, 1877-08-17
CURRENCY AND DEBT QUESTIONS.


CHICAGO, Aug. FL Am glad to sec TINT
you arc exerting tho influence Of your paper to
spread tho conviction, which In rapidly gaining
ground, that the attempt 10 redeem tho cur.
Tcncy In gold OIL tho Lat Of january, 1870, is
premature, unreasonable, and disastrous. /,
though Republican at tho Amc, tlsapproycd
OF tho lncasArs anl forcaaw tho results that,
40 far, have flowed from It. Tho argument for
1t was that tho gEeenbncks not bclng rcdcern-
able at olre, Ia gold, are mere iioatIug promises
that have l,e intrinsic ya,uu, as they may never
bc paid; rs II they did not rest on tho faith untl
credit Of the, Anlerican people ~ mucn
~ the bunds themselves. Al these
securities IRE tho peoples own creation
through ~ ~ Government, ana q Us tho
in proportion a. thoy become impoverished the
erraIt Ut tho lovernMunt should weaken.
lienre, the ,lcrcsaty Of hulding up the people
to productive. prosperity. 1n orIcE 10 do this,
they Inust 10 afforded thu facilities for tho eAi-
ploylnent u their tnd,.atrlal energies,
bsforo tho War, tley would always have them
In some shape with greater or less value at-
tached, so that development an,l improvement
progressed With temporary interruptions. Uur-
fng thia pcrlM PROBABLY not Hlure than 0uu-
third Of our bunk currcncy Has answcrablc In
gold, aud most VI Il WAS vt greater or less dis
count, and for ihAt reason WIS kept iI,oTc In cir
culatlon, md nla4ln continually available. Tho
regarded by the Alacrican people for Its own
aakc, nor chiefly for tbs inlcrcst that 1t would
bring, but u subsidiary to the development and
improvement of uur strat natural RESOURCES.
gain posaessaon Of portion Ut these, aud
COUNTED himself rich to tho extcnt that LII lid so
Tue fearful crisis that Eaye BIRTH to our green
backs could never huyt been met without them,
ard such were the facilities afforded BY them to
thu exercise Ut our Industries, aud the enrtctl-
tnent Ut tho people that followed, that thplr
value appreciated tE0n x3.8O for ouc in gold,
to xlth,9 l05t pr cent q gold befoEe tbe
another's paper, but eserv onc. detnanded
u,oucy. The volume Of currency having been
reduced before this, money could not De hui
In sufficient anouat to meet tho popular re-
light witnessed tho dismissal of c'nploycs
until business became prostrated, tutluaifes
tagged or ceased, aud stringenuy. depression,
poverty, and want, became prevalent. To re-
Grant vetosd Il, and declared tuat payment III
,i'oidcd and sanctioned tho net to iacrease
national banksng. but to diminish green
anS,rvp xs pFiips5a'Gn5y ig nug to go!d tfGssampt!on
volume has & leen progressing ever since. Frun,
January, lS75 tu August, l557, tho lia,tnutiul.
has amounted u *G!, SUI, ,00, and Is still going
gu. OF the elect 70 tar, tho people too well
know.
While debts lare not dImlutshcd, values on
which they wcr5 based have shrunk 10 low that
$!,oo. w, ,00U VI bankruptcies 1,ayf been record
ea u, t1e courts ffotu 1915 " the present ti,ne,
which slul 1oes not measure half the loss 10
tls couutrY. That lua& Is Morv than equal to
laying second l,atlolla! debt upon the people
OF ea,uo,01O,nAA Wherr IL the wisdom or
patriotism Of this coursel The people, have neen
brought hy It a}uost u the verge Of revolution.
Now, let Congress conyctc u quickly III possible
anl Cua:t 1uc4suEcs that will bring relief To a1a
a.oll4el tcolie. What can thvy doi FIrst,
fculuucti1e kllyer ut uncG aid eoin ~ fast "
possitlr thu old standard silver du!lAr, the dol
Lar ii >elt II one piccc, aud u1akc tAu xpld aud
silver dollar of the same standard aud alike gv-