The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-04
IRREDEEMABLE PAPER NOT WEALTH
Twelve Hundred Million Dollars Due the
Working People, Less a Discount
Of Twelve Per Cent.
GREENBACKs TO-DAY, So.
The Disposition and Influences at
Work in Wall Street.
WALL STREET,
FRIDAY, April 3-3 2. NJ.

WALL STREET /
FRIDAY. April 3-8 F. NJ.
No truer words ever have been uttered concern
ing the pending financial problem than those OF
Daniel Webster, who, in one OF his great speeches,
said, "A sound currency Is an essential and inds-
pensable security for the fruits OF industry and
honest enterprise. Every man OF property or In.
dustry every man who desires preserve what
he honestly possesses or to obtain what he can
honestly earn, has direct interest In maintaining
a safe circulating medium-such medium as shall
be real and substantial representative OF prop
crty-not liable to vibratc with opinions not sub
ject to be blown up or blown down by the breath
OF speculation, but made stable and secure by It's
immediate relation to that which the whole world
regards as OF permanent value. disordered
currency is one of the greatest OF political evils.
1t undermines the virtues necessary for the sup
port OF the social system and encourages propen-
stiles destructive OF It's happiness. 1t wars
against industry. lrugatty and economy and 1t
fosters
THE EVIL SPIRITS or ExTRAvAGANcE
and speculation. or all the contrivances for cheat
ing the laboring classes or mankind none has been
more eGcctual than that which deludes them with
paper money" The wisdom OF the statesman has
been superseded by the quacKery Of Congressional
spectators new class OF political economists
has come upon the field, led by such men as
Morton, OF Indiana; Logan, Of Illinois, his Fidus
Achates, and comer-taied following OF lesser
lights. who, in the language OF the former, have
''thrown theory to the dogs" and are seemingly
intent in turning the currency OF the country into
dice box for gamblers Probably more than one
OF the persons already referred to indulge in the
deiusion that they can, ride into the White House
on the imitation cry, but they will yet curse the
day when they abandoned the lessons Of the fathers
nr IN nd n do fhnr haau IN
from the incensed voters OF the nation, poor and
rich alike, whom they pretend to represent, and
who in few years hence will realize in
DISASTER AND RUIN
the fallacy OF an inflated currency and the decep-
ton OF socalled leaders. For the scales will then
have fallen from blinded eyes, and there will
appear in startling characters the handwriting
on the wall, which declares such self-evident
propositions as these: That capital and currency
are two different things; that an lrredeemabe
paper money is not wealth; that constant depre-
citation follows its issue; that currency, even
though it be redundant will not rest in any locality
where legitimate enterprise does not exist and
invite 1t; that the legislation Of money from one
locality to another is impossible and it's effec {
vclous that the rate OF interest loanable
funds, wherever placed, will always be increased
by the risk which attaches to the use OF uctuating
currency; that prices will be driven up at the
expense OF
THE POOR MAN;
and, finally, that al the schemes intended for the
relief OF the people at large through the further
employment Of the Treasury printing presses, are
only so many nostrums, svercOated pills that
hide certain poison. The poor people OF the
country its creditors for they have not credit
enough to contract debts. The savings banks Of
the country owe them $76O 100000 of deposits The
national and State banks and trust companies owe
5000, 900, 900 more. Unpaid wages and other
debts amount to, say, an additional
$25o,OOo,oOo. making the round Indebtedness
to the working classes $1,2O0,OO 900, repre-
sented at this very moment by q deprecated
currency worth only about sS cents on the dollar.
In other Words this class are to-day more than
100000 out OF pocket, as the result OF this
tinkering with the Treasury by such sapient repre-
sentatves OF the science OF political economy, and
such w0uldbe representatives of "tne dear peo-
pe"-espccially the poor-as Morton, Logan
ct id ognne genus Let them 60 on In their mad
uncalcuating work and the end of another month
will nnd the legal tender OF the United States. or
to put it in another shape, the public faith that
was soemnly pledged for its redemption dis
credited not by twelve per cent as now, but to the
extent OF twenty, twenty-five or thirty per cent.
win the workingmen Of the country take heed OF
this fact ?
NATION IS LIKE AN INDIVIDUAL.
Both may alike suffer from depreciation OF credit.
The difference is only in degree. not In character
The business man who Is dragged down to an
ability to pay only eighty eight cents on the dollar
which is about the present worth OF the green
back-stands before the financial world with q
bghted reputation. Does our country occupy
different attitudes Is not Congress to-day dis
honoring its promises to pay and by issuing mere
"rags" TO cover It's Indebtedness, and by each en-
largemeDt OF its paper, whether In the form Of
legal tenders or national bank notes, initiating the
individual who Is trenching on the verge OF bank
ruptcy The answer is not likely to be made by
the voice OF the F0rty.thrd Congress; but it will
come.
THE LAWS OF TRADE ARE IMMUTABLE.
The SPECTATORS in that body may succeed in bung
the Wall street markets and filing their own
pockets they may rid themselves OF lare tracts or
western lands in which they nave invested at
prices that legislation may artincialy stinl-
ulate, but at the last they will find them
selves covered all over with the condem-
nation OF an outraged constituency. There is
another thought in this connection. The
depreciation Of our currency drives away the for
egn investor. No European will put his money
into a mortgage no matter what 1t represents, the
value OF which Is responsive 10 the fluctuations
forced by the action OF body of public stock job
bers. But on the other hand, when we know that
the promise Of the United states means one hun
dred cents to the dollar; that all values are rcgu
lated by the
ONE UNvlRYING syARDsTICKf
which measures everything the world over; thar
excepting the difference In exchange, legal
tender ~ equivalent to note OF the Bank OF Eng
land that coin, If not actually in circulation. IL
the bass OF our paper redeemaDility that the
purchasing power OF money is not subject to the
changeabie value OF great pile OF printed lies
that may be gathered here or yonder, or locked up
at the will OF few capitalists when we can
realize these facts, then will not only the people OF