The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-01

impOrtations rom abroad; It has no liked value;
Il Is iaDle 20 frequent ana great nucluauons,
| thereby rendering ever yepecunIary engagement
| preca rinus and disturbing all existing contracts
period Of imitation Is followed by u loss OF conn-
dence. shrinkage OF values, dep esslon Oh OusL.
dts 4ster and distress. Tne heaviest part Of the
c1tsmltI TAILS On tn0se least able TO bear IT, Inc
wholesale dealer, the middleman and the retainer
alwaIs endeavor TO cover the RISKS OF the hckle
standard o. value by raising their prces. Bat
thrown out OF employment and want aud suffer-
lug are liable so0n TO follow. When government
abe paper money there can De no Il xed limit TO
| Its volume. Tue amount will depend on tue in
on the excitement OF the hour. r. afrords sucn
Iacuty or contracting DEBT that ex UraVagant ana
! corrupt governments expenditures are tne sure
result Under she name or puolic lmDro yements
the widest enterprises, contrIved Tor private
comes the rule, and, IN the end, bankruptcy.
rum and reputation. -
TIE CAPITALIZATION OF POWER.
During tue last few years great deal has been
said about the eentraizlng tendency OF recent
the government at ashingIon has been raw ortte
theme Tor democratic defamation. But where,
since tns foundation Of the government mas z
would confer such monstrous and dangerous pow
ers ON the general government as thls nnaton
scheme OF che ONO democracy during the war
Tor tne Union, solely ON the ground oil necessity.
the government issued the Legal tender, or green
back currency. But they accompanied II with a
solemn pledge in the following words OF the act OF
June %, 1874
Nor snail the total amount United States notes is
sued be issued hundred millions,
ana such addo al sum no. exceedln MY million as
ra ?y 10 loans I'O'S i'aulfs1 ''' f'4'Dp'A 's''
But the ohio innatonists In q time OF peace
| on grounds OF mere expedlency. propose an IN
| Convertible paper currency, with It's volume IN
! tied only by the discretion or caprice OF les IS
suers, or their judgment as TO the wants Of trade.
Tue most distinguished gentleman whose name Is
associated wit tne subject once said the process
must DC conducted with sklll and caution,
| by men whose position Will enable them to guard
against any ev,n aud using iavorlts lust. a.
ought TO be able 10 Judge. HIS hand Is upon the
Pulse or tue country. He can EEL all tue throb-
wnS S the blood ODD lows too last aud sr.Hg ana
when the expansion should cease" This brings
dangerous policy. me treuole is tine pulse OF the
patient will not 50 often decide the question as
ment, no Congress Is wise eaough and pure
! enough TO be trusted with this tremendous power
country. That whica Concerns so Intimately all
business should be decided, II possible, on ousl-
mess prncipes and not De es 70 o nartv os
| the anbllon OF pubic men. 1t VIII not do for
property Tor business or Tor LABOR 10 De AZ Inc
eitner in or out or Congress. Tue oest way to
prevent Is 10 to apply to paper money me Old test
be convertible into coin Ii it can respond TO this
testlt will be, a. nearly as possible, sound safe
| THE SOUND POLICY.
The republicans or ONO arc In favor OF no sud
1orce resumption py q contraction OF the cur
| rency. They see that the ship Is headeu IN tue
has already been gained. gnsy are satisfied to
leave TO Inc influences OF time aud the lnnerent
tnat Yet remains TO be done TO place our currency
at par. We believe That what our country noW
neels to revive business aud to give employ nent
confidence IN the stability and soundness OF the
financial POLICY OF the government Ynat conn
! dence has many months past been slowly but
steadily increasing. The Columbus democratic
platform comes in az disturbing elemeni, and
How great the snock when was gwen to
returning confidence by tne democratic &C
ton at Columbus abundantiy appears py the
manner In which the platform Is received by
the liberal ana the English and the German demo-
cratic press throughout the United States. Tho
liberal press and the German press, SO lar as
have observed, In the strongest terms condemn
the PLATFORM. Tney speak OF 1t as disturbing CON
ton. A large part OF tne democratic press OF
other States IS hardly less empnatlc. II would DO
lese than two years ago, the Convention whloh
nominated Governor Allen resolved, speaking OF
the democratic party, that ''lt recognizes tao
evils OF an irredeemabe paper currency, but in-
slsts That In tue return TO specie payment care
mesa Of toe country, or unJuStY iniure tue DEBTOR
class" There was no imitation then. Now come
ana try to persuade the people that the promises
OF the United states should only De redeemed by
other promises, and that 1t is SQUAD policy ~ in
THK NATIONS CREDIT.
| The credit OF the nation depends on 1t1 ability
and disposition to keep Its prOnlses II 1t alls to
keep them, and suffers them to deprec iate, its
credit is tainted, and 10 must pay Aign rates OF
int on all or lis loans For many years we
must DO borrower IN the markets OF the wsrld.
the interest bearing debt 10 over $l70o, 600 GOO.
II we could borrow money at the same rate vita
some Of the great Nations OF Europe we could
save perhaps Two per cent per annum on this
sum. Thirty or iorty millions year We are pay
ing on account of tainted credit. The mere prom
ises pay individual issues without redeem
ing them the worse becomes his credit. IL Is
the same with nations. The legal tender note
fer S. In the promise or the United States
TO pay that sum in the money OF tae world in coin.
No time Is fixed for Its payment 1t is therefore
| payable ON presentation, on demand. IL Is not
paid Il is past due, and It is depreo'ated 10 the
! extent OF twelve per cent. The country recOg-
nIzes the necessities Of the situation and WAITS,
and 10 willing 10 wait un.ll the productive busl-
| redeem. But the Columbus nnaHciers are not
satIsned. They demand the issue Of more prom
Uses. This 10 nnauon. No man can doubt the
result. The credit OF the nation will inevitably
suffer. There viii be further depreciation. de-
| precIaten OF ten per cent dminishes the value OF
| Inc present paper currency from nifty to nun
| dred millIons OF dollars. Its effect on business
| would be disastrous in the extreme. The present
| legal tenders nave certain steadiness because
there is limit fixed to their amount. Public optn-
ion cOR1des In that limit. But let that limit be
broken GOWN and all is uncertainty. The authors
OF TINS scheme believe tnnatlon Is q good thing.
years ago the cincinnati inquirer SAID 1.-The issue
OF So 0o0,0ooO0o oil currency would only put Il Ia
the power OF eacn voter to secure $500 for him
| self and family TO spend In the course or life
| time. Is tnere any any voter who thinks that IS
too much, more tnan he Will wanLr This sac VS.
| what the platform means. IL means lnnatioR
| without limit, and imitation Ia the downward path
10 reputation. IL means ruia TO the nations
credit and to all ID vldual credit All the rest OF
! the world have the same standard OF value. Our
| promises are worthless as currency the moment
Jou pass our BOUNDARY line. Even In this couuty
| very extensive sections still use the money OF the
| world Texas, the most promising and 1ourishing
state OF she South. uses coin. California and the
other Pacific states and Territories do tue same.
Look at their condition. Texas and California
are not the least prosperous part Of the
United States. This scheme cannot be
adopted. The opinion OF the civilized world Is
| against 1t. the vast majority OF the sblest news
| papers OF the country are against II Tho best
| minds OF the democratic party are against It..
The last three democratic candidates for tne Pres
idency were against IL. The German citizens OF
the United states, SO distinguished for industry,
fer thrift ana for soundness OF judgment In all
practical money anars, are q unit against IL. The
republican party Is against It. The people OF OHIO
Will, am cOndasnt, decide In october 10 have
| nothinR q q with IL