Year: 1877

pronounced ruinous and impractica-
BILE; and then, too fc- the Prrp- :.
effecting resumption sr --e


ments, and furnishing ID ?o
fuctuatIng standard O.


ample currency redeem -


par on demand.


To remedy these existing trouble,
was proposed by Mr. Matthews, Ih
Congress should restore to our coinage,
and the circulation of the country, the
ancient silver dollar as now and always
known to our laws, to be legal tender
payment ID payment Of ail debts, pub
lie and private; that the legsl-tender
quality of the greenback notes should
be extended, 80 that they should be re-
ceivable in payment Of customs duties,
and thus be made equal in value to
coin; that Wilh gold thus cheapened
by diminishing the nesessity OF its use,
and silver appreciated by increasing its
uses, the requisite amount OF paper cir
culating could and ought to be main
tanned at par with coin, and redeem
able and eEphangeable with coin at
par; that this Legislation w4s essential
and adequate to establish the necessary
conditions for resumption, and which
conditions when realized would of
themselves fix the only date at which
resumption YES practicable, by making
it actual.


The propositions were accompanied
by verbal statement OF certain Implied
conditions which furnished its expla-
nation and dcfens The first was
that the coinage of the silver dollar
should he on government account alone,
so that until silver and gold reached
the same par the government should
keep the entire profit, consisting IN the
difference between the value OF the
bullion and the coined silver. Silver
coinage was 40. tP he free until that
desideratum was attained. Then the
mints could he thrown open to all who
desired to have silver coinage, on the
same terms on which the government
c>ins gold, The second condition was
that for every silver dollar issued
paper dollar should be retired, 80 that
by no possibility could there be any
imitation of the currency. The silver
coinage was not to add to the bulk or
quantity OF the circulation, but to be
substitute for that amount of paper
money to be Withdrawn. The third
condition was that the control of the
silver coinage, being exclusively re-
tanned by the government, and the Ca
pacity of the mints being limited-as
was stated, about City millions per
annun-the addition of silver to the
circulation would he SO gradual that
If any evils should he developed there
would be ample time before they
should be realized to avert them 10y
subsequent legislotion.


MIR. Matthews thiaks the date of re
sumption should lie governcd ty the
practioability alone that is, to say we
will resume On the first of January,
1879, and then make no provision by
which resumption is ooss, :, Sas
scarcely to "keep the VI - pom
TO the psr," and clearly - 't
the hope,n whereas, II ! -.


1, 1879, we brought abou a sac
things in which paper was equa'
value to coin, then we had the fat i
resumption realized without reference
to any mere Legislative prediction.
Mr.. Matthews is an earnest believer
in spepie payments. His own words
upon this question are:


81 think profession in favor of pay
ing specie at o day named IN the fu-
t4re, Without providing the means to
do it with, is a LolloE and nisShiev-
ous piece of business. To provide the
means for resuming specie payment is
the material thing, and may be done
without naming the day. II it can be
done before the first of January, 1879,
| shall rejoice, but l am quite confident
1 it cannot lie done st thas time, unless
in the meantime some such provisions
as have indicated are made. lido not
believe the last word on the currency
question has yet been spoken, whether
by professors of political economy OF
able editors. l do not beliCye that all
orthodoxy on all financial questions
must necessarily proceed from the
East. although that Is the quarter from
which wise laen come. | think have
as much right to express my opinions
as the editor of the New York EOen
ing Post or the New York Times. ol
any other abl9 organ of public opin'
ion. II they are not sound, the fallacy
on which they rest can be shown by
argument and proof. Otherwise they


will stand. do nc even insist that
my views are final to myself. l hold
them subject to correction Of better
information aud further study; but
shall not change them until my reason
shall have been convinced -