The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-24
Imitation OF the Currcncy-GOOd News
for the Pnper-Makers.

Imitation OF the Currcncy-Good News
for the Pnpcr-Makcrs.
Imitation is the order Of the day. Yesterday
the House of Representatives passed the bill
to make the legal tender circulation four hun
dred million dollars, which legalizes the
twenty-six millions already out without
authority of law and adds eighteen millions to
the whole amount. Apparently the Senate
will concur, and, of course, the President will
policy and has no ground of opposition.
He is apparently as much at a loss for O
financial plan as General Mcclellan once was
for military plan; and, without policy of
his own inconsistent with the vote in the
House or otherwise, veto would be mere
vagary, wanton obstruction. He will not
object, therefore, notwithstanding what has
been said on that subject. Moreover infa-
ton is sectional measure, and the President
comes from the section that wants the money
We are fairly launched, therefore, on the
illimitable waters of the 'vasty Deep" afoat
and in the current; mounting beautifully as
the level of the swelling sea rises from the
tributary streams poured in by thousands Of
paper mills and printing presses; and people
who do not inquire too curiously will suppose
it is all prosperity, as things go up, up, up,
till they find that they have been lifted away
from even the water at last and are mounting
on mere banks of vapor, and they will only
open their eyes to the truth just as a general
explosion let's them all suddenly down, down,
down. With three hundred and fifty-sx
million dollars the legal tenders were
irredeemable, but honestly so !; they con-
stituted a volume of irredeemable paper that
the country had come by against its will and
in a great national exigency, when it had to
choose between giving up gold and giving up
the ghost. Paper was issued, and the people
assented that the form of law should be
given to a forced loan because they were
willing to give for the government promise
to pay part of their property in order to
save that without which all property would
cease to have value in their eyes-treedom and
self-government. But now a step has been
taken which puts the whole legal tender paper
in new light; which not only leaves it ire
deemable, but seems to announce that we
never shall redeem it, which is the first step
toward definite reputation of the national
pledge for its redemption; for of course the
issue of greenbacks is forced loan-neither
more nor less. People must give their grain,
their cattle their services for pieces of paper
printed over with the promise to pay dollars,
which promise there is now not the remotest
possibility will ever be kept. In war time
people assented to this because the defence of
the country was in the scale, and because
there was some faith in the printed promise;
now they must assent to the same fact, not for
the salvation of the country, but for the con-
venience of a section.
He that once sins, like him that slides on ice
Goes swiftly down the slippery ways OF vice.
Apparently the vote now for imitation is
turning point in our financial career, and we
turn to the bad side. On every hand the
evils of the irredeemable currency are recog-
nized, but people have been patient because
they know the necessities in which the trouble
arose. On all hands there was confident
expectation that we should honestly endeavor
to return to the proper ground of financial
operations, or, at worst, hold on where we were.
But after struggling for q while to be honest
we have given way, and the inflationists and
regulators have broken down the barriers.
All the effort made since the war is given up,
and we pass now into the era of cheap and
illimitable money. Although they fix the
limit now at four hundred millions, we may
with patience have thousand millions one of
these fine days; for this vote is only the first
step. 1t was, rs the reports soy, can over
whelming vote" Therefore the inHationists
know their power, in the House at least.
In the Senate only the thinking men are
against them, and these, of course, are O
minority. Presently we shall have also o
measure for free banking, on which to carry
out Mr.. Mortons pretty theory that for every
dollar that has to be spent by anybody there
must be a separate single printed pretty green
dollar in the circulation. Every dollar Of
capital put into a bank on our present system
is Immediately doubled. For every single
dollar there is interest on two. Temptation
in that direction, therefore, is great, and
ment will only be limited by the volume of
the national debt. BY the time our two thou
sand millions are deposited as the basis of
printed currency the present paper money
will be sold by the measure like spinach.
Assignats of the French Revolution would be
articles of respectable value by comparison.
There are only two ways out of the trouble.
Money issues must be kept up as the West
cries out, until commerce and industry fail
and the general explosion comes; or the re.
publican party must be repudiated by the ma.
ton as gigantic fraud-as the mere cover
and disguise Of thieves IN office and Of swim