The New York herald., 1873-12-07

oe 70 promote the schemes OF those Idle specus.
tors for whose sole interest most oi them write.
are the wordy spectators and the silent In.
triguers. who work hand in hand and always man.
age to be the power behind the throne, which gen.
orally manages to gloss over and whltewash POSI-
tive causes while they prom.sc-they deny positive
needs, always referring In q most patriotic manner
to great resources yet taking the best possible
care to control and stutfy said resources, though
ahe power to cnange ana mold the ebo and now o.
capital, until all these facts never more apparent
than now, are made still more palpable to the
masses Looking on all sides. the country Is now
brought Upon it by these monooohsts and their
coniederates. in and out Of oftce What nave we.
what has the country to hope from thems
The platform adopted by the farmers In Chicago
at their convention last month spoke out in OPP
position to the false credit SYSTEM The labor re-
formers also have for many years past adv0-
Gated the plan which Will destroy This vast
specie basis is attempted to be maintained.
inere Is not specie enough in Europe and
s pace ae Is IN e wor to oos oS
make make Unnecessary the intervention OF banks,
glher % national or sayings, or any bank whatever.
Inuer that system the natural course would be
with the facilities at hand, to s'pay as we go" and
ta,dp tkeep out Of debt. Under this true system the
power over this question, would issue all the
money, ana when the quantity issued became
tne country, and so abundant that the average
rate OF interest fell below the average rate
say about three per cent. But for commerce we
might fx II at 65-loo, or one cent day on 800;
in It's steud convertible interest-bearng bonds.
These certificates OF value-this paper money
would always be q legal tender Tor every purpos Q
whatever. and all the people aud property OF the
country bound for them, ana all would have conf
denGc in them the quantity OF this circulating
little; the rate OF interest which this rep.
resentative or redemption bond bore would
lation. Ii would act as a balance wheel
and the chief or the Treasury Department need
REQUIRE no other instructions than to reduce ana
issue according as the demand Was greater or less
for the one or the other. There could be no per-
manent redundancy or permanent scarcity and the
business OF banks, Spectators and gamblers could
have no longer power to rob labor or create corn
ers No foreign power could effect the stability OF
they could the tides which ebb and flow upon
coast. With this cheap money everything which
money represented would he correspondngly
cheap and we could by having the necessary tool
produce as cheap as the rest of the world and
share with all other nations, the markets of the
world, and have no fear OF being undersold any
where. When this system is established the occiI-
patton OF bankers usulers and spectators would
end, and such might be turned out to earn an
honest living by honest industry.
The most conspicuous and one of the most inn
portant considerations for the American states
man Is how to control the relative rate OF interest
IN those countries with which this nation has large
dealings.
Onr own experience, as also that of all countfieg
In which the rate of interest nxed upon national
debts. Is that the rate SO 1xed determines the
Telatye nexchangns ma value OF all things for which
Under the existing false system we have gone on
adding to our foreign debt until 1t exceeds
81, 500 009, 900.
our own market, where everything is made high
by our high rate OF interest, is to-day the best
foreign market which England has. while ali
foreign markets are practically shut out rom us.
because the high rate Of interest here prevents as
from producing as cheap as our competitors.
No system OF finance which fails to fix low rate
OF interest upon money seeking repose for the in
terest 1t yields will salty the people benefit the
country; the giving elasticity to money supply
simply, without the element OF cheapness, would
be useless. 'Ifs not SO much from the quantity az
hn I'm Mt " w
to avoid the evil OF credit require the natural
substitute, the ready money. II this Is denied bX
the government. whose issues we are now COM
PEELED to use, there is alternative but credit.
For ages this curse has afforded the tyrants power
to keep the toilers In subsection and slavery, ana
unless they arise in their might to overthrow this
tyranny they will continue in slavery.