Litchfield enquirer., 1876-03-02
The creenbaek Convention.

The creenback Convention.
 The Greenback Convention which met at New Haven on Tuesday iaof last week was notaysry iasge gathering. consisting of between one and two hundred people, at least half of whom were from New Ha- vsn %Woodbury. nitchfeld and winches- ter were among the towns represented. the latter by Mir. Pinney of the Winsted Press. The convention adopted a long string of resolutions; appointed commit tsU~t0-ca convention to nofninate a ticket, provided neither of the parties extend to us just recognition in their platform; authorized this committee to organize greenback clubs; demanded . seduction of the Fate of interest to six per cent; and passed 8 vote of thanks to Con- grsssman Phelps. q, seirs.z. .s..e
 The platform of the Greenbackers con- msnces with the following
 l. We oppose the act fixing an arbitrary time for tbe resumption of specie payments not because we have any objections to our paper money being made worth its facs in gold, but because that act, by creating distrust of the future, has paralyzed en- terprise, thrown the producers of wealth out of employment. and has thus postpon- ed the day when it shall become possible to maintain our paper money at par with coin without creating the widespread which an attempt to enforce the resumption act will. inevitably pro- duce.
 We can conceive of no more absurd of fact than the foregoing. Business depression is due to the effects of railroad speculation, production in many of our manufactures, and gener- al habits of extravagance resulting from the imitation" of previous years. This began with the crash of 1873 and to attribute it to the Resumption act of 1875 IS as absurd as it would be to at- tribute the War of the Rebellion to the Legal tender act.
 The currency proposed by these Ire formers is substitution of greenbacks for bank notes. "We want no more banks of issue nominally on specie basis but which are really manufactories of inflated and worthless paper currency" But will the closing up of more than Lalf of the banks, result that would certainly fol- low their being deprived of their present privilege of circulation, tend to make times easier or harder? One of the most features of the present ar- is those thigh and fuctuating rates of interest" 50 detrimental to the of the producers. Now if banks were deprived of their present privilege of circulation would not such as continued business be compelled to de- nand higher rates of interest than ever?
 The convertible hond plan and it's ex- ,ected results are thus set forth
 4. As all national currency is part of he national debt, the government should tt all times be ready to exchange it's inte- est bearing bonds for it's non-interest bearing notes. The legal tenders should therefore be exchangeable for intercon- 'ertible bonds bearing low rate of inter. sst, bat sa!6iciently high to maintain them tt par aOith gold coin.
 Whenever the currency becomes in ex- cess, the surplus would then flow into ,onds, ,and whenever the currency becomes oo scarce bonds would be converted into making the supply always ,qual but never exceed the legitimate de- nand. ts
 By the aforesaid measures a considera ,le portion of the national debt would be lsed as currency without interest and the bulk of the debt would soon be funded at ! rate not exceeding 41 per cent. per an. lum, and probably at. 3.65 per cent. per annum payable in gold coin or in pa- per worth it's face in gold.
 Is this 'infiation," or resumption ?" If strictly carried out, that program ould lead to resumption by shorter 'oad than any we have yet seen proposed. When our bank notes are all retired, and 'ur only currency is 8 greenback converti- ole into bond, which is ''at par with Jotd coin," resumption is practically reached The method would be indirect put the object would be attained. |.
 This plan, plausible as it may seem. however. can hardly be practicable, even If the business of the country could sub. nit to the violent ''contraction' that would certainly follow it's adoption. It is but resumption on about the ;lumsiest possible plan. The government could never tell ten days in advance how high interest it's interconvertible bond should bear. On the first of July, 1876, its 4 per cent. bonds might be at par with gold coin, while on the lst of Jan, 1877 it's 4 per cent. bonds might be appreciated to that lpoint9 Or. if the interest rate of the convertible bond were fixed in advance, there would be new element of uncertain ty introduced by the fuctuating value of that of that bond which might sometimes be worth moro than par in gold some times less.
 Another of the absurdities of this plat form is the following
 We are opposed to the present policy of increasing the amount of our foreign debt, which steadily drains our country of gold, menaces our financial stability, and is a far more serious burden than domestic debt.
 A policy should be adopted the tenden- cy of which would would be to diminish our foreign obligations and to have the American debt owed to American citizens. v The rate of interest on good securities is much lower in Europe than in this country and if the national government can borrow of foreigners at perhaps one per cent. lower rate of interest than of its own citizens ,is it not economy to take ad- vantage of that fact !? i3 The Democratic State Convention which met at New Haven, last week. renominat- ed Gov. Ingersoll and the rest of the pres- ent state ticket, and chose the following delegates to their national convention