The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-06-08
PlNANCIAL OPINIONS.
In Regard 40 the Amount OF
Currency and 1nteFcOR-
VerRfbIe HEOnds.


currency and 1ntercOa-
VerGfb1e Bonds.
As many people prefer to rely
upon eminent men for their finan-
cial opinions, we furnish q few
samples for their consideration:
President Grant, in his message
of December, 1873, remarked:
ain view of the great actual con-
traction that has taken place in the
currency, and the comparative con-
traction continuously going on
due to the increase of population,
increase of manufactures and all
the industries-I do not believe
there is too much of it now for the
6ullest period of the year.
John Earl Williams, President of
the N. Y. Metropolitan Bank, refer
ing to the panic of 1873, testifies:
"The simple, naked truth remains
undeniable, neither for love, nor
hard money, itself, could more cur
rency be obtained. There was an
absolute currency famine, and some
starved! The United States had I'M
dertsken to supply the country, but
failed to do it: after prohibiting
(Wisely I think the several States
from authorizing any bank clrcula-
ton. This and this alone, was the
original cause and starting point of
the panic.
And Mr.. Williams also says:
"Who will not lend the United
States his spare funds when he
knew he could get legal tender for
it, with interest, when he called for
it.
E. G. Spaulding, President of the
National Bankers Association.
when member of Congress, said:
ait has been the subject of much
consideration as to the best form OF
in which it could be offered to the
people to induce them to let the
Government have the money for
which they haye no present use
and be allowed q fair compensation
for it's use during the time it is bOr-
rowed by the Government.
General Spinner remarked in his
report in December, 1876:
"It would seem to be but fair
and Just that the attribute of the
conVertibility of these (greenbacksl
notes into bonds of the United
States should be restored.
Ex-Governor Buckingham, Of
Connecticut, U. S. Senator, said
Jauary z, 1873:
al am not so ready as l have
been to curtail the currency by an
arbitrary Statute for the sake of de-
ceiVing the people with the old idea
that the banks can maintain specie
payments. They have not done IL
heretofore, for when the pressure
came they were no more held to
their obligations to redeem than
was Samson held by the green
withes of Delilah. Nor am [ will
ling to wait In inactivity for bust
ness to increase until it shall make
coin and paper of equal value.
would lay aside theory which, in
| times of great commercial embar-
rassment, has furnished no relief
and try the more excellent aed prac-
teal measure of redeeming circulG-
ton in United States bonds.
The Washington Daily Nation OF
the 29th says of Secretary Sher-
mans former position:
eve have learned that Secretary
Sherman was one of the first to re-
alize the advantages to be derived
from the possession of q currency
inter-convertible with a low letter
est-bearing bond. AS early az the
9th of February, 1858, Senator
Sherman advocated, in tee United
States Senate, the funding of the
national debt in convertible bonds.
Gall governments fix the value
of fold and silver, and without the
government stamp, gold and silver
would be a simple commodity, like
other things having intrinsic value.
Some governments fix the value OF
gold higher and some lower, just as
each for itself chooses to determine.
ANY other metal or thing that
should be stamped, and its value
regulated by all the governments
of the world, would pass equally
| we'll in all commercial transactions
of gold and silver, although not in
trinsically as valuable. ExchequeT
bills or Treasury notes whose value
is fixed by government, and stamped
as money, would pass as money in
the payment of debts within the ju-
risdiction of the government fixing
such value.
"These circulating notes or green
backs in the hands of the people
would enable them to pay the taxes
imposed, and would facilitate all
business operations between farm
ers, mechanics, commercial busiu ess
men, and banks, and be equally as
good as, and in some cases betteI
than, the present irredeemable Ger.
culatfon issued by the banks. -
Hon. E. 6. Spaulding, House Of
Representatives, 1862.
He "(Mr. Walker) did not approv'
of paying interest in coin on the
bOnds-lt has already exerted a per
nicious influence on the public
funds. He was in favor OF the
greenback circulation and in favor
of a six per cent. tax on State bank
circulation, in order to drive it out
so as to give place to the National
circulation. Hon. Amass Walker
in Congress.