New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-09-01

the a GEO arc made of gold OF paper or oil any otnci
substance is of no consequence Inc eSsehel"i pm
- tho, the value which it is to give TO pay off bona
% A. coo he really 1000 dollars. The material no
nore than the name of the thing to be given to settle
th, contract is of any legal Importance the iegalP
consists in the ralae Of the thing grer. When ao''",
il promised, dollar must be paid. whether hiau1 u
cold. silver. or paper There is no alternative o0
tween this and o breach OF faith. ~
T. ia a piece Of knavery to pretend that ,no va
tional Debt can be justly paid in deprecia'ou -
re,cv--in greenbacks which may not DO "o'.n :"
cents on the dOllar-under the preteA' '"".
creenback bears on its face the word Do''a Pi''ou
in large letters On the other hand IL Is shooi nun
sense 10 oppose the payment OF tho uoo' III "
national paper currency. provided the currency Is
raised TO- and kept at the standard Value Oh specie
Another f. lacy is to suppose that INC monetary
capital OF monetary total of acouny can DO increases
Inv new emissions of currency. Lev es SuPp''' '"
the amouHt in circulation is such that the paper
dollar answers to its name, and is worth doHar'
If under such circumstances the amount OF CURRENCY
is doubed tho prices of things will augment uh'ii
,ho,, ora 1opbled: or. in other words the paper
dollar will cease to be dollar and fall really 10 'he
volue of 80 cents 1t is consequently lmpoSSlDie W
Increase by new issues of currency the Fed' Nai"o
and volume of the monetary capital, and the enee-
tual means of facilitating the exchange OF products
II nust be clearly understood. once fof AL that
the monetary unit-caed with us dollar III fri'oo
a franc in Prussia o thaler-wlll always DO "oi'h
the ralue Of the labor effort WHICH on an a'etaso'
- .ts 70 obtain il. and that by doubling trebling
or ouodrupl;ng the amount of circulating medium.
the real value of the monetary circuaton-o1 whaV
ia tbe dollar franc thaler-eannot be increased i
like proportion On the contrary. the value OF the
monetary unit will DO reduced in proportion to the
increase of the currency.
Until these elementary and simple truths are un-
derstood and admitted the basis of the monetary
Question the theory of the science of money, IN us
annlicaton to the present industrial and commerCmi
state OF society cannot be cOmpreheDded Before
leaving my adopted country. hold 1T to be dnty
which owe TO ito the noble pioneer IN pontlcai
Justice equality and liberty on the earth-to presc.
briefly what believe to be the primary principles OF
n true monetary system. and the means by WHICH
transforming its greenback currency iutc perma-
nent money-it will secure for itself stable cur
renew and liquidate much of IT'S National Deot as
is represented by its greenbacks
The leading points to be borne IN mind are l. ihat
paper currency resting on true basis Is inc pes'
circulating medium for free people who possess the
conacitv of self government o That nothing Is
easier than 10 fr the value of the paper dollar and
is for the people of the United States saving or
a gain of $500 100000 OF s6ooOOOOOO to be made, and
at the outset, by adopting the reform proposed
On these three points challenge contradiction IL
any one will undertake to invalidate the second
point which-if sustained. sustains the other two-l
stand ready to reply
p S-Some friends, TO whom i have read tho
above. have said You lose your time: nothing VIII
DE done as regards the currency The public Is salts
fled with the greenback; it answers the purpose oil
circulating medium very well; it is not the green
back that varies when it appears to fall i'll compar
son with gold; it is gold which the wants OF foreign
trade or maneuvers of the Exchange cause to fluc'
tuate the price of things is not affected thereby No
desire is felt to bring paper up to the price OF the old
dollar: and there arc powerful interests involved
which are entirely opposed to any such policy
Well: agreed 1t is not absolutely necessary TO
bring the paper dollar back to the value Of the old
dollar TO raise il to par Let leave it as IL U.s. PRO
yIpED fs present rdlue is adopted and ~ maintained
redIy at Us actual rate say 1OO133 about of its
former value If gold and silver are once for all,
set aside as money reduced to the rank of ordinary
metals aud left to be dealt with SUCH If the priv
iege of creating or issuing money is taken from all
corporations and individuals and reserved excu-
siTcly 10 the Government; and if the value of the
nback is fixed at its present rate OF value and
kept AZ it, the reform which I propose will be eff
fccted
The al-impOrtant end to be attained il to bring to
a close-and without expense 20 the Government,
but saving to tan unstable ans; tiuctuatiDg none
tary state an ever-changing currency, which para
lives the business of the country by RENDERING UN-
STABLE AND UNCERTAIN TIE VALUE Of its circulating
medium. So long as the question of the resumption
of specie payments continues TO be agitated in the
confused manner which it thus far has been, the
fear either of the rise or the fall in value of the
Greenback, will be suspended, like the sword of
DamOcles over the heads of debtors and creditors,
and will continue to offer serious obstacle to all
regular business, and to stable credit system The
advocates of return to specie payments ought to be
able to understand that what is right and Legitimate
in their demand is not Specie in ITSELF but the regu
larity and fxedness of value. which are secured by
the metallic currency. On the other hand the adj
vOcates Of the greenback currency should cOmpre-
bend that they cannot hope to see their ideas tri-
umph until the gTeenback that is system Of paper
money whose value is fixed and determnedJ is de-
clared by law to DO the currency of the nation, and
gold and silver are set defnitively aside money
In word, the real issue is not Specie resus Paper
but Stability rersus Instability in the value of the
currency Of the country Let this be clearly under
stood On both SIDES and all differences of opinion, all
controversies relating to the vexed question of the
currency will be promptly settled, that Of the
payment of the National Debt, which can admit of
but two solutions: Integral Payment, or National
Defalcatjon.
THE CpATN unyENT-NT IN THE WEST-WTTAT or