The new Northwest. [volume] (Portland, Or.) 1871-1887, 1878-04-05
HARD AND SOFT MONEY.


pying so large a part Of the nations
thoughts resembles the ague in two
ways. First, in the way in which it .
shakes people up, and second, in the
fact that every one has his or her pecu-
liar and particular views as to the best
means Of remedying its evils. ToignOre
it is 70 be regarded either as without az
opinion, or as lacking stamina to eX-
press and stand by one. That the NEW
NORTHWEST is not in this catalogue
upon any question of vital interest, the
past abundantly proves.
Looking over a pamphlet that comes
to US with the name Of Colonel Henry
S. Fitch, Of San Francisco, as author,
we find the following resolution which
we transcribe as containing a vast
amount Of sound sense on soft money:
"ResolUed, That the form Of the paper
money issue Of the government shall be
of the same esignifcance as coined money
not a promise to pay, but bill receiv-
able for all government dues, and le-
gal tender without limit"
What? is asked, paper money with
out the promise Of payment or redemp-
ton And we calmly reply that we
want money, and not notes that promise
to pay. Gold coin carries not upon its
face "promise to pay" Silver money
is not issued with any such promise at
tached, and yet it is receivable every
where; why then should the paper
money of the nation be impaired in its
value by the very condition which in
itself demonetizes it? The use of gold
had not its origin in the necessities Of
mankind, as its worshipers claim. IL
was its convenience and interchangeable
use that recommended its adoption as
money, and the same inducements ap-
ply to paper money to-day. Neither
gold nor paper money deals in nor toll
crates false pretenses. Gold is gold and
no more; paper money is its represen-
tative and ally; good if good, base if
base. Whatever is made by govern
ment the vehicle Of trade, the inter
changeable specific Of value, is now and
ever more will be under an inspired civ
ilization recognized as money, whether
it be gold, or silver, or the paper money
of the government. We quote further
from the pamphlet mentioned above
"GOld the fixed meager slave, and un
accommodating to our needs; paper ac
commodating, flexible, and possessing
the highest attributes of use for an &C
tive people; of what difference is it Il
men OF action il ten dollar bill lack
the specific gravity only, of ten dollar
in gold, if the one be Of equal purchas
ing power with the other ?"
; In 1874 Senator Jones delivered in Con
gress what was heraldeda "great speech
on the thanking aud currency bill,
which speech throughout was an eulog
Of gold and announcement Of green
, backs. From it we quote: "This pape
D currency, instead Of adding strength t
i an imperiled country, was a source c
u weakness. Its Issuance was an impeach
: ment Of the patriotism Of the natior
d and an undertaking Of the resources {
Z the country. 1t was a cheat upon th
= people in teaching them the pernicioU
I" idea that in carrying on a great wa
= economy and industry were not necei
u sary." The same gentleman is thu
u quoted in a recent issue Of the Iris
'e World, the two opinions differing, {
D, will be seen, widely: ave do not wal
the worlds money in other words,
ID money in common with other nation
e subject to all the fluctuations of foreig
le demand. We want a national currenC
4 that a person going abroad will be con
sc PEELED to leave behind. If he has greel
u backs he will have no difficulty in pu
81 chasing gold or silver bullion at j
Ie market price for use in such countri
E as still adhere to the barbaric custom
le taking nothing else in exchange f
2 value; and thus our own money wi
d never leave our own shores, and OI
J. home industries will not be left to Il
J. peril of every foreign embroglio
J. financial machinatiOn. l am certainl
81 not an advocate for a metallic currenc
II have less objection TO gold or silver
'e bullion than 1 have to either none,
II And would work harder to demon
il tie both metals, were that the questio
e before the Senate, than / have done
oi remonetize silver. In case the terrib
Is ordeal of resumption is forced upon ii
y people, the reconciliation Of silver wi
70 mitigate the evil one-half, but the higl
G est good OF the country can only
Is gained by driving both metals frol
De their position Of arbitrary power"
Is We are sure that very many Of OF
10 readers will join US in the opinion thi
+ observation and study have vastly in
es proved the honorable gentleman's il
er telligence on the financial question.
is A COMPLAINT.