, 1874-12-14

SLIGHTLY BELOW pAR.
| 10 he Edftor " The cAittqo Tribune:
Slit: hayo ottlcavorcl to wado through t7toroa
articles, In saturdays TR1nusE, upon thu Aua,c.ul
policy Of tso counry but, for tho fo Of ,ne,
not see tho point. you cay thnt Every time !hc
grecnback tal!a cent tic tnIlar, tlpro ia re-
dHceion In tho valne Of this vast Of property
(si2455 o0uOl Of So, oo0oo" Euw, observation
teaches ttut tho rca1lt iH exactly tlo contrary
! LTho word should have been 's ritcs," in
stead Of ''fnllB." Tho previous sentence and
the subsequent ONO makes tho whole paragraph
clear enough, however. It is the changes of
tho c1rrency-valuo Of property which follows
md attends the fluctuations Of tie gold price
Of tho greenbacks Which we were illustrat-
ing.-Ep.
When thu currency acprecsatca, As compared with
gold. rnroa1 stocks, railroad Do1a, municipal bols
National Debt DonlH, agricultural and manufactured
products for salc all apparently rso III yalne Int ,er
hapa hot to the extent to which you suy they fall T!o
truth is Government bonds follow goll and all other
products Of iabor sympathsxe with thcns-tlo "log"
really ronalnR nearly stationary. aid the ta" rsca
and fills nccosdtng to the impulse which tho dog =
| gives 10 It,.
1t our hypercritical correspondent would
watch the market quotations Of produce, he
would discover TINT every time tho stnil
| wagged" the dog" also was moved. AL
| tho kinds Of property enumerated in our to-
bio have certain gold vn1uo, which only
changes in obedience OF the worlds law of
supply and demand, and with tho RESPONSE
bility md good faith of the debtor towards
the creditor. Hut onr vicious, irrcdecmablo
yroenback currency Introduces now olomeut
Of uncertainty in the value Of products and
cretlits,-an element which produces daily
changes Of currency value, which keep tho
business public ever rncertnin Us to whatthci
property will bring, aud introduces gatsl-
bling and speculative spirit among men which
in turn lends to dishonesty md immortality,
MI tho result Of retaining dishonest, ire
deomablo, H,lctunting c,1rrency--ED,
VIII due deforcnco to tho groat tlnancers Of the
.o"ns HUM oe pelon'ea 10 say 'uas taefo feens
mcaus 10 rsacl anosio pay,nct s,mn1a nc, NJ co.
greas authoriug any person, holding $1co In "lega
lenders" or any multiple hereo 10 fund or exchange
ss t '.o a ~ o @ n% 49,, ~ pur @ eeat soa inter-
There wod tl,cn be- ,,o ,,so for to 0overn,nsnt ~
hoard gold with which to redeem, and the
moment tue ~ por cent bona should reach par
notSa su , sn' ssss s.nes ana .ne se''ona, LINK
rar an no shock would ho felt IN TIM BUSINESS satra
Of the country. Such ~ per cen. bon,s If glyc,
v sv. sv.'t ~ ~ @ aS "%uu h pfopspy now " worth "
within two wars or ut INV rao IN yorv brcf nr.ipa
Th1s, aud free tnul;ing, with tho samo security and
proviaions for redemption ss now provided by law,
"oua srs us nos ony hes,ne' eas pstsefly
aud at once boter tan W. o,r naxs A'Af
TBut" JuyEs1s " will be mot bvo howl fro,,
tlo debtor classes, If tho rreenbocks n,nv
bo converted into a 1-2 Der cont cold bond
worth o7 pcr cent, then the mon who loy
bought goods or lunds and given his ohl;po.
lions therefor must INV his doht IN n,ornv
worth 81 conts in gold, whereas he only cS-
pccted to INV in curTencv worth AZ ~ "a
cents on the dollar. thu so,no ns Il wos ,vban
lie made the debt. Ho sets ,n tho obioct;on
to "JuyE,1s'" schc,no TINT whero0s ha w.
ceiyed onlv 90 or rs mar ccnt co,v;,,o,a
ton, "JuyEs1s" would mnko him m,
NJ ,,er cent a,u1 +l,oro1,,, o,,,,rocs liz, ~