New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-08
FRUITS OF THE Legal TENDER ACT.
PAPER MONEY A SLOUGH or pEspoxD.

PAPER MONEY SLOUGH or DEsPoSD.
To the Bdifor OF The Tribune.
SIR Had Congress, mt tho close OF the war,
repealed tho act by which "grecDbacks were made
legal tender for the payment OF debs 30 that debtors
would have been obliged 10 pay In gold, would not the
general mpoyerisbment or bankruptcy OF tho debtor
classes have esutcd The thing that Congress did not
do directly and in express terms 1t has, however Ia
effect permitted the Secretary OF tho Treasury to do Mt
leisure aud gradually tho work been accomplished
and with such gushing from the Minister OF
Finance that oil going VOL and would cyentuato In
great public good. that his uDsuspeciing yirtms not
dreaming OF danger unmindful and UNCONSCIOUS
that power at work silently securing the accom-
plshment OF their ruln hoi themselves suddenly en-
trapped. There hardly he safior spectacle. or an
example OF refined cruelty. than that OF free
government whose operations are conducted by men
chosen by the people used instrument for their
mpOvcrshmcnt and besglry. Has any proccss OF this
character been going In country Let us see.
Tie policy OF Government has been directed to the
gradual OF the puchasinJ porer OF tho green
back, while ITS de1tpayinG power has remained con
stauty tho slmo. Ii has wrought gradual decline IN
the prices Of all American commodities AMI pro1ue-
tlons. caused unprcc3 icntoi Influx OF foreign
good. aud produced nearly complete s'1ppago
in tho cxpOTtdtOn al manufactures. IL has
reduced tho prices o. The pro tnciiOns OF soil un
they barely s ent TO the cost Of fertilizers
labor interest. and tixc,. leaving surplus for the
apply 10 the payment OF dcts heretofore con-
trtctcl Indebtedness Contracted IN clToucy ~
less than gold value Is now demandabe nearly tho
fqu yalent OF gold TIE country under me nndenco O
this pJlicy, has been showing signs OF its weakening
power, until, as the contamination OF the policy -
nearly reached general OisrOss prevails ana hnversa
bankruptcy threatens people and GDvernment ahHe.
Under the touching OF tho administrators OF Mn noes nj
Washington the people bave been led 10 believe
that by pboshng the Drrnum upon gOIn. inc
currency OF other commercial nations, the
"creon6aeks would DO made ITS eguivales,nt i1
value and that the result would be resumption OF
specie payments" What is fhe greenbirkT 10 IL u
Guvernment deDt payable on demand Can the Govern
ment pay IL Ia go1f II MOI, how can G be the eqniya
lent OF gold What was 10 worth when Issued ] HIS
the eonnfry iucrea.ed in ts wealth nUi prosperity sum
gently TO lstB greater valuation III ibis D0D-ibcrest
bearing irredeemaho greenOick" debt than 10 origin
ally presented With bankruptcy staring he people
aud Tho Government In tho face Is IL D"t the night o
nuiacy aud fasehoof claim thai IL is worth TIE vat
uation that The atidcia and reckless manipulation Of
unscientl1 npract caDio government hhtnciers nave
sought give i7 Let the business men OF the country
answerl Ever since the Government threw ASIDE
its dgnity aud descended TO AN eciiimdte competition
with dealer, gold (Ynch il longer our m0uoy Out
ia one of our pOducts suffered In the esteem ana
respect all BY welding - concentrated
competitors from the ded. Bat to whIt cost 10 Tue
country NJ large. and to the Government Itself when
has iIfered away It's revenues and pirten WIZ US
dignity! Has not eUOIgI ti1o been lost. money iDisap
Piled loss trouble parprXY, and distress cxpericnc5d
10 satisfy OF folly of tho nlancal pOlcy OF orr
Government aud have not wo u rig1t ~ ueD.Iu anu
expect that IL shl rs.rice It's stops abIn Oj tho gold
market, and give ts H.st attention ia qoJtpiynS 20 us
Notwithstanding d5m ihd dcpt wdlc WIS is,cu s
II measure not fro choco pat necessity anI 50 ae
cepted oy the pJOpcf DoAIC'
BALTIMORE, Nov. G, 1873.