The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-02-11
The CURRENCY 0ues1ion.

The Currency Question.
AN IMPORTANT MOVEMENT ON THE FINANCIAL
IssUE-A OBSERVATION-DISCLOSURES PLATFORM,
GENERALLY SIGNED, TO CONGRESS.
Especial dispatch to the PhiIa ieIphia Times.l
W1LLIAMspoRT, Pa, February IA care
fully. drawn financial platform, prepared by
Hon. William FL. Armstrong, OF this CITY,
and revised in consultation with and ap'
proved by number Of prominent cltlzens
of both parties in the State, was distributed
here to-day for signatures as o memorial
TO Congress. 1t has been rapidly signed
by the leading businessmen or the
city, including some of our bankers.
From present indications it will be signed
by nine tenths of the businessmen OF W IL.
liamsport, The memorial is to be distributed
generally throughout the State for signatures,
and it is expected to food Congress with
overwhelming numbers OF substantial names
10 induce liberal legislation On the question.
Il Is not mere business effort, but 1t is safe
TO saw that this movement has been well con-
sidered. and that it is Intended to make it the
supreme issue In the presidential election IN
this State, and those who have devised the
memorial mean TO follow it with positive
support, even to the disruption of old party
lines, if necessary. The following is The me-
mortal in full
To the Honorable The Senate and House Of
REPRESENTATIVES of the United States: The
memorial of the citizens Of WilllamSport,
Pa, respectfully represents That We view
with alarm the rapidly increasing proslration
of our business interests and the unprece-
denied increase Of commercial failure and OF
financial embarrassment, as well as OF domeS-
tic distress among the laboring population.
That we believe the present financial
policy of the country is largely auswerable
for these widespread disasters. The rate of
Understanding in our midst, at from nine to
fifteen pcr cent, in banks As we'll as upon the
streets, il O burden upon business which it
canuot support.
That there is larger proportion Of our
industrious population without labor ana
suffering for the uecrSssrlcs OF life than ever
before in our experience. That these peccs-
sites. together with the vast increase in the
number Of judicial sales, by which the accu-
mutation OF years is being swept away and
poverty and want takiGg the place of pros
Deritg, arc fast driving the people to deSpcla'
ton.
That we demand that the currency of the
country shall be based upnn the national
credit, and that its volume shall be reSulatcd
bv the law of supply and demand.
That while we recognize gold as valua-
bile part of the currency, and that it IS desl-
rablc that gold shall be at par with currency,
we believe that resumption cannot be forced
nv merely legislative direction, and that the
law which proposes to compel resumption IN
1870 is impracticablc. That it has so unset.
tied all prospective values and so alarmed
canital and deferred investments in produc-
tive industries as greatly to aggrayate the
financial distress, and that it should be re-
pcacd without delay or condition.
That in view Of the fact that the six per
cont. currency bonds Of the United States,
PAYABLE, principal and interest. in currency,
and into which no gold basis enters, are
hjpber in the market than the SIX per cent.
cold bonds, and are at premium OF twenty
tiGc per cent, whilst gold is at premium OF
onIv thirteen per cent. or. in other words,
that the currency bord' are 1T premium
OF twelve per cent. above gold, gives ccncIu-
sivc rrGs, On to believe that currency convert.
ibIc at will into bonds bearing interest at
rate not exceeding 3 81 per cent. in currency
would rise instantly to the par Of gold.
That we believe that sound financial policy
REQUIRES that the value Of the bond Shall be
brought down by i reduction or interest,
and that the value Of the currency shall be
brought ND by mixing it convertible into
bonds and that interconGeltlhlity Of cur
rencv and bonds. 1T the will OF the holder,
would speedily establish gold and currency
1t equivalent values, and lead to prompt re-
sumption OF specis-payment and the lmmedl-
ate revival Of business.
That we are opposed to either contraction
or expansion OF the currency by any arDl-
trary limitation Of its volume.
That money is only an instrument 0! com.
MERGE. and we arc opposed to any and all At
tcmpts 10 make the business OF those who use
money in productive industries sub:ery!ent
TO the interest OF those who lend it.
That q currency convertible into bonds
cannot fall below the value OF such bonds;
that such a currency cannot become deprc-
ciatcd. and currency not Deprecated can
not become inflated.
That we demand that the currency which
the Government compels the people 10 take
il shall itself receive. But where the pub
lie faith is pledged to the payment IN gold oi
bonds already issued, such pledge must be
preserved invioiate.
That the determination Of the financial
policy Of the country should not be party
question. and that we deprc:ate all attempts
TO use it for partisan or merely political pur.
poses.
That we recognize it as one Of immediate
and paramount importance, and that we VIII,
irres pcclive OF party situations. support only
such candidates for Federal ifice as will favor
Il financial policy which shall base the cur
rency upon the national wealth and subject
il volume TO the Law Of supply and demand;
and that We earnestly insist that the present
Congress shall come TO the relief OF our SUI
lcring people and industries, and that we
will hold our representatives, responsible Tor
the failure 10 eract such laws IS will give
effect to the policy we have Indicated.