New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-25
NO MORE FINANCIAL ALCOHOL.
sn,,,A ~ Mr.. WllSap, Wood

NO MORE FINANCIAL ALCOHOL.
spescA 81 Mr. WtItam Wood
know by painful experience that there
are no such inveterae currency doctors, and
that on occasion such this one speaks at
great must accordingly throw myself Oh
your kndliness to listen to remarks. and TO near
me patiently the sake OF the object we have all al
heart that OF returning sound convertible currency
with All practicable dispatch-I say all practicable
a,spotch for the thing be done hastily, nor
without adequate preparation. 1t would i'll become me-
n native Scotsman and the and grandson OF Scot
th bankers say snything against well regulated sys
tenn PAPER currency because IN the interval from about
i5o 10 ISt or in years. has mainly contributed TO
raise Scotland from the depths OF exrenest poverty 10
be OF the weathes countries of Europe m prop9r
ZION 10 its pOpnlatOn and has made It's naturally Sterile
soil TO ''roice blossom the rOse-to be literally
the best cultivated of all oountries-and am aanions
a we'll regulated and converuoie paper currency, ana
the enormous ana growing evils OF nconverble one
In 1864 confess that approved OF the suspension OF
% have of forced loan in addition to the
lar just as 1t was necessary " OBTAIN drafted men
IN addition to regular soldiers and volunteers. The0
rctcaly know that it was wrong To suspend specie
paymepts that II they had not been suspended we
could ave carried on the war much cheaply but
the question is Could we with q specie currency nave
carried 1t on at ALT doubt H. don't believe that any
great mercantile nation like United States Great
Britain could carry any either foreign or
domestic for three years without suspension or specie
payments. No doubt such suspension aggregates the
cost But the moral effect is good it apparently puts
stop the decline in prices In fact II nomnaly raises
the price OF everything, wages Included; IL makes
people feel good so to speak, -
10 being cheated 10 cheat -
Itmiti9ates " some extent the woes OF war; whieh
Like ru1iap all with guilt deaei
Reus away comfort from the night all safety from the day"
IuconyertiDle paper money" Is 10 the Dody pO1tc
much what alcohol is to the human bOdy-it stimulates
IT, and for the time enables It TO bear an enormous extra
our most New-YOrk physicians, that to deli
se oT foSp DAYS admnsteTed IA bottles Of
brandy without producing any ntoxeaton, and with the
the utmost Oathng for the stImuaOt. am afraid that
scarcely the with the political patient who has
had Dconverube paper currency durngtne
scute of Yet not to bankers and merchants
only, nut TO the workngmen especially, an inoonyer-
bic paper currency after the war Is wen over is as
detrimental asdaiY bottles OF brandy would De 10 man
not suforng from disease. IL IN 1862 wSrkingnens
were say on an average " per day Dnt instead
Of being paid IN gold or currency had been paid IN knu
-Four, three yards OF coth aud the Government had
levied its forced loan also In KIND and taken from each
mans wages pounds of beef, l6 pounds OF Hour or
yard OF cloth ana gwen instead promise 10 repay al
the Greek halendS, or ACKNOWLEDGEMENTS,
note beautifully designed by the American Bank Note
steak, another with that of flour barrel, and third
seal OF the U. 5. Treasury-whne the war lasted the
vOrkngmen, like true patriots as they were, would
made the requisite sacrifices OF their beef and bread
and CLOTH but when 1t had been successfully finished
for seven years. and still the same requisites
msnded and long before the end of years, that
yeXatiOus rObberes should cease. Yet Is IL not
gold dollars % $40 grains each, grains OF
gold taken out OF dollar and no certainty but that
great deal more may be taken from them Inc nom,
inal wages OF workingmen may have increased
since 1892 but how about the purchasing power OF the
get IN 1874 as compared with quantity III March
lseli
now TO RETURN TO A GOLD BASIS.
Now I think Mr.. President, that specie payments
might have been resumed by January LIST, 1867, when
mercantile engagements at a minimum, had long
per cent gold bonds been issued, aud that penny
wise and pound foolish not to the cent interest
and legaenders TO such an amount as that
they could have been kept floating on par with GOLD
But that time was missed and have IN consequence
had tue Black Friday OF 1869 and the black september
tpecle payments now than we years ago.
How are we TO get back them ithat is the question
to endesyOr 10 solve tonight. We cannot get
back without due preparation, and some, probably
. good deal, Of suffering; bat the suffering
will be little compared with what VIII ensue
81 do not al and determnedly adopt policy OF
resricton Let impore Congress 70 see TO it that
possible to 1856 10000 by taxation, the issue OF long
bonds partly by both. After that Is decided upon:
The Government The outstanding u. 8. bonds can we'll
take care OF themselves. No man or country wishes
that he Or IL had fewer of thelD No private DEBTOR
would think OF paying OF his late maturing obligations
and allowing his past due bills TO remain unpaid II he
did he would be looked upon a either knaVe or 1oo
but when We call a thing government, then straight
90 down on our knees to "Mumoo Jumbo" aud
think that in nscrutsoe wisdom which, In an lndlvld
ua should designate the hight Of folly or knavery
IL ever 1t were necessary for tue Government to buy
time has long passed and now let Government devote
ls energies paying off its past due obligations, or
legal tenders, until they reduced 10 such an amount
that they will be par with gold. see no objection
20 the Government having tAe benefit OF floating
OF legal tenders III they have sufficient
gold 10 all demands for conversion made
would have objection 10 continuing the legal tenders
when a par with gold as legal tenders between man
and man. but not as between the Government and The
holders that Is. while any man can legally pay his
debt IN greenbacks TO other man. the receiver OF
the greeubacks presenting them 10 any subreasury
the United States always get gold for Them just
~ he get gold for gold notes now
Let Congress pass law making II Imperative to sell
proportion Of the Government gold each month"; and 10
lay up a sinking fund another proportion out OF the
surplus gold reserve for paying the interest
bonds by the Government be put stop TO- and by a
steady persistence in this policy we shall WITHIN nVe
Sears nave greenbacks par with gold The Bank OF
England suspended specie payments February 2Itn,
iV In 1919 Parliament passed Sir Robert Peels bill
for resumption OF specie payments Inc
PREPARATION was long and careful. From FeDru-
AIRY ls 1920, till October LIST, 1920, gold bullion
was TO be delivered for notes at "a Is. per ounce.
From October Is 1920 to May ls 1871 gold bullion as
yered al Cd per for notes. FROM May
t Nav Ist 1873, gold bullion was TO be deVered
brnOtes Is us. 1Otd. per or After May ist 1875
gold value OF 33 IFS. Oh to he delivered
Tor the Of notes. But the directors OF the
Bank OF England anxious 10 meet the spirit OF
Pcee bill aid not wait TIL May lst, 1875 10 re-
tume specie PAYMENTS began 10 exchange coin lOr
botes on May 1st 1871 just "a years after they had sns
pended specie PAYMENT or exactly double the time OF
cur present suspension,
Let us better Instructions aud resume specie
payments at latest In twothrds OF the time IL TOOK the
mother country 10 do IL. 80
Let Us turn from the evil ways of inconvertible
paPe currency Let Us creditors In dollars OF
10 O grams OF standard gold, instead of cheating them
. 'niee VI Tour grains, more, the may be,
sNeIy uollar "A false balance IL abOminatl0n
W 'he Lofu' out Just weight is his delight"