New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-25

nalsse ~ tho stSryenS in his howell The sscy which
coufounds all SOUND distipcons on the saneot s thao
St0a'i :s PAY Nobody dreamed That
such promise when made by 40 n by
Specially Tfr susS OroSoa the
n.S mon were issued in 1854 Their
TthOr was Secretary Chase. When he became Chiei
sorted to in order to raise the the life Of
the nation, and that the law authorizing ther ssne
buffalo. who reported the bin from the Committee on
saS Means and ssTrsa neat n %as forced o As
war measure. passed during the war ana com Se
during the war as long as tne o carry on The war
and was therefore CONSTITUTIONAL, am equally clear
Now gentlemen. ask You as men OF business, shall
such ncasuro rosorted TO amid the EXTREMIST rls o.
nent policy Of the nation in scason OF profound
Let Congress then issne no more paper ci In
It's solemn pledge and thereby tho Treasury
from tbs charge OF practical Reputation Pm ..I
| TEnDgsOIEs OF iRREDEBaABLE PAPER. 20
| great nation that relies upon irredeemable paper
currency IL at the mercy of every other great nation
whose circulating medium is convertible into gold ana
silver which civilized nations through s time have re
sardod as money Irreicemabe paper invariably gravi-
ates toward depreciation and thus produces run1ns
it becomes the lowor il depreciaes, and the more VIZ
lent are the fuctuations 1t raises INC price "
ing men. 1t stimulates to the widest spccn:
iatIsoin, an SO raises dsr up s.s sol,asrd Of
values impOssbility, and hence those engaged In
legitimate business must either STAND SUI san Ha vaDs
OF this miscaled money widely fuotuates day after day
no merchant manufacturer Is safe who makes con.
tracts tine except for gold, or even gives cred 10
his customers, because through these nhetnatious t
betwoen the time of entering into the obligations and
the day when nSg aSs 70 DO s saa OF a
fuctuatng currency that Il is Que OF the OF
political evils that ~ was ,hs ss sn snrts Of ey
and specus zion and that OF all the con.
trvances for cheating the laboring classes OF msnad
mono has been more efRectual" When the National GOV
Itself issues suoh rredeemaole paper an nus
tory shows that the evil consequences are not
but rather aggravated We need not prove THIS Dy re-
ferng to the assignats Of France during the Ts
money which became dust in the hands OF the heroes
who achieved our anu ss @
terms of the PROMISE Paper money. IKE a onr
dant because It's amount depends solely upon tho VIII
OF the Government and its ability 10 enjoy ehgraVSrs
ana PTm.ss cam aEanst 70 an ndSdna and
therefore though the legal tenders are nomnay due on
due The currency OF our National banks Is ~ ~
coin but only in legal tenders, which the Government
may redeem in coin when II peases or give he nouci
in lieu thereof another rredeemable promise 10 pay
SOUND BUSINESS MEN WANT NO MORE PAPER
In my Judgment the sentiment Of the sound business
men the country opposed to the indefinite coninu
ance of this state of the finances; opposed utterly OPP
posed tho issue Of legal tenders or otner
paper currency by the Federal Government 1t is an
act Of banking and banking is not of the Legitimate
functions of that Government Aud believe the sent-
ment or the same class Is hostile 10 system Oh ree
banking unless OF its undanetai oondtohs Is tnat
the bills OF the banks shall be always convertible into
coin on the demand OF the holder. In tht ease the
holder OF the bills of such banks having power 10 Gon
maud coin at WILL the bills might be preferable TO
the CON- because more convenient TO use is not uo
10 specie payment, Certainly we should go for
ward cautiously with the purpose OF mang the Telur
early continuing gradually reduce the legal ten
ders, might not everything like serious pressure or
panic be avoided To the root Of the matter why
should there DO more dehcacy abont requesting the
Government OF bank 70 pay their notes IN some1ng
better than another OF their PROMISES than nere Is III
| calling ON individual ~ pay his notes Tue legal
tenders were due years ago Is It not about n s, ioT
payment; In whole or IN part at some pei,ou ds or
aaotLer "a Every day OF delay is really Gay Gay
| VI reputation, though we may hesitate 10 can
| IL by so harsh q name. But for Congress- to delay
day Without s %ay or fs
OF the country to supply gold ana SILVER RON d us t NV
using Government paper as legal tenders, and employ
ing irredeepable bank currency to transact
May not bring the products OF our mines to our aid
for resumiug aud maintaining specie pay mentsi re
Sumption would not Interfere with loans ior iegtma.s
business Unquestionaoy the Vonme oi whn can
give ample security loans to borrow all be needs for
genuine business purposes Let those VINO eau ior more
cnyate a spirit of sefrellance, incur unnecessary
obligations, and develop and put Into the marKetS OF me
occupy no more your time except IN presenting Tor
your onsideration the following preamble aud resou
tions:
Whereas promise to pay money, whether emani t
from an individual OF Government Is ho' "Seh
Whereas An increase Of so-caed paper money by our
Government this time, with the understanding That
IL not be redeemed with coin when duly demanded,
would produce alarm and CONSERVATION, mper the en-
tire credit system throughout the land and cause oil
prudent TO make future contracts only in gold at
the present standard Of weight and fneness would be
he
cause would lower it's standard at home and its credit
abroad; would be injurious and demoraizng to every
body who has occasion to buy SELL to borrow or lend
because ITS inevitable fluctuations would destroy me
Would i"o be pnrons 70 inconsideraie
men, by aording unnatural facilities for specu-
laon il would tempt them to burden themselves with
debt order to embark in hazardous schemes; would
DO injurious TO stable business men, because these nuc
from engaging in the legitimate branches OF trade com
merce, aud manufactures; and moreover would deprive
them in measure Of the OF their fair share OF the
money and capital Of the country finally, would be
injurious the agricultural Industrial, and laborng
experience has taught them would enhance the price
OF those commodities which they need Tor daily use,
without cOnferring upon them compromising benentsi
whereas In the Judgment of this meeting the existing
on legitimate business Of the country, and return
10 specie payments at the earliest practicable day is
alike the dictate Of good faith and Of sound policy;
the CITY of York here assembled It would be unjust
unwise highly prejudical 10 the interests OF the
found peace to SVEN present volume Of currency by
proyidng for an additional of United States legal
tender notes. any other kind Of rredeelna6le paper
money whatever.
Resored That il it be deemed expedient By Congress
TO establish system OF free banking or 10 authorize
further issue OF National bank notes. insist that the
honor and credit OF the as well as the safety
ana prosperity OF citizens require that the stem
be based solid foundations and guarded from abuse
by stringent resricons that the existing provision OF
law requiring o Of Is per cent be maintained,
and that one Of the fundamental and irrevocable pro-
visions OF the system shall DO AL efficient mode Of
redemption In coin. - -
RESOLVED That the prompt action OF congress IN avoW