National Republican., 1876-02-23
CONNECTICUT.
Soft Money Convention.

New MAVEN, CT, Feb. G,-About 30 parsons
were present to-day at the mass convention. Of
tho greenbsck men. Of these about IOh mainly
from this city and vicinity, handed In their names
as In favor of the movement. Isaac Anderson, Of
this city, was chosen chairman. After the pre-
sentation Of the platform by the committee on
resolutions the convention adjourned until this
aftsrnoon,::w the same will undoubtedly be
adopted.
The resolutions declare the national nm snces to
be in q deplerable condition, and say to suppose
that q financial system is perfect merely because
it has hitherto been generally so considered as
fallacious as Q belief that medicine, law or the
mechanic arts havereached perfection. Mankind
Is steadily progressing In knowledge, and all arts
and sciences are sharing in the general advance.
claim of financial infallibility which is virtually
made by the party leaders, is entitled TO nothing
but contempt. They declare:
First. We oppose the act fixing an arbitrary
time for the resumption Of specie payments, not
because we have any objections to our paper
cause that act by creating distIusJ Of the future,
has paralyZed enterprise, thrown the producers
Ot wealth I'm cut Of employ %ent snd mas thus post,
maintain our paper money ct par with coin with
ont creating the widespread bankruptcy which an
attempt to enforce the resumption act would in
evitably produce. Our paper money should be
appreciated to par with coin by rectiying the de-
fects in our monetary system, and by producing
tration OF business, and by robbing debtors TO en-
rich creditors under the hypocrltfcal cry Of hon
esty.
Second. To fix an arbitrary time for specie pay
mepts is as absurd as IL would be to fix day for
patients recovery. Therefore, we ask for the
immediate and unconditional repeal Of the re.
sumption act. The national note should be made
full legaltender for all public dues, and for the
purchase of Government bonds ct par with gold
coin.
Third. High and fiuctuating rates Of interest
are detrimental to the interests Of the prosperity
OF the producers and to the highest good OF the
whole nation. This evil can be prevented only by
diminishing the amount OF currency at all seasons
when there is little demand for IL, and increas.
ing Its volume when more currency is needed.
The issue Of money and the regulation of the
value thereof Is q matter of national consern. u
Is prerogatiye Of sovereignty which should not
be delegated either directly or Indirectly TO cor
poratlons. The national bank notes should be
gradually retired from circulation, and the Gen
eral Government should have nothing whatever
issue the national money. Banking should be
entirely free, but no paper money should be al
lowed in circulation except that Issued directly
by the United States and backed by the entire
wealth Of the nation. We want no banks Of is
sue, nomtnally on q specie basis, but which are
really manufacturers of inflated and worthless
paper currency. The national paper money
should be issued by bureau OF the United
States Treasury only when paid for by Goyern-
ment banks neither Congress nor bankers should
be allowed any more control over the amour: OF
paper money than they now have oyer the COIN
age Of specie. Congress should simply adopt o
system under which the volume of the currency
Fourth. As all the national currency is q part
oil the national debt, the Government sh0uld at
all times be ready to exchange its interest-bear-
ing bonds for its MISUNDERSTANDING notes. The
legal tenders should therefore be exchanged ole
for interconyertiDle boz ds bearing q low rate of
interest, but sufficiently high 10 maintain them
at par with gold coin. Whenever the currency
becomes in excess the surplus would then how
into bonds. and whenever the currency becomes
too scarce bonds would be converted into cur
rency, thus making the supply always equal, but
never exceed the legitimate demand. BY the
Aforesaid measures q considerable portion Of the
national debt would be used ss currency without
interest, and the bulk Of the debt would soon be
funded at rate not exceeding ~ per cent. per
annum, and probably at 3.65 per cent. per snnum
pay able in gold coin or in paper worth its face in
gold. policy should be adopted, the tendency
oi which would be to diminish our foreign obliga-
tions, and to have the American debt owed to
American citizens.
NEW HAVEN, CT., Feb. y This afternoon the
Greenback convention adopted the resolutions
proposed. An executive committee was ap-
pointed to take independent action If both par.
ties refused to receive them. Delegates were ap-
pointed to the National convention in Indian
apolis May II.