The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-09-03

deemed aud IN the
Treasury. g 9e,52s,isO 90
Principal af debt es-
umated 20 be due
and unpaid on that
date. e...............s 100000 90
Coin interest esti-
mated 20 be due
ana unpaid AZ that
date........-......f 4,Oo0,0OO 90
The Sod coin on hand stated above st sIss
2I3, ,0iG -. does not include redeemed gold Ger
tincaies, or any other coin Item, but Is actually
gold coin.
There was also In the Treasury at that date
e., 0a3, ,2s6 . fractional silver cOin.
JAS. GILFILLAN,
Treasurer United states.
los. joins SHERMAN, Secy OF Treasury.
Sl3i $50, 900 IN COIN AVAILABLE ovEB
ALL COIN LIABILITIES.
1t thus appears that over and above
all coin liabilities, the Treasury has
Sl29, 4s5, ,563 IL, besides S5.095. .2i6 80
fractional silver coin, available for re-
sumption purposes, without any charge
or demand whatever against IL, and
supported by the power. il necessary,
10 sell bonds in aid of resumption.
With this sum. and with the powers
conferred by law, / am satisfied that IL
is easy to maintain resumption, and
such, believe, is now the judgment OF
the best business men of the country.
aud of those most experienced in tinan-
cial matter.
do not think il necessary TO enter
into more detail as to the plan OF re-
sumption or the ability To maintain re-
sumption. or as to the arguments for
or against the measures adopted in aid
of resumption, as this subject was
thoroughly discussed in Congress, aud
mo own views fully explained To the
cnmmittees OF Congress IN interviews
Published by the Senate and House
last winter, and accessible, no doubt,
TO you.
EVERY STEP HAS BEEN OPEN AND PRANK.
It is sufficient to say that since the
passage of the Resumption act every
promise aud expectation OF the friends
of this act have been justified 10y events
aud every prophecy of its opponents
has been falsifed. Every step in the
process Of resumption has been open,
public and frank, and beneficial in a
business sense. All the evils which
you have suffered are the direct result
of the imitation Of paper money aud the
panic which preceded the Resumption
act. The whole pre- cess OF resumption
has substantially been carried on siLce
the 1st Of May, 1877, and has been at
tended with reviving business and
BeeSnlGE7itGG Been Che GGrecT TR&ufp lares ntRst uhaSs
and contracts made before that date.
SHALL WE 60 FORWARD OR REcEDE?
And now, fellow-citizens, the real
question il, shall we go forward and
complete this process. or shall we go
back again 10 the period of Irredeema-
BILE money with Its inevitable resulting
consequence of expansion, initiation
aud panic? As you are the judges OF
last resort on tins question, | beg OF
You to consider some general princl-
pies gathered from the experience, not
only of our own people, but of all ma.
tions who have, at any period main
tanned mixed standards OF paper
money.
Irredeemable paper money is only
justified by war carried TO the extent OF
national peril, when the life OF the ma
ton is at stake. IL ought TO be re-
deemable as soon as the public exigen-
cies will permit. IL is not money but
the promise to pay money. These are
axioms Of political economy, the truth
of which all experience has demonstrat.
ed. We issued this money only in the
midst Of such a peril. Our error, II
any, has been that We have delayed too
long the measures Of resumption.
Now, when they are almost complete,
and gold and silver and paper money
are practically convertible one into the
other, when there is the same money
for the bondhoider and the noteholder,
the rich and poor, when silver can be
had for notes, and gold in ample stores
awaits the day Of resumption, we Re
publicans should not debate the ques-
ton Of the repeal of the Resumption
act.
Plat MONEY.
With all our promises on record we
should not be deluded by the cry Col
fiat money. Precisely what is the
meaning OF this phrase / do not know
but presume il means n money that
il not measured by any other, that j;
not redeemable in any other, but has
it's origin, force, sanction aud value n
the mandate Of the Government, and
will vary day by day in purchasing
power.
As between this kind of money ant
the old gTeenback regenerated, re-
I stored, convertible into coin, the stand
ard Of all value, and the medium Of al
payments. / am for the greenbacl
/ against "fat" money. A great natior
/ like ours, rich in varied resources
with free people of remarkable intel
I ligence, is not driven to resort to an,
expedients which would affect the pub
lie credit or the public debt. OF disturb
our harmonious relations IN trade Will
foreign nations, but should adapt IL
money 90 the money OF the civilize,
world, make il as good as any othe
/ money. and maintain its standard o
yalre as high as that OF any coin eve
issued from the mint
Some Of you who believe in "fat
money say you desire the same result
but IL is clear that you eau only main
tain this money at par with coin eithe
by careful limitation Of its amour
or Ivy actual redemption in coin whe
demanded. IL that is what you mea
by fiat" money, then we will not dis
agree; but II is we'll known that thos
who advocate fiat" money want 20 in
crease the amount beyond a sum tha
can be maintained at par with corr
aud who seek thus 90 cheaper none
10y making 10 less valuable than coin.
WHO DESIRE CHEAP MONEY.
| can imagine how a man deeply j
debt and hoping TO escape bankruptc
, may desire TO cheaper the money i
which his debt il to he paid; but VII
. should 2 laboring man whose daily 10
~ measured by the money he receiv,
desire 90 cheaper money? Why shoul
! farmer who sells his productions (,
! money desire TO lessen it's purchasIn
! powerl Why should prudent, thri
tv, industrious man, engage In any o
+; cupation. who hopes by his thrift an
! industry 90 accumulate for himself
D competency, desire 20 have his lab,
measured by money Of unstah
Z value2 IL is the interest Of everyor
: engaged in industrious employmen
' who Is not a speculator OF a broker,
: have a fixed standard Of value. II nj
= 81 you who labor are farmers, mecha
: ics, or belong 10 any of the industri
I classes Of life, aud have hope from