The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1877-07-13

payments. These grea. banks show
on an average 81 ger cent of gold 70
Paper() }, varying froHi Sc per cent in
one or two small banks TO IS per cent
IN the Bank Of Bremen. Now the
banks of this coaa'ry lave never had
~ per cent Oh ali average. .Ofcourse
they failed on an av-rsge orce in ten
years, and With their failures there was
The shipwreck of fortunes. the distr-ss
"f families, the deiuorsiZation OF bnsi.
ues. and the destruction of all Uniform
principies-a country of specuiations
and of wild adventure. In the midst
of all this, tae faith, credit, and honor
of the country have been maintained.
Why? Because the American people
are, above all people. patriotic. As
they rallied TO the flag in the days of
rebellion, SO they rallied to credit and
more than ibis There is great deal
in men. Hamilton, Wolcort, Gallatin,
Dallas, and Crawford, at various fines
head of tie Treasury, where men who
| thoroughly understood the value OF
public credit, who well knew the vari-
Gus pretenses by which theorists and
adventures seek to forward their own
interests at the expense of principle.
Albert Gallatin wss a Swiss. ana i
friend of Jefferson, bat no man better
understood public economy or admin
istered the Treasury with more integ
rity. Alexander Dallas was Pennsyi
vania; but he also well understood the
principles upon which the government
credit can be maintained. Thus with
interest patriotism, and with able men
in the Treasury, we have maintained
the national faith, in all time aud
troubles, until, to day, We can borrow
money at per cent. But, suppose We
begin specie payment, and, at the end
cf three years, the whole banking sys-
tenn of this country fails! Our rail-
road system has, financially, utterly
failed. More than half of our railroads
are in the hands of receivers or
iessees. Now add to this the failure
of our banks, and what will be the pit
iful condition of our national crediti
But If We resume-that is,;f We under
take to become hard money people
our banks must keep two thirds of
all their paper money in geld, or they
must fail. We have shown that the
average gold in the banks of Europeis
81 per cent. OF their circulation. Now
let us suppose that the American banks
try to get along with65 per ccut. what
must be donef Seven hundred mill on
dollars OF paper money must have
s45OOOO, 900 gold in order to insure its
redemption. What preparation is the
Treasury Department making for such
an issue as thatl The Treasury De-
parinent, with all its credit, las not
S4O, OOO, OOO OF gold to spare. All tile
banks of the country have not got
$50, 900, 600. What measures are ia
ken to increase the supply of gold
None are taken, and none can be, with
out the action of Congress. And will
Congress take any such action. Will
Congress declare to the people that
this shall be hard money nation in
spite of all the discoveries and im
provements in modern finance, since
the invention of bills of exchanged
| very well know that in the ideas |
have at different times expressed on
this subject | am in advance of my
times. But also know that the times
will come up to me. No fact can be
safely Ignored. No truth can be 81
fenced by assertion. No human ex
perience can be overcome by the
schemes of theorists or the dreams of
enthusiasts. Fact, truth, experience
will produce their full effects, though
every dreamy theorist and every half
educated politician should oppose
them. K. ID. M.
YAMoYDEE, July 4.