The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1878-12-12
1xTEmcoNN en&mnnACNs
MaD naa0s

AsD noaos.
cosgsessmAa Kelley. wbo has been
une q he itadefs of ,br cot, money
parry. kAs bses giving be views. which
thaITroy Ttmcs reviews a. ieliowsi
Does Nj Kelley a Pennsylvania
really know whai The gFechbsck move
meat Fseans! he says Il does BOT
contemplate Wild isaatioH. bat the 60.
ishlishmeni Of scientifically regulated
legal tendeE eurrescy. eqoai 70 and -
good a. gold. which can never depre-
ciAie 10 value. and must always be
equal 20 the demands Of business. DO
more and DO less We presume Mr..
Kelley has 10 view bis interconvertible
three aad siIty-fve one-handredtbs per
cent bond project, 10 itself al unsciea.
ti6c device. though with something
IKE plausible theory behind IL. But
interconverlible bonds are not what the
great mass Of greenback and fat money
agitAsors are thinking Of. Indeed,
some Of their conventions last sumner
aud fall passed resolutions protesting
against the issue Of government bouds
At all. under any circumstances or for
any purpose. Whist they have insisted
upon is that every public obligation
arising 10 excess Of the revenue shall
BE- immediately liquidated by the issue
Of = Sufficient amount Of legal tender
ereenbaeks. or fat paper money, 70
discharge il and that congress shall
regulate tho volume Of currency 10 ac-
eordance with the requirements Of basi-
ness ~ understood by that body. Az
suming. however. that the inierconver-
tible bond plan be Incorporated 10 the
greenback programme what difference
would il makei Mr.. Kelley does not
propose that either The bonds or the
circulating notes shall be redeemsble
in coin Of any sort; they are to be in
terchangeable only with each other.
No limit can DO set TO the power Of
congress in the matter OF issuing notes,
and that condition is 10 itself fatal
one, Both notes and bonds would
necessarily be deprecated because Of
irredeemabi'ily in any medium OF ex-
change recognized by the commercial
world. We could buy nothing abroad
with either, and would have to pur.
chase gold Tor the transaction Of BUSH
ness with foreign countries, paying
therefor a premium measured largely
by the difference 10 purchasing power
between coin aud paper. That there
would be difference is certain, Tor an
instrument that is good everywhere
must necessarily be more highly valued
than one that is goo'i only within q
limieed area, both being intended to
perform the same sort OF service A
trotting horse that can be depended
upon TO do bis best wherever started
is more valuable than one would be
which could ouly be "speeded" on a
particular track, even il the latter were
as fast as the former within the field
to which he was confined. 1t is pre-
posterously absurd 10 talk OF keeping
paper notes ut par with gold unless
they are exchang eable with gold, dol
lar for dolla,. and such exchangeability
Gao be enforced under legal sanction.
la conclusion. we are told. Mr.. kel.
ley asserts that there Is no money,
paper OF metallic, without the fiat oil
government. Here again be 10 mis-
taken. The gold coins OF the United
States are current 10 Europe. just az
foreign gold coins are in this country.
according TO their weight and fineness.
even though they may not be legal
tender except within The jurisdiction Of
the government by whose authority
they were coined. A piece OF gold re-
ceives no value from the mint stamp
upon 1t. On the contrary. a greenback
has no value except what is given by
the printing press, and the official sig
natures upon il. and even that auctu'
ates IN proportion to the nearness OF
remoteness Of the prospect Of rcdemp-
tlou, The english sovereign or the
French napoleon 10 money here in the
United States without the fiat Of oui
government. Mr. Kelley's scientifically
regulated legal tender currency, inter
changeable with nothing but low inter
est bonds, themselves irredeemable ia
anything but paper notes. would hardly
find opportunity 10 circulate 10 Eng
land or France on any terms.
-
HOW TaEr REEL AT TaE SOUTH.
The following paragraph from New
Orleans paper shows how they fee
/ ak.x..s Il Ao.~. ek.sa.