The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1882-02-22

|I9H lEe Ist 81 81 ss :, : - ~
:sns ss:s;sa'st's" t!ske s;s;sss2 1 81. I;
hank. ." ''a''o" % sne
| But waiving the aud 60 of con.,.
tedcy, let ~ look at the 1eech ~ ~.
temoer 19. 1k37. It Aoas1k~ seem Il
support the .Eag,e's. = ~ = S..m :"
nent federal pepdf leToncv. 14S*s.~.,,
esnoene nflee,nah e1r. U6la. - re-
cured partly by q q kaCsol6 nert.
y by the governm1 > {. - 6o11 81
!.r - IT goeS it 81 - F. - - .ther
the scheme Of IN! - mos2 % e.r'
which it IL fair ID - or oefs,ns s,,~;
eomhsts a etoutly n ;5oes r ..s .sry
nat, nst.o"'l bd mixing yubsn. POI skam-
No eonsertlele rlpsr-tlse.lx NO
psPer whose credb Feals upoa . pupsnioe
to PAYS sait1hte ~ e,afsencSs5. =
"On WHAT then; S1lIt Z ipain.r cur
rency to rest? I would - on 6enssnd
ana supply simply. Whic regulates the
value Of everything elsoi+the constant
demand which the government has on
the community for its natural supplies.
a medium resting on this demand.
which simply Obligatls the government
"a receive 1t in Ill it's dues: X = =
would contain within itself a selcre9l.
Iating power"
This Is precisely what the unadulter-
ateai Greenbsckers say, except that Mr..
Calhoun has more conservative views
- to the quantity Of notes that can he
noated ~ this way: ''Only make the
greenhecks receivable f,r customs dues. :"
they have repeated again and again,
and they will be worth gold always
ana everywhere without redemption"
80 In later speech on the I'd Of Octo-
Der. 1887, Mr.. Calhoun said "Wherev-
er a paper receivable in the dues OF eOv-
eminent had fair trial Il has succeed
ed" But the speech from which the
Ittyt' quotes shows clearly enough that
Ar. Calhoun contemplated no such sole
federal paper currency as our c0nteln- !
lNrary proposes. He did not intend to !
wipe out hank notes:
Confined to t..eir legitimate sphere,
that Of afiordfng temporary credit tn !
and business Inen. hank |
notes would furnish safe and con-
venient circulation in the range Of conn
lllcrce and business within which the ,
hanks may be respectively situated" !
How Mr.. Calhoun would keep this
circulation" within his proposed
range" IL not amy clearer than some
Dtiler Of his views. 1t Is plain, how
ever, that he did not mean tn destroy
tanks or Mnk notes. The truth is that
what Mr.. Calhoun was considering in
his speech was not 80 much the estab-
!shnlcnt Of paper currency as the
handling Of the governments moneys
md debts. The former was incidental
- the latter. ''s'uch paper in the man
lgemcnt "f its finances" are his words.
He says:
1T the currency could only Ike is
ned to thtsye who had claims on the
and to- those only with their
Onsent. Should, however, q demand
or gold and silver from abroad or other
accidental causes deprees It temporarily,
IS compared with the precious metal, 1t
would then return to the Treasury, and
- it could not IN. paid out during such
depression its gradual limitation in the
market would soon rgHtt re it to an
quality, X but il ut any time u
depression in its value Ike
'tssxible from any cause, the only effect
rOuld be to operate 40 a reduction of
axes on the community and the only
Iffi.rcr would he the government it.
clf."
We are unable to reconcile this scheme
{ Mr.. CalhOun's, which il indeed
fashionable enough, with the Euyle's
'am.-Nc" York. E"cmimg Post.