New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-10-29
LETTERS FROM THE PEOPLE
THE STABLE DOLLAR.


GEN. BU1IKR'B FINANCIAL VIEWS QUESTIONED.
TO tAs Editer Of rae Trtbans.
SIR should like to ask Gen. Butler some
questions concerning the remarkable financial views
which he has lately expounded How am to obtain
dollar that shall have at al times certain fixed and
stable value below which 1t cannot go What would be
the action OF the Government looking to the fixing OF
the dollars valuei Would 1t include the enactment OF
sumptuary" awsi such legislation formed no part
Of the new system. how would :" convertibity into
bond at that rate Of interest 365 and its capacity as
legal tender for all debts. public aud private, give
the new dollar fxed value which could never be less y
"Convertibty into bond at that rate OF interest
would imply merely the substitution of the Government
for the individual the Of the converted dollars
But unless the substituted should continue able o
obtain for those dollars fixed quantity Of actual pro
ducts equal TO the quantity obtanabe for the interest
tho bonds, IL ia clear that the agreement OF the
Government 10 give the bonds for the dollars
wonld, far from having fixed" the value OF
the latter, have simply saved the original holder
loss by throwing that loss upon his garantor the
Government who would be unable to receive again either
the given quantity OF goods or the bonds themselves
The real OF the value OF the dollar would ne
furnished by an attempt pay with paper fo primarily
useful products. Except upon the impossible hypothesis
OF there being always the same proportion OF
paper dollars TO primarily useful prod1co
the hgctuatiOn in value Of such paper dollars
ME Government by undertaking TO give goidbraring
bonds Mt fixed rate is placed ia the position " having
receive paper money that be offered, even To
the extent OF receiving the whole OF it, II has tben 10
pay all this amount interest. consisting o mare
rial which IL must purchase; while not only ms ina,e
rial also everything else which II has to use mas Df
supposition. increased less in amount than the dol
lars have number IL is true that contracts made be
fore this imitation the GoYeim'nt could pay III paper
dollars; hut suoh fall under the " LEGAL tender
all transactions entered into upon the OASIS
things tac Government a. 10 the eX-
tent 20 which paper has deprecated exactly in The same
position as II, without receiving any thing IN return,
II had issued the bonds which represent the amount
of excessive increase III the paper currency,
and suggest that The paFaphernalia OF bonds he
dropped altogether uscleSsy expensive. ana tat
by the simple eXpcdent Of pensien" law-~hlch
would not awaken preudices Of te nation against
inslion-Mr Buffers object might he more directly and
easily carried out - much. then, for "eoiyerubity
But would Cts capacity legal tender for all dcptS,
public and private" give the paper dollar Fixed value
which could never I've lees % TIE debts IN question must
have contracted either before after the prospect
or scuai occurrence OF initiation had commenced 10
As the former the result OF the dollars being
legal tender wonld br moi the prevention OF dcprccla-
ton, receiving by The psyee OF only half the
amount he had agreed take. As 10 the latter, no
effect all tie contract would have been made
. the new basis. CHARLES y ADAhs'
Brooklyn, Oct 10 1873.