The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1876-03-21

during the past year, had fuctuated nine and
three. quarters per cent, and no man was war
ranted in asserting that that range Of ductua.
ton would not be maintained and might moi
be greatly exceeded To legislate silver into
circulation under such circumstances was pure
guess work, without the first element of states
manship or any proper regard for the laws Of
finance. The attempt to do so had only made
the financial magnates Of the Republican
party throughout the country laughing stock
to the fnancisrs Of the world.
The fall in the price OF silver within four
months had made it possible to put subsidy
coins into circulation without leaving the
country or going into tho melting pot unless
gold should advance to 120, or unless the
price Of silver should again advances in the
London market.
This fall in tho price of silver was piece
of unexpected good fortune to the Treasury
officials. The Secretary had taken heart and
saw bis way clear to putting ont the silver,
provided be could get the approval Of Demo-
cratic House. Why did the Secretary want
that approval? He had power without it, but
gold might 20 to 120 one OF these fne days,
and then where would 60 this silver coinage
Il would disappear in night, and next morn
Ing the people would find themselves without
ANAL change to do business.
The speaker said he was hard money man
and in favor of the earliest resumption
practicable. He did not consider tho &C.
emulation Of $4,000, 600 in silver in the
Treasury - . step towards resumption, but
rather retroeressive movement
Az We have heretofore suggested, there need
be but little trouble in substituting silver
value to the paper circulation, provided tho
government will bear the loss Of the differ.
enee which silver coin now rates above paper.
When . constant ability and readiness to
redeem paper in silver is proved, and whom
tho Citizen knows that he can now or 1T any
time hereafter exchange his greenbacks for
silver, they will be worth - much as to him
or to any future holder.
The readiness to redeem will avoid the ne.
eessity Of redemption. 50 that an expense
of few millions paid from year to year by
the government in the form Of premiums on
silver or the purchase Of silver bullion for
coinage will ct once render the paper circu-
lstion stable and uniform. This will secure
ono Of the advantages of metallic currency,
and viii doRuch towards preventing sudden
fluctuations. When the holder knows that
government has made and that it will keep
his paper dollar % good as dollar in small
silver coin, he will no longer fear to hold it |
nor be in haste to part with it for less than |
ID equivalent.
Nmight, perhaps, prove good temporary
resting place in the progress towards the be-
ginning Of gold resumption. With increas-
ing prosperity and return in all branches of
business to normal and safe condition, no
new paper being issued, much that is now in
being worn out or lost, much be-
ing also funded in United States bonds, the
paper currency, whether consisting
II greenbaoks or limited issue Of national
bank notes. would probably be found to. be NO
more than adequate in volume to the country's
wants. It would. therefore, necessarily con-
family tend towards an equality with gold, 20
hat, in the comparatively brief period Of Eve
y six years, our government could as easily
i've it, paper value at par with gold coin q
can now make it ct par Of silver.
The redemption of the fractional currency
D small silver coin would merely cause the
liver to disappear and create . scarcity in
racticnal currency. With paper notes of .
ollar aud upwards for general circulation not
p to the par of silver. the introduction of .
liver change currency Is . substitute for
paper would be contrary to tho i'm
lutable law Of monetary circulation, BY whose
ecree the cheap currency will always SUP {
liant that which is dearer. fractional or !
hange currency worth much more or much :
ss than the general currency Is not for any 9
onsidesable period possibility.