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Show A TIMELY WARNING. Ex-Senator Doolittle says no nation can maintain apecie payment unless there is as much coin in the country ai there is paper in circulation. Thin is shown by the experience of Euro pean natien and their present mone tary condition. In France, where tho hank still remains in suspension, the amount of paper money is about $512,000,1X10; its coin reserve is about $2oS, 000,000, and the coin in circu lation among the people is $500,000,-000. $500,000,-000. The notes of the bank are par with coin, yet the bank does not re-Bucue. re-Bucue. The United States, the senator sena-tor says, has now in circulation about $650,000,000 of paper greenbacks and bank notes. There is of coin in the country about $150,000,000. To make the volume of paper equal to the volume of coin it ia necessary to decreoae the paper and to increase the coin by $250,000,000 each. If we reduce the paper by that sum we shall hare of paper money $400,-000 $400,-000 000. If we increase the coin by that sum we shall have $400,000,000 of coin in the country. The senator added : There are many who say thin is an impossible thing to be dooe. But 1 I assume it ia possible, it the law authorised it, toluud the greenbacks as proposed by the national board ot . trade at Milwaukee, in bonds at the rate ot $10,000,000 per month' and to cancel them. If trial were done, the t national hanks, of necessity, would e be compelled to retire their currency at in same, or at a greater rate, or 0 ;o into bankruptcy. This would, in welve and a half month, reduce the latum ot papr by $250,000,000 ind 1 HMumfl alao that tbu secretary tf the trtia.ury, it the law authorized t, migbt sell nor bonds abroad to tue imount ot $250,000,000 for coin, aiid iu9 produce an equality between the jolumo ot paper aud the volume ot :oin. The currency ia to a country what THE BLOOD IN C1UCDLAT10N is to a humm body. Sine 1875 oiii:-eeventh part of the blood huH been drawn out, buinees is stagnant, men of enterprise are paralyzed, para-lyzed, many who still stand are weakening; weak-ening; they feel themselves beginning to Mtagger. It drawing out one seventh part of the blond of the system in two yarn h pioduced that result, wlmt efl'ncl will follow il yuu draw out in one year mure than on tuird of all that is left in the wystem? There is but one answer. The pxtioiii will 6 to in tho operation, t'wu thirds of all the business men still Mtnnding will go to the wall. Every pmperty undr mortgage tor one hall n pre-ent value will i-hange hmli. rbe forced and uuddeo change in the iiK-auinK "i)d increase in the value ol i he dollar will bring upon the country more destruction of fortunes and values than a civil war. Ke.porter But how cau that be, us kin Id and greenbacks are dow so near pat? In it not simply a question of 4 p.-r cent. ? Mr Doolitlle I am glad you at-kea thai questiuu, und 1 am glad to answer it. Ltt me asisure you it is not a wimple question of 4 per cent. Ten times 4 per cent, ia involved in it. Facts are worth more than theories. L'ne history of RESUMPTION IN ENGLAND is full ol instruction upon the very question. Dunug the wars with Napoleon and alter they were over for nearly twenty years, tne Bault ol Eug-land Eug-land suspended Bper.ie p-tymuuts. But in 1819, alter tuuryears ol peace, the vulue oi papr currency roe to be only 6 pwr cent, below coin. Peal and Kicardo urged upon parliament rtidiiujpliou in four ears. I'bey said, aoHuninsay now, we are almost at the Lioiut ol resumutioo; e have already discounted our sufleriuga. It in only a quepiioQ ot 3 per cent Ricardo mud: ' The whole dihVreuce would be in raising iib vulue ol tue currency 3 per cent." Tuougb wise business men pro te-ted thougb tha governor and directors ol the Bauk of England warned parliament of the danger of contracting the currency, as they must be compelled to do to resume in tuur years- yet such was the influence ot Peal aud Kicurdo tnat they carried " 'Peel's resumption act'' tDreugh the uuuoe of commons by a unaumiuua vote. But one man stood out ugaitibt it, aud they even persuaded tiim to leave the chamber when the vote was taken, so that it would appear unanimous. WHAT WAS THB BEflULT? Sir Archibald Alison, in his history, tells the Bud story: "The eflects ot this extraordinary piece of legislation were soon apparent. ap-parent. Tue industry ot the nation was speedily cougealud, as a flowing stream is by the severeity of an Arc tic winter. , . The entire circulation circula-tion ot England fell from $232,545,-000, $232,545,-000, in 1818, to $142,757,000 m 1821. The ahVcts ot this sudden and pro digiuus contraction ot the currency were eouu apparent; aud they rtm dered the next three years a period ot ceaseless distress and suflering in the British Islands." The discounts at the "Bank ot England, winch in 1810 had been $115,000,000, and in 1815 not less than $103,000,000, sauk in 1820 to $23,300,000, aud in 1821 to $13,010,000- The eflect upon prices was not less immediate than appal ling." Tue rate ot wages fell oue-haif oue-haif "From the tremenduous reduction in ttie price ol land," waja Mr Duubleduy, "which now took place, the estates barely sold for us much as would pay oti the mortgages, aud the owntiB were stripped ot all auu made beggars." History repeats itself. Like causes pioduce lite tfie.cts. We are blessed this year with a bounteous harvest. Tbere is a pros pect of a foreign demaud for our surplus. And yet if, when conres meets, the policy ol the secretary ol the treasury and ol the national board of trade at Milwaukee shall be followed, fol-lowed, there are disasters before our country which no pen can por tray. Reporter But, Senator Doolittle, are you not in favor ol a return to specie payments at some time ? Mr. Doolittle Certainly I am, but not by eucb violent contraction a resumption by January, 1879, will force upon the country. To use the strong language ot Gen. Ewio; ot Ohio, I would come to resumption by "the pleasant paths of industry, economy and prosperity, and no' be dragged through hell to reach it." |