New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-01-25

IN dry goods The close Of the rebellion let loose a high
prices vastRmount ofcottOn; but We excnanseo y sg
once for dress goods These facts would seem 70 snow
that the higher lay Of trade and commerce exercises
pess rgOr against those nations which tolerate an s
United States il the egsitendeF issues were withdrawn
would be loser by the amount Of increased interest
value than s2I 100000 TO the Government With incOn
vertble paper health is impossible but with health we
could easily negotiate all loans for OneiXth less interest
The $500 of national bank currency that would then
be convertible being 50 cent more than we had
But while VIC are befogged with paper currency
Tedee'nable IN other paper currency anti t9as
form Of nflation-COngress win make lavish approprla-
tons and the expenditures OF the Goyernment VIII be
any loss to be incurred the score Of interest by funding
money cheap Familiarity with millions has bred
tempt for paltry sums and seems eOwardce to shrink
from any proposal merely because the figures are larger
than would once have suced Put off the day Of pay
meut and count large sums as tres forgetting that
each dollar Of every million will cost some OF our country
men the sweat Of hard days work 1t Is thegoden mo-
ent for the party now in power 70 turn i attention 20
the dry subject Of economy and stem the tide flowing out
from the Treasury for the day win approach when
course win not fall TO be reviewed BY taxpayers II we
we prevent all raids upon the treasury Ne
shall entltle ourselves to imperishable gratitude
From the facts to which have already called the atten
ton Of the House It would appear TO Dooemonstrated
posts IN various parts OF the world Of marvellous extent
and richness has rapidly and forever depressed the
standard value Of gold, whether as currency or as
Commodity throughout all civilized nations, and that the
United States standard of the precious metals used as
currency has been appreciated from time 70 te eltner
ably with that OF other natiOns that while we have al
ready entirely eXtngnshed or propose 20 exngln Je
circulation of State banks, have supplied It's place ana
much more by the creation of family OF National banks
whose issues alone are Sl00000,OOO greater than
the circulation dspaced-issues everywhere prac,
tically irredeemable and inconvertble, and
or other into other paper currency of stu
larger proportions, which the Government VIII In some
way and at some time redeem, if It does not choose IN
monopoly
colored paper money that deposits, bills OF exchange;
and checks Of individuals really possess In comnerca
transactions all the functions OF banknoe currency ana
svey and therefore In proportion to the business OF inc
world far less money Is actually required than formerly;
that the rapdity Of the circulation OF money or Wha
circulates money, greatly magazines any currency
which NAV be used in the United States that the inn
mensity Of paper money circulation tehuS 10 inc
spread of unthrify habits and induces on
the part Congress and the Executive Departments as
well the people that pOsponement OF the time OF
resumption viii find our people less prepared more
deeply In debt the banks with heavier me OF discounts
and the credit system more expanded everywhere
than now for O wise, steady, aud prudent adherence
to Tie idea of an early resumption; ana WITHOUT
this cardinal idea always In front We are IN danger
in the face Of diminishing revenue, OF no resulnp-
ton at oil. violent or abrupt contraction OF the
present volume Of paper currency might not be adYaDe
and with the everpresent interest OF the treasury urging
the maintenance OF an easy moneynarket there Is no
danger OF its occurrence; but moderate and persistent
contraction Of the flood within its old embankment is adj
vsable In order 10 restore health and vgor 10 angusng
nation upon that impregnable foundation Tor which the
material not more precious than solid mas Deen Pacea
by Providence within reach, ana IN greater I
ance than is to be found IN all Otnef countries DSsu
have lust emerged from most expensive ought 70
exhibit that spirit which success justly inspires, graz
ping with the financial difficulties (emamng AZ pa.I "
secure the vital interests OF our own people WHO VIC
challenge the respect Of foreign nations