Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-03-09

cyclones when panc-stricken cred;-
tors with one accord, and at the same
instant, demand, "gold, gold" and
Inc bowels of the earth are not rich
enough with the precious metals to
meet the universal famine. A naner
currency which experience proves no
body ever boards, nor would hoard
though equal to gold, and based upon
the credit of the Nation, is alone
equal to such crises. But, after all.
the backbone of the National currency
must be gold. The people in their
National capacity must at all times be
IN possession ofenough of it to break
up all corners enough to overwhelm
The gold gamblers in Wall Street as
the false Tarpeia was buried beneath
the shields of the invading army she
LED into the citidel of Rome.
On Black Friday the government
saved the National currency from
temporary humiliation by opening
the Hood gates of its treasure, and
allowing it to deluge Wall Street 1t
bought up its own paper, houored
1t, and re.issued it stronger AN ever.
No private parties will repeat this
experiment and attempt to monopo-
iize gold as long as the government
10 ready, able and willing to let fall it's
avalanche of the precious metals upon
their heads. AS long as the govern.
ment can command enough gold, it
can determine to an iota the value OF
It's currency. If it will pay 90 cents,
% cents or loo cents in gold for q
dollar of it's paper, the value of the
latter cannot possibly fall below the
government standard.
This is certainly a more simple and
natural policy than the proposition for
the government to exchange small
gold bearing bonds for greenbacks,
and then to surrender the latter to
the bond holder on demand, paying
him the nominal face Of the bond in
currency and the interest in gold.
This scheme admits the necessity of
pepperng the greenback with gold
dust in order to stiffen it.
Now suppose there are $3.50, 100000
of National currency in circulation,
and that we surrender this entire mass
to the government and obtain there
tor small bonds to the same nominal
amount with low interest payable
IN gold. Uncle Sam will say, 81
have no use for these greenbacks,
none whatever but If you, the PEG.
pie, want me to take them and pay
you gold interest on them, will do
so; but mind, you the people, must
furnish me with gold to pay tina! in
terest." If Uncle Sam should put
these greenbacks into circulation
while so deposited with him, they
might be brought back to him the
second or third time for conversion
into gold-bearing bonds. The scheme
requires that the greenbacks shall lie
idle in the hands of the government,
where they do no body any good.
But it will pay the people small
gold bonus for the privilege of keep
ing or nursing the rag baby" pro-
vided the people furnish the gold.
| w NJ dOCo uOb oSO CIldt tHS pCOplC al
but paying interest on their own
money? Who are they that deposit
the greenbacks with the government ?
The people. 1t is true, they are to
obtain gold interest bearing bonds
therefor, but the apparent speculation
explodes in a CHASTITY joke when they
are told they must furnish the gold to
pay that Identical bonus. No, the
credit of the National currency can
be sustained by no such absurd con-
trivance.
1t is well that there is something
that Providence has placed beyond
the reach of human legislation and
folly. The rising and setting of the
sun, the mighty efiulgence of the
moon, the ebb and flow of the tides
the changes of the season are for
tunately beyond our reach. Were
the laws of nature under the contro
of politicians the universe would be
uninhabitable within presidential
term. There is natural limit to the
amount of National currency, and
think that limit can be clearly shown
M,