Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-06-20

For near sixteen years we have had monex
which lacked the essential Ingredients Of being
equal in purchasing power to coin, varying II
value from 40 cents on the dollar to near par
We have now reached time when we car
nope that our paper money can be maintained
at par with coin, and thus secure an honest
money equal in value to the money of the civ,
| ilized world.
Under the law as it now stands we UNDER
| took to maintain in circulation a greater
amount OF government notes at par with coin
than any nation has attempted before. The
law also provides for the issue and circulation
| OF as many bank notes secured by United
States bonds as any company or association OF
live or more persons will agree to maintain,
and to secure the maintenance at par with
United States notes. The largest amount OF
paper money that has the indispensable pre-
requisite of redemption in coin, can now be
circulated, and. besides, our country is produc,
ing annually about $S0,000,0eo in gold and sill.
yer bullion
Surely this result, so anxously sought by
the most intelligent statesmen and business
men of our and other times should not be en-.
dangered by adopting any wild theories about
irredeemable paper money without a fixed
standard of value. Yot it ie to onnose and
defeat such schemes that it becomes necessary
that your organization of those in favor of good
money should be encouraged and supported by
the whole business and industrial classes Of
the community. All who are in favor Of
greenbacks supplemented by bank notes amply
issued under general law to all who will com.
ply with its conditions, should unite with us
IN maintaining system which, if successful,
will furnish the best currency that has ever
existed IN any country. Very truly yours,
john SHERMAN
NJ. L. Scudder, Jr., Esq, Chairman Honest
Money League, Chicago, Ill.
The reading of letters received by
MIR. Scudder, was followed by an in
formal address made by Thomas nj.
Nlchol, secretary ofthe general league,
after which, upon motion by Mr.. Leid-
ersdorf, of this city, new members
were added to the executive commit,
tee as follows: W. S. George, Lam
sing, Mich; r. w. Butterfield, Grand
Rapids, Mich; Fl. M. Kingman, Du-
buque; S. Merrill, Des Moines.
Mr.. Broadhead introduced the fol-
lowing resolution, which was second
ed by Mr.. Leidersdorf, and unani-
mously adopted:
Resolued, That the executive committee be
instructed:
First-To altogether and publish statistics
OF the extent of the soft money and commun,
lstic organizations in this country, their labors
and the efforts they are exerting
Second-To raise money, to place more
men in the field, to organize clubs and spread
information to counterfeit the efforts of the
organization for evil, and for all the evils of
soft or irredeemable money to be continued in
our country.
Mr.. Nichol moved that commit.
tee be appointed to draft brief cir.
cular urging the friends of honest
money to organize and counterfeit the
heresy of irredeemabIe money. Mr..
Bones, of Racine, Mr.. Allen and Mr..
Nichol were named assuch committee.
The gentlemen named reported a
draft of circular as follows, for general
distribution, and after it had been
adopted, the committee adjourned
subject to the call of the president:
In view of the rapid growth of the sent-
ment IN favor of irredeemable currency or
absolute money the Honest Money League
VI siiC NoitbWtSt CdllS Oh the 1fIenQS OF sound
currency to realize the great danger which
threatens the business and prosperity of the
country, and asks them to organize at once to
meet and resist that danger. Nearly 1000
clubs or associations have already been organ
lied to agitate for "abselute money! to be full
tega' tender for aNdeJts, public or private. The
adoption OF such system would be simple
reputation of all public debt, and practically,
robbery of all private creditors 1t would ruin
industry, destroy trade, and starve labor. Yet
it is advocated in the interests of labor, and
laborers are urged to arm and drill and be pre-
pared to fight for such system. The Honest
Money League of the Northwest will furnish
full information as to its own objects and
methods of co operating with it in the organs
ization oflocal leagues; also full information
as to the growth Of the absolute money" SEN,
timent, with specimens of the communistc
documents and arguments disseminated in its
interests; and its own publications in favor of
honest money and redeemable currency.