The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-01
GREENBACKS OR GOLD?
The Sin of Initiating the
Currency.
Protests from the Press Of the Countrywide
Danger Of Too Much Doctoring Of the
Financial Policy Of the Country.


me oossibl{tv of a ne,o issue Of iysconrertiose
paper regard lotth amazsme,u and anxiety and
IN my Judgment such an issue would be det''t-
saent and shnne.-CHARLEs SUMNER
Below win be found extracts from some Of the
leading journals OF the country touching the pas
sage OF the bin increasing the circulation OF the
currency. These extracts show that there Is
,deep-seated opposition to the bin and desire
that the President win exercise his veto power in
the premises
from the Cleveland Leader-republican.l
Congress- has rushed into this Jolly against the
warnings ana protestatlons OF the soundest bus-
ness men East and West led and sustained by
large majority OF the abest newspapers OF the
country. We here venture the prediction that TINS
act OF financial prostitution win make the last
days OF March, 1874, remembered as the period Oh
one OF the greatest mistakes In our national W..
tory. The first fruits OF sin often sweet and It
may be expected that SIX months or a year heIce
the innationists will be claiming victory. NOT
less assured, however, because postponed, VIII DC
the bitter rind and the regret.
lFrom the Newouryport fMass) Herald-inde-
PENDENT
II is offering premium 10 extrava-
gance by inviting every individual to run IA oeot as
deeply as his credit Will permit, since every debtor
VIII have 10 pay less value than he has received.
1t Is an example OF dishonest extravagance which
will be followed, since that VIII be no disgrace
wpich the law has made reputable. Is VIII be d
stimulus TO speculation and a sedatlve 10 industry.
and discourage those who would have the national
government pay It's debts honestly, and 1t Is
policy which leads directly TO national bankruptcy
and OF necessity TO reputation.
IRON the Albany rmes-independent
The legitimate business interests do
not need it. Therefore it Is GEAR that tne large
surplus must be employed IN holsterng up rotten
banks in gambling In iancy stocks and IN starting
ipnsory financial schemes. AS these nave their
follow that III short time the people
OF the thinly settled West and south VIII
have no currency than at present sar IN spite p
be reaction; but II will be too late, for the mis-
chief will have been done. 1t is 10 be hoped that
the innationsts viii not be permitted 10 put their
policy into practice but that The President
will listen TO the voice Of such men as Charles
Francis Adams ana the great merchants OF the
the country from financial disaster, and
an effort should be made 10 induce the President
TO his great power for the benefit OF the people.
For this the veto power was conferred, and for
this IL should be employed.
From the Rochester Democrat-democratic.l
We know fuli well that the veto power should be
Rparngy used; that only great emergencies Justify
It's exercise by the President. But we believe such
an emergency is upon us mat the President would
not only be justified In It's exercise, but would
thereby place his fellow citizens unoer deep debt
oil obligation TO him. We believe such veto would
largely add TO the reputation OF him who Is already
1iiustriouS for services performed. In the name OF
all that Is honest and prudent in the nation. ask
the President interpose MS Will as against that
OF an infatuated Congress-.
From the Pittsburg neutrality-suspicious.
Oniy forty members OF tile House OF Representa-
tives were present at the financial debate On sat
prday. Having made up their minds to expand
and take the risks, the majority were, OF course
INDIFFERENT to further argument. 1t does not appear
what they had already heard cleared their ideas to
any notable extent, and we presume nothing that
might be added now would move them to recon-
slider. Holding theories IN lofty contempt, they
are so sell-sufficient IN their wisdom That words
Of remonstrance are but breath wasted.
From the Boston ACKNOWLEDGEMENTS
1t Is an axiom IN finance that when a debased or
auhnOrlZe1 lSsuel
quickly takes the place OF and drives out OF the chan
nes OF circulation all sound currency II is a ques-
Lion worthy OF serious consideration whether the
same rule Is not likely to hold good in statesman
snip. Is there not danger tnat when a country
has authorized and accepted debased and de-
preciatea class OF craftsmanship, It's action,
unless couIteracted. viii as surely drive out
character, lofty aims and commanding ability :
Too many OF our statesmen are TO be accepted as
such only oy legislative enactment. our green.
only worth eighty-eght cents. our congressman
may be legal tenders Tor statesmen, but, judged
by the only true standard, would not too many OF
them have to submit to still greater discount
than that IL Is worth while Tor those who are
contemplating the necessity OF dropping all the
more prominent candidates for Senator and
uniting on another. to hesitate before they apply
the legal tender stamp to any one who would not
Commonwealth.
From the Washington administration.
There is no sufficient reason Tor con-
1erring the exclusive right TO secure currency
from the United states on q favored lew. Let the
provision be general ana sufficiently stringent to
guard against frauds and extravaganza and to
prevent a ruinous expansion OF the paper currency
retire greenbacks as bank notes are issued. The
bank notes being redeemabie in either gold or
greenbacks, as the latter are retired from crcala-
tion paper Will appreciate III value, untn the coin
standard will be reached.
From the Boston Globe-republicaD.l
The duty OF the people is TO themselves,
and they should insist on a currency composed OF
money, or convenient representatives. OF money ex-
changeable lor it at any time. We are without
Increase
volume or the greenbacks VIII produce ieversh
stimulation for tue time being, but 1t is sure to be
followed by a relapse. We III the condition or
. patient Kept up by brandy instead OF lood who
refuses, even when strong enough 10 go back to
the wholesome yiands which produce muscle and
unew.
{FrOm the Cincinnati ACKNOWLEDGEMENTS
Now, the practical question Is, now are
the remaining eighteen millions tine reserve,
that some people are hungering and thrsting Tor,
TO be paid out that every needy fellow can get
his share II the government IS to be run, IN tme
principle is to stop. Alter getting out
S40o 600, 900 OF greenbacks we very sure
that we SHAH not have all we want, and there will
be continuous demand TO keep the fountain
open, so that the streams rom the pubic treasury
snail irrigate perpeJualy the parcned pockets oil
every impecunious individual IN the land. II the
note issue rule Is to apply indefinitely, why not
abandon revenue measures entirely 7 They are
Oisagreeabie in many ways, and wholly unreason-
able, wnle 1t IS easy to give notes TO pay debts
With, Win; LET'S on with all TAXATION is the
OF finance IN time OIL peace. When notes can be
80 easily given In little and great settlements why
Dother about taxes Next the cry Will be, why
not nave everything divided, so tnat all may live
easyp' and then VINO will answer for the most
dreaded OF the freaks Of Communism, which VIII
inevitably follow.
tFrom the Troy Northern Budget-independent
There Will DC a season OF active business,
and higher prices are TO rule ia almost every
thing. This thing VIII go on with increasing ex-
hllarati0n, just a. subject increases his wild and
1uhilant delight when taking laughing gas and
then the overloaded financial kite mat v emit ND
brilliantly ike rocket Will come down to sober
earth like the stick The seeds are alresdv
sown for more terrific. disastrous, alperVadlug
financial crash tnan That OF the late panic Come
II must. The period OF imitation over the relapse
IL inevitable. The prudent business man viii trim
sails for the storm In season--for It's advent Is
sure when the 1tful fever Of imitation Is overland
win prepare to stand from under.
From the ST. Louis Observation-Disclosures
The financial sky Is heavy with omlnous clouds
there ia a vague uneaslness in all departments oil
business, and here and there are heard low NUT
teripgs, as OF gathering forces fraught with mis-
htnf INT amt h4f AAA hrkn a of