The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-10-26
GR0SVEN0R ON HARD CASH.
NOT AN INITIATION VIEW or THE
GREENBICK QUESTION.
Common Sense Applied to National Finance
Tho RuR-Moncy Mems Sophtstrics Dis
posed OLA Dollar that Isn't n Dollar.

Common Senre Applied to National Finance
Tho Rng-Noncy Mems Sophistrics Dis
posed OLA Dollar that Isn't n Dollar.
In the large hall OF the Cooper Institute
last evening Col. william NJ. Grosvenor, who
introduced by ex-Mayor George Opdykc,
controverted the assumption that the green
back IL not intended to be redcemable II IL
not dollar, but only pledge to pay dollar at
the earliest possible time and on that pledge
depo nds the credit OF a great nation. II IL not
yet redeemed The merchant suffering a motto
to go to protest IA bankrupt. II the grecnback
is not redeemed then the honor OF tho country
is trailed in tho dust The act creating green
backs soemny declares that the earliest pos
sbe ueriod for resumption OF specie payments
should be accented. IL IL now worth only
cighty-nve cents, less than IL was worth six
years after the war. And now the cry Of re
pudiation goes 10, a demand for an indefinite
prOllnrattpn
The currency settlement advocated 10y Mcssrs.
Butler and Kelly the speaker characterized as
i've fold reputation. Carry out their plans and
chaser IN the gold room. They would stu
have o Keep their pledges In payment Of gold
Interest. Merchants would stll measure the
value Of their wares In gold, and ereenhacKs
would bo damaged by SO much az the credit OF
the Government has been damaged by bad
faith.
The automatic. self justlble currency pro-
posed is fallaciOus. A paper dollar based on
the faith and resources OF tho Government Ia
lint Ossihc. what steuR can "A holder take ~
compel the payment Of such promises to pay2
II IL claimed that the greenback scheme makes
the Treasury the savings bank Of the people.
DO thcv know what a bank ISL IL Is lOaner Of
capital gathered slowly aud from many de-
positors. Could the Government or the Iret-
sury become iOaner to the casual necder
Of short discount'I No. The practical
effect Of such banking would be to withdraw
the deposits from active circulation, to destroy
banks, and to make pancs friShfully frequent
ana uestruciive.
The infationista sInnlv want mon exporta-
bile currency. To be elastic currency must be
eXpdusthle to meet every demand OF casual
strngehc,es. IL expands under the wants Of
trade until two dollars will buy half as much "a
they should. You will have plenty Of dollars,
but YOU can buy only half "a much with them,
and where IL the advantage Pour gallon OF
water into gallon Of whiskey and you have
two gallons Of drink, but. after all, only one al
Ion OF drunk.
1t is claimed by the inn tlonists that contrao-
ton produced the last panic. lhey do not
recognize the eject Of want uf public confidence
In commercial credits iuild the latter up ana
commercial transfers are Effected with cOmpar-
attvey little aid or dctrimcnt from casual con-
tr ctions Uf the volume Of the circulating me-
dun. The volume of currency was contructcd 40
per cent from 1865 to 1873. In that period he tran
saCtiDus ~ the Clearing House showed "A great
| Increase of the business done there In the evil
dcuccs ( commercial credit show ing that the
facilities Of commerce adapt themselves To their
needs. Commercial credit takes the place of a
circulating mcdinn. Economy and caution
are encouraged by contraction. Speculate N,
dealing in The chances II the future. and cuns"-
| quently temptations, are the result Of NIL alton.
The speaker showed thai, while ges in
ere iscd thirty per cent. during the y Rod 81 the
! emission Of gIccuuuCk-. the uricc Of the ncccs-
saftvs of lite. 90 assured hy the grccuhack stand
ard. Increased more than uity ger ccut 50 ia /
the IaoOrrr with his increased VICES actually
realized q loss. So much fut the elect of iuna-
| ton upon Wurl,lh Eneu'- wares.
Ia conClu ION, the ~ rtkrr VI, AIDED for fixed
| time, not lar dist nj. for the resumption az
suerie pay ueuts as the onll remedy for oman