Year: 1869

1REASlkf fULlCt-InE mtS IL AA8.


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70 rHH EDrroE or THE HEnALD:- gn


We have been trying for many years. by the use Of
facts and argument make the people OF the United
states believe tnat the credit OF their promises has
not been destroyed or impaired We have been un-
aols 70 bring up by controversy the salient points
that We have presented or to provoke reply to our
facts and arguments which are presumed 70 show
that our coined paper has not deprecated in cur
rsncy value, but that gold, being an exportsble srt
ole. II Influenced by foreign demand.


In our two last letters introduced fiction that
was plain to every dealer in ponds and gold that
we did hope to draw out reply, which would show
20 the public good grounds the desire manifested
in certain quarters for legislation TO aid In restoring
specie payments.


Tnere are two objective points that are kept con-
stantly In view by our Secretary and by the Ameri
and tho other reduction OF the rate OF interest
the public debt The writer OF these letters wishes
and proposes to 60 further and do better than ths
We wish to utilize the public debt and benefit the
farmers and laoorers Of our country These are the
objects for which these letters are written.


A premium on exchange or gold adds to the price
OF exportablc produce therefore such premium the
importer now bound to pay is for The benet OF the
great producing interest OF the country. The great
fall IN the premium Of gold and exchange has
duced the price Of farm produce that the farmers Of
the West cannot send their grain to this market.
Consequently they cannot pay their debts here at
home. And II the premium shall sink down to ar
the farmers Of the West Will be In condition
than before the war, when low prices ruled and, as
q consequence, stagnat0n prevailed thr0ughour the
country. We are not therefore, In favor OF q reduc
ti0n Of the premium but prefer to have II advanced
to l50 With this advance every farmer in the w est
would be relieved and cheered, az his produce
would be advanced In value 80 much that
ne would dnd purchasers at Q proportonate advance
on the present price. The great farming interest
should be protected as far as possible, because this
interest IL the foundation and the pillar upon which
our prosperity as nation rests. When this great
interest prosperous every other interest prospers
II ts the body, and all other interests are but the
limbs or members. Destroy or injure the body ana
You destroy or lnjure the limbs. But you may
destroy any Of the limbs and the body wil remain.
q saS4s SfaS III os aa F'ns the body we


Tne farmers or our great and glorious West have
70 contend against two adverse causes that are act
price OF European labor and the other the proximity
OF the grain growing on the borders OF the Black
ra o nar ~ Ior ga rom t 1oesa Is less naa
by the farmers Of Russia IS paid more than one
naf tnat our farmers are now paying, consequently
the competition is IN tile quality only.


without premium the farmers cannot compete
with Russian wheat In England and therefore
home market Is all that can De depended upon.


done by giving to labor liberal and appreciative
remuneration. But II the great employers Of labor,
the farmers cannot sell their produce Tor profit,
they cannot pay for labor IN a liberal manner. This
reduction Of premium then presses down LABOR and
must continue to force 1t down until II shall reach
the standard Of Europe; for oil products OF labor IN
European markets nave price corresponding to
the cost OF the production. II the labor on an
article produced IN Europe costs ut the rate OF one
doar per day. II must drive out Of market all
a,acles produced ey labor at TWO dollars per day
followed by an equality In the price OF labor These
statements are too plain TO require further ustra-
tion. and show conclusively that every effort made
to reduce the premium on exchange and gold Is
against the interest OF all our agrcuitursts and IN
favor OF importers. We are against the avowed
policy OF the administration, because that policy is
running the interest Of the great body Of people
The great West will be smut OUT OF the markets OF
Europe, and cotton and tobacco will be our only
staples for export. Are the farmers prepared for
th@s wll they allow their interests to be thus ig


If the country shall be disposed to resist this ruin
GUS course then we must look to some action to
prevent the export OF our bonded debt or Euro
pean loan. II stop can be put on export Of gov
ernment bonds then that cause OF depression Will be
removed The following extract may De read with
profit


aaaf is ny IL.
portssons from Europe Uni many nv aa. sterling
and rhaaephia from Time to time urge their readers 70
consider how long this ist go on


equally momentoas ransierenco Of several millions
amounts simply to the fact that for every future year the
United government remit Europe q proper


Onate In the shape OF interest," which, the bonds had
not been Sold would have been payable to parties at homo


The editor Of the Times is wiser than ourselves.
He sees the danger aud disadvantage OF any nation
becoming tributary 10 another. Ii ID the great
port OF these bonds that is reducing the rate OF ex
change and gold; and II this export could be stopped
the premium Tor the benefit OF farm produce would
soon rise TO I50 per cent This should be the first
step, and this once taken all the material interests
OF the country would start into lite ana activity.
With this premium the farmers can overcome the
disparity III the price or labor, and the export OF
produce at high prices would soon pay our debt IN
Europe, while now are only increasing 1t. This
measure adopted then utilize our pubic
debt, reduce the interest ana make 1t a great pro-
moter vi the trade aud commerce or our extended
country. We VIII refer to this last subject In our
next le,Cer. JONATHAN OL.DBUCK.


jonathan OidhuclS ON the Currency.


To THE EDITOR OF THE HERALD:-


Am ] and the public to infer from the large
amount OF space and the prominence you are giving
to yonr eccentric correspondent, Mr.. oldbuck that
you endorse his remarkable views on the currency
question: As your correspondent writing to cor
rect the "mistakesn OF the Treasury, ask permis-
sion 10 correct some few OF his very glaring ana pal
paDle errors. MIR. Oldpuck set out with the very
remarkable piece OF Information that the difference
In the exchange between tins country and England,
Of 23-40 Is caused by that amount OF alloy being
added TO our gold con and this great discovery he
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