Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1879-12-16
THE LEGAL TENDERS.

condition. hgt Wlcl lAtIt >ttli'N GU NN
A conflict between duty and policy, an
individual or party should always choose
the path @; duty.
This IS the position in which the he
publican party is placed today. II has
fought .tc questions of initiation and OF
far money. and has been triumphant Is
q result. business foar.>hos, and the coun-
~ r-,,per,. Policy SAYS. Let well
enough alone. We are now on the
food tide Of prosperity, as the result OF
Renrhl,rsv measures. but the thinking
man should ask. "I, this alone wei.
enough
The answer is emphatic. 1T is not
wei We are now working on an
inflated currency. This is what we so
loudly denounced during our recent tnan-
c;al discussion. The only advantage
which ths present situation has over that
desired bv the irsatiouis,S, lies IN the FAC;
tina. We are working OBJ O gold basis
wb.Ie Oh. iuHato1iS,S advocated an IN
crease Of ;r-cdccmable currency. We are
likely 90 be- ,abicc, 20 nearly the same
Mid speculation on O. gold basis that
voalj re>uI. from irrcdccmablc imitation.
An unnatural increase OF currency stun
Mate, bushes, beyond due bounds. TINS
results In over production. which Is always
and inevitably followed by q Peuod OF
general business and financial depression.
Whlc we are subject 70 an unnatural
expansion of ,he currency, the country is
no. safe: thc wise statesman, recognizing
this FACE. VIII no. remain content with
present achievement, but VIII seek 20
remove the means by which a train OF
evil effects may De ran onto the business
Of :he nation
The present situation may be summed
up I'm few words. We had O deprc-
c.a,ed paper currency. which, with the
di>-oaa. OF. was large enough 90 conduct
the business OF the country. ReSump-
ton made all money Of equal value, and
thus added zen per cent, 40 least, 90 the
purchasing power OF the currency This
was ten per cent initiation. In addi-
ton. All the coin which had been boarded
in private vaults. was freed, and became
part % tac currency m-A-,'- d N'S'.'''
and greater 'a''A'''A' " 40" nav,
three kinds # currency, VIZ: Com. or
money. GreeH5acks, o- gove-men,no'es;
Bans BUS OF H''e> o- ,-' '.,',NS' = ,-'
government A9,tS are 1,,',.''''-''.' % r ~.
government pays t-en' ~. COM / .'0
bank bills are paid el,AeI IN com '1 u"
Srcec1-cN~- lnt>c --rtt SINUS V- 0"'-
rcccy furnish more money ,aaH Is neVgS-
sary tor legitimate business as >Pe.'IA-
tioa and an undue increase OF business
indicate. As >..l- d -.-''-.'''. '''' o. ~
been il-o",d '! panic We mus,
>A'--l .'lN -'- q In. i'.'''- -- ,-.' -->--'
case, d, q f.iN,-y Is no. -'-.' ''' So, >. ,
Inc Only l-iht.,l "-.,- ,'- '' atg"'"
3, On remove mat species OF currency
which may De cast into tAe current Oh
business Do excess oi rs demands ONe
may readily see ,ha, ta,, class % currency
Is alone 90 De- found n government notes
or -r,eDtacNS. There Is mo-, sIihcleA,
COIN In the country 90 act Us medium OF
exchange Only III coin producing sec
tons. and ir newly settled countries, can
sufficient com be obtained for ,1e tr-l>4c-
ton % business. The issue Ot notes
follow, closely the increase OF population,
III new country, and they soon take the
place % coin in mining territory. because
Of their convenience. For greater con-
vcu.euce. in making discounts, and FOR
the transaction Of business between par
ties resident q. distance from one an
other, banks always follow closely upon
the note period. Banks also issue notes
H. exchange tor individual notes. These
bank notes have passed a, their face
value over greater or less territory, ac-
cord.ng 90 the standing Of the bank
Banks. OF course, issue bills only when
responsible business men ask for them,
and thu, che amount IN circulation IS
regulated Jy the demands OF legitimate
business. The trader calls FOR bank notes
only as be needs them 20 conduct OF
increase his business. When his business
Is 10, So large and prosperous, he returns
them 20 The bank and thus the volume
OF currency Is regulated by the demands
OF trade, mus we see 'h1' neither
com nor bank 3i--s are LAe-y 10 produce
az undue lA111-JA Oh 'A1 c-EIenC! e
O5eeAo4chs' OF governments notes On 'he
o,heT manu. are no' -'S0eO ~ -00oI''1.'0e