New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-25
EXPERIMENTAL FINANCE.
c,,..h Of n.o.-n. O,.T,,Ir

understand the specific objects of this meet
ing to be, first, TO urge upon Congress tho pressing
necessity for prompt and decisive action on all ques-
lions affecting the currency; and secondly TO commend
to its favorable consideration plan OF action prudens
and conservative all may safely unite in its sup
port. The allpervadng doubt that now exists as 10
what the action Of Congress Will be on this alb
sorbing question, has paralyzed industry and almost
blocked the wheels Of commerce. Business men are
afraid TO buy or TO sell beyond their pressing
necessities They ia the midst OF financial darkness
They ask for light They demand Of Congress dehni,e
knowledge In regard to the volume OF our paper cur
rency in the immediate future; for every Intelligent
business man knows that it's contraction will reduce
prices aud engender panics and that its expansion VIII
Increase prices and stimulate speculation IL Is an
axiom in political economy that the enlargement OF ouf
rredeemabe paper currency rob the creditor class ana
that its contraction robs the debtor class This fact las
often been demonstrated, but by one more clearly
and forciby than by our esteemed and venerable rena
Peter Cooper, now on this platform
All fair-minded men must condemn legislation pro-
ductiye of such injustice and all patriotic citizens who
desire to country prosperous must condemn boh
expansion and contraction for the additional reason
that the one would tend TO produce paDics and wide
speculation 1t obvious that there is only way 10
avoid the evils incident to both expansion and contrac
tion-namely to MAINTAIN steadfasty the volume OF tue
paper currency at the limits now established by law
aud to permit rapidly increasing internal commerce
grow 10 III. Inls Will very
and then The resumption OF specie payments will coGs
naturally and without financial disasters.
INDIRECT CONTRACTION.
This Indirect and imperceptbe contraction has been
in operation since the close OF the war; at the rata
of some $50 100000 per IL has already efaced
more than niue-tenths of the gold premium that OBJ
tained at the close Of the war and all this has been
accomplished during period OF prosperity unexampiea
in history. The only interruption OF tn5 pIo'pey
could have readily checked aud US lnJurious
consequences avoided either BY the s %
OF the banks Of this city such they took in the year
1860 under similar crisis ana suen as The
policy OF firmly maintaining the existing Status oi our
currency my friend MI Low sgmazes as the ss
To expand or contract the currency may properly %
called drifting With the changing ,ide' o, Popaa
until the rising tide OF commerce VIII en.
able your currency To- enter saey t tns ss
the mercy Of the winds and waves THIS steadfass
policy Is 10 my Judgment the shortest ana ,Ss Soa
sooner OF contraction Is sure to destroy CON
adsnee Sus &c produces nscvency
which the business Of the country VIII no.
recover f9r years sqSs WAS psm ,a9 atte@ps 40
resumption In the year 1877 and such the a
our own country after the crsiS ocan he policy Of
contraction. The popular senumsn, ,s % ,sYe Ky
e@srty 70 vote for IL Nor fear that Congress
will authorize the Of greenoaeAs beyon1 What 10
to regard as the presenS ~ ne trnnS
orobaDlIlty that it viii In some form authorize
further issue OF National bank notes THIS Is eIPan-
,u ,niess the notes be made redeemabe In gold. AZ
onr rssarions propose This Is known 10 be impacti-
csble IN the present condition Of our country There
sore am strongly opposed 10 any change whatever In
,Sa nroysious the National Bank act. In point OK
fabiIlty and all the other attributes OF good currency
regard greenbaeks rs the superior OF Nauonai o~nN
Notes. - -. .....-,o~
II the greenback circulation DO fixed at Aoooo,oWI
should be glad to have made subject To temporary
contraction during tho period Of Inactive business ~ the