New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-08

would scarcely he found TO advocate the exercise OF e
power exc PIT under CIRCUMSTANCES OF exue cv and
there abundant evidence in the debates ana %
Of Congress, and in the statutes M ,he ner
was not intended Ia make the egaltender uo.vs w -
the issue OF such notes provided for the ~ no.,
into bonds OF United states bearing n'oio'' ~ '
rate OF per cen um per ahhu"
SPECIE PAYMENTS AND THE NArloNs HONOR
The act OF March 1869. In terms declares 'ha' ne
faith of tho United states Is solemny p'easeu W '"o
payment in coin its equivalent or all ophgatohs VI
The un,ted States not bearing interest. known as United
states notes" The same act further afirms that " the
limited states socmnly pledges its faith to make pro-
visor nj the earliest practical PERIOD for the redemption
of United states notes IN cOin Tne purpose OF to
set Is We'll exprssrd I'm ITS title which declares 1t 10 he
"An act strengthen the public credit ana tnat SUN
was the fleet Of the act cannot be doubted oI !. Is n
unconditional assurance the part OF the Government
not ONLY that it's shall be paid IN COIN oat
shall be done at the earliest prdctlSapo W foar arr
faith OF the Government could not be more CIeary va
absolutely pledged than is done by this ACT OF Congee
TO say nothing OF previous eglsIaon ino tlrw of
time that elap'cd since the nn' tSa Tain Of
the II helion as well as proper REGARD lor .e ,rjs
the nation sdmouIshes us That lnilaoF most
fhe rrdmnon OF its pledges ought not 10 Oe onEet
n"naJ IT, nt unworthy Of remark that the era OF ne
war WIN not bo closed until the perlod OF reuemPou
IL .ometacs urged by the advocates OF contin-
,ance of oIr pper circulation that, lis amount oeing
DOW definitely nxei 10y law it is not liable to the hac
tnaons IN volume which attach TO currency that may
be increased dinuis at the Will of the secretary
but tlS suggestion leaves ont OF view euuIsy tue .o
that II OF htue cons quence where the power 70
being only I'm the degree probability OF It's USE The
existence o. the power at all and the apprehension OF
Its being called into exercise. Is the eNIi from WHou
mschl'VOus consequences are HkeIS, 10 now, Ia
quality OF nsXiull1 governed by inc law oi Idue '
commerce aud watch regulates the increase OF ulmnu
uon OF the volume oI te olcuat'nE i ~ OF vaInp
TO the requirements Of legitimate business IS Oh
tut tndt winch controlled 10y the legislative VIII anu
NAV depc nd upJI party exgencies or the supposeu
neCesst"S of me Treasury, or he dcinahu ol pa
Sucn a eAruy i hanie to sudden aud violent eAnah-
contraction. having no necessity eoinco' Wv"
with the irgItluate demands OF trade ana commerce.
SPECIE PAYMENTS ESSENTIAL TO PROSPERITY
In a country ike ours, with varied industries ana
extensive commercial relations among It's different sec
tions ana with other nations and peoples stabllty OF
the circulating medium is Indispensable to the general
prosperity. Credit. which necessarily enters largely
into commercial Transactions, can only be steady ana
secure when il for lis foundation stable currency
Tie quail suOuity In money attaches only To CON-
which. ty common consent OF mankind Is the medium
e&C.LuGr AND To y per currency representative "I
coin. bcc cOINcrdhie iuto IL al the VIII OF Tue
holder t. reason Is ObviOuS Tor CON- besides Delne
recOSHztd Throughout the WORN as incul a a. -
CHANGE las a M Intrinsic valne, can be procured only
by labor limited quantities, when cannot De III
creased oN statutory laws lIoi - ~ no 80
means While InVertO.r paper money may De pro-
duced IL llleDhe thltleS a' noual voa' " ~
OF the Hs-rst d'oohIh on costing no more m'n to
loves. ANA IL volume depending solely on legislative
eDactDcLt. .
Thc history Of lrredeemabe paper repeats IT.
sell Whenever ana Tevcr 1t IS used IL increases pres
ent prices, CtUdts tue la rer with the ldea hit ne IS
getting higher and brings fictitious prosperity,
from winch follow Iuhilun OF business and credit and
discovered That trade and commerce have become
fatally diseased confidence Is destroyed. aud then
the shock 10 creut followed Oy disaster aud ue-
preston AM demand for redef ny further Issues.
dollar lcgItend note, such as Is now IN clrcula
ton Is mel more less than the promise OF the
Government to pay dollar 10 the bearer. while no
express provision IS male 10y law lOr paying the dollar
at any the Whatever; is there any existing pro
vision for into anything That stands In
Tangible coin dollar As lar as existing laws
60. there why the legaltender note Il the
denomination OF a dollar should pass Tor one cent VI
sold, except The Government conpes creditors
10 accept discharge OF Obligations to pay money.
and ODugcs The wealth aud commerce Of the country TO
adopt il as medium Of exchange. To this may be
ADDED as an element the value Of the egal-tonder
dollar. nope the Government will some time
other redeem It's PAPER PROMISES according 10 ther -
port. The unl cIsal OF, aud reliance upOn SUCH
currency tends TO "lunt the moral sense and impair the
natural sef pcudcuce OF tue people, ana trains them
the belief the Government must directly assist
their individual fortunes and business, help them III
their personal affairs, ana enable them to discharge
their deUts by pArua pay ment THIS lnconyertbe pa
per currency brses the deiusion That the remedy Tor
private ptcuhldFN distress Is IN eslsiauEe measures
aud MAX the people unmndful or the fact that the
true remedy greater production and less spending
ana thdt ledi property COMES Only from IuuIHuddl
effort and THRIFT When exchanges are again made IN
currency convertible INTO 1t at the VIII OF
the holder, truth VIA be Understood and acted upon
A WAR PLEDGE THAT MUST BE REDEEMED.
1t is Intended call IN question the constitutional
validity OF the legaeuder acts the wisdom Of those
who In the midst Of rebellion which taxed the utmost
and of the nation, deemed the issue
OF such essential Repeated adj udica
highest judicial tribunal OF the land sustain
ing their validity accepted conclusive OF
question. All to be asserted is that
the eNl-eLcts "hch required the Issue o! sucn NOTES
have passed away. ana Cle time has come for taking
such steps may he necessary to redeem the pledge
then made. TIE power to do well as selection OF
to that emf, with Congress. Tue Secretary
do neither more nor less Than obey and execute such
laws Congress enact While il seems to he
generally ccucede mai the resumption OF specie pay
is essential the honor Of the Government and to
the genera weHdrc Tue views Ot lneilgeht ana We'll
informed persons as 10 the best method OF
mans tnIt have been suggested so muitifarions
that the cretary feels embarrassed IN sug
commend themselves 10 Congress But there
two fdnd ideas underlying the subject winch,
Is believed, mast be the basis OF any practicable plan
for pOu, aud are, therefore, submitted for the
consideration Of Congress lis obvious that there can be
no resumption by tie Government long the volume
OF paper C-reucy Il largely III excess OF the possible
amount Of coin available Tor that purpose which may
into Treasury III any year, and while no pro-
made the conversion OF TINS paper money
into any ming having nearer relation TO cola ii
possible Tor the banks people to resume long
the large amount OF rredeemaOe paper now IN circna-
tOu continues he by law legal tender for all private
debs with reference both past and the future.
While OF things lasts gold VIII continue 10
fow from us aud fnI employment where the natural
laws OF trade unODstruc cd by restraining legislation,
make It's daily use indispensable.
A DAY WHEN CONTRACTS MUST BE PAID IN COIN.
The Secretary therefore, recommends Congress pro
vide by law that after early and fixed day United
States shall be legal tender TO con-
tracts thereafter made. But this provision should
apply Official salaries other ordinary expendi-
lures Of the Government under then existing
or appropriations. Between the day thus to be fixed
and the time OF final resumption a sufficient period
should eapse TO enable the people and banks to
for the latter 0y such gradual processes iu
business viii neither lead to violent contraction IN
credit aud values suddenly increase the obligations
OF debtors. Tue sudden ana immediate appreciation Of
the paper dollar 10 its par value in gold only no
necessary element OF redemption but far practi
cable, shout be avoided II the period OF the
the It tender acts operated bankrupt law
compelling creditors 10 give acqutanccs upon the re-
cep Of less than tie full amount Of their debts there is
no reason why the law for resumption should now |
compel debtors at once TO pay essentially than
ar of SI.h
measures as Will not suddenly increase the obligations
OF debtors Will 90 far to aay aud disarm whatever
popular opposition t. resumption of specie |
may exist and, besde-, would be but Just to the
debtor class Toe day from which contracts
dlacharCnd sILnul ne Xad sunlccni