Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1877-10-27
THE CURRENCY AND RESUMP-
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THE CURRENCY AND RESUME.
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For years there has been disposition
OH The part of many to di>parage the
greenback and national bank currency.
and to continually keep harping on their
depreciation. They made no allowance
for the necessities of the COUNTRY, that
WAS the cause of their being issued.
And even now. when they have appre-
ciated SO that they are hear par, they
continue to complain, having become so
accustomed torheir growing, or because
they are not willing to admit anything
to the credit OF the Republican party.
The fact is the country never had as good
currency as at the present time-neyer
had currency that was equal to the
present money rs. purchasing power.
1t is true that in the days of the old state
bank system, when. the bills of u bank
were presented to he bank issuing them,
the gold would be paid; but take the av-
erage circulation of the country. and it
was far difer,nr. Present a bill of any
other bank, and it would require pre-
MUM of from three to five per cent. TO
set the gold. And if the bills belonged
to the. banks of some ofthe states, much
larger premium would be requiie ed. How
is il withthe currency to-day? Go where
you will, it has the same value. and SO
near par is its value that gold can be
purchased at premium of 2H TO 8 per
cent-so that it might be said, when COM
pared with the currency before the war.
that specie payment has already been
reached. This has been accomplished
under tie management ,-of the Republic
can party, and in spite of the Democracy
as pariy.ie 1t has been claimed by the
opponents of resumption that it WAS i'm
possible TO resume specie payment in the
time set in the resumption act. All will
remember the efforts made by the Dem
oeracy in Congress. to repeal the clause
of that act Which set day for the re-
sumption OF specie payments. How it
was claimed that it was the passage OF
this act that caused the continued hard
times, and how strongly they argued
This during the last Presi iehtial cam
paign. We think that the fact OF the
currency having attained so near par
shows conclusively that specie payments
can be resumed by the time setin the re-
sumption act, if things are allowed to
take their natural course. There mlsl
be no tampering with the matter by
Congress. They want to let we'll enough
clone. As to the resumption act causing
the hard times, il is refuted by the fact
that, Notwithstanding the act is in full
force. times are improving, AMI from all
parts of the country comes. the crafty
ing assurance that business, of all kinds.
Is looking up, and more prosperous
era in the affairs of the nation has been
reached.
Even the strongest opponents of the
national bank anu greenback currency
must now admit that for commercial
convenience there never before was
currency equal to that i'm use at the pres
ent day, and we doubt if there is an in
tel1igent citizen who would be willing to
have the currency changed to the old
state bank system again. What the
country needs is a currency that has
purchasing power equal to gold. This
we have nearly attaiued in our present
currency, and it is only a question of
time as to its reaching par with gold.