New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-08-16

would thus be necessarily racked by movements Of its
foundation. -,
pandug 10 M the hnctuating demands OF trade. At
seasons when large amounts arc needed bonds will be
converted into currency to meet the demand-snd IA
That falls of the surplus will be reconverted into bonds
| II will always bc sufficient, never excessive.
a. Ii will establish moderate and nearly uniform rate
ofnterest As much will be issued at once az will
mand investments preferable tho whole 10 Govern
ment per cents 1t will thus establish the average rates
paid bv bu ncss at about per cent instead OF as
Once established these rates will be comparatively
uniform, because they tend 10 rise currency VIII
he issued they tendo fall more will be exchanged for
bonds.
Second let us the effect Of this policy in lessenng
The burden OF the debt Assuming that it Will take one
billion of currency TO reduce Interest and meet present
terest instead OF 90 lin currency as now The
currency will increase probably In equal ratio with inc
& per the s't XIV NEW the
yearly growth Of currency to extingmsb the prncpa
the whole debt win be paid in about 80 years or II they
apply the natural growth of the currency to the interest
OF the bonds the whole burden OF the debt will I've eS
the first wear Than the burden of the present National
Bank subsidy alone and this increase OF the currency w
keep pace with increasing population, will. IN Few
years. pay all the interest and gradually exungu'h tho
But will he told the legal tenders will he debt out
standing when all the bonds are paid They wiz DE no
debt in any proper Of the word The Government
will be bound then to DO, What 1T has always been Dou
10 do bat has never done-urnish the people s .nc,
money, the measurer exchanger, and distrDuler Oh
all their values II will be necessary to Keep up tne per
copt1 circulation, and maintain its stability ana els-
ucity by some suitable means. me pe9Pe VII nv
good money; stable, elastic establishing low ana UNIFORM
interest and thus promoting happiness ana 10y
distributing euuitaby OF the lau DelWeeh
capital and labor. The OF the deDt WIN tnus lu
70 blessing by teaching us how TO escape me nfnry
which has robbed and degraded the masses OF al naOhs
from Israel to Great Britain
EWING DENOUNCED BIZ A DEMOCRATIC ORGAN.
CHICAGO, H., Aug. 15.-Ihe Chicago Times,
in an ths morning takes strong ground against
Gen. Thomas Ewng's financial proposition IL says thar
the true mocrac doctrine briefly expressed in Val
landigham's Montgomery Comfy platform Of May Is (;
Tho . tho hasis NJ all
paying the public debt at the earliest practical moment
consistent with moderate taxation. 1t also says
that the assumption that If the proposed legal
tender paper money is made convertible at the
pleasure of the holders into three per cent
Government bonds, there can be no danger Of CX-
cessiye imitation, is contrary TO all probability Gen.
Ewing thinks TIE Issue OF paper would reduce the
OF interest charged by money lenders to such
tent that investments per cent bonds would be the
best that could be made that Is he thinks the imitation
would stop itself How he can think any such thing
knowing that imitation expands general prices, is mye
terry cannot penetrate He must know that expand
ing prices always stimulate speculation always create
strong demand for money for speculative purposes; and
therefore, always force up rates OF interest By adopt
ing Mr.. Ewings plans and issuing enough legal
tenders to pay of the S2s impetus would be given to
speculation, which would speedily bring to end the
ease which has long characterized the money market,
and produce sringency which would double the present
rates Of interest in month that is provided the
issue proposed should not destroy all confidence in
the currency. Every addition to the volume would
highen the export and stimulate demands. From the
history OF the French assignats and confederate cur
renoy may learn that the experiment would end in
grand explosion involving the country in ruin. The
Democracy too well acquainted with the nature and
laws of the country to assist in consummatng such
crazy destructive monetary scheme that which has
found so warm and artfu an advocate in Gen Thomas
Ewing They are not such hopeless unatics TO think
Of getting out of debt by creating perpetual debt,
restoring specie payment by issuing rredeemabe paper
IN unlimited quantities and banshng specie forever from
the country"