New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-18
DIVISION IN PUBLIC SENTIMENT ON THE

SUFFERING SURELY TO RESULT FROM CONTRACTION
THE DIFFERENCE BETWEEN INTRINSIC AND
NOMINAL vALUEs-PossIBILIrY OF GENERAL
RETURN TO SPECIE PAYMENTS.
To ths EdStOr OF The Trtbuns.
SIR: am not going to offer a plan for re-
sumption OF specie payments Plans have been suggest
ed In abundance. Any erectual mode Of resumption
great suffering; the people yet ready
to Disaster aud, just here, the real diff
cuiy. Prices OF all articles enhanced by the gold
premium least ten per cent. No viii deny that
this true Of all imported articles and, If It be not
true Of al articles that export, then we have been
selling productions at ten per cent below their in
trnsic value-a reduc,io Gd absurdum. Granting the
fact wealth IT, in currency dollars, at least ten
per more than IT is would be in gold. we find
that specie resumption must have OF two effects 10
reduce the nominal value OF wealth or
& must increase the intrinsic value The farmer
sells wheat 20 the exporter and receives cur
reneY. The exporter receives gold, but OF course
only say 30 per cent. II the premium is annhilated,
will the exporters good friends in Europe add 10 per
cent to their remittance or, viii the exporter add so
much from HIS private funds in order to pay the farmer
az many dollars he formerly paid in currency Sim
pie questions. like this will dispose OF half the current
financial quackery Imitation must enhance currency
prices and therefore, contraction must reduce them
the currency value of gold going with that OF other ar
reduce our nominal wealth. order 10 reach specie
ments The who agreed TO pay $1,000 IN currency
pay 81 900 in gold and this VIII compensate Tor the
time in 1862 when he paid 1000 In currency instead OF
this plus the gold premium. Toe war helped the
debtor class; but since premium began 70 decline us
has been paying back aud former advantages VIII
be Cancelled until the gold premium disappears.
persons repayment OF gold for borrowed currency
would be Just. Adopting. reasonable beings must,
the fact that all articles nave certain intrinsic Vaues
which cannot be altered by lawmakers let us meet
them squarey Theories which show that the gold pre-
mum can be annihiated trouble, patent
medicine cure-alls whose poison can De detected ~
currency values are Iase You bought lOt yestefua
for nominal 1900 but in reality for less than 1900 AZ
contraction forces the value OF your loo 10 5000 will
be treated justly Ii you DOUBT IT, take me 500 anu
test its purchasing power VIII you not md that other
nominal values have fallen too The real necessity ~
general disposition not pdn) on the part OF the peo
pie TO return to specie PsyDsS rer Is c sne a ess
nominal wages A hundred mass meetings answer.
No! l. the millionaire ready TO estimate MS capta AZ
must be paid borrowed capital Who Ia quite ready
for thsl Ten per cent instant reduction IN the price OI
any article would break half Of the merchants handling
it. All business men know THIS. Fancy the suSSt %
such reduction in the prlee OF ali articles miu u,
spread panic, disaster, ruin We, certainly, are not
ready for immediate contraction
IT, then we 10 specie payments gradually-saY
by the Government issuing small quantity OF bonds
each year and receiving and Geslroylhs an epuyaes
amount OF greenbacks-we will have gradual contrlc-
ton OF all nominal vues' extremely dul business
minimum profits. for series OF years. until we reaen
"harGpan,' with failures IN Abundance uHlns
start upon this road Let Us nave plenty
OF dscussOu and let us all see that system OF specie
great boon, WHICH nliSt 70
gwen. Let each test his own sincerity. do you
fear the dnai collapse or the Innauon DuDoie arc
YOU tired OF doing gambling OuslnessF DO you
abhor Lying currency :" II you answer yes 10 al
these questions then how much OF your nominal wealth
will you give for return 20 specie paymentsi Many ma
tons gone from currency TO gold values through IN
fatiOn. England reached the gold standard Oy cOnua
tion "A great harvest aud renewed communication WITH
continent 1s34, causing fail IN prices ana con
sequently failures Of individuals ana Of quarter
Of country banks, accompanied by destruction or
Dank-nOtes.
Let us have nerve 10 face DISASTER and be the first
nation pass voluntarily from ncuIOus 10 real val nes
Aer York, April Is, ISIl kADIA.