Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-02-11
The Necessity OF Resumption.

THE duty of the Government to make
its currency equal to real money is unde-
niable and imperative First, because the
public faith Is smostsolemnlypl pledged, and
this alone is q conclusive and unanswera-
BILE reason why it should be done. The
perfidy of one man, or Of million men,
Is as nothing compared with the pertidy of
q nation. The public faith was the tails
D man that brought to the Treasury $780,
000, 900 in loans, to save the life OF the
nation, which was not worth saving if its
honor be not also saved. The public
faith is our only hope of safety from the
dangers that may assail us in the future.
The public faith was pledged to redeem
these notes in the very act which created
them, and the pledge was repeated when
each additional issue was ordered. ltwas
again repeated in the act of 1869, known
as the "act to strengthen the public
credit" and yet again in the act OF 1875,
promising redemption in 1879
Second, the Government should make
its currency equal to gold because the
material prosperity of its people demands
il. Honest dealing between man and man
requires it. Just and equal legislation
for the people, safety in trade, domestic
and foreign, security in business, just dis
tribution of the rewards of labor-nOne of
these are possible until the present false
and uncertain standard OF value has given
place TO the real, the certain, the uni
Versal standard It's restoration will
hasten the revival of commercial conf
dence which is the basis of all sound credit.
Third. Public morality demands the re-
establishment of our ancient standard
The fever ofspeculation which our fluctu-
ating currency has engendered cannot be
allayed till its cause is destroyed. A ma
jority Of all the crimes relating to money,
that have been committed in public and
private life since the war, have grown out
of the innumerable opportunities for sud
a den and inOrdinate gains which this tiuc-
tuation has offered.
The gold panic of 1869, which over
whelmed thousands of business men in
ruin, and the desperate gambling in gold
which has to-day absorbed so many mill
ions of capital that ought TO be employed
in producing wealth, were made possible
only by the difference between paper and
gold. Resumption will destroy all that
al blow 1t will enable all men 70 see
the real situation of their affairs, and will
do much toward dissipating these unreal
and fascinating visions of wealth to be
won without industry which have broken
the fortunes and ruined the morals of 90
many active and brilliant citizens.
Ny limits will not allow a discussion o.
the hardship and evils which il is feared
will accompany the restoration of the ole
standard. Whatever they may be, they
will be light and transient in comparison
with those we shall endure If the doc
trines of soft money prevail. l am no
able 70 see why the approach TO speci
may not be made so gradual that the tiuot
uation In any one month will be less thar
that which we have suffered from montl
20 month since 1869. We have trayelet
more than half the distance which thei
separated as from the gold standard.
A scale of appreciation like that b,
which England resumed In 1921 woul
greatly mitigate the hardships arisin
from the movement Those who beliey
that the volume OF our currency is but Iii
tie above its normal level need not fea
that there will be Loueh contraction; fol
with free banking, they may be sure thi
ali The paper which can be an actual sui
stitute for money will remain In circuli
tion. No other ought 10 circulate.
a. G0rJleld, IN Aflantfe Monthly.