New-York tribune., 1874-04-13


believed that in every position you will honor their
Alma Mater by holding fast the ethical prinelpieS
in which her alumni are always instructed, anu py
maintaining against whatever sophistry OF frenzy Vi
the hour the obligation of honesty and veraciy D"
the part Of the Government toward the citlzeh a'
no le SIS sacred than the dnty of honesty and verac
between one individual and another. l have the
honor to be, with much respect yours truly,
LEONARD BACON.
Netc- Hcren, Conn, April Q, 1874
THE INFLATIONISTS LOOKING TOWARD RL-
PUDIATlON
STANDARDS OF RECTITUDE FALLEN WITH THE
STANDARD OF vALUE-THE INFLATIoSIsT LOGIC
PROBABLY TO BE APPLIED TO THE BONDED DEBT
-, pREMoNITIoN OF THE GREATEST COLLAPSE
OF MODERN TIMES.
lyRoM AN OCCASIONAL CORRESPONDENT OF THE TRIBUNE
WASHINGTON, April 9.-There is faint effort
going ON here to pump little sense into the House
on the currency question, but there is little OF no
reason to suppose it will amount to anything. why
should itf Doesn't Congress know that 1t Is easier
not to pay than it is to payf And this is the wioe
problem. You may argue till you are black IN the
face and it all comes round to this in the end The
mfationsts don't mean to pay because 1t is easier
not TO pay That is all there is of it. As legislators
it seems of to appeal to their sense OF honor
or honesty OF of the National interest or the Ma
tonal faith. The standard of rectitude mas gone
down fat with the standard of value. IThere is not
leading politician in Congress among the majority
that is not wholly unprincipled on this subject
Talk of convincing theml Why, they know now
They mean reputation. To suppose they don't IS
yerdancy itself. They say the greenback should
not be redeemed that paper is as good as gold ana
better in this new and fourishing country. lhey
will say the same thing of the bonded debt wheh
the time comes round. Why shouldn't theyf Inc
obligation is just great In one case rs IL is III ino
other People profess TO believe especially bohd-
holders that this is not so But ii true neyerthe-
less The same want of moral perception which re-
pudiates redemption of the greenbacks Will revive
the merely suspended animation of the old dogma
that the money of the people is good enough for the
bondholder and that he should be paid IN green
backs.
The reader perhaps thinks this Is an exaggeration
Why should hei There is no way of judging the
future but by the past Paying the bonds in green
backs is an old theory. 1t is not dead. IL only
sleeps 1t is sure to be revived in the coming con-
test between red-Gog and capital between the
claims of solvency and the demands OF lmpecuhi-
osity. The signs Of it are already holsted Ihe
clouds are not only gathering, but the black storm
signal is up 1t is only those who refuse to look an
inch beyond their noses who do not see 1t. 1t may
be observed in every complaint from the South ana
West that they deprived of their share OF money
1t may be detected in every other speech OF the IN
lationists. 1t favors the whole expansion move
ment Mr. Beck of Kentucky, who is one OF the
strongest men of the West he is one of the most
outspoken put the whole case in nutshell day
two ago in the following remarks, which are taken
from the official report of the proceedings OF the
House:
He warned the East not to Cypress the West for in
years two-tmrds OF the members OF the House wold
other great the would be found beside
the present Onestha the Mississippi and the 81 Law
renee be made the great water highways Tor tue
produce of the South and West The people OF the East
had wealth. income, bonds and Congress had rlSnt 10
Iax them ALL lie hoped the day when the wealth
the country and not Its poverty, would pear the our
deDs OF taxation.
This is the KEY note of the infationists. II their
present measures consummated, as now seems
altogether probable, the country is about to embark
upon course which is likely to lead to the greatest
collapse of modern times.
Six wears ago your columns advocated moderate
movement toward resumption of coin payments.
The policy was adopted and successfully persevered
in for about year, IN which excellent progress was
made. 1t was then, by an impulsive movement of
the House. without good cause, suddenly arrested,
and determined stand taken by Congress against
going further i'll that direction. The ground
was then taken in the same columns that
the new policy a fatal mistake, and
the prediction was hazarded that voluntary
sumption by Congressional action would now prove
delusion and that the very next step of that body
would he, the moment pressure came, an advance
on the line of imitation. Ii argued that there
could be no standing still in such a case, but that
we must from necessity go forward or backward,
push on toward resumption, drift back into in
definite suspension The doctrine was not accepted,
but was disbelieved. The do-nOthing policy, it
held by Others, would bring us to resumption by n
sort Of Darwinian process of development and
growth. We soon got Secretary of the Treasury
who became the mouthpiece of these feeble views.
We now see where they have landed u.s. Their folly
is demonstrated by the natural progress of events.
The pressure has come IA was predicted, and Con-
gress as predicted, has yielded TO il. The first
imitation step has been taken, and il is the first step
that counts After that the tabled descent into hell
is easy We have entered upon that path: course
is now plain 1t is folly for the country to try to
ignore the fact We may now safely predict, at this
stage that salvation from the evils and caamities
of an irredeemable paper circulation is not to be
looked for or hereafter from Congress. The
capital of the country and the solvency of the
try have got TO look out for themselves. J.s.P.
MILLS AND LUMBER BURNED AT wILLIAMsPORT.
WLLAMsPoRT, Penn, April IA destructive
incendsry fire started ut O'Clock this In
the ping yard Of Brown. Early & Co.'s saw-mill. IL
destroyed all the lumber, amounting to about 2ooOoooO