Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-09-11
The President on tue Currency.

In his speech at MaaIson Ni;c1bs'n' yes
terdaY, the President said:
Some of cur good friends thiok that our cur
rsncr is not cheap enough. They tell US they
want currency cheaper than gold and SILVER,
and of such quality that it will be good at home,
although it may not be good abroad Truly
that must bo very desirable quality IN cur
rency-a currency that will always stay by you.
The champions of this currency tell us what
they ought to have-a species OF paper when
by act of Congress should say one dollar upon
it and be worth one dollar in this country. 'Of
course We do not want it counterfeit they
saw: but am afraid it would not be great
while after it was issued before it would not be
of sufficient value to be oountertcltcd. They
would have the dollar printed on good paper
good looking picture, showing good eDgEav-
ine, What does such dollar cost? They
saw they want good currency With us that
means coin dollar. We know what such a
dollar costs That it represents day work
or bushel of wheat. Does paper dollar rep
resent any such unit of labor? No. The cost
of it's production is less than one cent Tor each
dollar bill. Herein We certainly have great
sayng-a saving of ninety. ninc cents IN labor
over the silver or gold dollar, that costs bushel
of wheat or q days labor, as We have seen:
| Now, a. it costs 10 more to print the word
1.-Two" than the word ''one,' let us lmptovo
the opportunity to make the bill read Two
dollars and We shall save l9S cents. Now,
nv friends, if We we're to undertake tc
make two dollars out of gold it would cost two
DAYS labor. or two bushels OF wheat HE ad
vantage, then, appears TO TO CO the side OF ths
cheap currency; and let US improve the oppop'
unity offered us and make Our bill read 9lo,
| of tun
one cent, instead of ion day labor or ten bush
| ala Of whest-multiples Of ten, with Ito more
cost than for the sin gle dollar. We ere doing
we'll but not wisely, l fesr. for we might no;
choose well; ana no" We "a S'i ,bo pay Mr. 4.
Senator and Mr.. Congressman wo will psg
You off in the Same, and fear they might tar:
upon mo and say well MIR. President
we will pay you oil in tho same kid OF
money" My friends, does it not begin to daWr
upon lou that there is somo mistake about TINS;
that this is resIly Imitation, ard il Congress aH'
mass law for such currency, which will not hi
| good beyond tho boundaries Of the Union, Why
NAV not Wisconsin adopt currency Whlci
will not he of value beyond State limits. or wis
1nsy not this city OF Madison adopt Il currency
which would not be accepted elsc%aeEo' or ~; :, no
Smith issue dollar in the words, "Oac dollar,
John Smith ~ It would certsinly stay st home
and that may be an argument in its favor BY
nv friends, We cannot If no would, wa sll0uit
not if we could, isolate ourselves trom the res
of the commercial world in all our measure
| for tho improvement OF our own IN: Hc'a
| cendi,ior, We should remember th.t {: no
cessilies of trade with foreign nstionss require
| that cur financial condition should be b% O.
upon principles whose soundness and wl:do"
are sanctioned by the universal experience
ard judgment Of mankind. "Balsnct: must b:
settled in cs"h,"H in the money o! the WGTld
| WITH diminished and still decreasing burden:
of public debt expenditures, ard interests
with an improved condition of currency and
| foreign trade We may surely predict that WI
ere about to welcome better times; bu! vi
must not forget that the suresL foundation OF |
restored financial prosperity is . sound consll
tutional currency ana tho national credit un
| furnished.