Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1876-04-22
THE PINANUE QUESTION,

EDITOR INTELLIGENCER:-There has been
much said about the resumption of specie
payments, and many ways have been prOpo-
sed whereby to bring II to pass. l must con-
TESS that 1 have seen nom yet that met my
views so well as that proposed by Senator
Bogy, which, 1 believe, the finance commit
tee threw under the table. He proposed
that a law be passed legalizlng greenbacks
and national banking currency making them
good for all public dues. An act of that kind
would restore confidence in the currency,
and heal the wound that congress has lntlict-
ell upon the country by its discrimination.
If congress wishes to bring about specie pay
ments, it can do so by passing such a law,
and ccasing to discriminate between credi-
tors and debtors. Until 1t does that it would
be worse than nonsense ever to expect re-
sumption. But the day that congress passes
u law requiring the gov to take
said currency for all public dues, then said
currency will advance and continue to adj
vance, until the day set for resumption when
il will be at par with coin.
You might ask ME what will the govern
ment do for coin to pay on her gold bearing
oOuuS. L SIiV Cau w liC 0CCtBi
than the importer has been able to do for the
last ten or twelve years. in going on the mar
ket to buy it at a big discount on his curren-
cy; but with such u law coin will he forced
from the market AS an article of commerce,
and will take its place with the circulating
medium of the country. be worth no more
than the currency itself, and become y part
and parcel of the same.
There fs no business man that will not
prefer such q currency-based upon the
credit of the government to pay in coin-to
the coin itself for the reason that the fermer
is the most convenient to handle. and bond
holders themselves. under such a state Of
thiHgs, will prefer the currency to gold un-
less they wish to hoard it away, which will
be very unlikely.
If these views are correct, which 1 verify
believe, would 1t not be wise in congress to
pass such a law as that proposed by our sem
ator? Confidence would Immediately be had
in the currency of the country. commerce
would be revived and the Whole country
move on to prosperity, The laboring mans
dollar in currency would then be worth a
dollar in coin, Instead OF about eighty-irs
cents as it now is. 1t is not contraction nor
lntlation of currency that is now needed. II
the former was resorted to. and the present
volume of currency reduced to one-half and
| cancelled, that would not bring resumption
as long as the government refused to take
her own obligations for all claims. Initiation
is not needed, but lie sislation Oh which to
base the currency, and that of itself will
draw into circulation the coin, which it is
estimated amounts to about one hundred
and fifty millions of dollars. which would be
ample, in addition to the currency, for all
the requirements of trade but while 1t re-.
mains Oh the market as an ar:icls of com.
mprcs-which it must do under ths existing
law-resumption can never be attained.
If congress had removed the difficulty here
alluded to, in the act passed to go into etfsel
on the first Of January, 1879. called the re.
sumption act. gold would not have advanced
from and after that law was passed, bul
would have taken u downward tendency
from that day to this. II congress will sC
amend that law as to take currency for al
puslic dues from and after July next. thsl
you will find that gold will have u downward
tendency and so continue. or # you prefer
it, currency will have an upward tenuenc,
until 1t becomes at par with gold. Your,
respectfully. AN OLD MERCHANT.