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

p: be nS. sas e. &: Ss. s'd groceries
and n0 and sOpE sna 3: n"y Asks VEIL
gold has ana f"ys 70 oS ny
charge more. TO build small house. he applies 70
money lender for couple Of hundred dollars at low IN
oTes on two or three years time to be nsst py
three years time" excains the money lender. my dear
man. you do not understand the perod since more ano
increases rapidly and IL lend you money row. on three
years time, how do know what that money may pe
Or nothing and you cannot pay me interest enough {"
But hore are curious experience I'm store 70,
him. The policy Of making and keeping the volume OF
currency equal to tho OF trade" requires the ISSUE
the Wants Of trsde Sead Of being satisfied demand
wh every new issue the prices 81 the as ~
money goes down. the specuaors and gamblers OF
tho country do roaring business Prosperity develops
to such point that busbel OF coal costs $50 and acs
knife It's weight In greenbacks The worthy lsborers
deposit in the savings bank once sufficient 10 bullc
and as the sc Of prices Of re always
far ahead of tho rise In hs wages no has oeen
Finally tho inevitable crash approaches The prudent
rich man has anticipated its coming and taken DIS IRE
means; but the poor man Is victim to his necessities
To tako precautions s not possible for him no Is swtP e
business community. One day our worthy laDcror sVes
to his place OF WORK as usual 81 an soIry says a,s
stocked market and a downward tendency, aud am
obliged to take sail have but little woik for you at
The sipwrecS is complete Tho rich is in the life
boa. the in the b STesAe oy T and
Cary Will along and Iepea; their speeches about
The peoples money what VIII teh ne mcney
Il is gamblers money the bOodsueker money, the
sharpeT's money, the devils money" And II may ,hen
other apostles OF 1.-THE peoples uoney" to stay away
from the where the robbed ard outraged victims
which Mr.. Kelley Of Pennsylvania in this campaign 90
loudly threatened against advocates OF resumption might
turn the other way
TIE WORKING PEOPLE A CREDITOR CLASS.
We are told that expansion OF currency ana lis
consequent depreciation Will benefit the poor inasmuch
as It will benefit the debtor against the creditor, py
enabling former to pay off bis debts In less value tha
that I'm which they contracted The morality OF that
argument will not discuss prefer to leave 1t to the
conscience of the people. But let US look at the
pretended facts upon which 1t 10 based Is 1t true that
the poor men the debtors OF the country To contract
debt requires credit and credit Is based upon the means
with which to pay. Men OF very Small means
are seldom in debt because they daVe mo Of
private Indebtedness United states before u.s. they
would unquee tonaby show Ihst more a large
means and that tho abOrcIs for wages are ne ast III
n sn syncs. aud next to them the farmers and
small business men. Bnt laboring people are to very
saw that there is neither manufacturer, nor mer-
chant professional man OF means s,rd IN ' h,
creditor are in nnetynine cases ont Of hundred, his
worken his servants. to when nc OWES wageS ior
good authority that tho wages thus constantly owing for
ola half months service or Tor amount b IN
Tie ,syngs bsH 9 ne anS SnR to
pie and PERSONS small who put their Surplus
earnings there for safe keeping is estimated That the
iIs companies another 20OOO0Ooo, and that nearly
SI30C00000 Is owing them IN otmef h nn oo 20
debts There Is then the sum OF about $l,2oOOcp,OOo
nxvinO IN
constituting their savings to that amount Tha class
are creditors and pretend that for their hcne, you
VIII expand the curoGcy Gold being At - per cent pre
mim those savings have value OF Si02OooOUVO 'I In
num- aud you have robbed those people OF SlSO
Expand it until the gold premium Is % per cent ana YOU
hove stripped them OF S420Oo0o0o OF hard earned
money.
INITIATION DAMAGE TO NATIONAL CREDIT.
When the legal tenders were first issued people had
to gain their first experiences with an irredeemabe Gov
erument currency since the Revolutionary War. The
greenback appeared not as trick OF scheming IMAM
ciers but as q creature OF public necessity. The people
had full confidence IN the integrity good faith Of the
Government as to the fulfment OF its promises.
When the events of tho war went disas-
troualy against US, doubts arose as TO the aDll'
ity Of the Government TO redeem its pledges,
but the honesty OF its intentions Those doubts
affected the value OF paper money but when the chances
OF war turned in favor and at last the arns OF tho
Union trumphed, there scarcely man In the land
who did not believe that what the Government had
proiaed would as q sacred obligation, be faithfully per-
formed and the confidence which the legal tenders com
rnande<i at home commanded by our bonds abroad
But you initiate Ire currency under the present cir
cumstances, hat will he the condition of things Then
an imperative public necessity to save the life Of the
Republic the extremity OF its peril. They will appear
The World viii begin to suspect that when GolrnInent,
in the face OF disastrous experiences OF mank resort
10 so extraordinary and dangerous measure without ne
cessty, its integrity cannot longer De depenoed upon
Will arise. ard very serious doubts not es TO sDi
redeem PROMISES and these doubts VIII ail upon our
business life like deadenins weight The last remnant
OF confidence will be paralyZed.
The world win see the slecter Of q Republic looming
behind reckless financial policy The faith or man
kind in the integrity Of Government giving way, our
credit will be shaken to us very ioundaOhs AUD hs
fuinor that the cashier is making away with the cash.
and instinctiyeiy unite 10 ievefsh run upoh me
counter you must not be- surprised II III general
alarm about threatening dishonesty you the seeur
tc5 OF the Government, hut or our private COZ
poraions also flung by hundreds Of millions into tho
inarket producing crash fearful and destructive
and para sis deadly to all our economic inter
ess, than any people earth can remember Tor genera
tons past.
THE TEACHINGS OF OUR OWN HISTORY.
But ask you with all candor and so5erness business
men farmers aborcrs honest and patriotic citizens Of
all classes is not time to stop such wantGn schemes OF
mschiefi There being abundance OF money in tie
banks that lies unemployed it is evidently not more
money we need. wtat do we need theni Confidence,
confidence which will induce timid capital to venture
into enterprise. And what is tho first requirement to
restore conndcncel 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 the dollar Of tomorrow will have the
same value the dollar of to-day and this stability Of
value finds full security In rational and fixed monetary
system then and viii he literally trust his
money to those who want actively TO employ it, and
promise fair return. Let understand the teachings
u our own history.
There are many among who remember the great
crises of 1897 and 1887 In the United States. In both
eases the country WIS flooded with Unsecured unsafe
bank currency and feverish speculation prevailed Then
"a crash came. Speculation collapsed The bubble OF
y. ln,. rrna roftap hopE hrol md