, 1877-07-02
,N1iE CURRENCY.
Tho Three"Sixty-FivesPor Cent
Bond Folly. !.
Our Ffnanciers Their Ignorance,
Usurpntlons, aud Frauds.
pr1rsArpEh srooxsu, OF nAssAo1tuszTra


].
The great batt1e In Ohio for moro money
by which Is here meant the political canvnss for
tho year 1S75,-in which tie whole country par
tlcpated, Ia stlll worthy of notice, not only be-
cause there Is loubtlcss widespread detcrml-
nation 10 1ght It over again, but also t,ceause II
affords lu1lctous, but much needed, tllustrn-
tton, al we'll as m trrcfutablo proof, Of the pre-
waiting ignorance On the subject OF money.
That that violent, but ridiculous, contest may
eerge ~ caution to the people against being
drawn Into the same, or any similar one, In fu-
ture, Is one purpose OF this article. It's other
purposes arc 10 expose tbs nsx:pefsnns and
frauds by Which the people are deprived OF
money, and to vindicate, a. far rs its limits viii
permit, the right Of tho people. by tho use Of
their own property AMI credit, " supply them
selves with such money as they can, anil as
much Of It as they please, FREQ Of ill llctatioh
or interference from the Government.
Tbs question at issue in Ohio Is 1875 was tho
Dos intercouvcrtihlc bond schcnc,-a schema
Of the practical operation Of which tho writer's
aud speakers on neither side seemed Ia have tho
least real knowledge whatever. It would have
bad neither tho good effects which lis fr'cs,ts
expected nor the bad effects which It's enemies
predicted. That Is to say, ttwould neither have
proved "currcncy equal to tho wants Of
trndc,n as claimed by lis friends, nor would IL
lnye flooded tue country with adcprccfatcd cur+
rcncy, as predicted by Its opposcrs. IA sTs.
tctn for furnlshtng permanent currency, either
Worse than that, Instead Of furnishing O per-
mancnt currency In place OF TINT VIC i,0w have,
II would have deprived us Of tho one VIC now
have, without furnishing any substitute Mt all.
That such would have been it8 elect IL evf-
dent from these considerations, namely:
II ID a settled principle that paper currency
depends, for It, true and natural market Value.
wholly upon the redemption that is provided
for IL, II l,as, and It can hare, no more truo or
natural market value than The property Will,
which It Ia to be redeemed. a paper currency,
therefore, that has no other redemption than
that Of being convertible into interest
n Ss''1a liz 0' msrkss sn Il an aso the boaas 1ss
Themselves, and, consequently, no more thar It
IL worth for tot.'<rson into fhe boHds. And Il "a
worth nothing for conversion into bonds, nn'css
theru arc somo one or Morc pcrsonA rho wish
thus to convert It. In other uords, It Is this
demand for the bo4dl, as tHtrstntnts, that atono
Eircs tho enTrtncy any value in tue market:
convertible note Of thls Kind, therefore, crcl-
persons want It for conversion: Aad y etIct-
lale5 o,.'v mill fails into he hands Of ,uch PR
son. When It fails into tts hands, he converts
IT, Sn ds.,ar aS; s tners9 9s oi III ts eonvertb
paper, that d IN circulation a MONEY, N.atlv IL
te consertei into bonds and Nas fake. ott of Or
e.uaiion. And there is then an end OF 1t, 60 fur
Ga .a s epe}atoa 81 ss principle so
yerfihto VIII into bonds. The conversion went on 20
sapiAlY that Nc should soon havc Ind no green
backs at all In circulation had not the CONVEX
sI,n Of them into bonds bern stopped BY law.
And our greenbacks now remain III circulation
ouly. bccause they are not convertible into
bonds.
nj t0-fIAY in circulation