Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1878-02-28

the one hand and against the unnecessary
and rapid contraction on the other. L be-
Iieve that the present volume of currency
is not in excess of the business require
ments of the country. I believe that the
enforcement of the resumption act will
withdraw from circulation all the legal
tender notes and will compel the retire
ment of very large portion of the ma
tiOnal bank currency, especially outside
of the large cities. do not believe that
we can manage the business of the coun-
try and people wholly on coin circulation +;
no civilized country ever has done so,
nor do believe any can.
What shall the paper circulation of the
country be when the legal tenders and
national bank notes are retired? Con-
gress has, by unfriendly legislation, long
since virtually prohibited all other paper
currency and driven it out of existence.
What is offered when, by like legislation.
the legal tenders and national bank notes
are gone. Nothing but coin, and, by your
policy, gold coin only. How much of
that can we reasonably expect to COM
uldlius w Z nSNSI HdUg III GllG - u1OCti
States, in circulation at any time more than
300 million dollars of gold and silver coin.
Can we command 800 millions of gold
| coin? And if we can, do we expect to
manage the vast business of this nation on
that sum? We have now over 700 mil
| lions of paper currency, and the PROPOSE
tiOn is to retire it all and risk the chances
| NJ not ho oh TO Il
| to take its place. Then indeed will the
fiood-gates of the bank paper or of indie
pendent banks be opened, and the system
of worthless bank paper, which you so
much dread, will be upon US with all its
evils but to repeat the sad experiences OF
the past in that regard.
With the system of currency we now
have, having the confidence of all; to
which the people and all trades and busi-
ness have become accustomed, meeting
their requirements and necessities; with
no demand from the people or necessity
| of business for so radical a change as
must take place by Withdrawing it from
circulation and substituting therefor Il
new system, the people are and l am con-
tent. If we have wisdom enough to let il
alone and settle down on that policy, the
currency will at once come to par with
coin and the trouble about resumption
will be over. There is vast difference
between making the paper equal in value
with coin and redeeming the paper by
which it is to be retired.
have no sympathy with the imitation
| lists; nor have | any with that system that
would destroy the paper currency we now
have. [ would stand by the limited
amount now in circulation and preserve
it. This currency has almost come to par
with coin without the aid of any legisla-
ton to make it so, and despite of the threat
and menace of forced redemption. MOI
is it necessary to retire the legal tender
notes to save the credit and faith of the
nation. If we could, in the very throes
of dissolution, in the midst of the rebel
lion-when it was very serious question
whether..we could even preserve the ma
tiona1 existence-obtain credit to the
amount of over q, 900 millions of dollars.
and since the war have been able to paw
off more than one-halfof that Just debt
preserved our credit so that we have beer
yearly enabled to reduce our rates of in.
terest, and, with all, bring the legal ten.
der notes to within ~ per cent. of PAL
with coin, still preserving them as the
currency of the country, 1 am unable tt
see the difficulty now or the hazard to thu
national credit in maintaining them a
the currency, and at the same time con
stantly appreciate their value.
When these notes come to par with coir
las they certainly will if let alone-ant
when coin begins to circulate, as it ther
will freely, with them-all of which car
only be brought about by the regular anC
natural processes of trade and business
and not by legislation or other forced
means-should the government then find
a redundancy oflegal tenders, it can easi
ly control it without any legislation or
the subject or threats or menaces of any
kind calculated to impair confidence ant
disturb the even tenor of trade and bust
ness.
The secretary of the treasury in his las
: report admits that it is very seriou
: question whether or not a legal tende
note once redeemed, under the provision
: of the resumption act, can again be put i
circulation. claim, and in that I al
supported by the best lawyers of the cour
try, that every legal tender note redeem
ed by the resumption act cannot be agai
reissued or paid out by the treasury {
!, the United States. The secretary in tha
l report asks legislation of congress to ell
able him to keep in circulation 300 mi
i lions of the legal tender notes. In m
e judgment, the simplest and easiest wa
!, to keep them in circulation is, to repe;
It the law that requires their retiremen
t No other legislation is necessary for tt
o purpose. If this is done, confidence wi
l. be restored, speculation in coin will ceas
: and the legal tender will at once come t
: par in coin. You then have resumptio
: of specie payments, the greenback wort
e its full face and its purchasing pow,
). equal to any money of the world, al
y protected as the paper currency of Il
= country.
y Yours, very respectfully,
t, MILLS GARDNER.
Old ST ON i'm Round Dances.
lie Old 81 read an article on the "Dan
is of Death - otherwise the waltz, and I