New-York tribune., 1874-02-09

with the knOWlcuSe lhat eNluthcc cdh w "''
for the asking, for there are scores OF cAileI
politicians Who want TO come home.
-------------------
SINKING IHE VALUE or The DDLE1E.
The innationists put forth as tieir Chief
reason for opposing all measures having for
an-objact to raise thc value OF the legal ten
der dollar to its lawful, cOnstii utlonal anl
honest standard, TO wit, % and ID grains OF
puro gold, that the people ar so weighed
down with debt that the restoration OF the
dollar to its standard would be runous TO the
agricultural and manufacturing interests. Ut
the same time they advocate AN expansion OF
the already enormous volume OF deprecated
paper money, ayOwcdly for this rcason--that
tie rate of interest may be lowered and
the facility 0f borrowing increased. \ litLo
reflection would convince thcm that the low
ering Of interest and the greater facility 0t
borrowing could hardly fail to augment the
aggregate Of indebtedness, and thereby make
if more difficult than ever TO restore tho
standard. More than that, the experience Of
every nation that has ever eXperimcated with
paper money proves that imitation, while low
cring for the moment the rate OF interest,
never fails TO increase IL in the end, by the
injury it iniicts upou public and private credit.
In the English Parliament OF 1906 there
was a small party, made up of such linancicrs
as Senator Morton and Representative Kelley,
who thought the only cure for the disorders
in the agriculture and manufactures OF the
United Kingdom was the repeal Of the act of
1919 and the dobasement a second time of
the paper money issued 10y the Bank OF
England. Mr.. IlusbissOn made a powerful
speech against the proposition, and some
parts of that speech are even more applicable
TO the state of things now existing in this
country than TO that in England when they
were delivered. The portion we are about to
quote is exactly adapted, every sentence Of it,
to the arbitrary aud short-sightod action OF
the Secretary of the Treasury in issuing green
backs beyond the s3jj,000,00) limit TO pay the
current expenses Of Government. We beg Mr..
Boutwell,, in particular, to pcrnse the follow
ing extract with attentions
Can any Legislature, lost TO all regard for charac-
ter and to every feeling honesty. listen
moment TO such morality and such proposals as these
But apart from these considerations, let Us exano tbs
measure the narrower grounds OF policy and expedl
ency; IT, indeed, the House allow Itself 10 suppose
that the present may be exception to the general
rule, that ne Interests Of NE Stqh nerer
be promoted by ne violation Of public justice
and ne forfeiture of public honor. How stGange
must be the condition OF this eountry If
il can only prosper by violation OF national faith and
subveron of private property If il only be saved
by a measure repr1bated by all statesmen aud all his
torans-the wretched but anquitel resource OF bar
barous ignorance and arbitrary power, and only known
among civilized communities as the last mark OF
a nations weakness and degradation! Does not
the honorable member see Tat such a measure
would be the dclthblOw to all public credit, and
to all confidence IN private dealings between man and
mani Does he not see, that IL you once lower your
STANDARD q. g.. initiate the currency, IL wU bccOme
precedeai that ,ciH be resord 10 erery future emer
1eney or temporary presspre-resOrtcd to the more
readily as credit and every other valuable re-
source on which this country has hitherto relied will
be at an endi Does he not that the oxpecta-
tlon OF such recurrence will produce much OF the
mischief OF its reality shat when that IN En-
gland there security in pecuniary contracts they
win seek that security elsowherel II We once embark
in this career once. openly and deliberately We avou
recognize this principle England, depend upon it,
will rapidly uescrnd-lnd not more rapidly in character
than in weat-to the Lowell OF those countries "a which
from ignorance and barbarisn, such expedcnts aro not
vet exploded.
Mr. lluskisson concluded by moving a coun-
ter resolution namely: " That this House ,cU
" not alter the Standard Of Gold or SHrer in
" .6neaess, WeigM or denomination" which the
House adopted by vote of 1ei to so. This
was on the 18th of June, 1922, and in the fifty
two years which have passed since that year
there has never been day when note Of
the Bank of England was not worth, aud
could not be exchanged for. the full lawful
weight OF pure gold expressed b. the
pounds sterling OIL its face Geniiomen
who discourse 50 learnediy in Congress
Of suspensions of specie payments by the
Bank of England may be surprised to learn
hat since it was originally chartered, in
1884, it has suspended specie payment but
bnce. That suspension commenced on the
}1th of February, 1917, and was continued Tor
twenty-four years and two months, nnil the
Ist OF May, 1921 Specie payment WAS then
by Che Bank, and ha' been main-
,ained ever since without interruption. In
w our subject wo would again a.