New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-11

zee Row tLe,e reforms work and, should they prove
bentfcent, stand ready to adopt them. We cannot
yet sse tbe wisdom Of tie Hard Money policy but
we live to learn. Let the Democratic States at
cree establish Sub Treasures, collect their taxes 10
Gold sid Silver exclusively, ard keep their funi.
in the tsrds Of their own officers instead of dePos
rg then in Banks; and, if the system works vel,
W shall be ready to sledge the fact and re-
commend the policy to those States which shall have
held back to watch the experiment and note lts
results
But NJ. Cobb ia in rather urgent want Of money,
AID, while be aisurdly estimates the Imports OF
the next fiscal year at $50 600, Co., which i. only
about 500, 900 too high, and expects there
from $50 SOC, 900 Of revenue, be admits presen!
and urgent deficiency in his vaults, which Congress
must enable him to supply.
But hOr supply il! How should Hard Money
Government, whose income is inadequate, replenish
it, Golfers Stealing being at once unsuitable aud
imprscticsble We know Of but two resorts-taXing
and borro~iFg
Mr.. Cobb eschews the idea of taxing, insisting
(mistsketly) that his embarrassment Is but tran
sient, and proposes to borrow-but 10 what man.
nerl BY none other than the issue Of Treasury
Notes to the extent Of $50 900 600! Not having
the wherewithsl to pay its debts on the nail, our
Hard Money Government proposes to psy them in
engraved promises to pay at some definite or indie
finite future dsy-said promises being meantime
receivable for public dues and being used as me-
dium Of eIchAnge-in Short a. Currency. We
defy any man to point out an essential difference
between these Treasury shiDplasters and those
witch were formerly issued BY Oyster.cellars and
grg.shops. They differ from Bank Notes mainly
in being non.payable in Specie on demand. They
are to all in.ents Paper Money-the Oldest and the
worst form Of it ever known-!he one BY which
nations have been swindled out Of Thousands Of
millions. 1t is the French Assignat, the Yankee
Continental Money. 1t is the payment Of debt
by fresh promise to pay at some future day.
Mind that We are not opposing the issue Of
Treasury Notes. Mr. Cobb demands them. and We
trIst Congress will promptly empower him to issue
them. We have so deep faith in Paper Money
that We eau stomach even this, i. most dangerous
ard eIceptonaoe form. What we object TO, is not
the issue of Treasury sbinPlsst4rs but the preach
ing of Hard Money to the States BY a Government
which proposes to suice the channels of circula
ten with paper promises, to be redeemed
with other promises, and the kite thus kept
flying till the Revenue shall have risen again to
Seventy Millions per annum-xhch will not BE-
we confidently predict, until after Mr.. Cobb shall
have ceased to guard the portals Of the Treasury.
This may BE- an easy way to tide over the financial
breakers now roaring on every side but it certain.
ly is not q Hard Money way. Father said 8
youth, whose governor was apt to change from
piety to profanity rather abruptly, Il wish you
"would stop either praying or swearing, l dons
scare which," twas reasonable request, an 1
we commend it to the regard of Secretary Cobb.