Daily Republican., 1880-01-30
Tn. Financial Question.

Soon after the commencement OF the
rebellion 1t became necessary for Con
gress, in order to meet the various de-
mands on the treasury, to authorize
the issue of an immense amount OF pa
per money. The action was opposed
by nearly all the Democratic members
Of that body, as well as by all persons
who sympathized with rebellion. Like
Senator Bayard they held that it was an
Unconstitutional measure. The friends
of the preservation OF the Government
however, triumphed. In order to keeE
THE paper money as nearly par as POS
sible, it was made legal tender in the
payment of all debts aud taxes, with
the exception OF duties on foreign i'm
ports. Had it not been for this excep-
ton it would never have fallen much
below the value of gold. This is proven
by the fact that an issue of paper mo-
ney made receivable for duties passed
for its full face value. After many tluc-
tuatiops this paper money became equal
in value to specie, and by many per
sons is preferred to that article. There
are still over $500, 600, 900 of it in Cir
culation. II il is deemed best it could
gradually be Withdrawn from circnla.
tion as it is paid in taxes to the Gov
ernment, and national bank notes or
gold and silver could be found to take
its place as business required. To issue
bonds to redeem it would be the height
of folly, as ths interest on said sum at
four per cent. woul3 be annually Sl2 :
coo, 900. The people would have to
pay this sum for the benefit of money
lenders. Such proposition seems TO
us very unwise. 1t also seems equally
unwise to take away the legal tender
quality Of the notes as proposed by
Senator Bayard. Only capitalists or
brokers and shavers demand such &C.
ton, and it looks to US as if Senator
Bayard was their representative. The
business people of the country make no
such demand. On the contrary they
are satisfied with, the notes, as they are
convenient and seem necessary to meet
the demands of trade. If the govern
ment has more money than ia needed
for current expenses, it can BIZ applied
to the cancellation of bonds and the re-
duction of the debt. The talk about
honest money is mere sham. All
money authorized by the Government
is honest. Its value,' however, must
depend on the use to which it can be
applied. When it performs all the of
fees of gold it is equally as valuable as
that metal. Any stable measure of
value is all that the trade of the coun-
try demands, and it Is no more neces-
sary that said measure be silver or gold
than it is necessary to have a gold halt
bushel or a silver yard-stick. The stamp
of the Government gives value, just as
value is given to the "Bland dollar" -"
The wealth Of the country is mainly in
labor, aud just to the extent that labor
is employed will be the wealth prOduc
I'd. All the silver ard gold in the world
is not equal to the value OF the labor
performed in one year by the people OF
our country, and if that labor was to
b. rendered wholly unprCductive for
twelve months the people generally
would be reduced to state of poverty
1t should therefore be the aim of states.
men to encourage industrial pursuits,
so that the people can be kept employed
aud exchange their proiucts i'll such
way as they may all have food to eat
and clothes to wear, and at the same
time lay by something for rainy day