New-York tribune., 1868-12-17


Of the gross inequality He will be told that so ir US ~
arises from taxation it IS Unavoidable the states can
the condition OF the currency, speedy relief may be
afforded by the Government II it VIII. Equal rights are
society equal facilities for acquiring wealth. equal
rewards for labor and the equal support OF upc Dur
dens, should be given by every Government to s people
far II may bo possible. To the man VINO lent Iis
money 10 the Government TO carry on tie war Tor the
and emitted to fbe tbarfs of fe uation To him The
Government must keep faith whatever that fath may
be- for good faith covers nation Ike clear ana le-
ffeshing atmosphere, which impar, hoalth ana NSor
10 men, and through which all nature seems
beautiful aud bright. But when faith il broken it Is
as u te ar Tee ed win n9hious VolSrs & Tin GaTnc oo
ceive ali that they are entitled to IN law and equity. II
bad faith improve the condition Of the balance OF
the people, and bring them mp as nearly as posDe 20 e
legitimate advantage. IL results from the NATURE OF
their securities, but tho additional pr0nt oi premium
their gold accidental IN the beginning ana con
tmued for their benefit and beyond the necessity wmch
created IT, would become fraudulent TO the rest OF e
nation The credit OF the United States Goyefnment was
good IA There more confidence TO-
day in the perpetuity of the Government than ever be-
fore. 1t hs been tried as no existing Government ever
and in the midst Of the struggle when its life seemed
to hang upon thread revealed the existence OF ered
and OF vast resources that astOniShed tbe w"lu Az o
beginning Of the war, and before II could not borrow
70 qEF Sye had IN Gop y pcd a1a S1 s w DC one Of
the things relied upon by the conprators III their cac
latOus 10 the amount " resistance II c0uld make 10
the Rebellion It's resources never developed SO rabay
now, never so well understood az now ana Tue
destiny
than ever before While there are very lew men III tle
country who doubt the ability OF the Government To pay
doubted its ability 10 redeem or pay or the gatender
notes In regard 10 the rcdelnpon OF theso notes. ~
has never been question OF ability bnt OF purpose ana
to say these cannot be paid until the general
credit OF the Government is improved by the expehdi
of bonds that viii not be due for years, Is to Gy
into the face OF common sense and insult tho IN
is an Intimate aud inexorable relation existing
between the eRaltender currency Of country and its
beyond that o the currency IN which the bust
of the country may be SAID TO I'VE p9vc ana nave
the Treasury for the next five or ten years to inc pn
chase OF bonds could aud bnt NUE. II any ,nDSi 70 omo
thug certain, that while nobody donbis the abty or
the Goysrnme9t 10 pay tne nOes W ena 6 ahandon
the currency under whatever pretese or dfgulse ana
%l s & s W. be yo Of tie rest of them and
only class in this country doing well enough
and better than any other, the currency will
sk from that boar aud the very loundalioAs OF good
faith viii DC shaken Such legislation would DO notor
ously and wckedly partial and unjust What would be
thought O great railroad corporation that shOud refuse
TO pay its floating debt and apply its curent
revenues to liquidation long bonds under the pre-
tense that it would thereby Improve ITS ability To pay
ITS floating debti BqI such Ggisiau29h would DC be
pressed currency would inevitably carry down down
due paper drawing no interest ard for which no
time OF payment Is hxed and no preparation made mnst
necessarily be deprecated as II now - sun that depIe
citation would be dr greater but for the general fah eX
istug among the people that the SoSe,hineaS ", %i
tls faith Is broken the currency w SINK lower ana SINK
rapidly The secretaX OF tne IIeaSnry m IN IN I5 e nv re
port, after making an able argument 20 snow he CtoI
DEPRECATED currency begins his discussion az to the
statetnent The Secretary sti adhcres tho opinion
frequently expressed by hun thar reduction Of me
paper circulation OF the country until t appreciated 10
ibe specie standard tie true solution Of Onr financial
problem" But as this policy was emphatlcaly condemned
he recommends the following the rCXt best
calculated erect the desired result: Here the Ssce'
trefne lie npcr currency tie would be Hppe-
onted TO par" How such contraction could nave lhis
misapprehenslOu of the causes winch depfeche the
paper currency sagp9se the greeGa,E currency @ Was
100000 be brought 10 par no any OlheF way thah ny hhB
arrangements 10 redeem ~ You c,nIot iay o. usp, h
currency ~ 20 par without making preparations 10 re-
deem according 90 the promise Oh It's Iaee wend pc
because n overdue aud dishouortd, draws 40 interest
S@s,rrion. and these causes would dcprcciate II
II there were bat $1,000 ot 1T, II .Gi. angnt.
paper uI 70 plrby making II scarce aud p.nchng The
people j. Ike IN nitenpt 20 enhanee The price of mn-
Wholesome piov'.ohs ly producing Ia'niue. ~ ~
means be suggests for rclurpins 70 specie payments are
executed In fyot'd for bn for tnat pu0so last
session without much consideration, and have tiue pc
sS, sn ,a a1 h eonirses Sy the crafty ard those IN
suaitencd clrcumstancc' or nnder heavy pressure woul
10 b. executed IN cuu while the currency Is deprecated
sn rontrfts were not brought about hy coercion or
frud would be In the nature Of gold gambling. the one
,iv rsiin thnt gold would be at larger premium
II wouIi command little none 10 could hardly
2erg S2 ~ rod at iiS future umc snoud coin
eoutfact be gilzed, however m proposed, % should
only be I'm connection With some general pan 10 tv,urE
to specie payments az hNed period. But ASIDE iium
the evils and h1tdships 10 Ic'u nom rucn Cotlts,
more than common contracts Tor the future delivery OF
gold They would constitute any preparation on ITO
pant Of te Government Tor We ItNem'lo Vi tne & &tul
TeDoy and therefore, could not 10 any ptcepube extent
appreciate 10 yl'ee' lnc f,c9'u ~ ~ | w e
specie payments ls cOltlted III tI!S IonONins N9"ko
fiOm the secrctays report; aid Le therefore recon-
fr tbe avinrnt OF coin can b. enforced that 1t BE- de
cared after the hrst day of January ioip Uhteu
ali debts subsequently contracted and thSt AFTER
lie rst day OF January, 6 thcy shall cease 10 -l
Government dues, Tor which they are now receivable
The laws should also authorize re c9nye ION ot the7e
notes at the pleasure OF the holders into bonds bearing
such rate OF interest as may be authorized by Congress
on the debt into which the present outstanding bohds
may be funded 10 enough, IL seems, That Tue cur
% ae.S ~ Ia s contract win tlm holders aud
49, sIenl render character It's legal tender character.
by which Il Is made lawful money ana may DO used IN
tie payment OF debts has added at least oolhri TO S
poses 10 nhct upOB the holders OF tho currency at tue
lines mentioned. The Government could bo phl'y
Of th.ir value IN the hands OF tho people does not
differ h pruople from making them Hhoiy NofLltas'
crnncnt linz 10 right withdraw from them any clc
msut which to constitute Uelr value 10 snow hJ
such measure would be reputation in fact let us
cr The character Of the contract between tho holder OF
greeuback note ami the Government III ~ to pay 30
nv dollars 10 the bearer or holder donaud. Tl5 Is
line original contract between the Goyerneut ana tho
holder. The privilege Of funding tho notes into Eve
twenty bonds conferred by the act OF February 30 1902
ard which tho Secretary proposes to recstaDlsh,
only reducing the rate OF intcrest on tno
bonds rs mere collateral privilege aHd IN
noWlse affects the right Of tho holder ot the
note demand the performance OF inc ongdl CONTRACT
uTInted on ia face. Wien the Government, therefore
refuses 10 perform the original contract and throws tho