New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-07

work for living In The present condition OF sia TINS
interest would be greatly promoted by the proposed issue oil
Tn csuy IL Is true that such issue may ioT while not
Only disturb the relative values Of Of the securities Of
the rich but may Lo impair little the value Of the savings
Of tie poor the savings banks This will he more than
IT, by opportunity to work, they saved
the necessity of withdrawing THAR deposits for, on resunp
ton ofspece payments they will be valuable as ever
The disturbances which expanded currency produce
are not TO lie denied 1t Ia but fair however to oox DO
sides Of the question think Is equally plain tina. the bsne
ITS which will low from inconsiderabe looking at
the welfare Of the country in the sggle they may out
weh the disady snagos As the necesics OF Government
render the issue OF Treasury notes made legal tender about
inevitable may well Put the hes. face on tie matter
and resolve to extract rom 1t all the good we can.
MERCHANT.
Remarks By The Tribune.
1t seems TO US marvellous that people ran 40
confound things essentially different and argue
with 80 little regard to the careful location Of
premises, as in the foregoing.
Who objects to liberal issue of Treasury
Notes Not we, certainly. The Government
has perfect right TO use its credit to facili-
tate its operations and defend its existence.
There is no formidable opposition to this part
OF the Treasury programme.
But when We are asked to approve an act
by which contract payable in gold or It's
equivalent shall be satisfied by a tender OF
something which is not such equivalent, We
hesitate md hang back. We have thorough
faith in Paper Money that is money-when 1t
has fixed end definite value, ascertainab'e BY
a touchstone in every ones hand. dollar
bill is a dollar to us, provided it is some'-here
commensurate with and convertible into dol
lar in coin. But dollar that does not mean
four quarters, nor ten dimes, nor q hundred
cents, nor any definite amount Of coin-whicb
is promise to pay what is no where to be
paid-which is certain TO fuctuate from day to
day in the number Of cents which it will buy
which will only pay debts because the law
compels the debtor to accept its no; money
according to any definition Of that term TO
which we subscribe.
Let us illustrate: A farmer sells his grain in
December to a merchant who promises to pay
him in April one pound Of silver for each cart
load (,hirty busbels) Of wheat. That is the
old fashion Of giving credit prier TO any Gov
ernment intermcddliug with currency. The
British pound sterling was originally pound
weight Of silver, but has been gradually re-
duced by Government debasemen,s of the cur
Iency 10 relieve Its own necessities I'LL Il IL
now little more than fourth of that sum.
The American colonies improved on the mo-
ternal example until the ew-England POUND
was but two.thirds ard the New-lork but little
o,er half the pound sterling. Aud II is on this
downward road-where the descent is so easy,
the return so dinicult-that We are now in-
yied 10 enter.
All that a Merchant" urges in favor of
Irredeemable Paper as stimulating Industry,
is pure assumption. We deny that such a
currency VIII tend 10 set in motion the wheel.
of s.agnant Industry whether during or AZ ID,
close Of our struggle with the Shareholders
Rebellion. On the contrary, we are confident
that ut VIII have II contrary elect. Prudent
capitalists will be shy of buy ug raW staples
and hiring labor under an inflated Paper
currency, 10 be converted into Wares or
Fabrics fiat they may very probably be
required 10 sell under Specie curreIc!-tLat
h., after all prices shall have been reduced to
q Specie standard. We believe the issue OF
irredeemaJle paper viii tend strongly TO coun-
ier,al our high Tariff, and incite to inpor.
tc.ions from Elrope Of articles which would
be made at home under currency measured
and tested by the Specie standard.
Understand that we object to no paper ssEes
that are rcdecmabc in specie, or that are
frankly aud on their face irrcdeeuable. What
we do slrcnuOusIy object to ia legal compusioi,
whereby private citizens are obliged to receive
an unfaitbinl promise to Pay dollar as a real
dollar, when it is VIGOROUSLY worth but ninety
five, ninety or perhaps eighty cents. This IL
wrong in principle, and oan hardly fail 10
/ prove injurious in practice. We would far
sooner make United States Six per cent. bonds
legal tender, provided their interest were se-
cured TO be paid in coin. Those, il might
plausitIy be argued, we're worth their face;
those would be just what they protested to be;
which demand notes not paid on demand are
no.. But lei Congress oct promptly and de-
cdcdly, even though its action should be
wrong. We lack faith in Irrcdeemable Paper
as 4 panacca for any ii whatever; but hcsta.
ton, inaction at such a crisis is death. Please
to move on
s.sr-~rxs<rnrssvrs1