New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-10
TEE FINANCES AND THE CURRENCY


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TEE FINANCES AND THE CURRENCY
We SILVER OF the brink of boltomless
abyss Of ShiDplaster circulation. Congress
must provide funds for the vigorous and imme-
date prosecution of the War for the Union,
aud it seems 10 have been settled that il shall
take the short aud easy method Of making
Treasury Notes legal tender. We utterly
dissent from this conclusions; and yet there has
been so much delay, and hesitation. and yacil.
lation, that it is possible that no other means
Of giving immediate relief 10 tue Treasury now
remains. II might have been otherwise. The
arrest, conviction, and cOndign punishment Of
q fsw Official swindIers in December, combined
with the passage Of searching Retrenchment
BILL and such Yg0r in the prosecution Of the
war as was practicable prior TO the general
dissolution OF the Southern roads by the Jan
uary rains and thaws, might have been made
The basis OF an appeal to the People Tor Pat
riotc Loan Of Two or Three Hundred Neil Ons
which would have saved us from tbs slough in
" bich we now founder. But precious time
was ided or trifod away, and We are doing
in February, with diminished resources aud
damaged credit, the work which should have
been done two months earlier. Hence the ne
cessity for tie degrading resort to ShiDplasters.
Every Member of the House who advocated
The Lecal.Tender clause followed the Secretary
Of tie Treasury in deploriug that resort, aud
only jusii!ing il on tie plea Of ine1oraIls ne.
cefslty. The ready acquescence Of all in Mr.
stevense az erthought OF striking out tie clause
whereby tie interest on thee. Treasury Notes
Ma made payable in coin, seems 10 us utterly
ncoD.i.tent with this plea. Make the interest
on the Bonds payable in coin at tie option 0.
tie holder, and You have strong and
sure anchor TO your Paper-Money kite, and
thoHgh the cord is very long, it cannot g
coming at VII through the realms Of iDeliable
uOonsl.ne But Treasury Notes res'iDg on 2
ltweuty-!oar loan, whereof the interest is pay.
able in Treasury Notes, o Mossrs. Congcss.
men what Is to limit their depreciation .
Already, we hear complaints Of the "scsrciiy
" Of silver change" in Washington What d.
you suppose Barrum vii charge for Il good
lcOk at quarter Of a dollar year hence, II
Jon Keep on in The path on which you are
now cyreerirgi
Tie reckless abuse Of terms which marks the
fist stage Of the new Shinplaster Era il ap-
pSlling. People talk of "u,ng the credf OF
"tbc Government" as though this were not 4
naked Forced Loan aud one Of the most dan
gerOus character lie who coppels another 10
,rns. him, whether he will or no. may use liz
6se. bis pistol or bis boaie-knie--he certainly
does not use lis credit The Legal-1ender
provision is an advertisement OF want of credit
"a disguised proclamation Of bankruptcy. J.
needs 10 law to compel man to take what
les u real, intrinsic value equal TO the stamp
put upon it. Legal compusion only comes IN
Play when credit has taken fight.
Burhe's criticism on the forced currency
cgen by law 70 The Assiguats Of Revolutionary
France must have occurred to many Of our
prc,uming that there are many
WHO read Burhe, and WHO DO not make laws
entirely by guess. Contrasting tho Legal
Tender of Ito A,sieusts with the Paper Money
Of Great Britain before she, too, sunk into
The gulf from which many years Of peace were
required to eStricato herr Burke forcibly says;
"r EpR.ui Do ore shilling Of paper money Of any Mid
+ received bot = choices tie whole hs its origin a. cah
sctgtlJ eep9:cd and (. IL Convertible at pleasure 70
instant. Into cash again Our ToIsr Of taus Hmoee
teeauic IA lao n - i 1t l. Pow sdu Change,
broavis - He,fnhtter M q inT9teAr IN payment OF
deb. Of twenty shilling. cTedtJr may refuse al the
paper Of the Bank Of England. Nor Is there q
single public security, Of any quality nature Whatsoever
TO. 10 e. creed BY authority"
To-day, the notes Of tie D9nk Of England
are legal tender everywhere else but at tie
counter Of tie Bank, there, they must BE-
promptly redeemed in coin. That requirement.
keeps all smooth aud steady. 10 is not neces-
sary that oil fabrics in the world shall be
measured by gold yardsticki but there must
somewhere DO d standard measure which heat
does not expand, nor cold contract, aud which
is unaffected By prevalent drouth or moisture.
Legislators if sn Imperative necessity defccif
you from The true path, OF least leave US the
hope Of returning to it. Iu behalf Of the de-