New-York tribune., 1875-07-01

few limited aud rapidly disappearing exceptions; that IA,
the a ,a' the blank pssess ssSnd onii bo Inscribed
the Fundamental principle OF eGmayh ID ho is question
means OF laying basis upon which the goverurs @ c o
those states could rest with safety against he he o 70
this cass of minds the readmsson OF those Satos WIN
recently Welded their armed resistance to the national
authority, policy OF danger ana ven ma y,
the states with tho basis OF political power santiy
unchanged or second the co1tnmeG h,c OF scuent nt
That time rejected with impatencc both the latter poll
ces If present practical loyalty to the National ~
nothing can be clc than that vast majority OF i;oso
had previously welded the political power @ Gi sUse
in which IL felt and understood In those STATES Mnon
had adhered TO tho National cause On thc otOer h,r,
rated such government had no harmony win onr sy
tenn was as e Tpns q Pso # must be Tempo
rary. and yet while 1t lasted its tendencies were anerS
to those habits of mind AMI OF action when arc eSoh
10 any degree o. self government. ,
The policy Of immediate universal suffrage in those
the inorance and incxperienco those when il would
Introduce political power ON the other nan" M ~ &
lgrgey in the hands OF those who bound to
the Union by slight common tie second II liotaa s
otherwise might the victims Of social aud race prj
dices too obstinate to De yo G h ,hoarw and trdi
tons of country. IL should have been nppaens TO
observed on the spot that under policy, errors;
frles crimes would for . time abouni lnoF!n,eF ~, i'u
ience on the one hand were matched by injustice
and violence the other. Prciuces old rs the eoml
mites in which thcy prevailed Ice bai h.c %
high by centuries OF slavery. dsappointments bitr .s
death hopes cxlravagant dreams these were rue con
tending forces, the inevitable conditions Oh th
me results which they have made out among tbe arr
ON the hand corrupt lcgislaur = was,ein 'Npei PM,
hres, burjcnsome taxes ruined pubic cri'' gapn'S 9
iu hig Offices frequent violence and dl.nih ihcS Iu
sd experiences surely. and thoughtful meil LOOKING
them lose heart and say Better the i"ico "'" u
Bnt stay, patriot lover of American freedom, anl
look on M other pcre %yG yG% ha%s t st &
powerl Has history no lesson to dlspe YOU i,s 10 @ o
yet T pssed " aud halt the accumulated abo OF ~,
inrids are already passing Education il already
never turned the pages OF book. Property, NOT ~
thonsand- but by millions. with all its sob ring in..
did not their own bl ,oi and MUSCLE Experience
hitherto sealed volume responsibility. hitherto AN un-
usca ,cnsc the welfare OF children, the MhOe wie circle
Of humane Influences are already pouring ~ upon iiso
whose most daring hops ten years ago did 1T picture
And yet we lose faithl And yet We think orr American
system cannnt stand the straini All ladies and gentle
men the government which could stand the strain o two
centuries and half OF system ',ii.e not merely 10
human rights every form and feature of ciNla-
ton will bc moved from its foundations by ten years
OF inmultuous freedom Have You forgotten ti."
words Macaulay There is only one cure for the
cvila which newly acquired freedom produccs-and that
cure The blaze of tru.h and lie. may y,
blind in the house Of bondage. But let them gaze on aud
they will be able TO bear it, II mon are to "aii tI
wait forever" 1t is for us TO check the popular npa
which demands from others IN Miht uS
las h. en- the slow toll aud fruit Of centuries II Tor us
10 teach faith in right principles OF goyeri,ncht ath III
freedom. faith in that approved agency or freedom tue
ballot, faith in our American system Are CORRUPT L@gis %
tarcs fuund only in one section OF our country! d5
public credit before been proSirated IN me history
Of our states Has organized violence never before su
planted the time justice and pubic orerf
on of the ballot to the wise and good The cnargem,n ut
OF national powcrsl No. have trusted, wisely safety
ellgcncc Of what CoeTidge called the iee permealivc
e anI energy the state acting through Ms organized
forms" 10 -uch influences let us sernly ana cohhoehE
comILit t.csc present eNIls.
EE.rOaAIION OF AN HONEST CURRENCY.
There other public question SO fundamental In
it, nature wide in its influence, pressing in its pres
ent requirements, that cannot altogether omit its BRIEF
consl, ration a. prcscntng of the immediate duties
OF our pofrssionthe question of the restoration OF
sound and honest currency to country The adoption
and regulation of the legal currency OF the country IA one
OF the undsputed powers OF tfe National uoNcFnchta
power expressly conferred upon CanT2sS ana expressly
prohibited to the States by the Constitution Inc diS-
oImos: ,hc whole rl! OF political economy economic
science approach il with sch knowledge. nor need
question as il now meets u.s. lie has not sounded
the depths OF the sceace which deals win thc pr9dncon
and distribution Of wealth. threaded the historical
which illustrate its great laws There are aspects;
oo OF @ inc hsSGn ,vi4s wsn Of Eisbrr ArS come agn
to my memory This, Sir, IL cals thit would be dlI'
honorcd and betrayed II concntel myself by appeal
ing only the understanding. It is too cold ani It's pro-
slow for the occasion desire TO thank
God that since ne has given nn intellect 80 fall
BILE He has imposed upon instinct that Is sure. On
question OF shame and honor reasoning Is Soinetlif,
throws light upon the brain II kndes ffe at the
! heart"
rcncyi Ii l., necessary here to distinguish between
money and currency. by money Is meant stamped pieces
the precious metals performing the twOnd once Of
standard OF value and medium OF exchange By cur
rency is meant any current substitute for money Ihe
restoration Of sound and honest currehcy means men
the restoration OF sound and honest current Substitute
for money or money "e Ii Sce does @ not bn s Gu
medun II does mean at the least the restoration OF
circulating medium which shall be an honest, ei1clent,
adequate substitute or money inc roseh @ on
money OF "A currency which IL an honest substitute Tor
| universal acccptabencss Unqucstionaby gold and sill
coin possesses these qualities 1t money and
suited to Tie functions OF q circulating mcdus Goa
and silver coin forms apprcr,be part Of our present
currency, and the question is, have we current subs
tnte which possesses ,ho GhSp"',u r'i"'S'eS o' Sou
our currency is wholly a paper currency. Speaking
generally, IL consists ls OF Government notcs-nocs
bearng the proliss Of The Ipitd 1ass 10 y & w c no
legal tender par for all debts. public and p, ate ex
cep duties imports and interest on the public debt
second, notes of banks orsanD under acts of Congress
secured by the deposit OF United States bonds at the
Treasury at WASHINGTON and made receivable ior taxes
excscs and all other dues to the Government except
customs dutics and payable for all demands against the
Government except Interest on the public debt and guar
antecd to their ultimate redemption by tine Govern
ment itself
PAPER NOT PAIR SUBSTITUTE FoR MONEY.
How nearly does such currency to the standard
of fair substitute for money Ia the first place, its cir
culation is wholly forced. 1t has intrinsic value BY
force of alone the Government notes made
! legal tender generally while the circulation OF Ma
tional bank ia secured by their rcceiyability
| for dues to the Government, and their payaDility
for dues from the Government. The whole body OI
this currency rests the faith ana credit OF
the Goyrrnni.nt-thc Government notes directly, the
national bank notes primarily, in certain sense, ON the
banks, but really and finally On the Government which
holds the capital ~ the banks invested In its bonds. To
substitute for money these two classes OF paper
shou at least the two qualities OF money al
ready on out-xt, - value aud univ- sal accepta-
blentss We have already seen that their only accepi-
bieuG@- .
no Intrinsic value Aside from this, two elements are
certainly ind- -ncuabr ay approach 10 nAity ol valuc,