The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-21

win have It just as much before II Masses tnto the
as cUIeas - WIZ have when 1t leaves
toni am speaking OF 1t now as eurrency-must OF
necessity cause an exactly corresponding degree OF
the world has had the effect or dlmnlshinc i,s own
other Commodities as wei as labor Is ws 20
lished fact But for the marvellous increase In pro-
ducton and the vast Developments Of commerce, pro-
duced by the almost universal application OF ma
chinery to manufactures, and the immense stimulus
added by steam transport on the waters OF the earth
fallen OF late years In consequence OF It's largely in
creased production. The expansions, however,
when cause such frequent and violent perturbauons
IN commerce are never traceable to superabun-
dance OF gold currency. unless, as In the case OF
SPAN, where 1t was made q severe penal offence,
pnnsnapie with everything but death, to export
gold.
Having now, honorable Senator, pointed ont some
OF your bad logic and erroneous facts, permit to
make some additional suggestions. have already
SAID enough about funding the debt, and have only
70 rclterate that you want to appreciate gold
bearing tiine deht to gold par you must not allow
our revenue to exhibit deficiency OF thirty or forty
muilons year, as at present. One suggestion 1
nave 70 make III reference to resumption Is that you
ought not like the Secretary OF the Treasury, to
make haste to disturb too rudely what has become
c ). ulsease: II you 90 you will certainly make
tent What you ought to do Is to assist natiire-ot
70 run counter 70 It, Many Of the worst Diseases If
Ing strength OF the patient Such, beyond All doubt
Is the case you are attempting to treat. 1t is case
and do not have too many doctors called in at once
Even too many pellets may do harm.
lou might , commence by the nse OF new specific
back, something the color or that commodity so
much coveted just now, and actually make 1t forth
with redeemabe IN that commodity used as cur
rency. We may safely assume that Uncle sam can
command $lo0,oooo0O OF the $500, 100000 OF gold
which you have demonstrated there Is In the coun-
try We might then safely issue that amount OF this
new redeemable currency and take OF circulation
an equal nominal amount OF the irrcdeemable green
nj ho
ceiyable by the government In payment OF gold
dues which would help TO keep them anoat. This
gold notes. and the amount could be increased Just
IN proportion to the ability OF the government to
keep them anoat for this Is always necessity in the
| case OF a god-redeeming paper currency The same
argument used by you, that when the public confi-
dence became established there would never be any
EXTRAORDINARY demand for conversion, proves the
practicability OF this suggestion We should thus
by very simple and entirely practicable method,
make up the reserve gold fund you are so anxious
| to provide. The gradual withdrawal or the
| greenbacks would lead imperceptiby to the
golden path we yo are all IN search Of and
greenbacss would themselves appreciate to gold
value as their volume diminished, because the ability
OF the government to pay them would each year be
| Increased. That is law, and no amount OF special
pleading can set 1t aside 1t is like the claws OF
the Modes and Persians-unalterable." II Congress
chooses 10 commit an act OF reputation, by declar
ing that the greenbacks were never intended to be
| paid and never viii be paid, then you present new
case, which Is not to be tried by the laws Of the
| Modes and Persians. / simply contend that Uncle
sam had al honest intention when he issued these
promises, and that ne certainly VIII pay them as
| soon as he Is able Ii he cannot pay them all al
once, let HIM begin by instruments and my word
for it his credit will rise rapidly. But we must not
c0niound his time paper with his overdue paper.
The one bears interest and the other does not The
one may be used to buy a days work meals
1 v.ctuals and sundry other necessaries. The other
Is an investment and its value depends like all other
investments on the good faith and thrift OF the Dor.
rover, ana the use he makes OF his lands and other
property, and his determination TO live within his
i means
There is another remarkable inconsistency In your
1 method OF reasoning which l must notice. 1t Is
| where you purpose To FIX the amount OF gold which
1 the Treasury shall have boarded as preliminary TO
| resumption, ana also 60 fix the day which 1t
/ shall commence. This is like doctor fixing day
i when his patient shall go forth d well and able
| bodied man, without knowing whether his specifics
will produce that result mt the time. Suppose the
patient cured long before the day. and the doctor
| sttll Kept him IN baidages and in bed what would
you say OF such physicanS Or suppose the patient
unable 10 stand up on the given day, would that
argue a WISE course OF treatments
Your very elaborate argument to prove that we
should make forced preparations for cash payment
and OF fixing a day therefor savors strongly OF
Latter Day Saintismn This class OF religious philo-
sophers, 1t Is said, have been long sprepared' with
ascension robes" nicely stsrched and ironed, but
| somehow or other the day "hxed" ON never comes
| out right. Think over this matter about gradually
| substituting an actual gold convertible yellow
| back" currency FOR our present mconvertible
I "ereenbacks." NO additional Inconvenience car
! arise from having two kinds or currency anoat a
| once Tor the simple reason that we already have
two descriptions. such reply will, therefore, bt
again a. o ~ mere begging Of the question.
Sans paper money namely, that is better than thai
OF anybody else. It's uniform value all over the coun
try gives 1t charm that nothing can break nut re
pudiatton, which feel certain that respectable gen
ueman VIII never resort TO. You should not there
fore propose TO have his paper Cancelled II any
paper Is to be cancelled, let II be that or private
| associations. Yours, &C., H. b. W.
i