The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-05-11
Saturday, May IL, 1878.
A MOVE TOWARD FINAN
CIAL RELIEF.

People IN Gil ages nave 1elt the truth
of the old Roman poets reflection. that
1.-The descent to Avernus is easy but
TO retrace ones steps is the difficulty"
1t was easy for the Government to get
out great quantity of paper substi-
tutes for the peoples gold and silver
medium; but to withdraw it again or
any appreciable portion thereof seems
next to absolutely impossible. There
can be NO question of the wisdom of
the administration course in pursuing
such . policy as to bring up the green
backs to a practical parity with the
gold and silver currency of the world.
even though it was attended with some
inconvenience to the majority of the
people, and with ruin to great many.
Nevertheless, there will be an opposi-
tion amounting to actual veto on the
part Of the people against any meas
ures that will have the effect of perma
nsntly decreasing the currency. Cur
rency contraction Is in effect species
Of Juggernaut's car. whose wheels at
every turn drip with the blood of fresh
crushed victims. Leave it as it is, is
the voice OF the people. Forbid any
increased issue of the irredeemable
paper in the future. if that is demand
ed; but let it suffice to limit it to the
present volume That of itself will in
sure its stcadiness Of value. The abrupt
withdrawal of their currency from the
people for any purpose is as if the
water were suddenly drained away out
Of q pond full of fish, or the life.blood
oil drawn out of the body.
The tener Of the recent Congressional
proceedings shows that the forbearsncs
Of the people is beginning to be over
taxed, and to give way as regards sub
mission to the contracting process.
The bills recently reported to repeal
both the sinking fund and the resump.
tion act are indications Of this drift,
though neither is likely to be repealed
outright, only modified SO as to suit
emergencies and to subserve the best
general interests of the country. Be-
sides. the European war will be apt to
help us out of the dilemma to a great
extent. Another move in the same
direction is that chronicled in the fol-
lowing Geographic item:
10 accordance with instructions of
the House Committee on Banking and
Currency. Representative Phillips has
prepared and been authorized by said
committee to report to the House bill
directing the Secretary of the Treasury
to reissue, in denominations of 81 and
~ U. s. notes. the sum of $l00, 000. 900,
to be held in reserve in the Treasury
for tho redemption of the fractional
currency not yet redeemed, and requir-
ing that the same shall be paid on
demand for current expenses of the
government, 80 as to place it in circu-
lstion. The bill also provides that all
fractional notes not destroyed which
may hereafter be presented, shall be
redeemed from coin or notes in the
Treasury, and any sums accruing from
this reissue, and needed to meet appro-
pristions. shall DO employed in paying
and cancelling bonds of the kind subject
to cal, bearing the highest rate of
interest.
What the country wants financially
and what it needs. is resumption, but
resumption with the least possible de-
gree Of monetary contraction. Con-
traction Of the currency carried too far
will defeat the very object it seek. to
compass; for the revenues will fall of.
Owing to overthrow of business and
destruction of profits there would result
. poverty in the national exchequer,
that If not remsdied would ultimately
beggsr the Government along with lite
hspless citizens. Moderation and the
golden mean is the truest wisdom in sll
things.