absurdity of those Spiritualists
who claim that disembodied beings can
revert to this earth upon due inducement
or provocation.
We can imagine the divine guardians of
the gates of Paradise refusing the reso-
lutte jackson and the equally irascible
Benton, who demand a furlough just long
enough to interview these traitors to the
principles bequeathed them. 1t being
against rules to grant such leave Of alb
sence, we may suppose the exasperated
patriots appeased by the promise that
William Aliens time will soon be up, and
that they will be allowed the pleasant re-
creation of making eternity intolerable to
him.
The Democracy content themselves with
voting repeal of the resumption act,
which repeal they know will be defeated
in the Senate. They will then tell the
hard money Democrats that they would
have collected specie enough by stopping
three per cent on the legal tenders and
customs receipts to resume even before
1879, while the flush money Democracy
are told: You see how it is; we wished to
repeal the resumption act, that bank notes
might be plenty as tree lea YES, but the
Republicans prevented US.
As it appears to US, the Republican
policy will be carried out.
It the government can muster specie
enough within the next three years, it will
be easy enough to resume. If they are
unable from war, pestilence, famine or
other sufficient cause, to meet the obliga-
ton, they have only to repeal the law. If
the brokers and money dealers camp on
the ground with sacks Of greenbacks
ready to export the specie so soon as the
treasury portals shall be opened for pay
ment, then it would be very foolish to
open the portals, and we imagine Con-
gress will say in ample time it is useless
to do vain thing If the treasury must
lose all its specie and reissue its circula-
ton it will be better to leave the circula-
ton as it is.
1t would be very easy thing for this
government to command by purchase
four hundred and fifty million dollars Of
gold. It could sell its securities and real
ize the amount; but no government and no
credit could redeem its circulation every
month, deliver the specie for expectation
and comply with the obligation to furnish
a national currency. We could be driven
back upon the State and wild cat circula.
ton with its countertei:s and discounts.
There is to our mind, however, relief
looming up in the unlimited production
of silver and its consequent depreciation
in value relatively to gold. May we not
anticipate relief in that extraordinary
fact ? Germany, and perhaps some smaller
powers have rejected silver as material
of national coin. Silver has not at pres
ent an exportable value except as COM
modify Of commerce. American subsidi-
airy coin-halves and quarters-while OF
good standard, is not Of o weight CORE
spending to similar coin abroad. Silver
is "a precious metal" 1t is metal of law
full coin, as is gold and copper. If the
fact, as alleged, shall be legally ascer-
tanned, the government may buy with its
securities -exportable without duty, and
if duly duplicated, perhaps without ma
rine insurance-any amount of silver from
Nevada and from Mexico. These securi-
ties, to the extent that Mexico annually
exports silver, would be better sterling re-
mittance than silver, for reasons stated.
If the treasury Of the United States shall
find silver only valuable as currency at
home, it may safely take the chances that
circulation Of not exceeding five hun
dred million dollars, can be protected
with that amount of the precious metal.
We are satisfied that the superior
portability Of bank notes will make all
business men prefer bank note, con-
vertible into silver, to tie silver itself.
Here in New Orleans there has been a
time when silver would not be received on
deposit. In Mexico to-day the use OF
silver in quantity is a personal burden.
Our immense facilities of transferring
values enable us to dispense with cur
rency except for local commerce. The
United States have paper circulation Of
four or five hundred millions Of dollars.
1t has transfer of five millions annu-
ally by exchange, certificates Of deposit
and checks. If silver be not, then, ex-
portable, there can be no risk that any
chronic drain OF silver could be estab-
lished upon the national treasury. IT
drawn out the coin could be redeposited.
We make no suggestion that gold should
be paid out at all, or in any proportion
which would affect the national resources
or circulation. The implied contract
with the noteholder was, to pay a pre-
cious metal on demand. There would
be no violation Of that contract in spirit,
to pay in silver or copper. The Bank of
England is said, in the case of run
upon that institution, to have elected to