The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-12

DoDdloiders OF 1874, who, according 10 Jay COOKIES
tables gave little less than forty cents IN gold for
their bonds; they have already received SIX per
cent on their investment and got the principal re-
turned 10 then and STILL have the bonds. 90 II the
currency In which the bonds are redeemed were 10
fall even TO sixty or seventy cents in gold on the
dollar (Which Is not TO be anticipated these gentle
men win not have suffered much by their scli-sacri-
1cing purchase OF the bonds at forty. know whole
families who have suffered more by the war, and by
But there Is no probability that this policy viii
depreclate the currency at all for any length OF ime
Our nve-twenCcS have been below par III Europe,
not because OF lack Of faith in the resources or sta.
billy OF our government, but because II Is well
known The people regard them as Justly payable IN
greenbacks ana that our necks arc not yet calious
enough to bear whatever yoke our agents put on MS.
The credit OF Great Britain rose when she compelled
her creditors to take three per for bonds bear
ing higher INTEREST," and II we, In stict accordance
able, and therefore sure to be kindly borne our
bonds VIII have value denied 10 those compounded
OF population and eXtorton.'
CHARACTER AND EFFECT OF THE NEW CURRENCY.
The eject OF this system when the outstanding
notes and bonds are all converted by purchase or
payment into the three per cent legal tenders VIII
i. 10 give us currency superior to any we ever
had in these important PARTICULARS
a. It viii be legal tender for oil purposes what.
II will pay every debt, tax aud lmpOst, bnJ
every commodity and rule every money ranssstion
b. 1t viii be stable currency. It's constant con.
vertlbl!lty into bonds bearing Gxed rate OF IN.
stable as that OF the consos OF Great Britain. This
quality being obtained, it Will be OF no more i'm.
to all The uses Of the people goes, whether dollar
or win buy exactly q dollar OF gold than whether
ma win buy sxast susne Of wheat COLO w
no more influence on commerce than any other
artlce, EXCEPT as It 10 the measure OF values in
the American measure OF value. the paper dollar,
and the English, the silver pound, keep about even
proportion 70 each other. as they do now, our
foreign trade Will not be inJuriously aected by the
fact that the measures are not the same-any moro
than trade with France In silks Is aIected by the
measures q not
ners And II our legal tenders and tho English
pounds pour should vary IN proportion to each other,
Sucn nuctUatl0ns AFFECT chiefly our foreign trade,
which Is not oneftieth part as great As our home
trade. But II we had currency redeemabe IN
cessanty expanding and contracting, not because
OF the npctua us OF the business Is used to trans.
adverse balances OF our foreign uade The whole
superstructure OF domestic business would thus pe
necessarily IacIed by movements Of its foundation.
c. 1t Will be an elastic currency, contracting and
expanding TO nit the fluctuating demands OF Trade
AT seasons when large amounts are needed bonds
Will De converted into currency to meet the demaud,
and as that falls OF the surplus viii lie reConverted
into bonds. 1t will always be sufficient, never eX.
cessive.
d. IL will establish moderate and nearly uniform
rate OF interest. AS much Will be issued at once as
will command investments preferable on the whole
to government three per cents. It Will thus es.
tablsh the average rates paid by business men at
about ave per cent instead OF nine as now Once
form, because, as they tend to rise, more currency
Will be issued and as they tend to fall more win lie
Let US the effect OF this policy in lessening the
burden OF the debt. Assuming that will take one
sent demands OF trade, the people VIII then paw in.
teiest on fourteen hundred millions Of bonds equal
hundred and thirty millions in currency, as
now now, the currency viii increase probably IN
i've millions the rss ea II the Seo rWe nv
the interest OF the bonds and apply the yearly
81 c%1rsP nc b to tue me
they apply the natural growth of the currency to
the interest OF the bonds, The whole burden OF the
present national bank subsidy alone and VIII III a
few years pay all the interest ana gradually exin.
But we Will be told the legal tenders will be q
Gebt outstanding when oil the bonds are paid.
The government will be bound then TO 40 what 10
always mas been bound TO do, but has never done
tee people an their money the measarer
Will be necessary to keep up the per CAPITA circua
ton ana maintain lis stability ana elasticity by
some suitable means. The people viii have got a
good money; stable elastic, establishing low and
UNIFORM interest and thus promoting happiness ana
the land between capital and LABOR the cnise OF
the debt Will thus turn to blessing by teaching US
graded the masses OF all nations from Israel TO
Great Britain.
lew WORDS now on the land grant question. and
am Done Among the greatest errors committed
The 6sowa Of pnbc lands on eI pVae
lions. The first grant was TO the Pacific Raiway In
lStZ. BEFORE tnat lHere had been but land
grants ever made by The general government for |
works OF internal improvement, and oon these were
maze to states, not to private corporations The |
need OF Facluc railway was manifest at the ont.
break OF the war. The grandeur OF The idea and the
absence OF all reliable estimates OF lis magnted
.he supposed difficulties OF the undertaking. Both |
parties united TO give 1t a munflcent land grant. |
But the hole made ;or the was big enough Tor ali
the kittens, and hundreds OF smaller grants fol-
lowed, until over two hundred millions OF acres
were gwen away up to the end Of last session-an
m tyir
away ABOUT SIX hundred and fifty millions OF
aI ,c and IT. has left, excluding Alaska,
worthless LANDS OF the mountains and plains and
u would be an eXtravagant estimate TO put
government has already disposed of. This remain
oer Is but sixteen acres 10 each innabtant Of the
for the people to be Opposed onlv by gft in mod.
crate quantities and values TO those who need and
berry OF the masses by usury now going on cannot
reduce any large number OF them outside OF tine
cities 10 absolute paupersm.
Though both parties united In the FIRST Pacific
grant the later subsidies nave been oppos ed by the
Thus the last Northern Pacific grant received but
seventeen democratic votes III the House out OF IO7
and not one Ia the senate
CONCLUSION.
know well what answer The constellation OF re-
publican orators who Will blaze skies on the
Zlth VIII make 10 all we say OF the depression OF m
dustry and the decay OF property among the masses
They VIII point TO tae two railroads pushing to the
Pacihc 10 the Unexampied extension OF our
r3lroad system In every state, 10 the rows
Of pa aces rising In our cities. and the dis. |
plays OF wealth shining on every hand. But these
are evidences only OF tue growth ana concentration
of capital, not OF the prosperity of the masses. !
10 SNOW their condition. ascertain how steady Is the
employment or mechanics and laboring men and !
That Is lett Of their wages alter tariffs and excuses
IN all the necessities anu common comforts of |
lie are taken out Hear commissioner Wells, state.
nents, based on official statistics, that the masses
I've more poorly now than before the war-tliac
Notwithstanding The increase OF population, fewer
hoes and hats are worn, and less tea cofIee ana
ugar consumed now than then. Behold IN every
ny East and West tenement Louses standing vacant
D tell how two families are crowded by hard times
lt0 tile place lately UIled by one. See the million
only har employed men IN New York and CIR
ut oil 1lty miles. or whom Horace Greeley tells |
emenber The wall that went NJ out OF boston last
ear from the eignt thousand sewing women In that
man CITY VINO starve IN eight OF her gorgeous
aaces on but one poor meal q day-and thus learn
How wide the span
Between happy and splendid land.
Fellow ctzens-it Is In vain TO look 10 the repub.
car organization 10 arrest and remedy tne evils I
ave discussed; or to bangs or railroad conpaules