The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-18

viii be fatal injury to the country The chief de-
supported by mistaken public opinion IN some
portions OF the country that an increase OF paper
money win not depreclate u: He says he does not
wish any abrupt or decisive measure looking
toward specie payments, but only for the adoption
OF some measure that will indicate fixed public
the standard OF gold. He says he has his own
ideas as TO how It ought to be done, but he Will
direction, aud will oppose to the bitter end any
measure that leads In the opposite direction. He
Is IN favor OF Tree Banking with coin redemption.
II General Grants administration, which COM
menced with pledge to redeem United States
notes In coin. should end In pursuing the opposite
poncy 1t Will be death to the republican party, and
1t ought to be.
GREAT MANUFACTURERS VIEWS
SPRAGUE, WILLIAM, Senator from Rhode Island
has no sympathy with contractionist or imitation
list. He believes there Is a monetary force OF
which coin and currency are atoms only of that
force. He believes in directing all monetary force
into a distribution OF values throughout the coun
try through channels naturally established by the
tary forces most centralize. He has no
faith in the vitality OF any plan based
On the Is noy %sos
by those who live by the interest OF their money
independent OF its connection with production.
in other words, as respects foreign Powers, we
are carrying our burdens to market as in the old
fashioned grist when the ignorant drone placed
balancing 1t on the other with sunicient weight
OF brickOats. while England has had Sufficient
e 10 Susef
ton be Continued T1s Illustration on is applicable
to everything outward. Internally, Sprague de-
clares, that none airy forces Will centraze unless
there be counteractng application OF similar
sence Of the latter. MonOpoies are the strength
OF the few, the weakness OF the many. He then
says that the erds forms OF government be demo,
underneath are centraliztng. Democracy Is
n 1g but when tue power existing now
IS when those forces now to the centre Eng
land is lar more republican to-day than
ing daily on and distributing the forces centraz-
ing; while we have no such forces, but, instead,
strong agencies TO promote Capitalization OF all
the forces which the people create In other words,
the people are aborlng outwardy In promoting
distribution Of forces through forms OF law and
effect the withdrawal OF all power and all force
from them in forcing the results OF their labor to-
to-day creating as fast as they can the most ex.
IRENE despotsm. All this by simple ignorance
OF the monetary forces and how to apply them.
These general views are SUFFICIENT to indicate that
even II the country was paying specie 1t would be
no better OF than now.
THE WORDS OF THE DEAD STATESMAN.
SUMNER, Senator.-This lamented and illustrious
statesman said he had been prevented by illness
from discussing the dnancinl question, but with
ion:-''Mr. sumner consented with great reluc-
tance to the original measure suspending specie
practicable resumption. AT different times he has
introduced bills to secure this result, and has
During the present session he has introduced
bill providing for the monthly withdrawal Of
greenbacks by the substitution OF compound inter-
est notes, which has been approved by many lead
ing financial characters, and especially by the
Of % int sae
this measure as Insignificant by the side OF the
tempt TO initiate the currency. He sees no oDjec-
ton to Tree banking If united with specie pay
ments, The possibility Of a new issue OF incon-
vertibe paper he regards with amazement. and
anxiety, and in his Judgment such an issue
would be detriment and a shame"