The Centre reporter. [volume] (Centre Hall, Pa.) 1871-1940, 1878-02-07


position, hut should be dchased and its
power as legal tender and medium OF
exchange destroyed. In January 1870 !
the Resumption act Was passed, and 10y |
this means secured the decision that
on certain day, near Al hand, the legal
tender notes, greenhacks, &c, should be
removed from cir ulation and destroy
ed, and debts and dues should be paya-
ble in gold. At this time, wha, was the
amount Of money in circulation we can
not at present state tAe amount ot gold
aud silver in circulation, but We refer 10
the financial report Of congress for the
year 1870, page leo, where it is stated
that on the 81 OF Oct. 1865 there were
$6S4. .lSS, $50 in legal tender notes in cir
cula,ion: then look at Secretary Sher>
mans report recently given 10 congress
and We find there were but SOL ,S4o,2SS
of these notes then in circulation. This
shows an absolute reduction Of lawful
money Of the couatry amounting 70
SSS2, ,7SS, ,0OO, ana that over million and
a half has been destroyed since Dec. lst
1877, and that the destruction is still 60
ing on. Now what have the people re-
ceiyed in the place Of this money we
assert that there has not been i dollar OF
coin or other lawful money put In circu-
ation in place oft. Thus it will be seen
that nearly one halfoflhe actual money
OF the country has been taken from cir
culaiion, and the people who purchased
property and assumed debts when there
were 6S4 millions Of money in cirrula
ton, are being forced to pay their debts
when there is but S5l millions in use.
What could be more injurious 10 busi-
nesse Let il be remembered that for
Ereenback currency Of the government,
no interest is paid on ii; while We have
paid out in interest on the bonds issued,
TO redeem the greenbaeks already des-
troyed, millions in gold, which interest
might have been.sayed had the green
backs been kept in circulation; and, We
find a new issue Of 1851 10000 gold
bonds bearing an interest Of 1 per CT. IN
gold, is out for sale, thus adding further
burdens TO the interest Indebtedness o!
at least SIS, 600 900 and now We find the
money spectators, bOndholders, gold
gamblers, money lending corporations
banks, &C., residing la oGr commercial
cities, united in degrading aud Hnder'
valuing silver coin--a constitutional ie'
gsl tender-and discarding il and driv'
ing il out ofihe country, and restricting II
as legal standard 10 the amount Of five
dollars-how long will it be before gold
coin would be 80 per CT. above par IA
respects silver coin, as in 1852? But the
present question before congress ss t5t
restoration of the silver coin to where
the constitution placed ii-a legal ten
der with gold in the payment fall debts
without limitation or restriction, accord
ing TO the relative standard fixed anc
| established By the act Of congress o
1892, when ten silver dollars we're equiv
alent with the gold eagle according tc
the mintage value established as the
American standard in the payment o.
debts; crsmping the business enterprise
OF the country into less quantity o.
real money than used by other countries
is very injurious TO the people. We re-
quire more money instead OF less. Il
France requires S45 per capita, we need
$50. IfEugland needs s2450 per capita
we require $34 ,5O-noW we have but $50
One ofthe strongest proofs is found in
the fact, that at the time We had the
largest volume Of specie and legal tender
notes in circulation, the industries Of the
country were the most fourishing and
prosperous. The public debt was being
cancelled at the rate of 100 millions an
nually, and this occurred from 1864 to
1869.
Mr.. Hewitt, of New York, the leader
of the gold gamblersh land considered one
ofthe abIest and most influential men,
bers of the present congress, has return
ed from n visit to Europe, after invests
eating the finances Of England and
France, since his return has delivered a
speech in congress in opposition TO the
repeal of the Resumption act. He says,
while in Europe he ascertained that in
France they have 1900 millions Of mon
ey-$7O0, 10000 OF which is coin, and
$500, 900 900 of paper, which is about Si5
per capita he learned that in England
they have 500 ,OO0, 900 in money-S5OO,-
600, 900 OF which is coin, aud Sl40, 200 200
of paper, which gives $24.5O per capita
from this investigation made he is con-
yinced that the proportion Of coin 70 pa
per in European specie paying countries,
is not less than of coin 10 5 Of paper,
and that specie payments could not be
safely maintained in this country with a
rate less than that" Yet Mr.. Hewitt is
for discarding our silver coin driving IL
from circulation at its legal value. lie
admits that TO procure this amount Of
coin it could not be obtained without
"upsetting the money market Of the
world" Again, he says, AT the present
time all kinds Of values are as much dis
tressed as they can be and are reduced
to gold basis and therefore can not 60
any lower" Let US go on with his con-
traction scheme and he will find out that
his policy would not only reduce the
volume Of currency one half but would
diminish the value Of all kinds of pro-
perty. But the days of financial gloom !
appear 20 be passing away, and we re-
ioice at the passage of Mr.. Matthew's
resolution in the senate of the U. S., by |
4 vote Of 43 to %, declaring, That all
bonds of the United States issued or
authorized to be issued under the aeis Of |
congress, &c, are payable principal anA
interest &C., in silver dollars OF the coin
lge Of the U. s., and TO restore to its
coinage such silver coin as a legal ten
Ter in the payment of said bonds, prin-
,ipal and interest" so far, 30 good.
MORE OFTHE FRACD,
Major Burke of New Orleans, vito
Knows something of the presidential
teal says:
Il knnw nnsitiHa thnt Gnnnlnr Cnnk- |