The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-04-28
FINANCIAL.


the question of gentleman the other
day by the Yankee method of asking
more questions, had no idea of get
ting into a newspaper controversy. l
have no objection, however, to discus
sing the money question in friendly
way, if can by that means, get any
light on what seems worse than Egyp-
tisn darkness to the mind of the ordi-
nary legislator. First let me say that
impugning the motive of ones Oppo-
nent is not argument. / suppose If q
thousand men were gathered up indis-
criminately, who are in favor of infia-
ton, they would prove On the whole
as honest as the same number who are
in favor of gold as legal tender. We
want facts. We have already had too
much of the "you're another" talk.
The question of my friend was such
a simple one, unless policy was taken
into account, that I did not for an in
slant suppose he had any idea I should
solve his purely arithmetical problem,
which any school boy twelve years old
could do, and which I doubt not, /
could myself, if had "put my mind
to it."
1t may be a melancholy fact, but it
is no doubt very stubborn one, that
gold is recognized by all civilized peO-
pies, as the measure ofvalue; when we
say 'tgreenbacks" are worth S72< cts.
we mean they are worth that in gold.
1t is also fact that all efforts to sub
stitute some other standard, have,
so far, resulted disastrously. Granting
these facts, the problem is, by what
means can We bring the greenback to
par with gold the most quickly, and
with the least disturbance to the bust
ness interests of the country. 1t seems
idle to talk about government receiV-
ing them at their face value, unless il
has some power by which it can pay
them out at the same, because taking
them at par and paying them out al
discount of Is per cent. would hard
Iy prove successful financial venture
Thus we find ourselves face to face
with the old problem, how to bring
them to par. Does my friend doubt
that If the Secretary of the Treasury
had been authorized to purchase and
destroy each month, a certain amount
of greenbacks, and that had been an
nounced and carried out as the settled
policy of the government, instead OF
all this wild talk about the fgreenb back
being better than gold" and being
CHASED on the wealth of the country
and the more than half resolve OIL some
to keep on Issuing them, until every
body had enough, that they would stead
| lily have appreciated in value and now,
or soon at least, would be so near gold
value that the gold and silver that is
now exported or boarded, would be
let loose as a part of our currency, to
supply the place of the retired green
back. Does he for moment doubt il
the government would now issue long
time bonds, bearing a low rate of in
terest, interest payable in gold, The
bonds payable in gold at maturity
make these bonds eXchangable fol
greenbacks as the needs of the coun-
try could spare them, and destroy the
greenbacks so exchanged, that green.
backs would from that moment steadi-
1
touched parp
If my friend has discovered the
'true inwardness" by his scheme (ol
Mr.. Kelley's) of inter-cOnvertibl'
bonds at a low rate of interest, by
which we can do away with a part, a
least, of the expensive machinery o
our national banks, let US by all mean!
have it, but we want it cooked so W.
can digest it. 1t don't seem to be very
practical to issue notes that are bear
ing interest, to exchange for those tina
don't bear interest. and make no pro
vision to redeem either, nor get rid o
either. My friends plan, according tt
his answer to my second question, viz
sit he can't pay in what he agrees to
pay in what he has, to show his goOC
faith,' if carried out would destroy
all commercial transactions and very
nearly hits the nail on the head, in re-
gard to the money question. CONNER
cial transactions necessarily extenC
over great length of time and must, il
order to be successful, have some fixed
standard of value and not be depend
ent on the whim of Republican Con
gress to-day nor Democratic Congress
tomorrow. Nothing furnishes tina
standard so well as gold. 1t is diff
cult to obtain, so not likely to be oVel
produced. 1t is indestructible by or
binary means. 1t is easily divided anC
easily reunited. Weigh it and ascer'
tain it's purity, we know what it il
worth to-day, tomorrow, next year, il
America, England, Germany, any
where. Hence its value.
l sell my friend a thousand dollarI
worth OF goods; when the bill become!
due, he says l haven't the money t.
pay you but have a splendid lot o
| iack-rabbits and / will pay you il
them, as an evidence of good faith.
say, "my dear sir 1 don't want jack
rabbits. l know they are worth some
thing to-day, but some one may over
stock the market and they may not b,
/ worth half that next week. 1 may No
be able to pay fifty cents on the dollar
with them. Everybody expects money
when they sell goods, unless an express
bargain Is made otherwise; my credi
tors expect money for what / owt
them; If you can't pay the Money
give me your note that l may go to thu
bank and get it," "No," says my
friend ''that would be promise to pay
what haven't got, and would be ;
breach OF good faith" To draw /
mild, l shouldn't want to sell him any
more goods.
The above suggests few of the rea
sons why am in favor of a return G.
Ispecie payments, and not, as my frient
suggested few days ago, because
spell gold with tig G.
RESUMPTION.
NEosHO RAPIDS.