New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-25


| at the win vi the strongeri Surely there Ia much Ia
! these inquiries which may make us psuse
And ne rar al sat fces nJ1nsf am propostion Ike
perafiVe ey TIE eri0sncy Of hs hour.
On tho motion TO strike out the legal tender clause Ia
the BIN the stood II ~ but the bill itself passed
| by a VOC OF 30 toll
Mr.. Swnton in alettor OF Fob. u, sad; 100 trrl
But the overwhelming ting for Che mcas =
| the bill.
II - war MEASURE. RESULTING FROM sgcEssTr.
And thus it wa. tnat what ia ordinary times would
have been forbiddon by sense yielded 10
tho logic VI ipexorabe necos3lty, To the logic of
bankrupt feasuiy; to tho demand for pay OF 6o1OoO
met In tue 1ed to the noeds Of army and navy
curing food and clothing aud oosy armsmeots indeed
10 all the rgencics OF state ~ even then Bece7
stating expenditure OF 81 sa0O0 tn "a 10000 pet day
THIS expenditure subsequently sweled 70 tho enormous
On $3.50 OF more than SOc0cO per day 1t was IN
der sh circumstances that Congress was led to exercio
implied power-teemed necessary and proper to fui
Ill other powersand TO ADOPT MEASURE q which one
for existing political disorder baiit death Il reed
% qs to- Mr. mscnes In w
measure passed. during war; contmuing during the war;
and as Long Sa ~ ns easRss l n w ware
and was therefore, constitutional ! am equally clear
that as peace measure 1T - nheensttu'Sat 81
Congress in passing ths lsgattendcr i'm "war
rasr 60 Ssr
resort, because there Ia no sufficient warrant
for It. Aiter the hass srngse was S Sssr'
In six months from tho date ~ the passage Of the nrs
bill authorizing che isss Of legal tender notes the $780,
this sum was quickly granted the liberty Of conversion
Info six per cent bonds being stu returned IN Marcn
1868, another BILL styled The s9)o0oO,0O Act" was
= Was s 1ms s ' acts h sS Srs
sent tho saIno for the purpose OF exchanging them Tor
Sy and the right 20 t the same
shall and determne'' |'i.' ..
g....1. N THE LMIr or s3seyOoooo,. a. tI,fi
There not mo TO pursue the conrSo OF legislation to
fh.f fhn Ri In
iso legal tender notes in payment for duties disal
lowed and then tho right to convert into per cent
bonds sbrogated Aud there ROMANS to us the
promise pure and simple to pay whonoyer It suits the
strengthened somewhat by solemn pledge But our
trust in the value Of the promise and 10 the WORTH OF
end OF the there outstanding OF legal tender
notes sO0oJO00O or these, under the authority or Con
gross. aad during the administration OF Mr. McCuOch
sSecre.ary Of the Treasury $0O0o were retired AMI
believe il safely DO stated wore not only retired
belief have again come into existence and s26OoOOJ
have been issued without warrant OF law lt Is now nov
against such action. lie ~ not reasonable IL Is not
that had their origin in the hours OF agony
and, when life aud strength are restored u present
have reproduced tho words OF honOred statesmen OF
other dlys-when there was much ti0uiauon IN me
and-to with what reluctance they abandoned the
plain express and direct powers granted by the Con
sttuon, ana yielded the convictions or their Under
standing To the pressure OF necessity that knows no
law" Now all things changed. TIE war Is ended
Tne armies OF the Union. at one time numbering mil
lion OF mem have long since been dissolved the navy,
In like manner has been reduced; the pubic treasury
fu per cent United States bonds are worth more
par gold yet when all the conditions nlt JUS
ed tho first OF legal tenders are CHANGED II IS pro-
posed to project into tho financial system Of tie country
another dOs3 O poison good enough medcne) 10 UNI
settle the of citizens one by one, and m ally
10 embark, them all second tine on sea OF innat ION
not 10 OF commercial ruin. what return Tor
peoples patrotismi what reward for the ooodshed
and the treasure given to save the Government and the
IsAcnoS BETTER THAN INITIATION
Mr. President, the resolution now before the meeting,
to which have been asked to speak, however limited
in scope, has been prepared by the Committee with
Wow of keeping the discussion this evening within
narrow compass. We're IL 49, the incOnvenionces
losses perpe aud evils resulting from the OF
rredeemIbe currency to which 1t would 9TH
been set forth and are so familiar TO the merchants OF
city. that they do not need 20 be repeated ny me-
a si to yri tn nn FED and not "a little or the dan
ger grows out OF inpatient cry for early action on
the part Of Congress ~ apparent dseg IRA o. te c1aa
tender issues at iOoooooo or some other
sum. have sympathy with tnis cutlery Unless we
any action at all We have had enough OF iimita
TONS OF promises and pledges; and II those hitherto
given 10 be dsregarded by Congress- aud any issue
OF greenbaoks whatever beyond the sjj6OOO already
existing. Is TO DO authorized all sense OF security will
vanish and there will lie before only vast wilder
ness OF uncertainty IN whch falin ana hope WIZ alike
be lost.
II the merchants of New-York. standing by the gates
OF entrance through which large part OF the foreign
Importance of n sound currency redeemaoe In gold or
silver, where can just views be- expected to prevail IL
here that we are brought In direct contact Wtn tne
hare money systems OF other countries 10 - here
that the values OF all goods imported from Europe
and have to busted and readusted TO the I'M
ceasing fluctuations o: deprecated currency, while
the losses and uncertainties first felt here are contin
ued and extended through all tue channels or trade ana
commerce to the rem)test borders OF the repuoAc'
Neither the merchant tho traesman can work sue
cessfuy with poor money more or any better than
work with poor tools II we are to com
pete equal terms in foreign markets with the manu-,
facLul OF oft at
the best quality, in aid OF enterprise ana skill H.
any further Ut egaltender notes 1t y surely
less duty TO demonstrate against further delay IN
the work OF redemption commenced, indeed after
the war; but discontinued long The objections TO
issue. in lesser degree. lie against every Other,
aud there will be security, stable grounds
upon which to found undertakings, till Congress
adopts p0Sy bear regard e es G fn0 exprsnce
and harnonze with the teachings OF common sense and
practice Of the foremost nations OF the world ,-,o
eyerywhere poryades che country Is wholly or mainly
action may be, If 1t is in the right direction have no
sympathy whatever with that part or the resolution
OF such import that which occupies the attention
OF both Houses OF Congress at the present time.
little as merchants, but, far, more men,
as American citizens assembled here. not merely
to urge upon Congress the enactment OF Just and
ble laws but such as viii be conducive TO the
honor OF our country and the s W b T It's n6n g
ask such action the part Of Congress as viii tend
our people 70 advance tho best interest, Of the comu
nifty and at the same mo improve ami strengthen Its
moral tone.
And for such action we can afford wait till the peo
pie large understand better than now what concerns
nrev, r. Is TO the truth and the right as we have
lately SEEN that all classes OF citizens yield sncerest
o Ihsr when dead For this let us contend
aud always; for this let US wait however we may
ing in favor OF right, and therefore let as walt
conteDding for the right firmly, patiently consistently
aud persIsenty" to the very end