The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-09-08
MORE FINANCE.


Equal 20 Comic Establish
q Farely Paper Money Sys-
tenn &c.
This article is not written to carry on
controversy, but to present definite
methods OF accomplishing specified finan-
cial objects. Different objects require
different methods. The men who want
specie payment resumed must take differ
ent measures to secure it from those who
do not want it resumed the men who
want debts paid in gold must take differ
ent measures from the men who want them
paid in silver or 'irredeemable' paper; the
men who want the currency to consist Of
national bank notes must take different
measures from those who want 1t to con-
sist of greenbaeks. Any man who has
his objects distinctly in view can decide
whether any proposed financial measure
is likely to accomplish those objects OF
not.
just as soon as Congress pledged-as
both the republican and democratic plat
forms are-to establish q specie payment
policy, Is elected, 1t will be bound TO car
ry that policy into operation, and TO not
only maintain the present resumption
law, but furnish such additional IegisIa-
ton as may be necessary to carry 1t into
effect. 1t Is time that specie payment
men both comprehended and candidly
admitted this fact.
TO RESUME SPECIE PAYMENT.
To resume specie payment means to
bring about that condition of financial
affairs which will legally entitle and ac-
tually enable the holders of paper dol
lars to get specie dollars for them u pOn
demand, and to have the business of the
country transacted with paper dollars
kept upon such legally redeemable spe-
Gle basis. This is the ostensible object Of
the Res sumption law. That law can be
enforced and specie payment successfully
resumed by January 1st, 1879, simply by
Congress amending the law as follows.
Whether people could afford to ''stand the
pressure'' or not, for q few more years,
is another matter, but specie payment
can be resumed by the date now set:
l. Restore the silver dollar as the unit
of values and its free coinage, and make
1t 1ulI legal tender with gold for all public
and private debts, including the payment
of import duties and interest on the pub
lie debt payable in coin.
2. Abolish greenbacks as legal tender
after January LIST, 1879, and require ma
tional banks TO keep their currency re-
| deemable in silver or gold after that date,
and offer - per cent. coin bonds for sale at
par and use the proceeds of such bonds
as are sold to redeem greenbacks at par
and retire them from circulation, and
fund all greenbacks not redeemed by Jan q.
1st, 1873, at par In per cent. coin bonds
at any time after that date.
This is the way, and the only way, to
resume specie payment by January LIST,
1879. or by any other date during the
present century. Therefore the voters
who consider specie payment the great
necessity, should endorse this kind of a
platform by their votes, and then they
would know what their votes
meant, and what was going to be the
policy OF the government. This would
be the sense and public benefit of par
ties taking an explicit position on the
financial question.
TO MAKE GREENBACKs EQUAL TO COIN.
To have the currency consist of green
backs worth their face in coin to any ex-
tent that demand for their redemption
in coin might be made, and yet repudiate
them for the purposes Of paying interest
on the public debt and custom duties, is
evidently impracticable. The nearest it
can be done is by the interconVertibls
coin bond system. People make fools
of themselves by denouncing this system
as having no merit of any kind. 1t is e
very simple and effective system, being
in fact the exact principle upon which
the national bank currency is based.
Coin bonds certain to bring or AZ per
cent. silver or gold coin interest will be
worth their face in coin, and while 300 In
greenbacks are convertible into such a$10o
bond the greenbacks will be worth their
face in coin, or SO nearly so as to be
equally good with coin for all ordinary
commercial purposes. This is precisely
the interconVertiblec coin bond principle,
and 8 man who can't understand it can't
understand the addition table. No definite
method has 80 far been made public, OF
carrying out the programme to abolish
bank currency, issue greenbacks in its
stead, and keep the latter as near legal
redeemabilIty in coin as they can possibly
be kept. The following method would
prove to be efficient:
1. Repeal the resumption law, remone-
tie silver fully, and abolish national
bank currency alter January LIST, 1879.
| duties In silver and gold, and issue
greenbacks, intercOnvertible with coin
bonds, to the extent that said coin reVe.
| nue. Will pay interest on such bonds and
present bonds. If the amount of green
backs thus provided for IS not ''equaI to
4 ho ~ de lot
enforce its theory Of ownership to all
mines and mine the silver and gold for
its own use, to pay interest on its bonds.
If there is any other plan Of carrying
the coin basis greenbsck currency pol
Icy into successful operation, the adj
Vocates. of that policy ought to pub
lish it If they cannot devise any ether
or better plan before election, it is at least
uncertain that they can devise any after
election, and therefore those who vote
for this kind Of a policy should bG
willing to approve this method Of carry
ing it into actual operation, if better
one be not suggested.
A PAPER MONEY SYSTEM.
The assertion that a paper currency
can be given q reliable and unhuctua
ting money value Independent of ethel
direct or indirect legal redeemabilIty IL
gold or silver, may sound somewhat rash
and any one who makes such an assertion
should be required to present the precise
method by which such financial innoVa
ton upon the experience Of all nations 80
far, could be accomplished. 1t could bC
done, however, in the United States, 4
the people voted that i: should be, and
it would remain in successful operation
rs long as the provision which ordainet
1t was unchanged. The conservatism
and patriotism Of the people OF the Uni
ted States have now had 100 years Of trial
and ought to be depended upon by thos'
who profess to believe in the people.
Many good citizens believe that pa pc
currency entirely Independent of coin re
demption, is absolutely necessary to en-
able the people of the United States Il
renew and maintain their business pros
J perity and meet their present and futur
! financial exigencies. They believe tina
} the Twelve Thousand Millions of Dollar
Of public and private debts in this coun