The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-14
THE DANGER OF RAG MONEY.
Further COmmentA from the Press.
The Atlanta Uial Herald says


The Atlanta (ial Herald says
We agree FULLY with many OF our wisest states
men that the South and West would suffer AS
much II not more, by imitation IN the end than the
East, Tor the reason that the Eastern banks would
have coutrol OF the redundant currency, and thus
easily save themselves from the losses which the
agriculturists Of the West and South would not es-
cape And then while the cotton growers OF the
south will be compelled to pay more Tor everything
consumed in making their crops, tney win not be
their great staple, which Is regulated. Tor the most
part, by the bankers and brokers OF England
The Boston courier says:--
The President has repeatedly reiterated his con-
yicton that further issue Of irredeemable paper
would be both disgrace and disaster tU the
country, ana IL was supposed. AT the beginning OF
the imitation movement, that he could be counted
upon to throw the weight Of his advice, and II ne
cessary, his veto against any attempt TO swell the
volume or our paper currency. But many repdbli-
cans are now in doubt as to his attitude on this
ali important question They know Grant TO be an
obstinate man, but tear that his oDstinacy may de-
ser, MIN al Time when " wonid oe welcomed Us q
virtue.
The Milwaukee Wisconsin says
Ii President Grant should veto this measure he
would act as a statesman should IN such crisis.
lieve that the result OF the agitation and discus
SION would be to crash all schemes for the 1urthcr
during the next generation Morton expects to
ride into the Presidency on the imitation bubble,
bat a veto AZ this time would teach Morton and
other politicians OF tnat class u lesson, that the
common sense and patriotism oil the executive
check that tide Of dangerous legislation,
whlch, as Governor DIX predicts. II not arrested
will cripple the industrious energies OF the whole
country.
The Rock Island ul) Union has this to say
the people OF the Northwest are fully aware OF
the baleiul effects OF watering the stock OF rail-
road corporations. But while clamoring for legls-
Iarion winch shall stop this fraud the people OF
the West shut their eyes 10 greater evil, or
tacitlv encourage II. Inc proposed expansion
oil the currency which seems likely to be ordered
by Congress is nothing less than watering green
is best to see The truth clearly. The first step IN
innation VIII but lead TO second and third, and
there will be no change OF policy until the inevta.
national bankruptcy.
The Alton uL Telegraph says:-
We are opposed to the increase OF the currency,
and regard the action OF the majority OF Congress
in voting TO do so without taxing some decided
and definite position IN regard TO the resumption
OF specie payments. as mistake. and in. the end
those who now advocate this course will be sadly
disappointed
The quincy tlll.) Herald remarks:-
But 1t IS said that Grant will sign no bill that
does not ixa day Tor the resumption OF specie
payment. The plain meaning OF which il this, Tx
u day At which the people shall pay gold and silver
for all they owe OF buy for all taxes, Tor salaries 10
al pubic oncers on, the government WIN issue ,,e
that rredeemaole paper The people had as well
look to this In time or 1t may be TOO late.
The Waterloo Qowa) Courier says
II four venerable uncle is badly involved and his
thousands OF children are clamortng for more
money, can he supply their wants by paying out
his 50. 600 reserve Tor current expenses IN
other words, does the Chicago Inter, ocean mean TO
be understood That the mass OF the people would
be relieved by paying out the reserve 70 meet me
expenditures Of the governments we
want more light on this question, ana snaiI oe
gratiticd if the htpr-Ocpan will explain now
nation can permanently relieve itseli from emoar.
rassmcnt by placing In circulation more OF lis own
promises to pay.
The vtnton tIowa E1Jle says:-
| The day Is coming in our Judgment some time
| In the not dtataat iutnra when inaatlon VII ID