New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-03

dition of affairs. IL has no reserve WIN whlch 10
aid the people. Nor can the banks, If they
had the inclination, remedy the evil Tho
business interests Of the country require
more money. The government as well as the
hanks. are prohibited from issuing more" As a
rule the banks without any considerab lie surplus
on hand. When the corporations desire strin-
gency in the market, they withdraw a few millions
from the banks and lock it up. 1t is taken from the
already insufficient amount in circulation, and a
check is at once given to legitimate business. The
monopolsts thus seek to compel all commercial and
industrial pursuits TO put money into their pockets
and they accomplish this object by controlling the
currency of the country. A financial system that
thus be commanded by one interest or in the III
terest of one class Of men, is an intOlerable evil
Under the present organization of the currency the
larger portion of it inevitably finds its way TO the
great commercial ccnters. Ii becomes concentrated
in the larger commercial cities mainly in New-iork'
where it is in the absolute custody of the great ran
road corporations and their brokers' The hnanci'i
system of the country designed TO meet inc wants
of the people has become in the hands OF these
giant monopolsts a principal agency III their OPP
preston For this state of affairs there Is 10 IoIo
according TO the author, without chaHSe VI P''OJ
on the part of the government. An increase VI
irredeemable paper money viii not meet INC case,
Already there is a wide margin between Ooin anu
currency. An increase of the latter "ouiu
increase that margin, ana lessen VALUES
The same interest that now controls the
finances. would in a short time after It's issue
obtain the same control, and this would demand
another issue. The same process would be repeated
until the currency had little value and its I'M
limited increase would in the end inilict absolute
ruin upon the country. 1--WE are travelling"
saws Mr. Cloud writing not six months ago, in tnat
direction" Currency is only of value as the repre-
sentative of money. But Our government has
adopted the UtOpian idea of making printed prom
Uses legal tender, and the measure of values. This
standard can have no stability. 1t is gradually
shrinking, while gold disappears Our strips
Of paper will not pass for money with other
nations. Hence coin must be used in foreign
commerce. Within the last year we have lost over
S3S 900 in gold. Unless this large export can be
prevented, Mr. Cloud asserts it is only question of
time when we shall have no gold in the country,
and the only standard of value will be paper with
out any intrinsic value Under the present financial
policy of the government the products of the conn
Try cannot be transported ut rates remuneratve TO
the producer. We cannot pay inland and ocean
freight and compete with other grain-growlng coun-
tries Foreign markets are practically closed against
US. Unless different policy is adopted absolute
financial ruin must Oyertake us. The control OF the
currency being placed in the hands of one man, the
whole financial interests of the country are de-
pepdent on his will The secretary of the treasury
has supreme command of the market. The people
of the land are as completely subject to his good
Measure as a ward is underline rule of his guardian.
A change saws Mr., Cloud, "is necessary TO pre-
vent ultimate ruin aud bankruptcy. return TO
specie payment, OF an increase OF sound currency.
would relieve all cause of complaint and enable the
industry of the country to receive fair rcmuneTa-
ton for its labor"
Among other topics treated of in this volume is
the question of a protective tariff on which the
convictions of the author are different from our
Own and suggest many points for discussion. 1t Is
not our purpose however, TO consider them at
present and we hasten TO close our summary of his
views on topics of more immediate. if not more
iupoItapt interest The social reform which he has
so deeply at heart, is to be brought about, rs he
maintains, by the union of labor and capital in
equitable relations. No class of citizens should
command greater respect than that engaged
IN manual labor. We cannot become pros
porous people. until all honorable pursuits
enjoy equal rights before the law. Special and
class legislation must be abandoned, and the dig
nifty of labor fully yindicacd. The laborer should
receive a sufficient remuneration 10 share in tn,
profits of his toll and acquire surplus for invest
ment. without wearing away his life i'll procuring
bare subsistence. When the farmers aud mechanics
shall boldly step into the front ranks they will make
their influence felt Then, says the author reforms
will be the order of the dav. Trading politicians
viii be suffered to 20 into retirement. There will be
mo- courts committed TO the interests of monopoly.
The spectators who now rule and ruin the country
will be shorn Of their power. The producer will be
paid in money and not in paper, The aristocracy OF
wealth viii give place to nobility of character; the
laws win be faithfully administered industry will
rejoice in sure and ample rewards; and peace and
prosperity will ill the land.