The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-05-12
FINArCIAL-ANsWER TO GRE
GukKDTTnN

after Jan. j, 1873, nave not been I'M
pugned half so much as they have inn
pagned the motives of those who OPP
pose that law.
The simplicity of question is a
reason why it can and should have a
direct answer.
The question of the supreme import
ance of GOLD, is not an issue in this
discussion. Neither is any intercon-
vertible bond or any other plan which
disregards the gold measure of values,
in issue. For the sake of the argu-
ment at least, 1 agree entirely with
my friend Resumption that gold is the
measure of all values, and that, to use
his own language.
"The question is how to most quick
ly bring greenbacks to par with
gold-with the least disturbance to the
business interests of the country"
We will agree exactly as to this be-
ing the end we seek, and differ only as
to the methods of reaching that end.
Let US therefore avoid dragging in
matters that are not in issue in this
discussion, which really embraces but
two subjects, viz: The present Re-
sumption Law, and the 8 :65 intercon-
Vertible gold interest bond plan, and
their comparative merits in raising
greenbacks toward gold value. He
thinks the Resumption law the best of
those two plans; 1 think it the worst.
The statistics are against the law, be-
cause they show that green backs have
been worth less in gold ever since the
law was passed, than they were be-
fore. If they were now worth more
in gold, he would give the law credit
for the gain, and he is therefore bound
to hold that law~Tesponsible for the
loss. Neither war, pestilence, famine,
rebellion, elections, expansion, or eth
err of the great political parties, can
be held responsible for the deprecia-
ton of our paper currency during the
last few years. The credit of our
government is stronger than ever ; its
bonds increase in value; both political
parties stand upon hard money plat
forms every successive political cam
paign is in favor of specie payment ;
Congress, the President, the country,
are that way; there has been some
contraction and more is expected
and yet, for reasons perfectly appar-
ent to all but thoee who spell gold with
a big G, our currency declines in val
ne, all our business industries Ian
guish, 1900, 900 of Industrious working
people are kept out of employment,
and everybody is beginning to see that
the Resumption law is bound to be a
stupendous and lamentable failure.
The financial dogma which dictated
and upholds that law is the cause OF
this state of affairs.
The resumption law promised the
people redemption, not destruction, OF
the greenback currency. Having al
this late day begun to see that the
original promise of redemption cannot
be kept, and not stopping to see why
Resumption now proposes to carry the
law into effect, and resume specie pay
meAt by the date it sets, Jan. l, 1879
by funding the greenbacks in circula'
ton, and reducing them to an amount
which the government can actually re-
deem on demand with gold coin. Blu
he also proposes to not disturb, or W.
will say, not greatly injure, the bust
ness interests of the country. Let us
see what effect his way of securing
specie payment would have upon the
business interests of the country, an(
whether we can afford even so valua
BILE thing as specie payment in 1S7!
at the price it would cost us:
The national bank notes are redeem
able in greenbacks, and when the lat
ter are redeemable in gold, oil cours,
the former practically are also. TIL
entire amount of greenbacks AM
} national bank notes now out is, il
round numbers, say $67O,OO0,OOO, ant
the entire amount of gold in the pos
session of the government and of tn
banks is about $21, 100000. Secretar!
/ Bristow reports to Congress that Q
the ostensible 81, COO, 900 specie in tn
8 monthly debt statements, $14,O00,O0
: only is in gold coin the last report c
the national banks show they have i
9 round numbers, S6,5OO,OOO. We vii
7 say S21 100000 in all that the govern
6 ment and the banks have to resum
3 specie payment with, and this is yer
FACT. Add 100000 that may pos
sibly be boarded and might come int
use. Total $4,000, 900 of gold in tn
United States above ground.
We cannot reasonably expect TN
e amount of gold to be increased b
Jan. !, 1879, because we have to sen
J. all the gold we can get from custom
. mines, or other sources, to Europe, a
n fast as we receive it. This is also ar
If other unpleasant FACT.
l. Therefore we cannot rely upon hay
y. ing more than s25,OOO,OO0 of go
!. Jan. l, 1879, and as the utmost amour
" of paper currency that gold can manas
lie to float is five dollars to one, even
3 England or France, we cannot safe
vent ure more than three to one, al
N must either increase our supply
I'd gold or reduce our $670, OOO, 900 pap
y to s75, 10000 to safely resume spec
NJ payment according to the Resum
te ton law. Grant that in this way r
sumption could be brought about
r that time, what would be the effe
meantime upon the business interes
d. of the country, which my friend sa
should not be unnecessarily dist1rbe'
pm grant also that more gold can
obtained in some now unproyid
en- way, land that we can have 800, 900, o
on hand by Jan. l, 1879, and keep it
&c hand in this country for the purpo
AZ of actual specie payment, and tn
n the people would not hoard it, ana ii
Ir- it would be as useful and valuable I
business purposes as its most devOt
re worshippers imagine, still what wor
be the effect of such a contraction