The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1876-08-19
A Valuable Endorsement.


Ledger, Of Monday, August 7th, contained
the subloinea extract, fully endorsing the
financial views laid down in Mr. Tilden's
letter Of acceptance. An endorsement Of
this character outwcighs all the aippant
mattcr-ofeourse adverse criticism launched
against 1t by partizan press. The Led
YER is an impartial journal, with Republi-
can procliyitics, which enhances the value
of its favorable opinion Of Mr. Tilden's
views, because that opinion cannot be
ascribed to party preference, IS it would
have been, had il emanated from jour
nal in political accord with the author of
the letter. We ask our Republican read
ers to give it careful attention. If they
will not give due weight to the utteranees
of a Democratic journal, perhaps they will
be more disposed to receive the words of
journal which is not Democratic, but
noted for its unbiased fairness and i'm
Partially.
"Gov. Tilden's letter, accepting the nomi-
nation of the Democratic Convention ut St.
Lonis as candidate for PRECEDENT Of the
United States at the next Presidential cleo
ton, has been the subject Of very general
comment since its publication, and especially
SO in financial and commercial circles; and,
outside Of political bias and partisan feeling,
La. - HI No.
is, that the doctrines enunciated are sound
and statesmanlike. This column Of the Led.
ger can bear no other testimony to the senti.
ments Of the letter than that Of cordial COM
meudation, for Mr.. Tlden's financial opinions
are almost entirely those that have been pres.
sed again and again for years past upon the
attention Of our readers. The only exception
we take to the letter is as to the comparatively
unimportant point Of repeating the law fixing
day for resumption. This is u matter, how
ever, Of mere expediency, and involves no
principle in currency or finance. Governor
Tilden considers the repeal as simply retra-
cling false step, and, with eousummate abil-
ity he points out the blunders in our whole
financial Legislation since the close Of the war.
This part of his letter viii bear careful study,
and should be read over and over again by
those who care to comprehend his scheme for
a reform in our currency. First, the Gov
ernor would save enough money to redeem
the legal tenders, and when we had that
central reservoir Of COIN he would resume.
He indicates no time when this should take
place, although he thinks the sooner the bet
ter. The whole business Of currency, the
letter proceeds to say, 'belongs to the domain
Of practical administrative craftsmanship. A
human intelligence must be at the helm to
discern the shifting forces In other words,
he says, allow resumption when the President
and the country is ready TO resume, and to be
prepared for this all the powers Of the Gov
eminent should be exerted TO expedite the
time. When the United States Government
is prepared to pay gold to such of the holders
Of its notes as wish to exchange them for gold
all other forms of currency will be payable in
gold, and the whole volume Of currency will
then express gold values. With the under
standing that what the country wants is q
currency which expresses gold value rather
than the coin itself, the terrors of resumption
disappear, and it is seen that the work is
much easier than is popularity supposed.
When United States legal tender notes are al
par with gold they become practically gold
notes, aud as there will be no important de-
mand for the coin which they will command
Nntu lOTtlSU utDth nave 10 ne StIlltu
by the remittance of gold il will be seen that
really all the gold the Treasury need provide
is the amount necessary to meet this demand;
enough might have been saved out of public
expenditures to obtain the necessary sum, and
that the way to obtain it now is BY the prac.
tice of economy on the part of the Govern
ment, and, also, if necessary, by the sale of
bonds. As to the amount OF currency neces-
sary, the letter holds that the standard legal
tender should be gold or gold notes, which
United States notes would be after resumption,
and that the other forms Of currency, such as
bank notes, which, Of course, are redeemable
in lawful money, should and would expand
and contract with the varying wants of trade;
that, as no one can tell how much or how
little currency is needed at any particular
time, the only way of ascertainiug is TO make
notes redeemable in gold or its equivalent,
and to authorize the Issue of as many Us the
issuers are prepared to redeem. This is the
recognition of correct principle, one many
times presented in these columns, and this
is secured under existing laws. The letter
justly complains that opportunities to get
gold by the sale of bonds have been wasted,
which, had they beeh improved, would have
secured resumption. Governor Tilden shows
that while the immediate cause Of our troubles
was a mistaken financial policy, which kept
our currency, the legal tender notes of the
Government, irredeemable nevertheless much
was due to unwise fiscal legislation, which
has gone hand in hand with extravaganza in
Government expenditures, and much to the
misgovernment of the South, which has re-
pressed the growth Of tina, part Of the country,
and crippled il SO that other parts have, to u
large extent, had to bear its share of the bur.