New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-01-21

Total. ACKNOWLEDGEMENTS. 6sp,oopVO
So that the currency in use by the people stands in
the proportion of 90 to-day, 10 70 i'll April, 1876:
showing reduction only of fraction over five per
cent in 30 months. Unless we are to be Mortonized.
and 90 into eternal suspension and bankruptcy IL
would seem that nothing more moderate than tins
could have been expected even by the lniatlonlsts
themselves.
But how comes the discrepancy The Govern
ment has owed and owes legal-tender interestbear-
ing notes becoming due at various periods, and Mr.
McCulloch has from time to time paid of something
like 500 100000 of them. 1t suits the policy OF
the nationists to insist calling these interest
bearing notes money, and TO say that paying them
deprives the country of just so much circulation.
But let it be borne i'll mind that the inationsts III
sisted with equal zeal when these notes were issued
and ut various times since that they not money
and did not initiate the currency, They said then.
and Mr.. Chase himself held, that as the notes were
interest bearing they were of the nature of the
other loans of the United States, and being held by
capitalists could not be fairly regarded as money.
If this be true, what becomes of the cry that Mr..
McCulloch has been curtaing fast as to ruin the
country.
1t is no part of our business to reconcile these con-
lctng views of the natonists 1t is enough toexpose
them All that we set out to say in view of the only
the side of imitation, u.s. that the argumentshad pre-
cisey the same force the day Congress decided upon
the policy of contraction that it had yesterday on its
delivery on the motion to arrest it. And, more for
Congress knew perfectly well, and everybody else
knew the interest bearing notes were to be paid
when they became due, and there was no objection
made The limitation put on the Secretary referred
to the greenbacks alone, and Mr.. McCuoch has done
less than he authorized 10 DO in reducing their
volume
The situation to-day is thus better, rather than
worse, than what anybody had right to assume
wear ago so far as contraction concerned that it
would be. Every business man OF intelligence in the
country has known, OF might have KNOWN and every
such among Senators at least, is presumed to have
known, Is months ago, just what the situation OF
our finances on the LIST of January, 1868, would De-
under the then existing legislation OF Congress
What figure then, do Senators cut who now so
loudly trumpet their alarm at what they choose to
term the extraordinary and uuheard-of conuacuon
of the circulation as is done by Mr. CattelL And
how still more extraordinary and discreditabe she
spectacle exhibited by Senators Nye and Sprague,
one of them man of genius, and the other man OIL
busness-when they breathlessly inform the Senate
that the Secretary has suddenly. occasion. with
drawn twenty millions and more at time OF cur
rency and intinating their inexpressible audacity
at the movement.
When the very acts for which the Secretary Is re-
proved were simply payments of the obligations OK
the Government, when they became due, and which
instead of being sudden acts of contraction were ac
which everybody interested to know, knew months
beforehand would be performed; and which every
Senator who thinks himself entitled TO comment on
the financial situation, should have known, at least
in season. to prevent his conyicting himself Of ncon-
ceiyable ignorance We recommend 10 the dis
tinguished Senator from Nevada to stick closely TO
the hard money of the State he so ably represents.
and not to trust his good nature TO the sharks OF
Wall-st
The vote on Senator Edmundss amendment 10
which have referred, was, as you will have seen'
10 II. This amendment was intended merely 10 eA'
press opposition to further imitation, and you see i'
fate in that socalled conservative body the sena.e
The question of arrestng contraction is settled .,
the measure itself to which the amendment ws'
offered &c. you perceive, the design of the iOnS
tioaists is stoppageo of contraction merely as pr"
limnary to further initiation. j. ST