Sound Democratic Doctrine

The following lotter was read at the " Honest Money " meeting held in the Detroit Opera Hou&e on iSaturday evening last : Detroit, June 29, 1878. Chas. A. Kext, Bsq. : My Dear Sir - Another engagmnent will prevent iny atteudance at the inenting at the Opera House this evening. But I wish te expres my full syiupathy in your efforts in behalf ot " Honest Money." For some years bef ore I became a voter the question of mouey and currency was very thoroughly discussed in this country. I followed that discussion with much interest. I accepted the teachings of such niasters as Andrew Jackson, Thomas H. Benton and Silas Wright. The sounduess of their doctrines, not ouly contewporaueous history, prior and subsequeut, has seeuied to me to justify. And it has beun deeined the great honor of the great political party with which I have always acted, Ihat these doctrines were the corner-stone of its platform. I believe that coin is the constitutionmoney of the country, and that uo paper money is safe or tolerable which is not convertible on demand into coin. No one will contend tbat paper money has any intrinsic value ; and the value it acquires by a governmtnt stamp must be liinited by some real or supposed pledge that the government inakes respecting it. But it can only have a fixed standard of value, plain and certain in the hands of every holder, when it is convertible into coin on demand. It is a very seductive delusion that men can multiply their wealth by a inultiplication of fictitious dollars. The idea seeins to be that somehuw inflation can be made permanent, and its temporary stimulus made a normal condition. The delusion is older than John Law, and niay possibly survive longer than the instructivo history of that early Greenbacker. But the iesult of inflation is certain and never very remóte. The history of business and finance is marked all along with the mischiefs arising from the use of irredeeniable paper money. It concerns us all to learn that the law of values is as fixed as the law of gravitation. We cannot overestimate it. If we taraper with it we must pay the costs. Those iidancial philosophers who teach that value is the creation of government, and may be conferred un paper by stamping "this is a dollar," seum to me to rank nearly with that colored philosopher of Bichmond, who teaches that " the sun do move." We are slowly but surely emerging from the misery brought upon the country by vast volumes of irredeemable paper. No power short of the Almighty Power that shapes the order of the world could have delivered us from that misery. We have now nearly paid the penalty of transgression. I earuestly hope that nothing will happen to prevent our reaching the solid grouud of " honest money," and honest dealing wilh it. I am, very truly, yours, etc, UEü. V. N. LOTÍIROP.