The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-07-28
The Financial situation.
Answer TO ResumptIon's Article {
July I'll.

willing to dIop the financial subject, I'm |
less the public evineed that interest in |
the matter which it really should. 1 had |
no desire to act like the man who, when |
asked why he was pounding a dog after |
he had killed him, replied that he would
learn the sheep killing animal that there
was such thing as punishment after
death.
My friend Resumption affects to feel
merry over the logic that has been ap-
piled to his side of the case. What has
become OF the various arguments he has
advanced, and which he supposed TO be
SO irresistible, including the opinion OF
the Supreme Court7 He affects to think
that the subject ''got away" with me. 1t
has, like John Phenix got away with the
Californian. Says Phenix:
81 butted my eyes against his fists, and
then pulling him down upon me. twist
ed my hair around his fingers, and insert
ing my nose firmly between his teeth,
laughed him to scorn."
So Resumption, having caught every
every one of his boomerang arguments
between his eyes, and inserted his gold
nose where II would do him the most
good, is nearly tIckled to death over the
result of the discussion thus far. l hope
he enjoys it as we'll as he processes to, aud
l will try not to get excited enough over
the situation to bite the nose OF. The only
way for him to ''hold fast to that which
is true" is 10 hold fast TO whatever is true
whether it is for or against his position.
As to the effect Of the resumption law
n II, x,F Il
simply said that the decline IN their gold
value since the law was passed is evidence
that it has decreased instead of increased
their value, and that it is not difficult to
understand or explain why this has been
the result. 1 have not yet had room
to elucidate that matter, but will as soon
as space permits.
The decline in the value Of silver is be-
cause the demand has been lessened for
it. A few years ago it was and always
had been legal tender and full payment
for all debts in Germany and the United
States, but now there is OF course less de-
mand for it to what there would be If men
had to have it to pay debts with, or could
use 1t for that purpose, dollar for dollar.
If it were again made legal tender aad the
unit Of values by Germany and the U. S.
it would be as it used to be, worth dollar
for dollar with gold 70 pay debts with OF
carry on all ordinary business, and Gold
would come down from its present high
value in proportion to the value OF all
ether kinds of property. Gold has gone
up in value 20 per cent above silver in 8
q few years because it is being made the
exclusive legal tender. There is no fixed,
Interchangeable value to any article. AL
values are relative, subject to change, and
controlled entirely by the immutable Law
of supply and demand. Increase of de.
mand is equivalent to decrease Of sup
ply, and whenever legislation creates
special and additional demand for gold
it has the same effect in raising its value
as if it decreased the supply. Legisla
ton having abolished one of the mar
uses Of silver, by abohshing it as legal ten
der, the demand is lessened, and thu
price falls, ana if France, and the rest o.
the nations were also to demonetlze silver
it would fall to half its old value. Cole
could be treated in the same way. The
exclusive gold resumptionIsts are moi
only as foolish as the girl who was willing
to see the folly in order to enjoy the pleas
ure Of dissipation, but they are as foolish
as the old woman who stuck to he
dissipation after having experienced thu
folly of it. They have half ruined thu
business OF the country in their imprac
ticable and dishonest efforts to force thu
redemption of the currency and the pay
ments of all debts in gold, when the Su
preme Court says they are legally anC
equitably redeemable in silver, and ye
they recklessly persist in continuing the
ruin in order TO see just how much dam
age they can do. The adage tina
"there is no fool like an old fool" applies
to them exactly.
have shown that the 1865 gold bon,
plan would be more effective in raising
greenbacks to a gold value, than the re
J sumption law or any other plan before tn
public, would be. 1t is not the best plan
by good deal; but it is the best plan be
fore the public. 1 believe in 4 purel,
paper currency system, because 1 am sat
lstied that it would be more free from in
1lation, panic. and reaction, than any 9th
or plan, and the paper currency system,
believe in, is one that Resumption neVe
heard, knows nothing about, and is there
fore no judge OF it, and he had bette
wait until he knows what it is before b
alleges defects in it that it does not cor
] tain. I would take the 3:65 interconveri
t ible gold bond plan in preference to tn
3 resumption law plan. 1 would take tn
paper money plan refer to as the best Q
, all. My positions are therefore perfect
consistent. The trouble with the speci
! men is that having first made up thei
minds that nothing but legal specie II
: demption can possibly keep paper none
values as equable and reliable as speci
values are, they PREJUDICE and condemn q
other plans without any investigation {
, consideration whatever. Hence they 81
like blind and deaf men in regard to a
= facts and logic which are against the
s idolized specie payment dogma. Wine
q they admit that it is possible that the Il
gal specie redemption plan might be in
proved upon, it will be time enough to o
fer purely paper money system for the
consideration.
want my friend Resumption to under
a stand that don't care a cent whethe
e gold comes, or goes or stays. 1t will com
: when the aggregate balance Of trade is L
t favor of this country, and not before, an
r L have simply tried to show him the foil
: of "resolving" 1t into this country. BY Ii
I aggregate balance Of trade mean tina
our imports from, interest and debt pay
ments, travel, &C., to Europe, make up I'll
account against us; and our exports
Europe, receipts from immigration, &C
make up the account in our favor. Ad
+ the products of our gold mines to our Sc
q Of the account, and yet the balance is
o favor Of Europe. The consequence is thu
d European gold is not coming here, viii
e the account Is in Europe's favor, and "
t must either send gold there TO pay Il
It balance, or run into more debt to EuroI
% by sending more bonds there, as we a
/ loS,