The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-13


Is the prosperity of this country, COM
mercially, industrially and financially, to be
secured by measures that are contrary to
sound principles in commerce, industry and
finance9 And if the country ID in this strangely
exceptional condition what are the facts that
suspend in the case of the United States, the
operation of those economical laws that affect
trade, industry and finance in every other
country under the sun where they fourishe
Here are two questions which the inflationis.s
should answer out of respect to the people
whom they propose to ''relieve" by laws which
an intelligent portion Of the public believe
must prove the immediate cause of incon-
the national credit
Our paper money is now worth eighty EIGHT
cents on the dollar-that is to say, the note
which is called dollar will only buy in the
of meat or four and will only pay eighty
eight cents worth Of rent. In the language
OF the people, meat and -four and rent ore
''high;" but they are worth very nearly what
they were worth before. II is the paper money
that is worth less, and consequently more Of
this is required to purchase the same quantity
of these and other commodities. With this
condition before Us it is now proposed to
largely increase the quantity Of paper money.
1t has lost its nominal value because it is SO
plentiful already. If there were two hundred
millions less of it in circulation every paper
dollar would be equal in value to gold dollar;
but, instead Of passing law that would make
the dollar, in which the poor mans wages are
paid, worth hundred cents at the butchers
or the grocer's; instead, even, of leaving
it alone as it stands, with value
of lightweight cents, it is proposed to pass
laws which, by adding hundred millions or
may be two hundred millions to the quantity
of paper in circulation. will make the paper
''dollar" worth eighty cents or even seventy
five cents. And this is called making laws to
relieve the people and secure the prosperity
OF the country. Certainly there are classes of
the people who will be relieved and
assisted by these laws and one of these lisa
very important class. Every employer of
labor may rub his hands with satisfaction to
see imitation laws in so likely position in
both houses of Congress, for these are con-
trivances that make unnecessary his battle
against strikes and trade unions. Lately en-
ployers have endeavored somewhat to get
wages down, but they have been generally
unsuccessful now Congress comes to the
rescue and as the workman will get the same
number of nominal dollars for his labor the
dollars are made of smaller value, and so
wages are practically brought down. Let in
fationists prove that these are not facts, or
else admit that in their anxiety to pass laws
for the relief of the people they have very good
eyes for the discrimination Of the particular
classes of the people they propose to relieve
Imitation has as yet made no great prog
ress in the House. On Friday it fell
for time into the hands of Mr..
Butler, of Massachusetts, Whether it fell
to him as leader because, in despite of
republican opposition and democratic support,
it is still accepted and held as republican
measure, or whether he supports it by natural
sympathy with that to which many thought
ful people object, we leave to the decision
of others It is certain that this gentleman
has in the national councils what appears
of every subject. His especial function is to
be at the head and front Of every
popular folly. His one principle is to
take an extreme position. This he has
done on every public topic, of course
without regard to the moral character of
III
the most desperate Of the old democrats
who were ready to split the country and the
constitution and the solar system if necessary
into ten thousand splinters in order to save
the democratic party. None was so ter
rife in the movement to impeach Andrew
ciples that Mr. Butler had savsgely asserted
all mis- life. He also wanted to pay the
national debt in deprecated paper-a move
ment, perhaps, intended to run down the
price Of United States bonds and he is now
the high priest and prophet of imitation, which
possibly may have this for one of its purposes
He has varied his severer labors with such mild
interludes as the defence of the Credit Mobiier
swindle and the salary larceny; for with a
wonderful disposition to be the most extrava-
CANT in the assertion Of what he believes to be
popular view, he seizes especial occasions to
defy any sentiment, in order that he may
seem superior to vulgar prejudices.
Since imitation in the House is somewhat
in the hands of this gentleman as leader or
driver, it may be conceived that, though
temporarily delayed, no great quantity Of
grass will srow under the feet with which it
goes forward. He has given the country
beforehand some glimpse of his plan. His
proposition was, first, to pass the Merrimon
bill from tle Senate, which adds ninety
millions to he currency, because this, under
cover Of one If its clauses, legalizes and con-
dones the course of the Secretary of the Treas