New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-15

during tho year affect the contract Not
In the least The advantage OF specie cur
roncy "a that its dollars are not subject to ex-
ce.siyo fluctuations In value. Where such
currency "a the sole legal tender no honest
man ever thinks Of repudlating his just debts
because he contracted them in deprecated
money. =,
| Ii. To como to the practical question, the
fact Is not as stated by our correspondents NO
debtor is yet called on to pay gold dollars OF
| ia likely to be called on to do so for several
years to come. Five years ago the premium
on cold was no higher than it ia to-day. we
have az much paper money now as we had
then. The debtor classes have absolutely no
hostile legislation to complain Of Even the
Acts of Juno 20, 1874, and Jan. IA, 1878,
we're passed in their interest, and the practical
operation Of those laws has not been detrl-
mental to them.
Ill. We presume that our correspondent Is
in favor of having pecuniary contracts per-
formed by those who arc parties to them, ana
| the observance of such contracts enforced Dy
law il necessary. Can he imagine case
where tho payment of thousand dollars, or
a thousand things of value of any description
whatever, can be promised twelve months
hence without the risk of loss to either debtor
or creditor7 Most assuredly not Suppose his
Indebtedness was in the shape OF note, gwen
Sept. ], 1871, and payable four years from
date. Suppose his business Is that OF a man
ufactrlrer of pig iron. Nothing in the law
prevented him from promising the payment OF
the quantity of pig iron equivalent IN
value at that time to $1,000, provided he
could have found any one who was
willing to make such bargain Let It's sup
pose he had promised 20 tons of iron, instead
of &! 900 in legal tenders. Would there be
any more justice, or any less, i'll paying pig
iron, according to contract, than there Is now
in paving greenback dollars Twenty tons OF
pig iron are now worth only half as many
dollars as they were four years ago, but Is That
any reason why a man who has contracted to
deliver 20 tons neither more nor less should
be expected to deliver 4Of The value Of no
commodity whatever is fixed. Gold prices are
subject to very great fluctuations, though
certainly not to alterations enormous as
those which are possible with legal ten
der paper money. But the note was
not given for iron, but for dollars.
Tie provisions of the Constitution, the true
interests OF the business, community, and the
repeated uttldldtiOnS Ol tii' party III P'"'i'
were united in the support of al least the
growing up" process of regaining the specie
STANDARD. Since January /, 1868. We have
done nothing but passivcly " grow up" There
a,e more bank notes and more legal tenders
IN existence ut this hour than there were eight
wears ago. The alleged contraction OF the
currency is pure fiction. We are, i'll view or
these notorious facts, decidedly of the opinion
th9t our correspondent, if he is 80 unfortunate
as to owe Il Thousand dollars, ought 10 pay his
creditors in dollars according 10 bis promise.
Nor do we think he las the slightest reason
to compliin OF injustice if compelled to do 50.
". In 1852, 1868, and 1861 tn" creditors
Of the country were forced to take legal ten
der dollars, though in many eases legal ten-
der act had never been dreamed OF when the
debts were contracted. Bat every debtor III
tie land vino has entered INTO that relation
during the last ten years has had the 1act
staring him i'm the face that sooner 81 later
orr currency was to be made equal III value
to gold. II is only within the last two years
since the partial shipwrcck of our credit, that
a fresh imitation OF the currency has been
asked for or expected by any considerable por-
ton of the community. The hardShips OF
debtors arise from the general collapse OF
spcculation-a catastrophe which Is Liable to
happen under any system Cf money get de-
yised by man, and which il apt 10 b. pecu-
U1rly disastrous under cugrcLyics OF incon-
ycriiblc paper.
V. An adjustment Of public or private debts
upon any other baS, than that afforded by
existing laws is wholly impracticable ana out
of the question. A large share OF the existing
Indebtedness has been created within the last
Two years. Would ii he fair 10 deprcciatc the
currency to favor the debtors who borrowed
previously to 1878 without some compcnSa-
ton To the creditors who have lent money
since its purchasing power has Increased
There are nsupcrablc practical difficulties IN
the way of every project that can be devised
for adjusting prcuniary contracts on the pa'iS
of returning a value neither Greater nor less
| than that originally parted WITH. The 4iieH-
/ tio,. "yai,se in what p cannot be answered.
! -. anidoie for the poison OF paper
/ dollars il not more and more worth
less dollars of the same sort. Cold
itself is far from being pcrfcc! standard.
Has orr CORE respondent ever heard of KIND
of money under which debts could be created
and business transacted without ,isk, and, az
times. very great lisi Our present disasters
have their inception frs in human frailty and
impcrfection, aud secondly i'll paper money
and that rccklessncSs in the creation OF debt
which had its origin in the facility with which
debts were paid during the war in deprecated
0reenbacks. Bad as things are, they would be
q thousand times more hopeless should the
currency ayain be deprecated for the relief of
the banl,upts, spendthrifts and incapabcs,
most of whom are now suffering the penalty
Gill, = hay