The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1877-09-15
THE WEEKLY iNTELLIGENCER
Official Press Of King County.
Saturday, Sept'r 10, 1877.
SOUND LOGIC.

ford. the brilliant orator and writer.
made the following clear-cut statements
unkztAs financial issues Of the day.
~ Some pulses Of reviving trade are
beginning 20 beat, but there has long
beeL An enforced idleness all over tn"
land Many men have no work. how
ever skiliful or willing The chief
present legal hindrance to the rcsump-
tion Of specie payment, Is the partial
legal tender quality of the national
bank bill l do not believe that the
national bank law is Constitutional in
80 far as it conf.rs this power o. banks
TO issue paper aud makes that paper IA
legal tender for any purpose except in
payment Of it to the bank that issued
It. What We need to have our people
taught is this. that money IL the meas
ure of value: that under our national
constitution 1t Is only congress that can
provide this measure, AMI that The Gully
money which congress can provid is
that which 1T eau coin. You complain
of excessive taxation. and possibly your
complaint Is very just. For one,
think It unwlse 10 tax banking capital
or any other capital. or any honest bus
mess. 50 highly as to force capital to
seek other investment Bat while you
make this complaint you hold aud use
sovereign power. the highest sovereign
power of issuing paper, which | am
compelled 10 accept from the govern
ment rs money. whether will or no.
The administration stands pledged by
every suggestion Of commercial wisdom
and commercial honor, to all who in
any land have dealt with us. or with
this government, to pay coin-gold
coin for every dollar Of greenback debt
on and after January |. 1879. make
this statement without an if or but,
without an evasion or reservation what
ever. The present resumption law is
not all that it should be, but it is
enough to secure the result The
administration has the will and
with this law. the power to resume. l
heartily believe in John Sherman as
Secretary Of tho Treasury. because |
believe his fixed, unbending purpose is
to resume specie payments on the APP
pointed day. / as heartily believe in
President Hayes. because believe no
will surely use all the power of his
great office to make this purpose an ac-
complished fact at the appointed time.
The people will anticipate resumption
themselves. The accumulation If gold
In the Treasury and in your vaults
steadily goes on: premium on gold
steadily declines in purchasing values
greenbacks slowly bu. steadily go up.
Have not imitation, first, and then the
following doubts long continued and
only now but slowly dying. done their
worst! Prices have found thcsr bottom;
enforced economy have wrought its pa
tient work and taught its saddest, wisest
lessons. Labor waits, capital waits. a
golden harvest waits. and unopened
mines AFRO waiting. All is waiting for
courage and honesty. When We snail
have kept the promise Of the republic.
business will revive again. money be in
demand. capital be employed, and wa
ges and interest alike be earned and
paid. Nothing but cowar.iice and dis
honesty can keep from this land the fu-
turo that already dawns.
After these remarks. the following
resolution was offered by Mr.. Camp, OF
Wisconsin:
Rssolrea, That tho executive commit
tee be requested to prepare and lay be-
fore the convention and submit to the
bankers of the United States rs soon as
practical. plan by which the entire
banking system of the country may be
united to aid the treasury department
in its efforts TO resume specie pa yments.
Geo. s. Coo, president Of the New
York clearing house. Delivered . long
address on the subject. He said the
currency Of the country should repre-
sent the same standard value; that it is
one of the greatest delusions ir the
world to say that the labering man
should not receive an equivalent for his
work. He thought the most effective
plan would be to organ ixe national
banks into union whereby the forces
Of the whole nation can be concentrat-
cd on this great subject After discuss
ing the matter in detail he offered the
following resolution for adoption:
"Re@lrod. That in the opinion Of this
association the early resumption Of
specie payment in the United States is
absolutely necessary to the restoration
OF general prosperity and thrift ameng
the people. and To the promotion Of
public order and social progress
throughout the nation that the rein
statement of specie into general use
will impart steadiness 10 the value and
price Of ali property. that the time is
fully come when an enforced currency.
the last vestige Of the war should be
gradually removed. aud the movement,
10 that end should bs actively bsgan.
that trade and commerce should be con-
Quoted on the standard of value ap,
proved by the most enlightened ma
tons; that any attempt TO change the
conditions and regulations Of our coin
age would bring disgrace upon the pub
lie credit that the plan proposed Of
reaching resumption by the accumuls-
ton Of coin in the treasury 10 in the
opinion of this association q doubtful
experiment. and the withdrawal and
retention Of 20 much gold from its h.t-
ural commercial channel would impede
business,; that resumption can he
more enectuAliy obtained through Co
Oporntion Of 9oyernmsnt and banka