Year: 1878

E The Currency.


ED. FREE PREss.-The currency
is one of the most important of al


political questions. For without
currency the commerce of the coun-


try cannot be successfully carried
; on, and without commerce no coun-
try can prosper. 1t is therefore a
question of the greatest Importance


to every person in every pursuit of
life, from the poorest man in the


country who earns his bread by


daily labor, to the millionaire who


is reveling in all the luxuries that


wealth can afford. 1t is a question


which does not belong to a civil


district, a county, or even State;


but it is great national question,


and SO far as we are concerned be


longs mainl y to the Congress of


the United States. The whole


country is deeply interested in hav-


ing currency which is sound and


OF uniform value throughout the


whole country, and as far as posi-


bic throughout the whole COM


mercial world, and so regulated or


controlled that there would not be


any great imitation or eontractions


In the volume of currency, so as to


produce a great redundancy or a


great scarcity in money matters,


and thereby to effect great fuctua-
| in n .Nf1 1ol


produce and property. To. have


any uniformity in the amount and


value of the currency, and at the


same time to have currency that


is convenient, as we'll as stable in


value and quantity, some one or


more Of the precious metals must be


settled upon as the basis or stand


ard of value. The experience of


ages, and the wisdom and Judge


ment of the whole commercial


world has settled upon gold and sill


yer as the standard. Gold is the


most convenient in all large trans


actions; but silver answers very well


in all small transactions, and as


local currency, and by being made a


legal tender in the payment of all
debts, enhances the value of green


backs or United States Treasury
notes, they being taken in preference
to silver, being so much more con-
venient in most commercial transac-
tions. Without such a basis or
standard of value for the currency
of the country, there would be no
uniformity in it's value, and but lit |
tie uniformity in the amount which |
might be put in circulation, and it


seems to me that for the United |
States TO fix upon any other stand


ard than that fixed upon by the bal


ance of the commercial world would |
unsettle all values, and greatly add /
to the present embarrassment of |
the country. But while 1 think


that there ought to be some stand
ard of value, and that gold and sill
yer ought to be that standard, |
think that Congress acted very
wisely in making United States
Treasury notes legal tender, and
further think that the United States
government is able to furnish the
people with as much currency as
the business of the country re-
quires, and that the currency so
furnished would be equally as good
as the currency now furnished by
the National banks, if not better,
for the credit of all National bank
paper is based upon the credit of
the government. And why not the {
furnish the currency s
Instead of the National banks, and {;
save the interest on the amount of I
currency necessary to be kept in {
instead of paying the |
interest to the bondholders on the /
bonds deposited to secure the pay
nent of the National bank notes? S


The privilege of furnishing the {
currency ought not to be granted to l
any class of persons, for the reason 1
hat all persons and all classes are
more or less selfish, and often for |
get the public welfare, and for the S
'urther reason that all monopolies i
ire contrary to the genius of free Y
government, are dangerous to liber- 4
y, and ought not to be tolerated in
| free country. During the war it Q
vas probably necessary to do every 4
hing that reasonably could be s
lone to influence capitalists to adj $
'ance their means and take the C
totes and bonds of the government, t
)ut the war is now over, and the II
.redit of the government is about t
.qual to gold and silver, and under


! wise administration of the govern 1
nent there is no danger of its credit "
)elng seriously impaired and the /
ime has now come when it is not e
necessary any longer to legislate al {
ogether for the bond holder and Of Il
Ice holder. e


Money is unquestionably very Il
carce and labor, produce and prop o
rty very low, and the times hard, "
nd it seems to me that we ought to L
ave some legislation in favor of g
be common laborer, the farmer, u
he mechanic, the manufacturer, Il
nd those engaged in commercial G
ursuits. The exclusive privilege L
f banking ought to be taken away II
rom the bondholders, the idea of h
orced resumption abandoned. at el
east for the present, and the people et
in some way or other ta
nth as much currency as the bust ia
ess of the country requires, and W
be fees and the salaries of all Off a;
es reduced to the hard times stand. is
rd, and then with proper reforms pl
] the government, the business OF vi
he country would revive, and we


'ould soon be on the road TO pros


Gritty and afiluence. The power is n.
4 the hands of the people, We ought OF
D try to correctly inform ourselves re
] reference to every question OF
'hich effects our interest, and TO be ~ ~
rue to ourselves and the country, -
nd IN a short time We might effect b,
wonderful change in the affairs Of "