The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-06-30

mark when they tell the sheriff. to 90
ahead with the executions.-"The moor
tools don't know any better"
10 still further illustrate the folly of
the rest OF the United States bank
rupting its productive industries in
or0er TO secure specie payment cur
rehcy because California has, let us see
upon what an insecure and risky
OASIS the specie payment system rests
even In country so abundantiy sup-
pied with gold as California is said
TO be. Her renowned gold banks
organized under the act of Congress
which permits banks to issue curren-
cy redeemable in gold if they desire to
were long pointed to by hard money
men as inVuinerable to panics or
suspension of specie payment. They
were in State full of gold-backefi
by gold mine acknowledgements
with a gold currency in actual use
among the people-had at call all the
gold capital of the country, because no
where else could gold be demanded.
One day about three years ago the
people-Very unneceSsarilyandf foolish
~, no doubt-were seized with little
panic,-and applied that practical test
which the specie payment system is
always liable to and never does and
never can Withstand. Down went the
gold banks-one after the other, ex-
cept few that were saved by the aid
of all the available gold in the United
States and the aid of the government
itself. California gold, plentiful as it
was, was not plentiful enough to meet
the emergency. 1t made its usual
coWardIy disappearance the moment it
was needed. The gold capitalists of
New York and other eastern cities had
to come to the rescue, and the tele-
graph flashed orders to the United
sub-treasIIry and mint at San Fran
cisco, to let the gold banks have gold
TO the extent that the banks east de-
posted gold there to secure the loan.
To such straits were the specie pay
ment men reduced to uphold just a
few gold banks in the golden State.
Suppose all the banks in the country
had been on specie redemption basis
that panic would have spread like an
epidemic, and none could have helped
the Others-none could have saved
themselves - and that always hollow,
deceptive, uncertain, unstable financial
system specie redemption - would
have fallen to pieces in a moment after
years of loss and suffering had been
wasted in building it up. This is an
other lesson that 1 draw from the
bright and shining example of Califor-
mia, and one that my friend Resump-
ton and our specie payment theorists
should not forget so easily as theyseem
to have done.
1t is not within the province of this
discussion to compare the advantages
and disadvantages to productive in
dustry, and the prosperity of the labor
ing masses, of specie payment cur
rency and of currency redeemable
only in inIercoHvertible bonds, but to
show that metallic currency has been
a curse instead of a blessing to Cali
fornia, / refer to the statistics given
by Mr.. Kelly in his crushing reply to
Mr.. Blaine's financial speech last Feb
ruary, and will furnish Mr.. Kelley's
remarks on California if my friend re-
sumption desires.
The present condition of business
and of the great majority of the peo-
pie in that state, England and Germa-
ny, are magnificent evidences of the
orthodox hard money theory in actual
practice. Men can there get a gold
dollar for a paper dollar, whenever
they can get the paper one, and when
the property, products and labor of the
entire United States are for sale below
European and Chinese prices, we
will be able to enjoy for an uncertain
period the inestimable privilege of
being able to get gold dollar for a
paper One-- provided we don't try to
get it. No sacrifices can be too great
to secure so blissful condition. Re-
sumption, bright angel of our dreams,
sole hope of our prosperity, faithful
guardian of our honor, glorious ben
efactor ofour country, come, and come
quickly! 7. r. GRAHAM.