, 1877-09-03
MISREPRESENTATION.


Ju.lHa I,nolltttr'. vIcws-sais Objections to
fi.e l'reAcnt l.txlalntlnn Oil tltc subject.
ATnlnuxE reporter called iast Saturday uI,on
ex-senator Uouilttlr With u view to ASCERTAIN hi.
orintun as u tho effect uf sJiecc-rcsNnlptinn
Jan. !, ls1D,-ttat ~. III a',Dut sIxtcen lnoh}h..
III tho cos,rfe of icngtheuc.l conversation on
tho susjurt, Mr. Doolittle aaid.
T0 uuswer your question, must itrst put
atuther 4ilvstiAn. atpa answcr tllat, a,al that
aucstion Is this: How much MUS. sAu volume III
paper money, including grcenoarks and IFrasury
uutcs, bc decreased: a,,,l how much must tho
volume VI ruin now IN this country bu Increased.
In urier to rcs,lII|e kpcvtu payments, nntt to
maintain resun.ps1ont repcat, to resume and
TO nl1iuf..n resumption; tor l tink all will
sgrcc That, to resunle tur 4 week and then TO
suspend, would be disastrous.
ussunc " u f,lct beyulni dispute that ITO na-
tim. by any syte'h VI t'aper al1"lIey, ever t!s
maintained or eal. tnalnts!n sserte payments.
uuirsa thero Il Al talst s much zulu III ttlu cuuh-
try ss thrru Ii papvr IN circulation. ~ nut
NV IL must aI ba In tho vaults Ut the bat,ks or
Tho Treasury But II nos sn ttcis vau'ts, II
,ulsst l,c II, tho ha1tls Of the people.
The Treasury anl the hanks may ret on aud
maintain v!nclc payments with unt-hulf tho
amount Df c4Itn III fcscrye; aud so'not1illcs
with osle-third. w'tn there u, ~ thu
the l,rop!a wltci,. whcn pushsl, the banks "
tho Treasury may totlltnand. Ihe history VI
our uwn country, Of England, FraAcc, rrlisslat
mud every ottIcr country, shows ills.
OUR unIK HxrkAlKAtk.
| III 1851, beinsu tho Civil Wur,whrl VIZ wcrn tIl
q purtnai financial etlll&iitsOn.--wlEh w lIatt
srrsio yayt,lents,-we Ind VI bank phsltr, In
round numbers. $kA, U0u, 90; Ut euu 'lIuney nu
| lepuait, $lNUUliks]; Ut co!t circulating annll,
j: peoplt according tn estimates. Slts O, ,0OI.
There w.Is then abuut S3, ,0U,0 ,0oo lMOEe OF coin
than Ut paper IL bo redeemed. Even during
| the country than there Was III bank Issues; but
1t wa4 In tlln pockets Ut TIC peorte nna hot i
| the r4ults VI thu tAIik4.
| Bear In mind, continued the ex-senator, IL
not say that sl3cic payMents can "
always maintained wlict. tue stock
| VI Coln LII tue ruuntry i eVua
| to tho yulume Of paper. But what 10 say Ia
| tltat specie payments caunot be maintained
| wien thu stock vi coln iu the country III leS,
ti,an tho volume of paper.
| llow lr Is ABROAD.
| In England, Wttsre siAes:tc payments arc ula!n
talued, the volume VI p2(Ne money ttoea not r.
cce,l Sc. OOui the coIn reserve llt tbs BANK
| OF England IL q little over 3l0O 0OO,000; the
coin iu circulation u estimated ut 3aaj, ,00O, ,0O
| lu prussi1, where spccie payments atc Iuaili
tatnc1, the paper money aa about *s0s1uuuuo
tue xulu 1lserve of Tho bank Il $l5} ,0DQ ,0Ui tn
coIn iu circulation IL about s5Ulut), w. II
Fraucc, where tho bank still rcEnaius III suspetl
sion. tic nlnUunt VI paper noHcy IL AN.ut VII,
uJ1,ut}; It's r1n rtscrso IL ubout $.tt o0O1
the e.ln IN circulation alaony the peuplu IL SoV0
UAtUul Tue nulea Of tho bank arc pa
with e1ln: and yet that bunk, conducted by tt'
vrcalsxs hnauetGTs 1t this xeuesa1lol,s, docs no
I,SnlE: Sutclc pay lSItls tAuQ4a Ats Atuck u cQu