New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-25
tempt has often been made 70 do more and 1t has always

tempt mas often been made TO DO more and IL mas Always
Moreover while IT u clear that II is no part OF the
outside OF the prescribed pe OF s duty, ia neverthe-
less Incumbent upon It, so far as IL can be done WITHIN
understood BY the community not subject to fire.
Qnent or hasty changes. What the industrious and
IN rs many Of the elements on which trade aud labor
depend as possible. There quite enough OF uneer-
advisable needlessiy TO mntply them. For any Gov.
ernment 70 weaken confidence In the permanence OF
policy by frequent recourse TO exceptional movements
have never entertained doubt that Congress: trans,
promises to pay money which It did snot at the same
ume provide any means to payand then undertook to
were really worth Credit in trade depends upon the
strict and punctual performance Of agreements Credit
make Il pleasure Fo ten that prosso1y
note known to carry lie its face Is going TO be re-
ceyed equa! value with coin Ia simply folly
Not oil the laws that were ever made by the most ALSO
late OF military chefains nor all the force which could
lie applied 30 their execution could ever make any sane
man believe that piece OF promising 10 pay gold
S the s Ssn al the
sona illumination Of legal tenders no more than
not and cannot be worth the money which it promises
but does not pay Everybody knows too that its actual
trade. In point of fact Is seldom worth exactly
the same sum for any two daysitogether ...-
EFFEcTs.oP USsrABLEi CURRENCY.
And what has been the consequence Doiwe not see
1t the development of the passion for gambling which
your great city The appreciation of this truth has BEEN
In measure obscured to common observation by the
Many people, doubtless suppose that men are specu.
lating the value OF gold because Is 50 designated
Of ali the precious metals gold that which holds near
est the value all over tho globe The gambling
Of t the e' paper promises with Which gold paid
Sometimes it approaches TO ninety cents on the dollar
ton to take the chance OF the rise or fall Rouge
ct noir Is not more seductive. This may all be play
to the gamesers but unfortunately. IL Is death 10 all
honest dealers IN trade
Yet multitudes OF the best people are really afraid
be made to get of this unstable paper currency and
back the only foundations proved by long expe
venture affirm that the losses experienced from
year, and day throughout the year by the ne
cessy guarding against the recurring fluctuations
the estimate OF irredeemaeie paper promises TO pay,
in their gross amount those which would for limited
time follow the adoption of firm bat iudicous policy
See@sbe con II il could be distinctly ~
that system OF action to this effect would be steadily
carried out Dy any permanent measures however eau
tiOus and my word for it, business would soon begin 10
assume steadiness VI support which it has not known
sor years. aud which equlvocang or false promises,
might go to illustrate these propositions by APP
Who have tried the periments and suffered
so much as always TO come back TO the only sOid
expect me TO write book can fully comprehend the
of the fears of numbers OF honest and even OF
some able men, at the idea OF attempting 10 restore CON-
would not myself extreme or hasty steps Ia bring
about that result. The objection that make is that
wise and effective policy once laid down by Mr..
McCuloch when Secretary OF the Treasury, but t has
been utterly abandoned and nothing worth having has
been put in its place Had that policy been steadily
maintained should by tins time have been close upon
solid basis for all contracts As IL is must 40
10 work all over again with diminished confidence in
good intentions, which any project OF further ex-
pandng paper VIII be very far from improving There
nothing new to be taught In ali these schemes They
have been tried over and over again, aud all have
equally failed; and in failing have occasioned severe
suffering which might have been saved. Let us try to
make our suffering short rather than keep It long,
Above ALL let have little legislation possible,
and let that little be firm and clear. am, gentlemen
with the utmost respect, your Obedient servant,
Boston, March 10, 1874 CHARLES FRANCIS ADAMS.