New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-03
4 BOND BASIS But NO INFL4TION.

70 me RAZOR Of The Tribune.
SIR: Mr. Senator Morrill, OF Maine complains that
his brain j. "muddled' by the discussions going on
around him on the financial question. MI. Morrill,
should read The TRIBUNE and get clear OF his per-
plexities There l. nothing bewilderng IN the imam
cial problem anybody who viii look at 1t steadily
from the correct point OF view.
There are Just two points to be considered aud two
only and there are inst parties TO the question,
and two ONLY One of these parties desires contrac-
lion and a return TO specie payments. These two
things we put together beGause consider them 10
be identical. The other party desires expansion by
the issue Of more paper money. Our plan IS To
satisfy both parties to a reasonable degree
Instead Of redeeming our paper money IN specie we
propose its redemption in per cent gold bond OF
the United States. This Is something valuable and
valid. II is a return 10 something ike coin pay
ments For such bond has a commercial value IN
our own and all the markets of the world at steady
rate approximatng the value of coin. Why should
not hard money men, and redemptlOnlsrs OF any de-
gree unite in the support OF such measure III lie
a most important step in conservative direction,
and will bring us nearer much nearer 10 specie pay
ments than we now are
We saw to the inflationsts accept this reasonable
basis of redemption and we will go with YOU to
break up the existing monopoly of banking and
throw il wide open TO everybody everywhere. No
community that desires more banks, no town or
village that desires new bank, shall be denied
Here. then are two propositions of the plainest
and most practical character, that need "mudde
no mans BRAIN which embrace the whole subject,
or so much of it az Congress is now called to
act upon Both are before the Senate, and have
been voted on several times during the past week,
and both have received the votes Of nearly ma
iority of that body. We cannot help thinking that
Of
Maine included must sooner later get rid Of
their bewilderment and perceive in these simple
propositions the true solution of the financial ques-
ton in its present phase
Ii is entirely certain that the extreme measure OF
resortinQ TO the resumption of coin payments will
NOT now be adopted either by boldly facing the Issue
or by the acceptance of any of the sngar-coated
measures proposed by and another of our finan-
cial reformers And we suppose il to be equally
true that Congress will not the ruinous and I'M
constitutional measure of issuing more greenbacSsi
Or practical danger is that we shall get inveigled
INTO wildcat banking system that is, OF permit
ting the establishment of banks Of issue, without
holding them to any plan Of redemption except, as
now in irredeemabe notes Of the Government. III
We 10 to expanding circulation In that way, we
shall bring on another crisis which Congress VIII be
called on TO relieve by widening the basis OF bank
;ng by the issuing Of more greenbaeks II we once
get fairly embarked in tins see-saw business our
whole paper money system will be thrown INTO con-
fusion and ultimately explode.
1t will be but Ite better If Congress attempts TO
control expansion by limiting tho amount OF me
aggregate ISSUES of the banks lhls IA dangerous
reliance; for every time there rs pressure an
excuse will be found tO enlarge the sum-
The only safe way, and the way that can oe sT
complained of, ~ to leave the whole banking held
open for anybody To work who will, but holding all
who issne paper money Government included, TO
redemption Of their ISSUES IN something speenc anu
commercially valuable. This, anu this aions' WI"
prevent dangerous imitation. 10
PAtladelpkla, Feb Is. 1874,