New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-11-25

thing is raised 10 years ago. and the nation does
the ,coantryi II there ever is q beginning Of the
!aes descensu 4rerni-a falling down-it Is raising
TAX ny ihconvertible currency. tAppausel
DISCOUNT ON PAPER MONEY.
Now we come to depreciators Van sItar got the ear
OF the House OF Commons in 1910 and persuaded them
ana they voted as one man that shilling and 81
bank-note Is worth guinea, which 2ls He got them
10 vote that at moment when tho unlucky fellow who
got that note and wanted gninea. would have to pay
s 1or II; and there are heaps OF similar remarks made
every day In America. Applausel What is the result
OF depreciatont There is rise. aud who gets
one tax and no more, the injury would be very limited
Int you can't begin thai game but you go on The
probation OF notes but the rnoent Won IaInch into
depreciation a number OF things follow FIRST steady
dollar will be worth the lapse of n few months: no
sells on the supposiion that he going to tang OF
obtains a good deal less.
In America ind there was iu 1862 a difference in the
premium OF gold April H. OF II, and in June stood at
Z Inc expression should b., premium OF gold but
takes away from the public eye the gradual depracia
ton or money, aud the dollar is altered at pleasure
come out they 90 TO tho Bank OF England and there
they stay but notes remain In circulation and can
what 10 DO with, and he is obliged to say: "u
You O, ,0 take ,o my notes or my hands win give
the consequence that men lose There Is no certainty
I'D any Dusness gambling introduced 10 every trade
stood -
told You that the people OF America pay for these
notes the same premium as Tor gold Who gets the diff
fereneef Somebody does II it had been such an inst-
tuition as the Balk OF England, THAT never lnduges In
speculation there would ne loss 20 lad yduas but the
nation whole need not he losers hut that - not tho
ery.
WHAT Is DONE IN AMERICA
Now como 20 the reality. The nation has given Its
property for these pieces Of paper to the What
DO they do with it There IS q fearful answer in Amer
ican history They put INTO the hands of people who
destroy III not, like the Bank of England, give it to
quiet, steady trade that 1t remains in the capital OF
tho nation unnidred but spectators and these run
up Tie prices here aud there They the paper from
the banks aud go into every kind OF speculation Then
what takes place All sorts OF wild prces made,
there Is destruction OF capital and people furnish
rooms at $4,000. What Is the meaning Of ~ All the
furniture OF that paTlor IL capital DESTROYED and
pOVeri5hment OF the food and cIOnng O American
people. Inc property given for these new issues leads
and all sorts OF things winch destroyed and not
produced Ii things destroyed and reproduced. the
trary, you destroy and do not reproduce,
tnf en- me r. nation - the poorer. and now. what
Is nothing Dnt tool for exchanges, and 1t has
Guilty. do nj want your hats but give me something
WIN %htn can go into the markets and select just
made believe that it gives the power OF buying but
that Is taken FROM the American people.
Ihls property IL taken from the people OF America and
given to every kind Of SPECTATORS who Destroy and do
not produce anew IL appears in every sort Of waste.
ana luxurious living bringing loss and mischief to tho
more in taxes than IL old before can undcrstand the
levyng Of the first taxes in tue face of war aud
great necessity. AMI the getting out of It as
tending to ruin. loss. and waste taking from the
poor people OF Amercd-ds cannot repeat too Often
their property to put IL into tho hands OF Who
destroy. Farmers more hurt by tins than ANYBODY
C.e. Ilry get their crops only year. they make
their purchases once year. but each IS utterly uncer.
tam hat he VII get Tor lbs dollar at the end OF the
themselves those wIo bay az long intervals cannot
American
ducts 10 E1-and, or the r. Gih supply viii come from
other counties. and the price III England remains
People, under long usage and custom. always sufer
most iIom sucl Injuries as these.
TIE CHANCE OF GETTING A DOLLAR.
Foreigners exact terrible penalty from You for your
course They send you goods and don't know the value
Of what they are to receive In return. You say Dol
lars" They ask. whats a dollari" and get no
answer There can be no answer The American dollar
IS now only the worth Of the chance OF getting that dol
lar which tho American Government has established.
Some people asking for more dollars in this country
sTs talk on prices on account Of this nrcefaaty and
tine gambling hazard makes them put on more than IS
reasonable Amercl Ike other Young coun reS, needs
capital Il other nations Day your oonds you dphe get
gold Tor them II you get only gold from Europe wJh
you had enough yOI would DO none The r.chcr. Ger
many did her riches bit by the French
indemnity OF t%O hundred millions. on The hypOthcsl5
that she Fcens 10 al within her own borders Sle GOT
tools OF which she already had enough, aud all that
could De done win them, Oh that hypothesis WOd1d
and that could a. wei have been done before. 1oa
Americans Oh ain capital by the safe Of your stocks, but
foreign nations don send Xo goid 'hey send YOU %V
yOu need Goa VIII hol t'lI or -, I'- ot uih -
ana make your cotton grow. But England sends You
iron, spades, tools. all kinds OF manufactured gools
clothing, &c, then call more men 10 work. can
ret more your eld', and ire country gets richer
dollars when ali you can say OF dollar ia that
IL Is bet ami these wrotcbe1 Things prevent your got
cnrso r. America comes from forgetting thar The only
for money IL To exchahse goods ana me oue OF an
incOuyerIOc curtcucy Is that IL places properly III
hands which destroy IT,
now TO RESUME SPECIE PAYMENTS
How are you to get out OF tLsl You have an exam
ple before you In England. But tho only way is for
each aud all OF you to be thoroughly determined 10 Ee
ont of it, ana you'll fad serious difficulty In the prac
tce IL Is deusiou that you must Loari up an enor
nous quantity Of gold People want all your notes
and will take them than gold II they know That
gold can be had for them on demand-that they arc
ssuod by an entirely solvent nation But et Tue ulcer
fainty about real worth OF these notes increase ana
there will BE- tremendous demand FOR soIl. IHe PEG
ole need to be thoroughly taught that money Is Only
tool Then make these notes couyertiD!e lnto eoI,
aud there will be no great demand lor gold. IL
If should be known mat in two years re,umD,
ton would take place all present contracts "onla
be settled Oh basi, wnch would tax. Ihat
would be based on the TACT tllt dollar Is
he adjusted 10 that, and when the time came, as Is
shown the experience Of Eng2ni' very nue. s1ld
snrcie payments OF Sir Robert Pedlr, there
was time euOugh for all contracts 10 De uJlstcu, auH
there was profound belief In the Bank OF England
rnen there comes the great question VINO ~ 10
mt ont this paperi WDo We TO trustf
Not the Government. 1 would trust no
government with the power 10 issue notes
o. nr1snre governments are often needy aud hey can
deceive ignorant people When the question arises De
cen taxing the people aud Issuing theso no.'s gov
ernments are not TO be trusted. You can't punish |
eoyernments; you can't imprison President Grant or
Congress. wouldn't trust the Government OF ES!1nd
10 hold without check fifteen millions or the p1oples
money, because In times OF trouble II Is so easy iof
government to paaver and to talk over nalon an 70
that we viii not tax you. but will only issue notes.
which viii not Cypress you like tlxaiion'-
Refore the bank charter of 1874. anybody IN Eng
and was allowed ~ notes convertible In gold We
~ n.IL I'm laAn