The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-08-11


standard. While the silver five
franc piece. Is 4 legal tender to any
amount, yet the coinage is limited
by law, as ii is also by agreement
with Italy, Belgium and Swi;zer-
land, according to population; it
can he had only in limited amounts
and is therefore not an unlimited
ender. Gold is subject only TO nat
ural laws of production and not
subject to sudden fluctuations. 1t
can be easily transported, costing
only two or three per cent, inclu-
ding Insurance, 10 convey it to the
most distant parts of the world, and
il can always be had by any nation
that has any thing TO exchange for
it. / am not in favor of silver as
legal tender, except in small
amounts, because il is being demon
etiZed by other nations aud that
together with the opening up of
the Bonanz4 mines has caused trap
idly TO decline in value, being low
err now than was ever before known.
Make silver legal tender and all
our securities would rapidly decline
in value; even the much abused
greenbacks would disappear from
circulation. Silver would come
from every land, for it would be
worth more here than anywhere
else. i was surprised to hear gen.
tleman of Intelligence say a few
daysago that Congress had reduced
the worth OF the silver dollar to
70 or so cents. Congress has done
no such thing; Is has simply enact
ed that an article which has depre-
ciated % or % per cent. in the
markets of the world shall not pay
debIs the same as though there was
no depreciation. In other words, the
law will not clear man yet by
paying % cents on the dollar of
what he owes.
Silver is too bulky for couve-
nient currency, being about 1512
times heavier than gold of the same
value. With the limited amounts
we have now we hear people COM
planning every day of it's inconve-
nience. Should it come into gen
eral circulation it would remind us
OF the two daler pieces coined by
Sweden in the 18th century, from
copper, being IL inches square and
31a lbs. in weight.
am opposed to the greenback as a
legal tender because rs it is now man
aged it is part OF the political ''ma-
chine" No one knows whether we
are to have contraction or expansion ;
like Jinks' baby each party tries to
control it for its own advancement,
with little regard for the public welfare.
"Gentlemen are strangely indifferent
to the public credit, an interest which
is as intangible as the sunshine, but
as beneficent, to every man living on
the soil.'' In hard times there is al
consequent depreciation, and no ma
chinery has yet been found equal to
the task of varying its volume accord
ing to the demands of trade.
] hope my friend Graham will par
don any want of respect [ may have
shown his system of "purely paper
currency," yet unborn. 1t is those al
ready in existence which l oppose
Let me remind him, however, tbatsomC
s'mighty SMART men have tried their
hands ut this paper money business,
not only in the ''eflete mOnarchies OF
the old world" but among the rising
geniuses of the new, and without an
exception ftsiied. Their history is so
alike, that it becomes mOnotonOus
\ clamor for more money, an issue o.
irredeemablc paper, imitation of prices
depreciation of the currency, distress
and ruin; return to 4 metal stand
ard, prosperity, until the lesson is
forgotten, then the same old expert
ment tried again; a true history o
paper money in very few
words. "To be able to pay off thu
national debt, defray expenses of thu
n government without taxation, ant
in fine to make the fortunes of TIN
whole community, is brilliant pros
pect, when once man is capable o
believing that printing a few charac
: tiers on bits of paper will do it,"
may perhaps be permitted to say tina
my friends method of argument re
minds me of the way the cuttle-tisl
takes to get away from its pursuers
1t is provided with a gland called al
''ink bag" from which it elects
: dark colored fluid that darkens tn
water and thus enables it to get ava.
unseen. RESUMPTION.