The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-17

would know that II was not prepared 10 redeem any
more. The gold paid out would not be paid to Cir
cuaton, but sink back into an article OF merchan-
disc, the balance OF the greenbaek currency
the operation would simply be the contraction OF
the currency to the extent OF seventy millions and
the indefinite postponement OF the redemption OF the
balance. But the great obstacle to the return OF spe
Gle payments and the one which we VIII nave The
against it.. The premium upon gold and the advan-
tage IL gives TO certain classes over others was una
to continue single day longer than IL necessary
The present condition OF things produces great ne-
qualities among the people, which, II longer con-
tlnued will give rise to heart burnngs and tend to
demoraize the public sentiment in relation TO our
national operations To ILLUSTRATED VIII suppose
SERVED from interest on United States stocks.
Upon this he would pay an income tax In currency,
Wnen TINS income Is converted into currency 1t will
net MN about $1,000. On the other hand, has an
ture, merchandise or manufactures, and pays tax
OF az least Two per cent on the appraised value OF
come s derived This win reduce his income proba-
bly, to $500, upon which he pays an income tax,
$500. To illustrate agan:-A is the owner Of
$40 600 in hve-twenty bonds from which he derives
yerted viii realize $500 in currency and upon his
bonds he pays no tax whatever is the owner OF
81 n SIX pep OF $500 on o
for state S and county 5 which will
half the amount OF A. may, perhaps not feel very
comfortable this state Of things and VIII be led
to inquire into the causes Of the gross inequality.
He will be told that so far IL arises from taxation
1t is unavoidable, as the States cannot tax govern
ment securites but, far 1t arises from The
don Of the currency, speedy relief may be afforded
by the government II It Will. Equal rights are the
cety equal facilities for acquiring wealth. equal re-
wards Tor labor and the equal support OF public
burdens should be given by every government to
the man who lent his money to the government
to carry IN, on the war for the suppression
mi w mas
been his motives. He was public benefactor and
entitled to the thanks Of the nation. To him the
may be; for good faith covers nation like clear
and refreshing atmosphere, which imparls health
seems beautiful and bright; but when faith is
broken It Is as Il the air were filled with noxious
vapors which obscure the sight, impair the health
and end In dan kness, disease and death.
But while our creditors should receive all that they
10 balance Of 0a Se eo
pie and bring them up as nearly as possible TO the
same prosperous level. The exemption from taxa
ton is legitimate advantage as 1t results from the
| nature Of their securities; but the additional
p ront Of premium on their :, gold iva, was
| for their benefit and beyond the necessity which
created would become fraudulent to the rest OF the
| nation. The credit OF the United States government
| was never good as IT Is There is more con-
fdence to-day IN the perpetulty OF the government
than ever before. IL has been tried as no existing
government ever has, and in the midst OF the strug
| GLE when Its life seemed to hang upon thread,
@ I'll the w At
Of the war and before it could not borrow dollar
in Europe and can scarcely be said to have had any
credit; and this was Of the things relied upon
| by the consplrators In their calculations as to
the amount Of resistance IT. could make
so well understood as now and the faith OF the peo
before. While there are very few men In the coun.
try who doubt the ability OF the government to pay
who doubted its ability to redeem or pay of the
legal tender notes. In regard to the redemption OF
e, has sen
be paid until the general credit OF the government is
improved BY the expenditure OF some hundreds Oh
due for years is to ny into the face Of common
sense and insult the intelligence OF the peo-
intimate and memorable relation existing
between the legal tender currency OF country and
rites can never get beyond that OF the currency IN
| which the business OF the country may be said to
OF the gold to into the treasury Tor
next five or ten years to the purchase OF bonds
add but little me any1s TO e yae G ,s
certain, that. while nobody doubts the ability OF the
government to pay the uotes by making rea-
lects or abandons the currency under whatever
pretence or disguise. and applies its surplus reve.
and thus leeIslate for the benefit OF class the only
than any other, the currency will sink from that
hour and the very foundations OF good faith Will be
|
wickedly partial and unjust. what would be thought
Of great railroad corporation that should refuse to
pay its overdue floating debt and appy us carr EN-
pretence that 1t would thereby improve It's ability to
pay its floating debts But such legislation would
be stupid 1t would be wicked for the depressed
currency would inevitably carry down the bonds
IN its close embrace. While our overdue paper,
| drawing interest and for which no time
OF payment is fixed and no preparation
made, must necessarily be deprecated, as IL
now is, still that probation would be far greater
but for the general faith existing among the people
| that the government viii speedily make arrange
the currency will sink lower and sink rapidly The
Secretary OF the Treasury, IN his last report after
making an able n 70 b sSM e ess s me
means Of returning to specie payments with the FOL
| lowing statement:-
pressed by him that reduction Of the circulation ~
The country until to The paper Standard was
But as this policy was emphatcally condemned by
Congress and It Is now too late to return 70 II he
recommends the following measures az the next best
calculated to effect the desired result
Secretary his former opinion that, by
largely contracting the currency the rest of would
How such contraction could have this effect he
has never shown, and the opinion results from
misrepresentation OF the which depreciate the
paper currency. Suppose the greenback currency
was contracted down to 800, 600, 600 could the
naming $780, 600 be brought par In any other
way than by making arrangements TO redeem n9
You cannot pay debt without preparing to pay IL;
and every trick device to bring the currency up TO
par without making preparations to redeem it ac-
cording TO the promise on IT'D face would be abortve
and disastrous The currency Ia deprecated because
1t il overdue and dfshonored-draws no interest
and there Il no time fixed or preparation made for
its redemption; and these causes would depre-
ciate 1t II there but 81, 100000 OF 1t anoat.
The effort TO force deprecated and irredeemabe
paper up to par by making II scarce and pnching
The people, IL like attempt to enhance the price OF
unwholesome provisions by producing famine.
The means he suggests for returning to specie pay
ments are two-fold-the first Is to IegalZc specific
contracts to be executed In / voted for q bill
for that purpose last session without much consId-
Grafton and have since become satisfied IL was an
error. The unwary would be enticed into such con-
tracts by the crafty, and those In Strengthened cir
cumstances or under heavy pressure would DO
forced into them. No man can safely make a con-
tract be executed In coin while the currency IL
deprecated and the financial condition OF the county
IA nuctuating such contracts were not brought
about by coercion, fraud would be In the nature
OF gold gambling, the party trusting that gold