The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1876-04-07

, / wv S''D' A|N''O>- wv I"s-
per. We are satisfied Of it, wisdom,
and commend its careful perusal to
our readers:
"Our paper currency-how to make
it equal to gold. Provide means for
its redemption in gold ai all the great
commercial centers of the world.
| "To do this let the reserves IN the
National Treasury consist iu great
part Of United States lv,nls that will
at any moment buy bills Of exchange
ON London. Authorize the Secretary
of the Treasury to sell at any time
such number of these bonds as may
be necessary tn redeem all the curren.
cy that may at any time, and in any
place, be presented fr redemption.
The gold speculators' occupation will
he gone whenever touch Of the mag.
netic telegraph can be made to cum.
mand exchange on iIondon, to be used
in the redemption Of the currency at
all points. II the reserves IN the
treasury be chiefly bonds, and those
binds should even amount To eight
hundred millions of dollars. they will
cost the nation nothing. for the treas-
ury will pay to itself the interest on
the unsold binds.
But will not this lead to u contrac-
tion Of the currency and make the
present financial pressure more intol-
erabley
Certainly MT; fr when paper cur
rency Is equal :, gold coin. the paper
is preferred. But if misers at home,
or merchants in our seaports. or spec.
ulators abroad. demand gold. the pa.
per currency redeemed would be i'm.
mediaiely pad out to the numerous
employees Of the government and
again thrown into circulation.
"But will not this means If putting
the paper currency on a par with gold
coin seriously affect the natio,,al cred.
i, and depreciate the value If the
bmds? Not unless war or some great
calamity should occur and render a
large increase Of the debt necessary.
No human wisdom can prevent such
evils. But will not this sudden ap.
probation in the value of the paper
currency increase speculation and ex.
travagance, unless the volume Of the
currency he reduced! Not if the
amount of the currency Lear fixed re-
lation To the number nf population. II
400 banks, Or one bank. or even
Secretary of the Treasury, or Com
gress of the United States he aut or.
ize,l tn increase or diminish the volume
Of the paper currency at will, disas-
trous results must follow. Specula.
tive times will I've made more extrava.
giant, anl hard Il nes hir,ler. But il
paper currency should never be allow
ed To excce,l twenty millions Of dollars
tor every millim If Inhabitants, the
legitimate business Of the cnunlry will
absorb AMI prn6iably empIoy that
amount.
"But will not paper currency %
any kind, lead to financial ranics.
Whether the currency be gold or pa.
per, or gold and paper. Commercial
nations can not possibly avoid finan-
cial reverses. In the nature IT thing.
overtrading, extravagance and lille
ness will run their course and produce
their effect no matter what may be
the character Of nations currency.
Then fellows stringency in the money
market, and loss and suffering among
the people, until income exceeds ex-
penditure enough to atone for past
prodignliIy. Our country at this
time, is unfortunately suffering. not
only from the results Of past folly,
but still more from the fearful effects
of di.irust aud uncertainty of nation.
al financial measures. A settled de-
terminals, n TO either issue more paper
currency or Immediately come to a
hard rooney currency would be les
hurtful than the uncertainty and dis.
trust which have prevailed for several
year,. ii
1.-The policy here suggested would
conciliaie all parties. II would pro.
vide for specie payments Immediately.
without contracting or enl,rging the
volum, Of the currency. IL would
rele.se aud put into circulation nearly
all the gold now in the irea ury, and
lessen taxation by the amount of the
interest IN the bonds that gold would
purchase.
at would lessen the east vf our inn
prts by more than furteen per cent,
or by the value Of the present premi.
um on gold. 1t would enlarge our
exports by cheapsning the COS, af all
the impaired materials employed IN
our maruiaeiories. and enab. ing us to
compete with Europe in the markets
of the world.
at would provide tor u more rapid
liqui iation OF the national debt by in.
! creasing both production and revenue.
aud by the annual increase of the pa
Z NOR nirnulniinn La nr.n.rtio.. L. IL.