Daily Los Angeles herald., 1878-12-04
Rssssivs AnsmaIies end Possible
Per1is.

~ ~ r0fl0Q upon At THIS once.
Rssssivs AnsmaIies and Possible
Psriis.
Probably few Of our readers stop
- give . thought to the fact that
~ are pledged to resumption on
the 1st day Of January, 1879. 1t Is
lmposslbls to conceal the fact that,
With only one hundred and forty
millions Of dollars In gold in the
1roasury with which to meet about
four hundred millions Of our green
oaek issues, the situation is attend
"a with grave perils such as are
ealculatsd to piqus the curiosity of
ohe inquirlng aud to arouse the in-
turest Of the patriotic.
The very moment we approach
oho domain Of finance mystery as
great a. that which enshrouds the
systems Of religion Of the sons Of
mas II encountered. No one Is so
stupid - not to have his theory rs
- what is the proper monetary
policy OF our government, end yet
ne two men agree In their plans.
Dr. eangrado was not more thor
eushIy an smpiric In the realms Of
msdisius aud surgery than is your
Average citizen when It comes to a
money question. Especially Is thi-
the case II he has never shown prao
tieal sagacity enough to get dol
lar ahead In the world. All the
1Elcawbers Of the earth, who are
standing around waiting for some
thing to turn up, have compound
double elliptic patent process fol
dlsposing OF our financial difilcul
tlss-for putting them out Of sight
- Il we're.
That we are approaching q grave
crisis In the monetary history o.
the United States cannot be doubt
Cd. A fiscal revolution prescribed
In advance by law, which Is framed
10 operate infiexibly and by Axe,
rules, can only be efsctual on tn
undsrst anding that the busl
ness community shall accommo
date itself to the harsh require
ment. But how will 1t be If thi
class chooses to play tn
marplot +? We have had to
many unprincipled pools, com
binations and conspiracies in tn
United States, thus far in our his
tory, to render it in the least de
gree improbable that new com bi
nations and 6rojects are already Il
process Of incubation to render tn
beginning Of 1879 memorable Il
our history. 1t Is very true tha
there may be patriotic unison o
rzrposs amongst our bankers an
capitalists which Will "coach' tn
government up to the point OF en-
during the ordeal without disaster
Should this prove to be the ease
will be an auspics of industrial an
business rehabilitation and a har
binger OF solid and enduring pros
psrity.
But the bankers of the Unite
States, taxing them as a body, ar
queer class. They are to-day en-
gagged ln q work unpatriotic In th
highest degree and illogical as wei
- unpatriotic. They ara busy dis
crsditlng the silver coinage of tn
United States. The governmen
has seen fit to Issue, in order to in.
crease our circulating medium, |
. silver dollar containing a littl,
tsss than one dollars worth @
metal. Government has gIvel
this full value by declaring 1t
legal tender for all transactions be-
tween individuals aud receivabl
Tor all dues to the government.
The greenback as 1t stands nov
In commercial circles Is only re
oelvable for limited amount o
dues to the government, yet ther
has been only nominal diffsrenc,
Of ons-sixtesnth OF one per cent. be
tween the greenb ack and gold. Thu
volume of silver warranted unde
the present law is not likely to in
crease our circulating medium be
yond the daily wants OF the cnm
munity, and, with the facilities of
fered by Treasury silver certifi
oates, where 1t Is desired to be uset
in large amounts, its value owe
the grsenback, as 1t now exists,
cannot be disputed. The greenbacI
the other day had onl,
nominal difference agains
II, ~ compared with golt
Of one sixteenth Of one pc
cent, yet here Is the silver doila
with an Intrinsic value of Its own,
besides all the other advantages
over the greenback, discrsdited by
the BANKERS OF tha country. They
propose 30 discriminate against II
upon the resumption of specie pay.
ments, by receiving 1t only as a
special deposit, returnable 10 kind.
There can be but one conclusion n
drawn by the public, upon this an.
n0uncement made in advance OF
the day fxed for resumption, which
conclusion will be that the ban L ers
seek an opportunity to speculate
n. - 4. II.