Year: 1875

just idea could be formed OF the rea
or just value, or reasonable price, ol
anything, il the estimation were to bs
made (as il must then bel, simply, BY
the arbitrary UNCONVENTIONAL value ind
Gated upon the paper. and prices would
become purely imaginary. To attempt
to form any just idea OF the real value
OF the paper dollar in such case from
the denomination alone, especially when
the amount Of its issue should not be
permanently fixed, but liable to increase
OF imitation; or to get m idea OF the
value or price Of anything measured
only by such dollars, would be like
throwing man out into darkness OF
empty space, beyond the sight Of the
stellar universe; and then expect him
to ascertain the direction Of the cardi-
nal points, and to lay out the voin ex-
panse into sections and quarter sections
with definite boundaries, which might
be identified by the next explorer, who
Tor whose imagination) might be trav-
cling that way.


Clearly with such currency-exclu-
sive as it must necessarily be, for gold
would never make its appearance under
suce system, though in spite of all
laws TO the contrary it would still be
practically referred to as the real
standard OF value-the paper dollar
must rapidly decline in purchaaing
power, and soon reach zero; and not
even despotie power could prevent it.


The fate of the French assignants,
though founded on much better basis,
sufficiently proves this, though many
other instances might be cited.


When it should have declined to 70,
80, or % cents on the dollar by the
gold standard, would it, in fact, be any
more properly called dollar than
three pecks, or two pecks, or one peck
Of wheat or potatoes would be called
bushel?


Such, think would be the result OF
such systemin a short time, though
we were isolated and cut off from all
commercial intercourse with the out
side world.


But we are not thus isolated; our
people are trading with all the nations
of the earth. Upon these transactions
they have frequent and large balances
to pay abroad. Our paper dollar, bas-
ed upon nothing, would not be receiv-
ed for these balances. They must be
paid in q currency recognized by the
common consent OF nations as money;
and the people of the United States
must come back to that currency, and
such papers as may be readily convert
Cd into IL, or they must cause to be n
commercial nation either at home or
abroad. / have said nothing on the
constitutional power of the Govern
ment to issue in time of peace and
therefore strictly under the pow
res granted by the constitution, and
not as part of the war power right Of
self-preservation,a a paper like that pro-
posed, and to make it legal tender in
the payment of debts. / shall not dis
cuss it here, but will simply say that /
think il exceedinly doubtful whether
the Government possesses any such
power.


have said much more than / intend
ed to when / started this letter. and
yet / have touched but few OF the
points / would like TO discuss. But as
1 have no wish to conceal my views
upon the question, will say by the
way of reference and to bring this let
ter within a readable compass, that i
deem the views expressed by the pres
ont Socr~tary Of tho Treasury IN MS
last annual report, under the head of
Resumption" substantially sound
and statesmanlike. And for the clear
est and ablest exposition have seen Of
the principles involved and Of the fall
acies and absnrdities Of the imitation
scheme in all its forms, / refer to the
speech Of Hon. Carl Schurz, at Cincin-
natl, and his reply to the criticism Of
Mr.. Wendell Phillips, in all Of which /
fully concur, and which L should vain
ly attempt TO equal.


In conclusion / will say that this
question so vital to the prosperity OF
the people and the honor and credit of
the nation, is, in my opinion, one which
should be treated as far above all par.
tisan politics. And, for myself, L can
not forsee any contingency in which L
shall not be found cordially acting with
all who are in favor OF an early resump-
ton OF specie payments, without any
attempt at imitation, and as cordially
against all who are against such re-
sumption.


Yours very truly.


/. L. CHRIsrIASCY.