Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1878-10-02

ennniTv 10 Ga away uith gold and silver aad sub
slitute them irrede riae paper money. with
% much to-day and 50 mach t.s-Turrow. Am fright
or no. In saying that a.an making such prnp"Sl-
tioii IN times of peace would have been universally
voted for place Ia a luuatic 2syiu u! The only
thing You complained ei- ana Jn.iy 50, was me
existence Of wild car hauk payer under bad bank
Ing svsic. because IL eouid not lie converied INTO
god and $ liver contrary 70 tAc promise on Its face
And Is IL true that when under the prcssrs OF
war necessities. an irreieemabe OsDer money was
isSned aud gold and silver done away WIKI az OF
yuu Thought y a great danger fraughf with mis-
fortune. Surely caanOs faii % remember tns-
What was IL that made yoa all regret 50 much the
disappearance Cf coin money aud the substitution OF
irreeleemable paper currency for IL: simply IA"
instructive feel.u. that when you had gold dollar
In yOnr packet you knew what you had. But when
yum hsd al irredeemable paper dollar. you didn =
And that apprehension has been justified by snhse-
quent You tell me tina; for ten ye ear aftcr
the hrst heavy emissions % the paper iegai teoer IN
Isss yon prnspered. THAR Is true: at least IL
looked Rni in 1873 tie fearful day arrived when
the balance sheet WAS strHck. aud where were y'u
then? All Of sudden the balloon burst and We
came IN the ground heavily that our bones are
stin scLing. And repeat that this collapse was
bronght about ay contraction Of the paper cur
rency- have sufficiently shown. 10y proving with
Official hsHirs that for five wears preceiEg he crash
the currency had not been contracted hut si-auiiy
expanded, until In 1873 there we're OveF hity-sN
millions Of Il than In lSs0 and nearly thirty
millions more than In lsGs. I'n will remember,
also. tina, during has wroe period OF s-called pros
r-rIty Il u evil conscience had haunted the
American people Oh account OF that very
paper currency. That for years following the
ciise OF the war every politiea! convehiion-
every ni-eiing Of merchants. every respectable
bo1ri of trade or chamber of commerce declared and
resolved again ai,d sca.a that she country must rid
itself Of the o; iTreGrema'ie and fGcIuating
paper curr.acy that eveiv consideration ot National
homer. of CORD policy and business Interest demand
speedy return to the specie basis. As late as 1876
bath he great po ifeai parties OF couarTy affirmed
us so.erny their devotion 10 this great object. Even
of the very men who advocated imitation as q
Of temporary relief loudly Protested that The
restoration of specie payments was their Ultimate
aim. And why all this. When this almost uniEer-
sal enncuI renc-s SIMPLY because every candid man
admitted To himself that this country would have no
confidence In our economical movements; that theIe
could be no firm and safe toundalinn for National
pro- per.ty uatil money system should be based
again upon the rock OF precious metals: that
our foreign Commerce would not bear Its full
fruit until our financial system should be in harmony
again with the money OF the world That was the
Instructive feeling Of tile American people for years
after the war. X Is easy thing. under certain
circumstances. to Introduce an irrelcemabe paper
currency, bat when IL has long existed and produced
its effects IL Is terribly difficult To get rid OF IT, Us
intrOductiOn will drive the precious metals Its
expansion viii diminish It's purchasing power. and
run 10 other values 20 a fictitious point. A return
the specie basis requires the acquisition OF the
precious metals necessary for redemption. IL re-
quiies a reduction OF the paper money within that
volume which the business Of the country VIII be
able to float In tie shape OF specie and paper con-
verJible into specie. IL requires Tetleheh-
ment and eeonony In the conduct oi
Previous to 1873 purchases Of specie had been
set foot with view OF re.umpton- From le6e
to 1874 the volume Of the currency was expanded
from ssss s4s 056 "a TO $3.50 O6g SIS. S. intending
demand nutes aud compound interest notes. ahd vet
the collapse From Is7S Ia is.i The currency
WAS further expanded s.s4 fsO, yi5. Il. and yet
the 4 preston continued, which proves most con-
cIusiyey the crisis not caused by contraction,
and that II wogh neither he prevented nor removed
BY expansion. The secretary Of the Treasury. oy
virtue Of ts resumption act Of ls75, proceeded TO
accomplish with comparative ease what, 10y the op-
poneuts OF resumption, had been pfeGicIed 20
b- utterly impossible. lie acquired for the
Treasury an amount OF gold sunleient Tor
the purpose OF immediate resumption, and
In of Olr
goal Is reached. Our opponents have vOciferousy
asserted from day 10 day, and proved. as trey
thought, with facts ami figures, that we could not
get there Bat. gtatlehen' We are theIe- me
Government can resume specie payments to-day
more than thrre months before tae ume nAeS o'
llw-and II We do not proclaim resumption to-day,
IL Is only because the law stands In the way. The
word has only be spoken and our paper dollar T-
rere uiabe for fifteen years. Is again virtually as
g.aod as gold. The lzOorer's aud the pensi0uerS 5
doll ar l. as EOad tie boHdh0lder'> dollar Tie
bus o! The country has again the foundation OF
Ma tion-l and stable vslue currently under its
feet: win a full confidence In the money IL handles.
IL now enter upon new career ot enterprise And
prosperity. TEis we have accomplished, and. as i
iairiv Relieve. maintain a., provided always
We act liGe a ssuSb people aud abstain from ego
tism aud mischievous legi-lation
WILD SCHEMES " THE SATIOSILIsrs.
But now what do behold al tie very moment
when this great achievement, for which the country
has been sishiug Tor years appears assured? pcr-
tien Of the people, wild with prepuSterous schemes
and propositions desire 20 undo II all and to return to
chaos again. 4 set OF physicians, when the patient
the point Of recovery aud Teguir.s only frpose
and the qgie; working Of natural forces, prescribing
uretieIues or throwing HIN Into f's /, Is
the most curious spectacle people ever presented:
il d only sugnable did it not threaten Sc
rious consequences. Nhai are those schemes ana
propositions. Let us examine them 'zudidly flrsi,
We hud II Is the pr.p1s4lou 10 Iepaee lhe ih'iiry
has up"a the precious metals, and y the so-csled
absolute nat money. p"ilng 'c n.e !eA. ! @ ~ us J, ,
preston and distresSes. since many people groped
iTsnticEily about Tor means OF reh-i
npr inguiriuE into the trge causes OF
I their dilcuty. or not understanding tne1n- they
thought there a. lSt lie some artificial remedy briu
IL within TIE reach Of human ugeauiy- That the
suits of the unpraucIiye consumption. the iuprOvi-
/ d-nt wasting OF wealth. lie cured only by The
production Vf real wealth. In slow aHd steady way
did not striSe them as promising In their ease.
/ Tn-y wanted some quicker and more Ingenious
ueol Of getting rich again. Like tue alchemistS ot
the nIidle ages. they thought there mnSI be some
way Of makias gold cut OF dToss- Ia= hrst ihih :
that struck them - promising was an lnha'l9n "l
I our grreuback Cgrre.Cy. But when. from 1873 aud
1874. the volume Il the greenbscks was expanded
from 1856. 0UO 49,. co. uc1. IL had not the best
/ effects Tae Increase Staid in the Eastern banks.
I Tnen expansion Uf the National Bank currency
thought OF and new facilities FOR the emission OF
I In spite Of the new facilities the bank cur
r-ncy actually reduces Itself. II became evident
that the business OF tie country WOud hot take ana
circulate any more oi tlat Elchev. Lhry lo0~ IiNu
] everything that Is National wiki Gistru>t. Thus
the scheme Of so-cslsd lat money was brought for
I ward. an many w-ll-iuezuiug. innocent people
scene TO have been talked iGto he belle: that t.S
last. the true thing. Ne are gFaNey toid ly nat
money that tAIs - great cOitrF: l. has some
fprry or ifiy million dollars of property Ia Y; and
the Gov fneuJ OF this great country pats lis stamp
uFon piece Of paper and thus naSeS II money: theu
that money Is based ~ On the whole wealth II he
country. This sounds maguiBcentis but present. y.
when We have made that fIt money plenty. we ShSi
find that IL depreciates. aud will drpreciatc more
and more, the greater the quantity We ISSUE Just S'
| tue grrrrbacks did. but. says tire fat money
doctor. with = smile Ot superior wisdom. green
back. Oy the assured promise OF tle Gover.t4lcni
I 10 paw coin for Il. kept in constant COM
pari>0u with coin: it could GrirrciaIe; but when 10y
J lie Introduction Of flt money. gold and sily-i
utterly hanisled aud for gotten, ana oar money sys-
of all the world. how he isi dollar eirri iate,
a, compared 10 coiuZ Let Ia the Hr>t p.1c-.
i - your daf dollars Crou more zat more plenty.
their purchasing power wi grow less and less. Just
a. the Purchasing power 81 the ciaui-she currency
until finally they b0gguJ nothing at all Iits tue
dat dsIiars Will GepTrciste TO the articles yCl
| NAV want to buy with them. Bur what ui t.as
Yuu may think OF f0recvsiug that mortgage on ti'
! wealth ot the country. May be you are iabfrins
| was formerly worth enough 10 Ouy :. small huus'
with. bal in lis fat condition, nIo;es being plenty
appears Just sufficient to pay for lacS-Nniir "'
! may 20 the public bulldiug 10 >er whether
YOU eau nd any wealth of ;he country there, whicl
Is s-cGriJg for your 1It muneV. 10 Law your hand
I upOl. | should. however. no. advis. you 10 SELL
! upon q slecifc article OF properly aS part OF IN
wealth Of tue country, for You ~vnd be In danger Q
! being arrested auj put in i.ii for larc-ny
TIE wealth OF the country. although
I it Is security for fat money. cannot 1
( handled in that WAY. lou may think II best e
I present your tat money 10 the Secretary OF IN
| Treasury, wlo must be presumed 10 be 4 SOUND ha