Year: 1874

md the redemption of outstanding
,onds of the governmental in paper cur
'ency, issued for that purpose. Some
gentlemen OF high political standing
md reputation in both the Republican
md Democratic parties, and OF no
mean pretensiOns to ststesman-
hip in the counsels Of the. ma
a19 @1snev g rs n a9 nnatson 1a
1f "a part, II not all, OF our outstanding
bonds, and thus distribute among the |
people at large an immense amount OF /
wealth now locked up In the |
vaults Of home and foreign capitalists. |
To this theory the objection Is urged
that to thus discharge the national debt
would be to violate the solemn faith Of
the nation pledged to the holders Of our
obligations at the time they
were created and passed into the hands
Of our national creditors, and that thus
to flood the country with 80 great re-
Of paper currency would 80
initiate the price OF every commercial
and give rise to such reok-
less spirit Of speculation as would soon
lead to an alarming depreciation, and
finally end in


BANKRUPTCY


and ruin. Another theory, and one adj
vocated by men " equally high stand
ing and character, is almost totally Op-
pssite to the one ] have Just mem
toned, and looks to the contraction
rather than the expansion of our circu-
lating currency, a. the surest method of
maintaining our national credit and In
surfing the solid and lasting prosperity
of our people. To this theory there are
presented objections quite as potent and
reasons apparently as cogent as those
urged against the adoption Of the former
one. Those who oppose the system OF
contraction maintain that the amount
of currency now in circulation is too
small to develop our vast mineral and
agricultural resources, to stimulate cur
industries, foster our system OF internal
Improvements, and carry on our dOmes-
tic commerce with an activity and sue
cess demanded by the interests OF all
classes OF our people. These different
opinions In regard to this important
question are perhaps attributable TO a.
many different causes, and whether
taken and considered separately or ss 3
whole, scarcely seem to fix public senti-
ment or to direct united party influence
in support Of any one of the various the
Ories presented. Many no doubt have
been aetusted in their advocacy of
some particular measure without
any conviction OF its justice),
solely by desire to meet what they
supposed to be the popular demand, to
lead the masses in their support, and in-
crease their political power and iDfi0-
ence. Others, perhaps, have been gov
erned by private considerations or local
influences, without regard to the ma.
TONS credit, the public good, or the
general prosperity'of the country. But
ia considering question of this magni-
tude and importance, one affecting the
weil-being and prosperity of the entire
country, we should not be Influenced by
local interests, sectional benefits, nor the
accomplishment Of party ends, but it
should be treated in its broad national
aspect, and its immediate and even re-
mote bearing upon the interests of every
one Of our people in every locality. 1t
should be the highest aim of every
American citizen to maintain untainted
the name, and, unbrOken, the plighted
faith of


THE REPUBLIC,


Of which their citizenship constitutes a
part; but 1t is no violation Of this high
obligation TO inquire, before indorsing It's
acts, how far either its honor or good
faith is Involved in the carrying out Of
any particular policy, and especially
when that policy may relieve them OF q
weary burden, ,Or impose upon them and
their pOsterity the payment of an enor-
nous tribute to capitalists abroad, OF
successful speculatOrs at home. The
question between the government and
the bondholder as to whether his bonds
shall be Paid in gold or paper currency,
Is one of judicial construction, depend
ent upon the express terms and provi-
sions oil She law under which they were
issued; and if the obligation to pay IN
gold is not thus imposed, then the ques-
tion is easy Of solution. If, by the re-
uuirement of that law when fairly con-
sidered, the government is bound fol
the redemption Of these bonds in coin,
and the holders in good faith were in
duced to buy them, then let the obliga-
ton be honestly met, though it should
impoverish the nation. Better poverty
than dishonor. But #, on the other
hand, no such obligation was imposed
by the law IL no such construction could
udNt DtNu EANcu ~ hy tAC
and by fair Interpretation, they could
not have been misled. No matter
what representations were made
by the mere fiscal employees
OF the government, they cannot
by any principle of justice or right
maintain a claim for payment in any
other than the currency with which the
purchase was made. Most Of the bond:
OF the government were purchased at
time when gold was st high premium
and now, when 1t has fallen within {
few cents of the market value OF papel
currency, if the bondholder could return
his bonds TO the government. and re
ceive their face value in legal-tende


notes, he would certainly have no grea


right to complain at the result Of hi
speculation. If, however, it should b
the policy Of the government 10 redeem
these bonds by the issuance of s curren


cy for that purpose, would not be IN
| derstOod as recommending that ii b


done so quickly as to put in circulation


more Of that


CURRENCY


than would meet the wants Of the peo
pie ard the requirements of commereia
| intercourse. From the great diversit.


of interests, which constitute our source


of individual and national wealth, ant
the varied relations of those interests


we probably require a greater amour


of circulating money values thai


any other people In the worl'
of equal numbers and wealth


England, with q population of some


thing less than thirty-twO millions, an


a territory less than some OF our States


has circulating currency Of seven hun


dIed and seventy millions eight hun
| dred and eiehtY-four thousand dollars