New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-08

Treasury and the National banks must be q
failure now and here, az 1t invariably has
been in other times and places ;
that dirty, ragged paper is not wealth
any more than pots and kettles are food, and
that the multiplication of paper money can no
more clothe and feed a nation than the most
complete assortment of stoves and frying-pans
can fill the stOmachs of starving family who
have nothing to cook. by thus making his
opinions known and clothing them with the ut
most clearness and strength thatlanguage can be-
stow, tho President pledges himself to stop any
legislation of tho kind projected by the Joint
Initiation Conference Committee. The hopeful
project to satisfy the hard money men with
promises of resumption (after fashion) in
1878, and the inflatiOnists with more promises
of the sort called money, to be issued forth
with, neither promise possessing the slightest
intrinsic value, is nipped In the bud,
and the nation is saved from FUR
Their disgrace. The politicians excuses, that
tho initiation will not amount to much any
way, and that it is due as a concession to
conflicting opinion, are thrown to the winds.
The President lays down seven propositions,
all of which are true and none OF them unlm-
portant. We repeat them here, and we trust
they will find a place in the memory of every
lover of his country and of fair DEALING
I."I believe it high and plain duty to
"return to a specie basis at the earliest prac-
"ticable day, not only in compliance with
Legislative and party pledges, but as step
indispensable to lasting national prosperity
II. al believe, further, that the time has
come ,chen this can be done, or at least oegnn
with less embarrassment to every branch OF
"industry than at any future time, after resort
"has been had to unstable and temporary ex-
"pedents to stimulate unreal prosperity and
speculation on bases other than c0ln-the
recognized medium of exchange throughout
the commercial world
III. Il po,lld like to see the legal tender clause,
$50 called, repealed the repeal to take effect at
"a future time. say July 1, 1875; this would
"cause all contracts made after that date, for
"wages, sales, ETC., to DO estimated IN coin."
w. 81 would like to see a provision that at
ga fixed day, say July I, 1876, the currency
"issued by the United States should be re-
"deemed in coin on presentation TO any as
"sistant treasurer, and that all the currency so
redeemed should be cancelled and neper reis-
Issued. TO effect this, it would be necessary
to authorize the issue of bonds payable In
"sod, bearing such interest as would COM
"mand par in gold. to be put out by the
Treasury only in such sums as should from
" time to time be needed for the purpose OF
redemption"
va would further provide that from and
CATER the date fixed for redemption, no bills,
"whether of National banks or of the United
Estates, returned to the Treasury to be exchanged
I" for nep bills, should be replaced By bills Of less
denomination than ten dollars and that in
cone year after resumption all bills of less
ethan five dollars should be withdrawn from
circulation and in two years all bills OF less
ethan ten dollars should be withdrawn"
vi. 81 ,could propide an ercesS of revenue
"Orer current expenditures. would do this by
"rigid economy, and by taxation where taxa
"tiOn can best be borne. Increased revenue
"would work a constant reduction of debt and
"interest, and would provide coin to meet de-
"mands on the Treasury for the redemption
"Of its notes"
VII. "AH tares after redemption begins should
abe paid in coin or United States notes. This
"wOuld force redemption on the national
"banks."
No holder, more comprehensive. more prac-
teal, or more effective plan of resumption than
that embodied in the foregoing propositions OF
the President has yet seen the light in this
country There is no jugge about the scheme.
There is nothing experimental in it. No prin-
CHILE is introduced the truth of which has not
been established by uniform experience. The
Legal Tender clause ought to have been out
of the way long ago, and would have been if
A. hoH
Supreme Court as to prevent it. He makes
tardy reparatiOn for that injury now by
calling for tho legal repeal of a
measure which the courts ought to
have hustled out of sight the moment
the excuse of military necessity was no longer
available. The Constitution clearly means
that there shall be no legal tender save gold
and silver, and if the higher law of the
public safety warranted the assumption
that in time of war this cOnsti-
tutiOnal white really meant black,
there has been no pretext on which, since the
war closed, it could possibly be justified.
There is no question that the Government can
be prepared by the time the President names,
or even sooner, by the issue of such gold
bonds as he proposes, to redeem with coin
and cancel every greenback presented. The
abolition of small notes would be of the high
est benefit to this country. Great Britain and
France have long since put an end to the cir
culatiOn of paper of less denomination than
five dollars. The Bank of France is now re-
deeming in coin the few of her twenty-five
franc notes which remain in circulation. The
lowest denomination of bank notes issued in
England is for five pounds In Ireland and
Scotland the issue of one pound notes is per-
mitted but the circulation of bank notes is
regulated by law and seldom goes above
sixty million dollars Were Great Britain