The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-07-26

EDITORS EAlPoRIA NEws:-In your
paper Of July 18th you published the
| following which was adopted as q ques-
ton for discussion at the last meeting Of
the Eagle Creek Greenbaek Club:
RESOLVED, That the Government should
immediately call in all United States
bonds, and redeem them in full legal
tender paper currency, absolute money
1 ton on the part OF the Government would
| be no breach OF faith or contract
In commenting on the same you pro
pound this question: 'HSuppose the COM
missioners Of Lyon county should call In
all our 800, 900 in county bonds and issue
for them county scrip, what would that
scrip be WORTH" We answer that II the
commissioners OF Lyon county had the
constitutional power to make money and
regulate the value thereof, and should
under and by virtue Of that authority is
sue $400, 900 IN scrip or money backed
and bOttomed on the wealth, faith and
credit Of Lyon county, such money, IN
our humble judgment, would be worth
as much as S400, coo in Lyon county
bonds, and such scrip would pass as
money and help Lyon county people to
pay debts and taxes and do other busi-
ness for which money is required, and
save to the tax payera thousands OF dol
lars that now go to pay interest on coun-
ty bonds.
You also intimate that II the Govern
ment should put the foregoing resolution
In force that green backs would be worth
less. Now, please tell US how and why
such would be the result. This is a
question that no hard money man has
answered, SO far as we are informed, and
many Of your friends here would like to
have you answer It.
You fear that in discussing this ques-
ton some OF your greenback friends are
of their business. Why are we not of
our line Of businessS Why have we not
the right OF discussing the probability on
paying OF the government bonds II we
can do SO and pay the holders all their
demands call for, and stop q drain upon
the tax ridden people of this country OF
800, OO0, 900 annually for interest on
bonds that were obtained for fifty cents
on the dollar. Respectfully,
j. l.. WILLIAMS.
First, let US say to friend Williams,
that we cannot permit him to misrepre-
sent US. We never said, or intimated,
that in discussing this question we feared
that some Of our greenback friends are
of their business. We said 1--WE feared
some Of our greenback bretheren were
little OF on this business" We meant
that they were wild In their calculations.
We are in favor Of discussion. And Mr..
Williams will bear US out in the state
meut that more room has been given in
THE NEWS to the discussion of this
question than has been given to It by any
other paper In the State. 1t is by dis
cussion OF such questions that the truth
is arrived at, and we should be the last
one to take the ground that any body Of
intelligent men, as our Eagle Greek
Greenback friends are, had no right to
discuss the question. MIR. Williams en-
tirely inexperienced the import of our
language il he gave it such q construc-
ton.
At the time OF the war a debt had to be
created to save the government from de-
struction. Had the government underta-
ken to issue money direct, in place of
bonding the war debt, such money would
not have been worth the paper it was
printed upon, unless provision had been
made for its redemption by collecting a
tax which would simply have amounted
to confiscation OF ali the property in the
country. There was no other way but to
issue bonds. To make them sell, propa-
bly, advantages had to be offered purch-
asers, in our then hazardous condition,
which would not be made in ordinary
times. To take up these bonds now, or
OIuCA anu A65uC
for them would simply be to flood the
country with money that would not be
worth % cents on the dollar. We believe
there ought to be more currency. We
believe the business interests Of the cOun-
try demand this. But we do not believe
sschips and Whetstones'' can be made into
money. Mr.. Williams knows very well
that had our county commissioners the
power to call In our $4OO, 600 in bonds and
issue county scrip therefor, that said
scrip would be entirely worthless unless
tax were levied to provide for its re-
demptiOn within q short time. He knows
1t would be impossible to levy such tax.
We merely use Lyon county as an illus
tratlOn OF the condition of things were
the Eagle Creek Clubs policy In force.
Such proposition does not haYe a sound
business basis. 1t is the dream of theo-
rlsts. Currency must have something
behind It to make it valuable. We be-
lieVe the currency of the country should
be made on par with gold and kept
there. The country has suffered more
loss by depreciation than by paying in
terest on bonds. Amy condition OF Things
which depreciates the currency, or the
scrip Of county is unsound, and the
people suffer the consequences.