New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-09
FINANCIAL DISCUSSION.
THE Q n, ASSICNAT.
GOVERNMENT BONDS WORTH TOO MUCH AND GREEN
RACKS TOO LITTLE.


,ovrpSurNI BONDS WORTH TOO MUCH AND GREEN
BACKS TOO LITTLE.
70 fhe Edttor Of The Tribune.
SIR. There is no installing the fact that inc
peoplc OF the West want good money and pieht! vi ~
and all the arguments OF THE TRIBUNE In aVor vi spe'
psymont in our present financial condition mean '" 40
no,hins more nor less than bankruptcy and ruin nave
said W. want " good money" BY this me'" VIC 80,
-grecubacks' which shall be legal tender lor III
and at the same time interchangeable with Government
bonds In our farming operations the more uses W" '@
make Of a thing the valuable thai thhe ' SUI w,
believe by making the grcenback icgai .nu, iDi
dehts instead of Part, and interchahgeaoie
with intcrest-beariug bonds, We Hhoi'"'o "'
,.I,o and Tins approach nearer gold standard
W. sec no good reason why such system rs nave
brief, forcshsdowed would not bi1ng us 10 specie OASIS
,tbot any OF disastrous effects OF iorced rcsnh
,,o All recent legislation touching hnancial questos
seems 10 have had in view the special Interests OF cap
ast Why one class Of citizens should receive special
proteeton OF their interests Government to the det
tncrt of Other classes, do not understand why the
bordhodsr should receive bis gold and the farmer the
mechanic and the laborer deprecated paper. IL one OF
the mysteries government lost 10 proper regard
for the interests of the great andnsral masses OF the
people.
Enlightened public opinion will no longer credl' inc
ssying the advocates and friends OF the inter-
chancoahlo Treasurynoe system are repudationists'
for the fact stands almost sclfeyIdent that II the GOV
that those shall by the terms and CONDITIONS
of their issue 10y the Government. be Interchangeable
with Government bonds bearing such rate OF interest
average annual increase of the wealth OF the cou
try will justify. there can be little question pnt 'hei
value would he materially enhanced. When we shall
have succeeded bringing Governments notes up 10
pa value with bonds. bonds being worth their
face as now. shall have little difficulty III
resuming specie payment; for wien paper
money is worth much rs gold, nohooy
,A, NOT
ONLY worth their face but actually command premium
In the markets Is not this evidence that tc Govern
own credit 10 an undue in the direction of the
bondholdcrs and signay failed in its dutes 2WatI me
people who hold Il gal tender notes We hold That me
bond aud the Tceuback are both evidences OF cent a
the Government is able TO redeem It's promises at az
is as much bound redeem its ii Is lis bonds
and that there 10 sufficient reasons Why lie one
should not he worth just much as the DINER nor WHY
each should not he worth its face and no more. "A
premium upon one class of these debts ana discount
upon the other :, in my Judgment at Variance with
The are certain i.sucs of bonds which specifically
bear eoid interest and Of tiesc same bonds ihe
selv, a:, ultimately tn be paid in god OF course no
would think Of Illuminating the Government by lore
holders 10y reputation OF any Of ils legtlinalc ol
tius The idea that the substitution OF cg9l tender
with the interchangeable feature attached Tor our
National bank circulation would smack oi rtpunaIlo,
OF wold in least deter the period Of resumption
wholly nc'mi IeLesp!c 10 us. e>lel{ WtVt We th.
into consideration thc hct ilal IA tAe OF tilS
49, NOV W, ,,"m h.,nds and million, lore as we
t %' value Of cai tender notes Now
Sir II YOU can make IL appear that return 10 specie
PAYMENT ~ the manner aud form contemplated by the
friends tLc present National banking system Is what
the cOiuly nccus bring about real prosperity, We
shall ceIta My favor i, for We all desire prosperity
l. /. CHRISTIE.
Monmouth. Warren county, H., Aug. -. leo.
Mr. Christie is very much tangled up on the money
Question and we cannot, at this distance, hope to
untauclc him. We will merely remark that Govern
meni fve-tventy bonds are AZ premium because
the Government j. paying them, principal and inter
est in coin ANA people believe il viii continue 30 to
do GrcenlacAs are at Il discount, first because too
MANY of them have been issued, and secondly, be-
cause the promise their face is 10; kept. Eecelv-
,ng lrrenbacks Tor customs would add next TO
nothing ~ their value while it would take so
100000 from the revenue Of the Governlnent.-Ed.l