New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-28

mischief There being an abundance OF money in tic
banks that lies unemployed 1t is evidently not more
money we need Whit do we need thenf Confidence,
confidence which will induce timd capital to venture
into enterprise And what is tho first requirement to
restore conHdcncel 1t Is stability above all things Sta
by OF current values, which renders possible business
calculations Of reasonable certainty When the capitalist
is assured that tie dollar Of tomorrow will have the
same value Us the dollar Of to-day and this stability Of
value finds full security In rational and fixed monetary
system then and sooner viii he literally trust his
money to those who want actively TO employ 1t, and
promise a fair return Let understand the teachings
There are many among us who remember the great
crises of 1897 and 1887 In the United States In both
eases the country flooded with Unsecured, unsafe
bank currency and feyersh speculation prevailed Then
fictitious values burst The rotten banks broke, and
gsed Peep distress as they are now WHAT
remedy applied The natural, the only efficient
unsafe money. No. just the When the sefact
ing contraction Of currency and credit had done its
ground under its feet. Business had less of that
which called itself money But they were sure that
but was a dollar, and would remsin dollar.
Examine the crisis which broke out two years ago. In
September 1873. Thai crash did not contract our cur
rency On the contrary what there was remained, and
sh1ry after the volume OF grecnbscks was increased
S2500O000 by successive issues from tho socaed re,
serve money did not disappear as It did in 1897 and
1857. There more of IL than before and yet the
stagnaon and suffering continue and the future
appears dark and gloomy, without any sign of i'm
proyemeut. Yes, nave more money than before, but
who OF you can tell what that money will he worth
twenty days after the opening OF the next OF Con-
gress Who Of you can tell me what Wild antics that
money may play with the fortunes OF all Of IL those
who clamOr imitation now shall obtain control Of the
National Government year hence
SPECIE PAYMENTS TIE ONLY POLICI.
My fellow citizens, all sane men agree that Of the
great problem which Expresses there ID but one ult
solution. 1t Is the return TO specie basis What
other schemes be devised they do not pre-
tend TO have permanent final settlement OF tho
ton in VIEW The resumption Of specie payments IL tho
only rational one, for other system will remove the
values from the reach Of the arbitrary OF
tho Government No other can give to current
values that stability, without which no safe
business calculation DO made. No other
that confidence which the first prerequisite
Of period.of prosperity. But the resumption OF
specie payments also tie only possible solution 1t
must Mt last come Even the innationsts, while wildly
seeking to throw difficulties In s way, still admit that
finally 1t must coma 1t Is as inevitable as late Is II not
the part OF prudent then TO move resontely and
with unaggng hrmness In tho direction VI al end 90
desirable and alse 80 ineyitables
shall certainly not attempt to deceive you by deny
Ing that when country Is cursed with irredeem
able paper money the resumption OF specie payments Is
not an easy process Like the cutting out OF cancer
IA aud aiinllt anaratan but health Ia