New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-05-25
THE CURRENCY QUESTION.

with those heroic which have absorbed the at
tenon of Congress for the last five years To turn from
the consideration OF armies and naves victories and de-
fea 20 the long array figures which exhibit the debt
expenditure taxation, and industry of the nation,
qures no little courage and sefdenia; but to those
questions must come and to their solution Congresses
political parties. and all thoughtful citizens must give
their best efforts for many years to come.
THE HARD TIMES.
The past six months have remarkable for unpara
hall the civilized world. In Great Britain the distress
among the labOrng classes is more terrible than the
century From every city, town, and village in the
kingdom the cry OF distress up through every issue
Of the press. The London Times of Dec. IL. SAYS: ~
public unprecedented me
S G % sn the RE0s LS5Se Il seemed the
"a ~. 80 iSt bnt n Ne are not mistaken eIigenees
Of the viii those Of AtJ '0'4ei '
The London STAR of a still later date, says: u,o,.
Men aud die streets eyer 6a o. 5,s o9 bpe
dStrcts sinking into vast squAld a"iui o0n0'n u P
From many parts Of continental Europe there comes
smIlar cry few weeks since the Secretary OIL State
laid before this body letter from the american dnser
at Copenhagen appealing to TINS " SeSep and
Norway late Berlin paper says business Is ~
ana Of Eastern prussia are appealing
IN he German citizens Of the United States for
relief g of famine In Finland the peasants are
diving OF Starvation by hundreds In parts Of France
f sna sT r me Is still greater In Gers the deaths by
starvation that the victims are buried IN
trenches like the slain the battlefield In Tunis 5000
have thus persisted in two months The United States
Consul az that place writes taI on 'ne zr uy % int
city and the daily deaths from tha cause ex
coed 100 Our sadness at the contemplation OF TINS PIC
ture mingled with indignation, when we reflect that az
the present moment, In the eight prlnclpal hau9ns
arms at an annual cost of nearly o thousand
million dollars expense which, in twenty
i TSs55; "O and this only the peace establish
ment While Napoleon is feeding $1,000 starving French
he Is compelling the French Legislature TO double his
army Whatever distress our people may be suffering:
called balance of power has never cast its shadow
upon our people We have reason indeed 70 De q;
any other nation But the distress here s unusual Tor US
Is seen n the depression 81 sSd 'nI bs nt d
Guilty which laborlng men encounter m nhuing employ
S a S SaTe e sSs RaH the W60
industry of the States lately in rebellion Is parayzed
the imperative duty Congress ascertain the Of
this arrangement OF our industrial forces ana apply
whatever remedy legislation can afford. The Held Is
broad one, the subject manysided; but our St steR
direct my remarks this occasion 10 but one feature OF
legislation Propose to discuss the currency ana us
relation to the business prosperity Of the country.
OUR INDUSTRIAL REVOLUTION.
In April 1851 there began in this country an industrial
revolution not yet completed as gigantic IN us proper
tons and far reaching in its consequences as the po
ltoal and military revolution through which we have
the currency it is necessary to examine the character
aud progress that industrial revolution The year 1850
ness For TO years no Federal tax gatherer had ever been
among the abOrng population OF the United states
pendtures of the Government including interest the
public debt were less than the rom
lures The value OF our agrcutpTs pI4oncts IOr inas
was 25S 0OO0ee pounds and we supplied to the world
ghths OF all the cotton consumed Our merchant
tuns, and promised soon to rival the immense
carrying trade Of England Let now observe the effect
of the the various departments OF business From
the moment the first hostile gun fred the Federal
and State Governments became gigantic consumers AS
far production concerned eleven States were COM
peely separated from the Union. Tive million labOrers,
more than onehrd Of the adult population Of the North
States were withdrawn from the ranks OF producers
and became only consumers OF wealth The Federal Gov
ernment became Unsuitable devOurer Leaving out Of
account the vast sums expended by States counties
cities towns and individuals for the payment Of boun
ties for the relief OF sick and wounded soldiers and their
families and emitting the losses, which can never be
estimated OF property destroyed by hostile armies, shall
The Federa Treasury From the S6tR Of June ISL to
the 30h Of june 1865 there paid out Of the Federal
sse four ysaps Of more hag sS See
From the official records of the Treasury Department it
luton in 1775 TO the beginning Of the late Rebellion the
total expenditures Of the Government for all purposes
TO a. The exBendlt1Tes OF four year, re OF 5ee
Federal expenses the Declaration Of Independence
The debt OF England which had its origin in the reyolu
years Of war and other political disasters had reached
in 1898 the Of 81 During the ~ years that
Followed while England engaged In Gfe-anddeath
struggle with Napoleon 1.-THE greatest war IN history save
own $2O6OoOoO were added to ner DEBT IN our
amOlt by which England increased her debt In 0 years
of war; almost as much as she mad increased u IN 10
wears OF war Now, the enormous demand which TINS
Expenditure created for all the products OF industry
stimulated to an unparalleled degree every s
boat telegraph-a driven to their utmost capacity
" snSV ybeS All NATIONS in normal state keep on
hand were exhausted 10 meet the demands OF the great
consumer For many months, the Government sWaIOwed
three millions per day Of the products OF industry Under
the pressure OF this demand prices rose rapidly in every
and abundant returns Old debts were cancelled and
great fortunes made. For the transaction OF this
of
needed but doubt II any member OF this House can be
found bold enough 70 deny that the depge OF treasury
greater than the great demands Of business Let II
issues WAS not 10 increase the currency OF the country
They authorized with great reluctance ana under
expedient to meet the demands of the Treasury. They
really forced loans in the form OF treasury NOTES.
BY the act Of July II. 1861, issue Of demand
by the act Of Aug 1861, this amount was increased
issue Of S5OOOOOO was authorized on the nth Of the
same month unlimited Issue Of fractional currency
OF Si5OOOOOO more authorized which increased
s6OOOOO by the act Of March Of the same year THIS
act also authorized and TIVE Treas
uy notes. bearing interest at five per cent to be legal
tender for their face TO the amount OF $os By
the act Of June 80 1864 an issue OF SIX per cent
interest notes. TO be legal tender for the race was a
thorzed, TO the amount OF S0oOo0ooo In addition to
lied which, though not legal tender performed many
1862 the issue Of an unlimited amount OF certificates Of
Indebtedness authorized and within 80 days after the
standing of these certicaes than S56eOe CO., OF
course these issues all outstanding at the same
time, but the acts show how great the necessity
for loans during the war.
THE LEGALTEEDER LAW
The law which made the volume OF United States
notes legal tender operated act OF general bank
rupcy The who loaned 1000 in July 1851, payable
1n three years. compelled by tins law to accept at
maturity full discharge Of the debt an amount Of
currency equal in value TO $3.50 Of the money he loaned
Private Indebtedness was everywhere Cancelled Rising
prices increased the profits Of business but this pros
pery caused by the great demand for PreaHcs and
hot by the abundance Of paper money AS means OF
affecting the vast business of the country great v0ame
it'll