New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-30
IN THE Rapids.
cents.

Those who find themselves swiftly gliding
on the bosom of Niagara do well to glance
occasionally at the shore, to note their progress
and to measure carefully the diminishing dis
lance between themselves and the yawning
chasm which they are approaching. We shall
endeavOr to show that, so far as an hOnOra-
BILE return to sound currency is concerned,
the United States are in the rapids, and that
it is, perhaps, already question whether it
is IN their power to get safely out of them.
To demonstrate the immense change for the
worse which has taken place in public opinion
with regard to this vital question of the cur
rency, we need not 90 back to the days of
Washington and Hamilton we need not quote
Jackson or Webster. We need only refer to
the action of Congress in authorizing eight
wears ago a contraction of the currency, and
to the sentiments expressed by Secretaries
Chase and McCullOch in their official reports
In his first report after greenbacks had been
authorized and issued, Secretary Chase, after
estimating the resources and expenditures of
the then current fiscal year Q8G2 81, found re-
manning a balance of disbursements of $780,
912518 to be provided for. He asks the ques-
ton, How is this deficiency to be nett Men
like Senator Morton, who consider the present
difficulties of the country as the result of an
"accident,n will do well to note the reply:
The easiest mode doubtless. would be issue Of the
required amount In United States notes; but such
issue especially 10 the absence OF proper restrictions on
corporate circulation, would, in the judgment Of the
Secretary injurious 1t would be easy The sd
dtion Of 30 vast volume to the existing circulation
would convert q currency. Of which the benefits have
thus far greatly outweghed the Inconvenience into
positive calamity Its consequences would be imitation
Of prices increase Of expenditures, augmentation Of
debt. and ultimately disastrous defeat OF the very
purposes sought TO be attained by 1t.
The event supposed by the late Chief
Justice has taken place. The paper currency
State and National, instead of being inflated
to 1874 600, 900, the amount deprecated by Mr..
Chase has been increased to $775,0O0,O00, not
counting the gold certificates. Every evil
consequence predicted by him has been real
lied to the letter. We have initiation of
prices increase of expenditures, augmentation
of Indebtedness, and a management of the
National Treasury with which even such
Governments as those of Turkey, Egypt,
and Spain have no reason to fear
COMPARISON. What is worse yet, we
have Government and people
almost stone blind TO their real
condition, statesmen who despise the teachings
of science and the warnings of history, specu-
lation rampant, industry languishing, and pub
lie and private morals visibly decaying. Both
Mr.. Chase and Mr.. McCullOch and even Mr..
Boutwell, himself, were in favor of prompt
withdrawal of the paper money by using the
surplus revenues of the Government for that
purpose just as soon as the restoration OF peace
should put it in the power OF the Treasury to
enter on the work. MIR. Chase, in the very re-
port from which we have quoted. considers
permanent greenback currency as out of the
question:
Whenever therefore, the country shall DO restored TO
healthy normal condition. and receipts exceed cIpend
lures tho supply of United states notes will DO arrested
and must progressively diminish Whatever demand may
be made for their redemption in coin must hasten thss
dimnut'on; aud thore be no reissue; for ressue
under the condition. necessarily implies disbur ssmenf.
aud the rsvsana vRea w sVppSslnoa. Rppli0A mors