New-York tribune., 1868-11-11
IN THE ABSENCE or A METALLIC. SHALL WE
,,-Lr 1, !. I,IIRRLNnNi

IN THE ABSENCE or A METALLIC. SHALL WE
HAVE WHITE MANS PAPER CURRENCY
70 the EditOr OF The Tribune.
SIR: In 1865. in what was subsequently known
and quoted Wayne speech the present Secretary
OF Treasury promised to the country metallic cur
rency within a comparatively short time. with their
OF such promise the people began to believe
that we had In the Treasury Department at last the
right the place. limo has but proven however
that the Secretary then for effect promise 10 the
ear broken the hope, and this nrst day Of NO
yembor 1903. prospect offers OF such condition
than there did when Ma McCullooh by Government
installed in his present Office So far from giving Ms
metal currency that gentleman viii not give
decent paper currency Let any person to-day examine
the paper mOHey. either the issue led greenbacks'
or that known National Bank notes. the hands Of
any officers In the nation and he VIII find one hund
red ragged dirty and greasy pieces OF what in 1868
toeraby II quite clean paper for the one he could
ind In like possession that year Apparently, to make
his promise good the Secretary has concluded that the
way have metal currency come in was To let the
paper currency out In the hands OF whoever happened
10 hold for the last time should such holder not have
knowledge enough 10 send 1t TO Washington to be
deemed with some OF the sort. shade less
dirty and ragged
We believe there will not he found man holding to the
tenets OF either political party to-day who Will not de-
eide present disgrace TO the nation-not
on Of its deprecated value when compared to
gold silver OF tue degree OF UHcntSs, nut
when compared. a paper currency with the paper
rency OF other nations And for this condition 1t must
be- admitted there person within the bounds OF the
United States this day blame but the present Secretary
OF the Treasury.
From the Bank OF England, which. in that country,
takes the place Of Treasury Department bank note
OF any value is issued second time, whom
returned to that institution Is then checked
the record and the bill Is cancelled to be replaced by
one, the same to be served Ia like manner should
II be returned for redemption after circulation OF but
one day In tho United States there in 1868 printed
at the Treasury Department five hundred millions OF
dollars the representatives. for such in greenbacks,
and this hour OF them have not been destroyed
n comparative few, yet In circulation or this issue,
nearly not quite all the greenbacks a present In crcu
laton form part. They have been returned to the
Treasury scores and many Of them, hundreds
Of times, in making payments OF taxes.
and In the purchase Of $40 aud other bonds and often
they ressued they will bear handling SO that what
1858 clean, strong bank note paper, is to-day little
ee than greasy. dirty rubbish with its inscriptions
either side nearly eraced, and looking in the main and
feeling TO the touch IL had made the underground
passage through the oil regions OF Pennsylvania its
way To the Western States.
That Secretary McCuloch is q living enemy Of tho
geenback currency. he has time denedbu always
maintained Himself banker by profession, In tho di-
vine right of bankers being endowed with the privilege
OF issuing paper promsestopsy AS currency. he Is
firm believer while the validity Of such privilege being
exercised by the Congress the nation he has de-
med. lie has maintained that nothing but in.
ercst bearing debt could properly be the debt OF the
ton but that baDks-thOso creatures OF tho nations
ation-and bankers alone properly owe noninter-
bearing debt This style Of argument at sundry times
and divers OCCASIONS he has amply illustrated, and
the people In possession OF the fruit OF this idea
Apparently the only portion OF the currency which
he desires shall be clean that of the value OF so cents
winch bears his own likeness or this 1t Is noticeable
there dirty pieces TO be found in circulation
pared to the whole number, than OF any other.
Smartng. IL would SEEM under the failure 10 make |
good his Fort Wayne promise he has determined 10
seae the people with papecurrencylhis ideas OF bank
ing revolt at; aud therefore, instead Of replacing 1t
tang expense land which e is at perfect liberty to do
with issue OF clean paper, bearing exactly the
marks and numbers and printed from the plates
he authorizes the continued issue Of that printed In
until t has attained its present condition OF ragged nlth
nessa disgrace 10 u civilized nation, aud which. under
any other Secretary nursing the peculiar ideas
of the present incumbent II would have been al
lowed To reach
BY strangers and! foreigners do not know the
cause OF our currency being allowed to present such ap
uearance-t NAV he attributed To degree OF economy
practicod by Treasury Department officials econ
oy In such case were practced. aud economy could
In any case he considered. very rcprchensibc bat
they arc M sakcn who believe any euch consideration IN
auenccs hoac who la. the management VI Tie maIer