New-York tribune., 1868-12-17

currency. / believe our currency would be depre
single bond, or If all our bonds were at par WY
is our currency deprecated, and Why wonla
| 10 be deprecated II the Government dld nOt owe
single boid3 Because the greenback note Is promise
BY the Government TO pay so may dollars on on IGla 4
which u does not pay. The promise u daly Drohen
and has long been dshonored. The note draws no li
erest, and ihe Government has fixed no time when
viii pay il. Under such circumstances the note ihuat
be deprecated The solvency or ultimate aDly OF lns
romsor to pay never Kept overdue paper u, paIi , o
the ultimate wealth ability Of the prcmssor Iheio
must bc certainty in the payment and time ot paych
ana II the iime OF payment be deferred cor @
must be made by the payment Of interest Let me sup
pose, by way Of argument. that A. T. stewart the great
merchant ia NcW-York, shonld pay on his numerous
employees due bills, or notes payable ON demnhd
10 pay on demand, and viii fix no time
wien he will notwithstanding his lminenne
wealth. ana his entire ability TO pay. his notes Wouu IN
evably deprecato and could only be sold at large dls
there legal remedy by which he could De com
h f sTc dvn ,Iiions Of dollars 10 he divided amoug
his heirs had unfortunate habit Of refusing to pay s
small debts Instead Of paying he would give s oies 9s
be suod then hire lawyer to fight the cases The re-
sut that his paper was hawked about te eliesl
his near noigI6or who kept a small and only
worth $0Oj0 but who prompt IN the payment OF MS
debts could be sold at very small discount. In over
coming tho depreciation Of the currency we have 20
| overcome the difference IN value between the green,
| not the difference between s20o00OOOO0 Of bonded
debt and $2,OooOOO,00O in gold Even II the cred!,
that her bonds not worth % cents ON the dollar
shit would not be impossible to make the , currency
good and keep II at par II the Government dld n0 9"e
single bond the value Of currency would not be '
The existence of the bonded debt will not prevent tho
improvement In its value If we should take the surplus
gold in the Treasury and that which to accrue and se
IT in the purchase OF bonds IA ths marEGt 10 DC cneeu @
purchased we should Inevitably lhe
value OF the grecnDacks. The explanation of tins eject
simple BY taking the gold which is the only means
by which the greenbacks can be redeemed and applying
gTeenbaCks out Of the power of the Government ana
prOcams to the world that docs not intend to return
rcncy by taking surplus gold and investing 1t IN
bonds would be REGARDED by capitalists as absurd INC
lattOn, bat would SINK back INTO an article
of Sdw %o TO- VS %hnt "%Sssd %Ssd iHS Go world
think Of the morality Of such an operatoDi We have
35G0000 Of the public debt over due aud drawing no
interest take the only means Of paying this debt
ana apply TO the purchase t discOun OF our bonds
be said Of tie integrity Of man who should refuse to
pay his debs. which due. leaving bis creditors to
suffer great loss aud should employ ms money to buy up
at heavy shave his debts that viii not be
due under ten fifteen years Plain people
would call such rascal aud swinder, and would
sneak of the Government In the same terms. under the
same circumstances: Tie pretense that IL done 10
improve the value OF the currency would GeceNe hoDody
such Plan OF returning 10 specie pay % %en5 y "Ian} %
the "crcumocuuon ONCE ana sAOulu pe hHicu;
How not 70 do IT. Inc GteebDack currency ~ p'it y" VI
the public debt for the redemption OF which the fah or
the nation IS solemny PLEDGED Inc reuop1oh @ o, 'ns @
pledge ls not Only demanded ny oNeS plInclpe ot VA
onal honor hut is mperatyey demanded by the inter
tsts or tho people collectively and lduaiy Jhe cur
Tency OF acvuhtr{ lies aJ l' louhudlioh ol us udhy
business, and yly Affects tho interest of every class
ment. nmG OveriooknS IL honor and It's duty should
tako the only means by which t can be improved
viii not be due for many years il would merit and re-
ccye the indignation and contempt oi honest mon every
aud holds the surplus gold IN the Treasury 10 be applied
to the redemption Of ie ef3chOaGA cnt'ehey al some
loss in the mterc.t On me g@ll mus htid III re re,
serve. IN one point Of view tins 9eecIon is NOV %e
Ghheoy hn 20 and H holds tGe money Where to nay
il d,b "A owed Si,NOOCan h0 10
other way than by collecting the money Tor that purpose
and holding Il until he gets enough TO meet Lis debt
Tie Government owes debt which can ony be paid IN
gold and must u ihChds 10 pay ~ collect e li,Iet
tho gold could be paid cut as soon a collected 0 course
it should be done; but the debt Is not
OF that nature. II the Government should
pay ont the gold fast It is received Ia the redemp
ton Of the greenbac currency II would fa To bring tho
remainder OF the currency up TO par ana he goa mus
paid out would sink baCk ntoa article OF merchandise
such it now is. The redemption Of tbe greenhack cur
Dncy should not begin uhill the GoN,ihnoh y
10 redeem all that may be presented for TINS wouId AZ
once bring the whole body OF the currency 90 par
and tho gold paid out would 60 INTO the the s ehos
ntioD and take the place OF the paper money redeemed
II paid ont by pieremeai IN advance would not go
INTO cnato bring up the balance 81 the currency
20 par. But what will be the actual ots Of interest on
by tho great Of people In their labor trade ANA
properyio be suffered by the continuance ot the y's
to the huudIed losses ny the failure 20 employ
labor by the staguai0n OF business by ihe pafass OF
trade by tie delay N general progress ana d.Voopon'
brought about By adepreclate1 ana huc'u
when estimated ~ dOHrs Wouiu lolu Nast 0.nI' s
Iared with which the loss Of interest on tho reserved
gold wonld be mere bagatelle but II we 90 net oD1a
the gold 10 redeem the grecnback currency in ne A
proposed. in what other way or Al Nhat time Sha
~ I e by t ike the iInportT or the amer or shall
cell bonds ia Europe at 20 or y cents on the dollar
und obtain in that Ways Val bo easier TO bcgh tno
pruccss at the end Of hye YEAR, the nation suffering h
me mean time a the evils Of depreciaioni sha ihc
ION stand shiyermg for yeart the banks Of this
Joldan and then make the plunge when the waters are
deeper swifter, and colder tan nov suc not tho
psr Of wisdom or patiiouc htalcrmanehIp III an lud
dua fails TO pay his debts. pay uent may he enforced
by the law against hs property but against the Govern
.4rf ilala Is UQ
neglect or fare therefore, tie part of an ind'idna
would bo repudiaton by n Government. IL Tie green
uent OF (which the Government ~ pledged tue continued
failure Of tho Govehmeut to mako any pfoNlon TOT ls
reputation When the FIST OF these h0tes were Issued
it was provided that they might DO tngdeI INTO rive
Tweut bonds but that provision was SHORTLY hIteIft
peaed and they now stand ~ ihe nature OF Iofoeu
ioan drawing no inteest and Tor hi thht 'Ip9sis aio
10 be left to perish tie hands Of Tho people H. Whch
when the FivoIwenty bonds IAN due, the Government
shonld fan TO pay tnein OK Eo no y f cr m rum
dation would be risC d; aud yet u cannot nc
shawn that ihe legal aud moral obligation pay these
hands at maturity greater than that resting on tbo
Government 10 mako prompt provision Tor uo re
demtion of the groemback currency The legal oblga
tion h. no greater aud moral obligation hardly 80
strong for the gTecnback notes are III laCt the peop
bouds3the bonds Of the Millions In which ale inves.ed
tbe Iaborers toll aud tho neager profits OF tho humble
occupatons IN life, which more Than any other demand
the fostering ana protecting care OF the Government
nut while IL is true that the discount on our bonds has
little II ythng, 10 do with the depreciation OF our cur
renew IL is also true that the depreciation OF the
currency has much do with tho discount on the bonds
do not believe that our bonds Will ever reuch par or
auproach 1t nearly until the currency made good lho
LEGAL tender currency Of country bears an intimate anu
nerLaps ysierious relation every form OF credit and
security both public ana private, and II ~ depieccd
inevitably draes down to level This state
as a general proposition To which there may DE lew tN-
ceptons dependent upon grounds that can be readily e
plained. The lege tender currency Is at par IN eOite
piaton Of law and In the payment OF debts though u
and OF price and value recognized III all tue Oi
nary business country price OF property qua an
articles OF trade gwen at 10 much IN god Dut IL
greeubacks and the legal tender value OF the geehDack