, 1880-01-03

and only did 20 atlor sending baok the hulk
nj American securities, public md private,
which worc nvailnble for that p,lrpusd; but
tho ,,n,nrco of tra,lo against the1p cosss-
},ellcf them in tile long run 70 send
away their gatd, anl sotno seventy or
eighty millions thereof hive been re-
ceivcd in tho Unlted States within the last
few months. Tho people Of tho United
States are governed b. tho same lnws of
tra,le rs arc the people Of Europe, and they |
would be obliged to yield UP thotr gotl In |
payment of balances against them just as the |
people Of Europe llaye done under similar
conditions. Tls necessity would ho as u,,-
ayoit!abIe X go'd were the only Icga|.tenler
money Of tho country rs 1t wonltl bo With q
lcga1.tcn,ler fund Of grcrnbncks md silver,
with tiie important difference That Ill tho
inter casr, the American peoplo would bs
pretrctetl from tho evils OF l,ai,k-slspcnsion,
wtt1c II, the former case, tile drain Of gold
wol,I.l prectpitate pantc md bankruptcy.
>. The coinage OF silver INT the present
rate," 10 absurtly tlorlorc In tho above cx-
tract, amounts to 81, ,0o0, 900 year, or about
onc-l,alf .lollar to every lnhahitant IN this
country. 1t ~ n,nntfcslly ridiculous inll'ntn-
taln TINT n c'Iange of one-half ,lnlarprr cnpita
per ycar lii tho lceal-tcntler f'ntl Ut c''tntry
growing At tlle rate Of AMERICAN KroWttl
will nprratu toward making II clnsnge III tho
balancu of foretan trltle, but II this legal-
tender silver AMI leguf-tcnlcr papcr shall
bo simultaneously destroyed, ~ the New
Yorl. If,ncs ntlyncntes. thot tho 1egaf.icnslrr
RESOURCES Vt tlls country will be reduced by
u'out three-nftlts, nnl whcn the lnE1arco
shall run nKatnst this country there will DO
fuul Of ,ut inoro t1lnn Sic, 0o0, 900 Of gold
Will, which rot merely foreign payments
must bc met, but which alntle will h. avail
al,e for nll domestic payments. Has tito
Times writer ever thought 10 estimate tho
extent Of tho demand fur legal-tcmlcr for
home uses? 1t nny be- safely said that tito
maturing debts III this country every ycnr
arc between 81, ooo, ,ooo, 900 and 81. .0oo QUO 600,
| or five anil six tinies tho amount Of tic pres
! ent available leEnl-te,,tler money. So long rs
the lcgal-tentier fund In considered to be
ample fur nll ttebtpay!ng, tho creditors nc
cept current fllnls readily convertible into
1cgaI-tclltlcr, grant extensions when '1cees-
snry, and avoid a useless effort to get
| corner OH thu lcga-telltlcr md s4ueczo tho
debtors. but, whenever tho lcsal.tcntlcr
shall bo reduced to not0ri0lisly [nsuf-
tlcent volume 1t will be III tic power Of tho
creditors to luck 1t up mil extort unrensoll-
nble concessions from tho tubtors. Tho
creditors will cxact legnl-tcnlcr unttcr all
circumstances; tho debtors will hoard legal
tender whenever thcy catl get their hands oil
1t; tho banlss will pile ,p the cEn-te1lller III
their vaults for the protection Of their notes
the fnreign manufacturers alltl merchants
will lnake drafts upon this sanle legnl-tentlcr
being gold atUnD; the rush for gold froln afl
sitlcs will speedily cxlln,lst tho supply, anil
general suspension Of goitl-payments will bt
the Inevitable result. Previous experience
demonstrates tho absolute correctness Of this
view.
4. Tho only menace OF "a fluctuating ctr.
rcncy" In this country comes frnm the ver,
program outlined by the Now York Tt,nca II
obedience to tho Wall-strcet demands. Thcr'
will be no fluctuations witt, nh ample legal
tender fund Of grccnbacks, coii, artl pal~
: retlccnablc III coin; but, whenever tltis sys
tom slnll have bcen broken down, a rcturl
to an irrv1ccnable nild iuctuating currenc.
{ will bc always imminent. Tie gold vii
yanis, ut the smallest scare, BECAUSE
will ho universally known TINT thu stoc|
l Of gold is insufficient to meet the demand
= for lcgal-tcntler money. Then the bnnk
D will suspend speclepayn'cnts, whether the
bo Nntto,,Al ur Slate banks Of issue, all
I there will necessarily he rcsort tn shit
i pnstcrs Ut various kinds, will, MI til
I fluctuations Incident to sucl It lnlscrab
: syatem a,ld ull the disorders that follow l.
+ Ita wake. The quickest antl surest way to
y fictitious imitation Of tho currency, with n
It's Incidental evils, Il to rul,sco the yo1un
:" :, of reslecn,nble and tleht-mytng money belo
" t1lo act.lnl necessities Of the country.
= Tho Itncs proposes rs n remcEy fur n NOR
= :, apprehension whit will bs tile scctls Ut II
" netunl disoster. England has II lcgal-tcnt
IT bunk currency, and Fralcc, Germany, nj
!" tho other great commercial 1lat!ons
r. tho world have tho power to glyo bn1ll eli
nj rei,cy tho quality Ut lcgal-te,,der ut my tin
,t IA power. which tho United States {inyor
~ ~ l,cnt .loes mol POSSESS. To throw this coil
ID Try umtl tic insufficient rcs0urce OF 20
1t alone, without the power vt cllocklnE Il
~. ~, uney-palife sure to rot III rs result, will
H. to rush hcadnng into suspension, alll to ri
uo tho dcmngoEs fntl mn'luy.quacks ovory Il
III purtunity they coul.l nsk fur fictitious fnt
tton. II Woult bu Il criminal disregard ut |
H.. lessons h.uglt by tho nlnlloy.pa,!cs Of IL
~ a,ltl 1851; mil TnE THlnuS1; does mt he
~ ~ tule t0 my that, III between the destruction
=. tho lcgal.trlnler Government notes, props's
= by tho gOtlfteB nnu tho destruction ot I
=, ~ noll.irgat-tcll.lcr balkllotes, desired by
NJ Iti.ttt ,a:t,aa LII Ii, fua. thn lnsa