The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1879-12-20
THE BAYARD RESOLUTION.

!. 1t would doubtless be better and more sati
C factory to the whole country if the present cor
n gress should let the currency question sever,
d ly alone. Times are undenably much i'm
a proved already, and there has been such a hal
II by restoration of business confidence general
rs to justify the most sangulne hopes tor the FL
Il lure. While there can be no question tina
n bringing up our currency TO the specie basi
n and additions to the volume OF currency dun
c ing the year instead of the contraction whicl
/ it was feared resumption might bring hav
+ had much to do with bringing about the plesen
favorable business outlook, it is equally Ger
tain that other potent factors, srch rs the heav,
foreign demand for our produce at fair price,
and the consequent favorable condition Of the
, trade balance, importation of specie, &c, have
had quite rs much to do, and rather more, we
apprehend with bringing about the presen,
better times than specie resumption or any
other currency movements or any congress
slonal currency tinkering. 1t is certain that
neither Forts bill to protect the grecnbacks
from cancellation, nor the silver bill, nor the
resumption bin has given us the two or three
hundred millions Of com that have been added
to our currency basis during the year, such adj.
ditlon being wholly attributable to the excep.
tional state Of our foreign trade. But although
the latter has caused such a material addition
to the amount OF money in the country it by
no means follows that the country has too
much money or is IN danger of gong to the
bad from another dangerous initiation The
extraordinary revival Of business creates an ex.
traordnary demand for money, SO that even
Comptroller Knox, chrome contractlonlst as
he always has been, IS constrained to say in
his recent report to congress
1t is probable that at no time since the date
of suspension has so large an amount of cur
rency been needed for the Legitimate purposes
OF business as during the present year, The
harvests have been unprecedentedly large
while the value of agricultural products, ow-
ing TO the short crops of other nations and the
consequent demand for our products abroad, |
has greatly increased. There has also been a |
rise in wages, in the value of manufactured
goods, in provisions, and in the prices OF iron |
and other commodities.
Very well, then, il this is the happy sltua- |
uoH, why Hot lct IL dloHt' Dut II IL manifest
that neither the administration or congress are
content to let it alone. President Hayes and
Comptroller Knox are urging the immediate
and cancellation of the greenbacks,
to the amount of $346,0 100000, and Secretary !!
Sherman, Though apparently not going quite
30 far, shows his sympathy with the move
ment by mildly proposing an immediate can
collation. OF the grecnbacks only to the extent
of $46,OOO,OO0 and taking from the rest their
legal tender quality. 1t is evident however,
that Sherman halts merely out of regard to his
previous strong committa in favor of the green
backs and that at heart he is in sympathy
with Comptroller Knox and the President.
How can he DO otherwise considering his en-
Ire subservency to Wall street and the Ma
ional Banks, who not only imperiously de
nand the destruction of the greenback but s
ire nsolently conscious of their power to crush I
my stalwart politician that opposes their will ?
There is no use of trying to blink it, the re. L
publican leaders are all more or less undert the a
of the national banks and at heart ii
n favor of the destruction of the greenbacks, c
md in less than six months the whole party "
will be in full howl for that measure Wheth. /
r Grant or Blaine or Sherman is the republi a
an nominee for the presidency, no national v
can nominate either except on u
,od platform that involves the withdrawal u
nd cancellation of the greenbacks and the h
imitation of the coinage of silver. to
What then' If the whole democratic party lie
ouid be united on an opposite platform, very al
'ell but 1t cannot Half the democrats at last OF
re more strongly inclined to support the III
layes- Knox movement against the greenbacks g
IAN the republicans of the west are to oppose hi
). What, then, Is the wise course for the IN
to pursue? Manifestly one that vC
Ill tend to union in their own ranks and at be
he same time to give them the immense ad.
anage in the west OF being In favor of saw
e the greenback. This they can accomplish =.
J the compromise which the Bayard resolu-
on offers, OF preserving the greenback but
king from its quality of legal tender. What ~
}jection is there toIt? The legal tender adds V"
,thing to the credit of the greenback When Va
was first issued in 1862 1t was made convert -
c into government per cent $50 bonds,
I'd for nearly year its gold value was exact y,
that of those bonds. When that convert VI"
lily was taken from the greenback, it fell to nv a
cents on the dollar. The legal tender quail '
never saved II nor added tenth of one per % ~
mt. to It's value. Nor did the grcenback, in y"
lite of being legal tender, ever get up to par ~
It'll the government commenced redeeming vi
in gold. W"
Taking from the greenback the legal tender, ,o'
erefore, will do it no harm, tor IL will be al. ""