New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-01-13
CEN RITTER ON FINANCE.

posed of and the Tesluue cOnVerlple a1 pio"'
ure into coin, is very grave question, Oh
which we are not inclined to dOgmatlze. very
mucb NAV be said on both sides, as much has
already been said on either. Gen. Buffers ar
oument against a redeemable currency is very
much more plausible than his substitute there
for In our Judgment, simple Government
Note promising to pay 81, So, $40, S2O' gov,
500, OF $1,000 in coin, at speciheu
future day, with interest meantime at
the rate of .O365 per annum-thati is to say, one
cent per day interest on each and every humid
red dolars-wOuld be much preferable to Gen.
BIS cumbrous and complicated continuance OF
depositing bonds with the Government ana
taking q new set of Grcenbacks in exchange
for them. For the bonds so deposited must be
left in the hands of some Government agent
who may embezzle them; or they may DO
stolen, or burned, or subjected to hundred
mischances A Government Note drawing one
cent per day on each 800 Qess than per cent per
annum) might be kept very nearly OF quite at
mar. and would serve many good purposes.
Peonle would be in less haste to spend their
money. when each $4,000 in safe, chest or
nocket. was earning itstowner 81 per day; q
frugal man who had 100000 about him might
spend his Summer vacation in some rural
retreat, and find his money nowise dimin-
ished on returning to business IN the Au-
tumn. We have no superstitiOus devotion to
Gold and Silver even as basis OF Cur
rency. What we insist on is Good Faith.
Don't promise to pay dollars, and then
refuse to pay them; never say one
thing and do the exact opposite. Gen. Butler
practically concurs in this view, in propos-
ing to replace our present Greenbacks and
National Bank notes by Currency avOwedly
irredeemable in Coin. He practically admits
that we cannot stand where we are, but must
stop living on lies. We thank him for so
much, as well as for his showing that the Nor
ton plan of redeeming in the future, by boarding
meantime several hundred millions Of coin, is
utterly impracticable. If he has done little to-
ward building the required edifice. he has
carted off a good many loads of rubbish from
the spot on which its foundations must rest
But while we have no fanatical devotion to
specie. we cherish fond recOlections of the
DAYS lang syne when a silver half-dollar was
not quite so rarely seen as roc's egg or live
unicorn, and we should really like to see one
again before we die. 1t rather more amazes
than delights us, therefore, to hear veteran
jackson Democrat talk of old-fashioned cash
after this sweeping fashion:
eve have Invested our Government OF every trait OF
the espotsms; every attribute OF the monarchles ana
every yestge OF the saveres OF the Old World
and that the allcOnroing and allabsorbng power Dy
which masses of the people OF all nations OF the earth
have ever been ensaved-coned money More than 5000
years ago. despOts OF the world the most potent
method 10 enrich themselves and their favortes and per
pefu 10
their image and superscrpton or other peculiar stamp
nnon peces OF two OF the metals not the intrinsic
ay useful or the beautiful but the most scarce ana
difficult OF attainment By the masses OF the people thus
arorny making measure OF Saue ana @
Because OF their capabilities OF being so converted Into
easery soSsh, after by all men in such degree
came falsely to he deemed 20 have special intrinsic
vS%e IN Dht the peopls OF ,Sess free
commonwealth Greek and Roman became deterorated
by and luxury, yielding their liberties 10 yrants
either by choices usurpaon. did gold and silver the
oveready aduncs Of despotc In all It's forms and
degrees, obtain place and scope do their appropriate
and neyerfang work, the ensayement Of the labor OF
the masses"
We are sure Gen. Butler has here put the
cart before the horse Kings may have hit
upon the device" of coming money but Gold
and Silver were the money of the world before
coinage was thought of-probably before kings
existed. They were spontaneously and gem
orally adopted as the measure OF values in
trade, because, though not absolutely I'M
changeable in value, they came nearer to being
so than any other substances that exist in the
requisite abundance. Now, we never desired
an erclasirely metallic Currency; but, when we
see Gold and Silver berated and DETAINED as
they are by Gen. Butler, we are impelled to
initiate the Californian who, hearing a young
ster stigmatizing the whisky before him as
atrocously bad gravely reproved him in these
terms: young man! you must MT call whisky
"bad. All whisky is good; but some whisky is
"better than the rest" We think much the
same of Money.
Gen. Butler considers two qualities emnenty
desirable in a currency: Stability and Elias
ITCHY. 1t seems to us that, if the Government
will take care Of the Stability, the People may
be trusted to take care of the Elasticity
While we are mining Gold and Silver SO
abundanty and understand so thoroughly the
uses of Engraving and the Printing Press, there
ought to be no concern on this head.
Gen. Butler thinks it "a great error" that
Greenbacks were not made Legal Tender for
all purposes, so that the Revenue from I'M
ports might be collected and the interest on
the Public Debt paid therein. We believe the
exceptions he deprecates saved the whole con-
Germ from the fate of our fathers Continental
Money and the French Assignats. We thank
the General none the less for his frank adms-
sion that these things are not as he would
have them.
Gen. Butler thinks we have been wonderfully
prosperous ever since we made Greenbacks a
Legal Tender except when, for short period,
we were contracting with intent to resume.
But are not people always jolly and flush when
they are running deeply into debt and only
sad and short when they are trying to pay up
WouId NOT Gan 70 looic nroyo tbot ma,