National Republican., 1877-08-07
TIE FINANCIAL OUTLOOK.

" was srppoSei that tie HAYES and
ALLEN c?,npaign OF l57b in Ohio had
given n quictuS to the advocates of the
gTenlnrk Theory, but this appears to have
been a mi?lalc. Not ouly do such men
as Jahgs KELLEY and PETER C0urER con-
tinue the advocacy oil their peculiar thco-
rc~, hut the acrcsSion OF such an able and
influential man us Senator MATTHEWS to
th-ii ranks has given the greenba,k advo-
Gates new courage. Since 1875 the liua,l-
ci.l pipI,lenI has bccu still inther con,pl,-
Gated by The demand which an influential
number al the people ale making to have
the coinage Of the silver dollar resumed.
The advocates Of grcenbicks are of two
kihis-ihoSe who propose to make them
redcemahe on demand in gold and SILVER
anil those who would make the amount
issued unlimited aud iutdc"m.'le except,
perhaps, ly making them interchangeable
fol Government bonds.
1i,e laws upon tho statute h"oks of the
United States provide ior resr,np'i"n oi
specie l,LymvBis m the lsi Of IM,raIy,
1879, hut The divided aud unsettled cMitli-
tiUti NJ l,ulliC sentiment renders " iHrT0h-
rble that irsuippton IAN lr effected I,y tie
tlate designated The ihGorirs ni eminent
aud influential Statesmen Inuft 81 much
with zach other that n long and weary htS-
cussipn must I've gone through with b"inr"
the financial policy oi the county aan lr
fually settled We do ,ni think ,hrre 'aI.
he any doubt hnt that the Ultimate rr,ult
or The deliheiaii"ns in Congress- uron lhS
subject will lie the adoption oi 7on,e plan
which will give ns n rnitrnty re'iccnniic
~ specie, although that eurl may he II great
deal further oil than IL should hc.
There ac II great many things which H."
theorists opposed Ia iesuinptIou ~ a l'lau
honest way will hISt have to settle among
themselves FnT example there Lr il"na"
who pIoI",>e 10 Keep III circulation an i've
dcclnahle preenhack CURRENCY and UIv'r.
THIS Is NJ course absurd. u the silver dol.
la is IecoiiIrI aud made u legal tender and
receivable Ia, dntir, oli impmts u wouil
disappear iIom cirrnlnnnu II would l-'
used chiefly ior paying duties and the in-
tcrcst ou the public debt. Being oi lcsS
value than gold. IL w"uld become ~.
American standard Of value. The money
of the people would still be gic.nIacks,
which would I've Of IesS value than the silver,
and would Consequently continue to circu-
late
IT, than, the advocates nj the silver dollar
wish To make their m0uey circulate they
must become partial rrsumpiionisis, by
making the grseni,nckS re'leelnahle in
sllveI. If this is done the greenhacks and
silver would he At par and circulate side hy
nhe But tins would still give us. as com
puel with g0lh, u ,lcpreriatcd and Hue
fnaiing curen'y, and would, probably,
only postpone the settlement Of the cur
Isncy Of the natinn npnn such finn basis
"a wonld permanently restore commercial
cuniid.rce and security.
The truth onght never 10 b. lost sight Of
That our present financial condition Is the
result Of the unwise and unsta,tesnanIik.
pnl,cy which WAS adopted by SALMON l..
CHASE, "a Secretary Of the Treasury. He
vas called In that important post without
having had any preliminary training to Gi
bin for u Moreover, he only looked upon
that Office ~ III. stepWng-stonc to tile Pres
ilsnry and therefore allowed his feelings Ia
he wnrped 10y considerations Of popularity
more than by the stern views OF duty, by
whch he should have heen guided.
When he, contrary to the advice Of emf.
neut and experienced inanciers, consented
10 issue an irIed.eInnbie paper currency
he inflicted u burden OH the country whicl
many generations yet unborn will feel. il
va no light onense ioi n nation TO issue
promises L pay seven hundred millions O
dolla,s and then fail 10 keep the pledge. il
would he difficult to tell what tho a,ldI
tional cost OF tn. wal was by reason oi de
pIsciaied CURRENCY, In which the wal sup
plies wee paid foI, to say nothing Of tie
pnhic and private decentralization pIo
ducrd by imitation, and the unsettled
financial condition in which the country
has now remained ioI "ve, twelve yeats.
All these nisIortun-s the future hlsi0
rian will trace 10 the ignorance and ambl
tion Of Nj. LiSCOLN's iiIst Secretary oi III,
Treasury. Had Mi CnA~E administered
The Treasury with the SINE uuu viii am
unsrliish adherence Ia duty winch SIAN
Ton displayed III the Wm Department on
fnan' ial sky tu day would be hIshi an,
ele,i instead of heing 0veICasi with lower
ing cluutls ~ IL is President HAYES veI,
wisely placed at the head uf the Ireasur,
skillGul and experienced iiDnnCier Pas
expcIienc. should teach us the value ,
such ~ servant. especially in these time
when public sentiment is ~ disr acted an
hundred rIude theories are pIsSsed npu
The attention Of the people rs faiiaceas /,
puI financial tIOul,lcs