The daily gazette., 1879-12-19
The Cllrre1lcM.

LUG OUTTcUCUs
EDITOR OF THE GAZETTE Dear
Sir In the hope of partly, if not wholly,
convincing my liberal and courteous op-
ponent of the honesty, superiority and
desirability of a more modern sys-
TEN Of public finance, | would like TO
say lit lie more upon that vital issue,
which is, and is likely to be for some
time, before the people. TO begin with,
l think it rather ungenerous on the part
of those who are advocating the use Of
the old hard money system to assume
for themselves all of the honesty of in
tentions, all of the wisdom and patriot
ism there is going, and not give us soft
money fellows a share. Those phrases
so often repeated, "honest money TO pay
honest debts" "sound currency" "sound
tinance," '.solid basis" &c sound well
and show honest and patriotic inten-
tions, and we respect our hard money
friends for them. But there is no argI-
ment in them, however well they sound.
have never talked with soft money
man yet who wanted to do anything dis
honest, but on the contrary they are all
in favor Of just and equitable legislation
and its fair administration afterw ards
asking no privileges themselves, and op-
posed to granting them to any set of
men. All they ask is the Inauguration
of system of finance which will guar
antee healthy and durable prosperity and
give them chadce to save the money to
pay their debts, If they earn any, and pro-
vide for the comfort of their families and
tor old age.
"Paper money" says my opponent,
''is only money when the holder can
get coin for it," will go farther than
he does aud say that it is not money
even then. 1t IS only currency q rap-
resentative of value-a medium for the
exchange of commodities, or for labor or
service performed. But it has served the
purposes of money, and when under
proper restrictions, has done so better
than gold or silver that its value IS more
stable as gold and silver flow to foreign
countries during an unfavorable balance
of trade, and 1t Is evidently more con
venient than coin.
| l did say that the people with Genera ]
Jackson were forhard money In the days
| of the State Banks ,and admit that Sena>
tor Bayard is advocating precisely the
same. But that was thirty or forty years
ago.. and the banking classes, with
whom Senator Bayard is now unfortu
| L
we're for U. S. bank paper money, be-
cause 1t gave them greater advantag S
and more power with money. But the
mott yes which impelled the people al
that time to advocate hard money now
lead them to favor a national cur
rency issued and controlled exclu'
sively by an Independent Treasury
an institution restored anu perfected
during the ADMINISTRATION of Jackson
and Vau Buren,. just the same motives
impel them now-iDdivdual security and
equal righrs-incentives as powerful n
that Of gaining money and which have
always acted as check upon the dis-
creditable If not dishonest schemes Of
the banking classes. Circumstances
change the course OF political parties
and If the Demo cratic party has made i
change it !, no greater than the changes
of the Federai-Whig-Rep par
ty or the change we will see in fe "
years when New England Will be the
hot bed of free tradism and the Soutf
for protection.
My opponent ia at loss to see what !
waS trying to "build up" by my article
tried to make the language and objec
as siear az possible, and thought it wa
so. Il tried to show or rather suggest tt
him the history of the money question
which no doubt he knew before, but hat
forgotten some things l Iendeavored Il
prove that paper money issued by tn
: government was superior and more con
, venient than coin, and that the evil
, heretofore arising from 1t were because
we did not know the proper use of it.
He asks me what theory is worth witt
! out application, answer that it is wortl
bu. little. But practical application
, the test which gives life or death t.
, theories and likewise gives birth to new
l theories or improves old ones. Henc
I the experience with greenback currenc.
and the misase of it by the Republican
party for the benefit of the bondholder
!, has given rise to the popular current IL
favor of soft money. He thinks M
Y | pushed for argument when L com
pare the legal tender quality of til
o new silver dollar with that of greenback'
!. Why their similarity is obvious and
> am surprised that he overlooked 1t. III
7 comparison of the difference betweel
< the intrinsic value of paper and asilve
d dollar is only a question of degree not q
principle. If the new silver dollar wer
a not made legal tender by Congress tb
"a banks and others would refuse them jus
as they do trade dollars, which are nc
u legal tender. 1t was the exercise of
), right belonging to Congress which CAV
IL the greenba oks currency during the wa
and which restored the silver dollar i
r. 1873. Then why repeal the legal tende
II | auality of the greenbacks 1t may b
"A needed. The repeal would be of no benz
-, ft except to pacify the excited imagina
" tions of our hard money friends, neitht
g. would it work any practical harm 1
: present, but it would dshonor and ca
odium upon a good currency-one thi
re the people prefer and demand. a.
at not surprised therefore at the resolutio
is of regret and alarm at the recomme nds
\, ton Of Mr.. Hayes to repeal that on
w w partial legal tender law, introduced
re- re- that sterling democrat Hon. d w. Woo
il L was aske to suggest a fnanci
Y. policy for the future / would propo
IN one reasonable, just and practicable