The Republican. [volume] (Oakland, Md.) 1877-current, 1878-10-12

Miion and enterprise far beyond the
H'Rns OF those engaged in it, and
Nfly widespread extravaganza and
Wproyident habits in this country.
Q2f irredeemahle paper money by its
Hepreclatlon running up prices to a
'cHtlous point stimulated the spirit
~ Fefkiessness and gambling in al
AsRt all branches of enterprise and
BUSINESS, melted extravaganza, and
Mfngthened all the bad and demor-
#lNbg influences which are usually
R4ve at such period.
10 furnish that sound foundation,
WHbout which business can have no
oshlthy development, three things
alx necessary-a good national and
tDpyldual credit, sound currency
efReal and stable value, and safe
sH reliable banking system. The
eff0Eced prudence of the past five
rs, has not been without lis bene-
ms. : Ssnce tiie panic of Iszs I lse
American people have created more
real substantial wealth than during
the five years of the lid scheming,
gamtling and speculation which
preceded the crash. Business ac-
tivityiS slowly hut surely quicken
ing again, and the American people
now sand upon the threshold of a
new prosperity, and we shall reap an
abundant harvest of it unless we
throw away our opportunities by
mischIerous intermeddling with the
natural developments of things.
The pressure of the times has
taught US to produce many articles
formerly bought abroad so cheaDly
as to introduce them successfully and
largely into foreign competition.
Our abundant crops find ready
market and good prices, and increas-
ed and more varied wants will soon
render possible and profitable the
employment of the same, and even
a largernumber of men than before.
In thirteen years we have paid off
One-tOurth our national debt. This
has shown our ability and willing
ness, and strengthened our credit,
ann it is this strengthening that has
so greatly reduced our annual inter
est in funding outstanding bonds into
securities bearing lower rates of in
terest.
The speaker discussed at consider
able length the fiat money question,
and the advantages of gold and sill
yer over irred aemable paper money.
Now, when resumption was at hand,
it was proposed to replace the money
based upon precious metals by So
called fiat money. Fiat money was
in China 1000 years ago.
1t had been issned in France, and
also in this country, and always, in
all essential features, virtually the
paper money based in some
indefinite. way upon an indefinite
and always resulted in
and issuing of more
until. when everybody be-
Iieved himself rich, the whole fabric
broke down; then general confusion,
and ruin.
The Government announces its
readiness to fulfil its promises 10 re-
leem Treasury notes on demand in
coin, provided it is permitted to ex-
acute the law which provides for the
REDEMPTION of 1924, 100000 national
bank notes in greenbacks, and thus
relieving the United States of direct
responsibility for about half its pa
per currency, would enable it to be
gin and maintain specie payments.
If directly responsible for the whole
mass OF paper money its coin re-
sources would not be sufficient to re-
sumo.
To defeat resumption now would
be to question the good faith of the
nation; confidence would be more
shaken than ever. The proposition
to regulate paper issues by legisla-
tiCn is SO childishly preposterous
that | wonder how serious men
could ever have entertained it. The
other proposition, that Congress, by
is to be permanent au-
th0rity to regulate the volume of
and consequently the val
ue, is scarcely less astonishing.
The speaker next took up the
system question and the
necessity Of a well regulated and safe
system of banking, and enumerated
the qualities which he considered
must be possessed By bank to be a
good one. He compared the State
bank system of before the war, with
its numerous failures, with our ma
tional banking system. The latter
has passed through TIE most distress
ing financial crisis ever experienced
here, and yet not single holder of
national bank notes has lost cent.
He advocated at length the dyan-
tages of the national banking system
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