New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-02-22
4 TOTE FOR INFLfTION.


country would steadily and rapidly adjust
themselves if Congress would simply let them
alone, and that an adjournment over of both
Houses for three years from the Sd day of
March ensuing. would be a blessing to the
country. The vote of the House yesterday,
looking to the increase of our Greenback issues
by Fifty Millions of Dollars, strengthens this
conviction.
For this vote is a proclamation, not merely
that the House will not legislate to hasten the
Resumption of Specie Payments, but that it
wiU do its worst, to postpone and prevent that
consummatOn No man of decent intelligence
need be told that to issue more Greenbacks
while we do not redeem those already ahoat is
to proclaim determination not to redeem the
latter and not to let them appreciate in value
if that can be prevented. 1t is an effort to
render bankruptcy chronic and make unblush-
ing lies the permanent standard and measure
of valued
We write without having seen the vote in
detail. but with a moral certainty that large
majority of the Democrats have voted for in
flaton. They talk as though it were a hard
ship and an injustice to pay the bondhold-
" ers " in one currency and 4" the plow-hOlders "
in another of inferior and uncertain value yet
they take care so to act and vote as TO main
tain and aggravate this discrepancy They
want the debasement of our ordinary currency
perpetuated for they mean ultimately to de-
fraud the bOndhOlders by a grand act of
National rascality and for this debased and
fuctuating currency will furnish both oppor-
tunity and preteXt
Why should the Government issue more
| lying promises7 What is the real or fancied
necessity for this immoral act' The original
Greenbacks were bills of credit, issued in q
desperate extremity, to tide over the enormous
requirements of a gigantic Civil War. Each
of them said in effect, "The United States
owes the bearer so many dollars, which il
cannot pay at present, but UW pay so soon
as it CAM That is just what Greenback
was intended to promise. What does Green
back non issued promise? What does it mean
by "The United States will pay" such n sum
If these Fifty Millions should be issued and
used, except to pay off the three per cents
they would increase the sum of our National
Debt by nearly Ten Millions of Dollars. The
| Democratic journals would exult over this in
crease as though it were another Bull Run OF
Charlottesville. They would argue thence
that the Debt can never be paid and never
ought to be. What shall we think of the Re
publicans who help them to such weapon7
The National credit is steadily approaching
on both sides of the Atlantic. Our bonds have
for months been steadily moving toward specie
par. The difference in value between Gold
and Greenbacks has been diminishing almost
daily. For the first time since our Debt was
swelled to q Billion, Gold has fallen below
twenty per cent premium. The House of Rep
resentatves interpOscs to counterfeit this move.
ment. 1t deprecates National solvency, and
| does what it can to prevent the funding of
our Debt at q lower rate of interest 1t is as
| if the directors of a bank should try to difiuse
the impression that said bank was insolvent
! If it were not, we should advise its stockhold-
ers to choose new directors.
| This Congress, we now apprchcnd, will never
| fund the Debt 1t will never reduce the an
nual burden of its interest. 1t does not will
the end, or it would not reject the indispens-
able means. We must look, therefore, to the
! Supreme Court. That high tribunal has twice