The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-25

IN h1IlVxA1/A|, w LII ~ 4ZN1A) -
thai public integrity and public interest are In
separabe, rs with Austria, Italy and France, IA
tions now strug Cling to throw or the burden OF q
false standard oil VAUDEVILLE our most potent
grave anu reverend selgn0rs are either 80 igno
norant or SO utterly void OF all public principle as
10 re-enact and increase the evil power OF q lie.
| They NAV have made the right and honest course
more difficult by condoning an act for which the
/ Secretary OF the Treasury should have been I'M
peached and not Justified. In the name OF common
self-nterest, let US keep up our courage and here
and now begin TO organize that force which ought
to, and soon will Include every honest man in the
nation. aud smite, hip and thigh each one. high
low, who dares continue TO enforce lie as the
only standard OF value In this great nation. Jap
plause)
Mr.. OPDyKE addressed the meeting. He had o
few words to say in defence OF the despised and
judgment these greenbacks, though not without
aults, had proved the best currency we ever had,
considering the circumstances which had called
them into being One grave mistake In connec-
tlon with their issue was that they had ever been
made legal tenders. He had opposed 1t. He
system OF currency which had proved such a safe
and reliable stan for the support OF the govern
ment and the Un.on during the war. With regard
TO the currency question as before Congress, he
said was obvious that there Is but one way to
avoid the evils incident to both expansion and
volume OF the paper currency at the limit
now established by law, ana to permit our rapidly
This would require but very few years, and then
the resumption OF specie payment would come
naturally and without financial disasters He was
satisfied that Congress would not adopt the policy
OF contraction. The popular excitement was so
strong against it that very few members
it. Nor need we fear that Congress will
authorize the issue OF greenbacks beyond
what IL seems TO regard the present authorized
strong probability that 1t will in some form au-
thorize u further issue OF national bank notes.
.deemable In gold, our resolutions propose.
With some notifications he was in favor oil the
Mr.. Simeon ID. Chittenden and Mr.. William Wood
also addressed the meeting In support OF the reso-
lutions, after whlcn the meeting adjourned
LETTER FROM CHARLES FRANCIS ADAMS.
During the progress OF the meeting the following
letter was read by the Secretary:-
ETHAN ALLEN cyrus W. TssD 81
GESrLExEs-I myself honored by your invitation
though not in a situation to accept
The subject to me for disc at your meet
Neither has it lost its interest yet But effort to
One Of chef wants the present day seems to me
to be clear exposition the limits OF legis-
lation In no department OF knowedge is there SO much
commit so many mistakes.
Appiyng this renark to the OF the ma;
ever have been permitted to become entangled with
Lection Of The necessary meet the OF
rs the aa see
to law being te legitimate duties OF the Treasury they
% ,a or circulate any medium payment
that subject limited to tie d @ Of
phrase can only mean power to the
value rsds Value S S
the Treasury itself is bound to recognize. To assume
confusion: For i s obvious that ne value OF such
higher and more general law than any within the
sphere Of operations Of single governments The at,
has often been made to do more ana it has always
Moreover while 1t is clear that it is no part of the e-
RtlmAfe business OF the financial department
side OF the prescribed line OF ITS duty is nevertheless
line 70 fix its upon basis clearly under
hasty changes, What the industrious and commercial
Glasses want above all things Is steadness In many OF
BILE There is quite enough OF uncertainty in those he
10 multiply them. For any government 10 weaken con
ssfs to exceptional is an
Promises Which f "s
he people Them higher than tSsy were were
and pHactaal performance asrseMsns 0D credit in
the offspring 1teg Nobody can make
known 70 GARY lie on its o ace going g be St
The sal BY OF
military ehieitans nor all me force which could be APP
believe that piece OF paper promising to lay gold
as as the so sd The RFoie s a
the Congressional ILLUMINATION Of legal tender, was no
this paper and cannot worth the money which
R % % s the
hs arssa S VI
And has been e DO We
Hs Ss e. in
70 the
mode in which the operations have been described.
aes
IN at e of All se praeos ns fact rs a
%s5en holds nearest same value t All over tSs
changes in the value OF the paper promises with which
on the dollar at others it falls to e,ahtySar Hence the
temptation 70 take the chance Of the rise Of fall Rouge
the gamesers but unioi tunatey it Is death to all hon.
they would ioSse great deal Il any atsmp. were Be
back to the only foundations by long experience
to rn that expereneed from YEAR
ens say the BY the n
tuations IN the estimate Of irredeemabe paper prom
would loT Limited ims follow The adoption Fl irm
paper at once redeemable in co o. II it could be dis
Would be Steadily carried out BY any
howevsr fa1,oas and Word for II bust
which 1t has years, and which equivocat
niah 90 on to Illustrate these PROPOSITIONS by appeals
to the experience ri, OF nearly all ciyzed nations who
much always TO come back to the only solid ground
me to write BOOK. can July comprehend the
nature Of the tears OF Der Of honest and
ing to restore coin. | would not myself urge
extreme or hasty steps to bring about that result
The objection that make l. that wise and effective
policy was once laid down by Mr. McCuloch when see
OF the Treasury but il has been utterly aban
doned, and nothing worth having has put In its
place. Had that policy been steadily maintained
should by this time have been close solid
all our contracts As it is, must work all
again, with diminished confidence in good inten
tons which any project OF further expanding paper will
he very far from improving There is nothing to be
taught In all these schemes They have been tried
and again and all have equally tailed, and Ia fail
ing have occasOned suffering which might have
been saved. Let us try to make suffering short
rather than keep II long Above all let have little
legislation possible and let that little be firm and
clear am, gentlemen with the utmost respect, your
obedient servant CHARLES FRANCIS ADAMS.