, 1874-09-05

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BA1RD ON FINANCE.
Horny Carey Baird, Of Philadelphia, has boc,
writing to tho Inquirer Of that city lottcr 10,
tho Instruction Of his countrymon, contrastius
tho rccont financial policies OF Franco and tbt
United statos' No ono would possibly discoyo,
that tint was tho intontinn Of bis letter did he
not inform ua in largo-1ottcrcd hoad-lince TIM,
1t Nas. Indeed, it would bo hard to tell why hif
4otfor Was written ut oil. Or what he hoped tt
gain by writing 1t. 10 sooms to condemn both
tho Froncl md American financial policy
1ndcod, ho does condemn both; and this
III eplto Of tho faet that they aro 1ianotrically
opposed tho one to tho other. But, stranger
got, nlr. Baird nowhoro tells us yhy eithor
Pohcy 10 not right, or why to condemns both.
LILO only moral ho would havo us draw from a11
he says is, That both American and Etonch loeis-
latofs aro incompetent to deal with financial
questions. Ho begins by doubling whether. ae
some aay, national dobt Is national blessing.
He haa sonBe enough to recognize that, althouch
prosperity may accompany a national debt, It
| does not follow from it and Is not produced bv
| it, and TINT prosperity may be found where thoro
arc no national debts. After 1ustifying tho is-
sue OF our greenbaok currency during tho War.
no says that IT might naturally hnyo been ill.,
forfod that measure which Ind proven itso1f 30
powerful and 30 bonof1cent In tho hour os na.1or-
ol trial, amid war and destruction, might bo
equally so in building up what tho
War had pulled down. and Mr. Baird
seems to thfnk TINT tho groonbsok is
equally boneficcnt and equally good in war and
poace. Now, aa o var mcaguro tho fsano Of
groonbaeks mny havo boon expcdicnt, whilo "a
poaco measure It would DO very bad Or does
Mr- Henry Carey Baird believe that nny and NIL
measures good in wnr are equally good in poaco2
Tho tearing up Of railway truck, or tho bonn
bart1ment OF city, or tho obstruction Of human
hfo, may DO rcsorted to as war measure. Not
so a. peaco measures. The passaeo Of tha
Legal-Ionder act was, however justiiahlo undor
tho circumstances, as disastrous as ANYTHING
elao dono during tho Rebellion. It WAS q war
moasure In tho worst scnso Of tho word. Va
suppose NO shau hear Of Mr. Bairrl's adyocatino
other war measures in tirno Of peaco In the col-
unans OF tho Inquirer. Lot tho good pooplo Of
phfladc'phia look out for their heads II his
yiows find supporters.
Mr. Daird objects apparently to the use Of
Language which denominates tho greonback q
forced loan" irrodeonnblo papor," etc., otc.
We would nek A]r. Baird whether tho issna of
our legal-tentler currency was not, On lis own |
confeaston, necessary. because no voluntary
loan could bo obtained at tho timo 1t vaa made.
Wo would ask him, too, whether the groonbaok |
ts reasonable; md II 1t bo not, VIC wonld like to
hear his objection to its being called "irreaoom-
able" We have had tho grocnbaol now good |
number Of years, yot Mr. Baird saya wo hayo
Ind nino years Of sociotary paralysis. It IL ANUS
Ing to hoar tho explanation he givoa OF this
paralysiH It was Ill caused, ho informs III. by
tho o1Iofts made to retro tho groonbacLs! Mr.
Baird mnat DO worry nimblo elastic you'll, to bo
able TO jump 80 remarkably wolt-at conplu-
lions.
France'a financial policy has boon like anything
>ut our own. Tho o-prussian war Ind
ncroaaod tho funded debt of franco by tho oud
# 1872 81, ,o49,ooo,0oo In septo,nbor, 1870, tue
,auh Of Franco suspended spocle pnymonts.
Tho circulation Of tho Bank at that timo vas
'e02, 600, whoroap In tho month Of juno pre.
'ious 1t Ind boon only 9275000,o00. Tho Gov
borrowed 1906, 600, 600 from tho Danh of
'rauco. It hau pad back e1s3 ,o0o,o0o Tho 4
'ank Inns reduced tho circulation Of its notes ,
rom 800, 600 in october, 1873, to e4o5 ooo,-
90 IN Juno, 1874. 1t has accumulated from +
145,ooo,ooo to s235,0 900. And, bcetdee all !
lis, 1t Inns paid Ut an Indemnity Of 81 100, ,ooo,
% to Germany. Alost people who know any, q
slng OF tho principles Of finance will SAY that +
''a ia pretty good showing for Franco. but {
[r. Baird dooa not ylow 1t In this light, france. =
tells ua, autrors from hor financial policy BY Il
10 discontont of hor people md tho II
'mpleto paralysis Of tho buulnoHs Of n
arls. Had tho Dank Of Franco not Withdrawn T
inconyortiblo currency to tho full extent OF
ability all would hayo boon lovely Just az all
ould havo been lovely In this country lad no. IL
NY eyer droamt Of contraction aud csllod tho a,
oonback "inconycrtblo." Such boing bIr. ~
ord'a vo"a OF fnnnoe, VIC arc not surprised at In
q views on Gtateamnrah1p Tie ,a.., -.