The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-06-25
VIVA, 4. the Good Of the New s,Ivers

To THE EDITOR or THE SUN-Str: The
Government for some time has been paying sill
yer for fractional currency. on the value Of the
silver paid out they lose nterest-fractionally
adding just this much to the national debt.
Gold has not declined, trade In no way improved,
and Government credit no better.
Our people meantime are exchanging their
fractional currency, which by conversion Is legal
tender for that worth to-day less than the green
back sly as against ssA cents, likely to be much
lower. and with which they cannot pay their
debts. We are Inconvenience by the want Of
small change, while the minis are hard at work
colning silver to rob our own people and furnish
Mexican traders with coin coinage free, which
In Mexico they proftably exchange.
Mankind learns by experience Things change
Not many years ago Spanish milled dollars had
TO be sent to China aud the Last To purchase
their wares. Now bankers or merchants drafts
do the business. Silver they don't want even
our new-fangled trade dollar does not please.
We are the only people who seem To want silver.
England does not court IL n treasure In the bank
vault. Prussia rejcctsit France, Austria, Italy,
and Russia have paper currency. and have greatly
prospcred with IT, We alone sustain even the
present value and we can't long do 30. To me
the silyer-mining inter, I Of the Pacific States
seems the only one benefited
And am just a. much opposed to any attempt
10 force gold payment as am to silver redemp-
tion Of our currency. would think II unfair,
unwise. and mischevous. Moreover | think IL
impossible. | do not admit that giving bond
with ten. twenty. or thirty years to run is re-
deeming the greenback In gold II is simply ex-
tending your note ! am not an ntiatiOnist. but
| am In favor Of a banking system which will
allow Of expansion or contraction, 80 that money
can be had at all times, or good security for
legitimate uses and ! have - very definite plan
by which this can be done with perfect security
and justice to all.
New York has seen times when there was no
cause for panic and yet exchange on London
could be sold only ~ ~ to lU1 lfa being lar,
bill Of ladng attached ample margins and large
profit on the shipment promised. simply be-
cause the banks could not loan on good security,
hard. fast specie line. Millions have thus been
lost time and again by the "toilcr' and pocket
ed 10y the great brokers Of the world Ia f. "
weeks or sometimes even days.
write especially now because | desire ear
nestly the overthrow Of the party in power.
within the Democrats party. II the East H. too
eGactng ON this question: the West and South
will not be cordially with her. H. Is not the
President, after all who makes the laws A future
Congress must settle the question. Keep his
matter, therefore, out of the Presidential can
vass let us agree 10 differ about things on
which we cannot honestly agree, uniting hand
and heart on the more urgent matters in which
we are Of one accord.
As have written above, am not an imitation
| ist, nordO believe imitation would bring us out
| of our difficulty now. We have, perhaps, cur
| rency enough in the present condition ~ trade
| II will take time TO recuperate, aud when the
| time does come | want such a government In
| power, such Ian Of finance aud banking In
| existence. IA Will tend to make permanent our
| Prosperity as a nation. We ARE still paying for
gigantic war, costing 4 million Of lives, many
| billions OF treasure, changing the labor system
| OF vast region, and COrrupting the Govern.
| m uapttit- Iiilc n