davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
MR. KEr.LEY,s SCHEME MERITORIoUs.


SIR: You say that unlike Our English breth.
rem who control the Bank OF England, the ONO Demo
Gratis demand that this enlarged legal tender cur
rcncy shall be augmented and diminished according TO
the demands OF trade" DO you think the phrase, en-
arged legal tender currency il fairly applied to them
Have they asked that ho currency shall DO enlarged OF
can 1t be enlarged by substitution Haye thcy
asked for the passage of any law making greenbacks
legal tender q think not. Such law would not Dc
necessary wouldit be wrong it were necessary Ma
tsoDa bank notes circulate pass coin without such
law because they rest bonds which rest the United
States But waving this Should not the currency al-
ways be augmented diminished according to tho do
mands OF trade 2"
Do not all banks cndcavor 10 accomplish this in
their own peculiar stylef Is not money sometimes
tight" aud other times abundant and Is IL not so
In accordance with tho demands OF trader suppose Mr.
Kelleys convertible bond scheme in existence and
men could bonds into rccnbacks and back again
into bonds pleasure mean low gold interest bonds
does any one believe that the self interest and common
OF men would not keep the currency at all time.
this can only done by banks and bankers, and there
fore that they must have the exclusive right TO DO IT,
The currency OF a country should be like the atmosphere.
free to ill all lungs large small, at the pleasure 81
the owner Now, If God when lie made tho air and
fitted lungs to it, had selected few persons
in each community, and given them exclusive power to
sell by the gallon at per cent prot lie would nave
done inst what the Government Is doing, when II pre-
parcs currency and gives to favored few the power 70
dispense it at their own pleasure and for their own profit
Ycn say notes arc issued from the Bank OF England
without deposit IN gold L. that sol Is the paper cir
cuation there limited t. the coin m the vaults 1t may
be If you 80 WI believe IT, but 1t Is news to me-
and will be- to many II the Ohio men want paper cir
cuation that will bc than 10 or per cent below
gold fight them to the last hour nay they desire
paper currency that will not be just a. good ~ gold
show them noguartcr But Il they only ask tiiat bank IN
their capital only, and that the currency OF tho
nation shall be furnished by the nation then Surrender at
for or later To this point vi" We come ~ st
IVrntoUH. IenH, Aug. q, 1870 H.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
THE ADDICTION or CHfRLEY ross

COMING TTIAL OF WE>TERVELT, \ COMPANION OF
MOI EE-PUBIIC INTEREST IN TIL. CASE
FROM THE EEGrLAR CORRESPONDENT or lHE TRBuSE. ]
PHILADELPHIA, Aug. 1.-The last hope of
uDaveDg the sery Of the abduction OF Charley Ross
seems to lie in the trial Of William Wcstcrvclt which Will
take place during the piescnt term OF the Quarter
sons Court this city. Westeryeit, il will be
bcrcl Is u brother of the wife Of Mozicr, the
burglar who was shot Long Island last Spring.
Westeryet formerly member Of the New
York Police force, aud, after his discharge ac-
count OF bad conduct, became itinerant
pcddler OF small wares In this capacity he visited
Philade hia occasionally about the time of tie kinap-
ping. His intimate association with Mozer and the
burglars comrade Douglass, brought Inn under the sus-
pici0n SupcrLt cncnt Walng the identity
Of the two dead criminals with the caPtors of the Ross
child became established, and that official communicated
all the information he had to the Philadelphia police.
Westcrvclt ndi ted but Just "a steps were being
taken to get rcqusitiJn for him. he over TO
this city voluntarily mysterious errahd and WIS
discovered and arrested the 18th OF April. BAH was
fixed at II 900, and he could provide it, he has
lain i'll MOyamensng Prison since. Under Penn
sylyania law, prisoner il not put trial before the
close of the second term OF court after his arrest can
obtain his release. This makes II necessary To try
Weserve before the 9TH Of september Tie 3Oth inst
has therefore been fixed for the opening of the case
The charge against him is of completely in the aluc-
ton or the enid Whatever evidence the Dl'rltf At
torncy has collected against him il Of kent from
the public ii j. believed TO he sufficient, however
make Oui "a case, but il does net promise to give
any ccw To the present whereabouts of the poor
boy if living to his fate il dead. Ills parents s have
hopes of his hut month after month passes
without new Developments. the presumption OF his
death bt too strong to he Resisted 10y those whose
affections do not cloud their judgintnt OF the
evidence Of the enduring interest felt by the public in
the fate Of The stolen child u furnished ~ the fact that
the little evening papers still, after lapse Of thirteen
months, pick up every rnluor or trhng circumstance
connected with the case print II VIII staring head ne
and send the newsboys out crying, All About Charley
Ross There has not been fortnight since The abduc
ton that have not heard that ringing along Chest
nuis and appears 10 ti stimulate the public to buy
fle
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
THREE POINTS OFTEN FORGOTTEN.

To fhe + n tfOF OF me IFibuHc
SIR: In the discussions of the financial ques-
tons which read, the three following points have
not received the prominence which think they deserve,
10 wit Their political significance; secondly the office OF
money a of value; thirdly, the enforced char
accr of our legal tender paper currency
A. the first point ii is great power in the bands Of
those gentlemen who constitute the Government, or who
manage the affairs of the Government Will they Away
hesitate all the power they have To prevent bad
men (amd who bad but their opponents from
geting control of the Government Would IL he hard
for them to see that action would be for the best in
tcrests of the country
As to the second point, believe the great majority OF
men think OF money only a. a medium OF exchange,
emitting entirely s much more important Office OF " a
measure values Hence, frequently hear men say
Of paper money II is good enough for me-" II is more
convenient than gold and silver" &c which Is true
from their point of view. Our paper currency me-
dunn Of eXchang il good enough, but are making 1t
of value also and IN this lies the mischief
The party IN power fixes and alters the values OF
labor and property at will. To-day IL aids the
creditor and tomorrow IL aids the debtor, and cOntin
uay puts opposition the creditor and debtor classes
Thirdly. thc enforced character o legal tender
rency" In this capacity apprhend that IL il IN direct
opposition To the genius Of Institutions IL comes be-
tween ctizens II ~ A, You shall take this bit Of
paper from u at "a value have fixed" Now We are IN
Tue habit OF talking Of the freedom OF the citizen OF the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
THE REsULTaOF IMITATION.
D

SIR: Do the people in the West really be-
lieve that they will gain anything by inhaon They
are in trouble because Of imitation The paper dol
lar worth about - cents. and circles around that
value above and below. II the currency ia
aed the dollar will down at to- say 80 cents.
They viii get OF these 80 cent" dollars wages
than OF the ~ cent" dollars 1t Is true but their whole
cOmpeu -ation will not be increased II the Government
calls five cents dollar, will II Imitation
cceds 100 dollars of that degraded kind will be a low
price for pair of shoes and laboring will get 40
dollars day! Will he be any richer than when he got
two gold dollars por day. Besides. anybody who has
any money will not to have anything to do with
such shifting currency would be pleasant for those
who money, because they could pay their creditors
with " five cent" dollars But who but fool would lend
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
CAUSE OF THE PANIC,
70 me r dior Of Thc tribune.
An. Ihn nuoctinr IL ntfon u sLel .

TO me r. ulfOf OF INC lTfOHHc'
SIR: The question is often asked: What
caused the panic in 1873 :" BY many the answer IL
that the lack Of currency f, caused distress then
isrust and Gnay panic THIS view OF the question ~
very superficial one and does not the question
The amount of the currency at that time had but to 10
do with the panic the cause lay deeper and outside tho
mere question currency To get at the real cause OF
the panic one must first consider the economic truth that
capital Is composed Of two classes fixed and circulating
fixed capital being al that portion invested in railroads.
houses machinery etc; circulating capital being that
portion actively engaged in business, in the payment OF
Labor and all other purposes where it ia used in active
reproduction briefly it is that portion which is con-
stanty used IN buying and selling Currency, as direct
cause had bat little to do with the panic bat ~
an Indirect cause it has much to answer for.
The ca,lsc of The panic lay in the great destruction OF
capital tho last few preceding the papc ana from
itl, and the inflated currency was The direct Gauss OF
this absorption at circulating capital When the hone
of the currency exceeded the real wants OF business
unduy stimulated trade raised prices, ana the spto
speculation set in and the natural Outgrowth OF this
state OF unnatural activity and speculation was tle
building of railroads aud many other things thit coua
not b. made to yield fair return Tor the invest
mcnt. The amount thus invested being largely IN
excess OF the savings of the people, IL drew IRON
tho circulating capital much that was needed for
legitimate business purposes, and put IL IN hAcd ioim
winch had not the power reproduce the amount thus
invested. Credit strained to the utmost limit money
was borrowed at any rate and the amount ol loanaDle
capital having been diminished by putting II IN nAen
form, at the time the demand largely increases
by carrying on these enterprises credit, patuiny
made the loan market very stringent. When the de
mand became, 1t did, greater than the supply those
who carrying these great ventures, not being
able any longer to obtain the necessary luhds, were
obliged to stop payment and the whole train OF evils io
lowed ~ IL always has AMI always VIII undef q oinar
state of things, aud amount of promises to pay VIII
nrrvcut rs.
Neg liaren, Conn, Aug. 10. 1873.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
THE USE OF SILVER.
PLAN OF RESUMPTION CRITICISED.



SIR: -. T's' compromise plan of rcsump-
tom" published in THE TRIBUNE OF Aug. 2. may he a
good one, but there il, IL TO me- uncertainty
about it which requires clearing up He says, among
Other things: Retain the lcEaltendcr clause that
every obligation for money may be met with currency
Make silver a legal tcnder for 20 per cent On all
demands When the currency il established at
par then give ont currency for gold dollar for dollar
aud pay gold go per cent and silver co per cent? for
legal tenders" l demands" includes, OF course, de-
inanls for money, aud it is 10 he presumed
that no demand for money will be made unless there is
an "obliyation" pay it. Willie thcn retaining the
legal tender clause, that every obligation for money
may be met with currency" il 1t not contradiction TO
saw Make silver LEGAL tender for 20 per cent Oh all
demands :" by, "whrn the currency - established az
par" giving "out currency for gold dollar for dollar.
and paying goll $50 pe: cent and silver GO per ctl
for legal tenders" does y. T." mean that by
presenting gold dollars the Treasury. one shall
get for tncm dollars III currency or Icgal tenders,
which, | take it, are, according Ia him,
convertible aud that where wants his currency
them only 80 per cent in guld 20 per cent in silver
silver shall be legal tender for "eycry obligation for
money!" If 80, | again ask, why retain The clause
making anything but gold and silver legal tender y ]
may h. dun OF comprehension, but ON account OF the
Importance of The subject may not dizziness be tolerated
Explaining things to dull people has produced good
results. HAhDPAS.
Nec- York, Aug. :, 1873.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
elo-Haren, Conn, Aug. 10. 1875.
EXAGGERATED IMPORTANCE OF THE ONO
ELECTION.

To me Editor or The Tribune.
SIR: great deal has lately been said about
the financial "sslc ONO In what sense Is that ques-
ton in the coming election in that Statcl What
IL an issue ~ Can that be issue by which nothing Is
determined What will that election settle az TO our syS-
TEN OF financed WIN 1t decide beyond dispute the
numerical preponderance of hardinoney or sOitmoney
advocates in Ohioi To the last query answer No."
because neither of the great parties will vote rs unit
on this subject aud both Allen aud Hayes will receive
support upon principles quite apart from the ycXed ques
ton of finance Further the subject of our financial
system is national thc party Ia interest is the
great body OF tho American people. II has
not conflcd this question to tho people OF ONO
NOR to those OF any other State' to decide Tor
them. II decided at all, ii must 10 done by tho
representatives of the people IN Congress ass, mbod
Not a single representative to Congress is to DO chosen az
the ensuing election In Ohio They were all elected last
November and doubt very much whether those gem
ncn will greatly Influenced III the course they may
pursue when Congress assemblies by the result or
the election in Ohio Does any one sup
pose that tie Hon H. b. Payne could be induced 10 sup
port the policy o Initiation by conceivable result OF the
election Ia November ncxt submit therefore, that ~
s very absurd TO attach undue importance 10 any Stais
election this FAN flr the financial question Il con-
crrncd and hope that the friends OF honest money
will contain their souls IN patience, and grd up TIER
ois" if need be- for the struggle OF November, 1879
Respectfully yours A IT, Lh"b
Milford, Penn, Aug. I, lS7J
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14


A JUST ATTACK UPON THE NATIONAL BANK sfS-
TEN.
To the Editor Of The Tribune.
SIR: | read TIE TRIBUNE every day, have
done so for years and intend to do long rs can
read Notwithstanding the many things I meet in 1t 10
which I cannot say :" Amen" am particularly inter
ested in the discussion which is going on in its col
umns In re gard to the currency" and am especially
pleased to that decided as your views are on the
banker side of this question: open your paper to the
lust expression Of opinion from those who cannot sec it
"a Won do" This l. iaost cOmmcndabc, and must result
in the triumph OF what is true. The loud aud orepeated
cry against the OHIO Democrats is that they lnla-
toniss" Ii they are then they not good Democras
But are they! In editorial article on July you state
their main ideas in two points. You say first that they
desire that national bank notes be Withdrawn and
grernbacks substituted" This Is true; but does 1t
follow from this that they arc inlationists 7
IA a man 'an niatonlst" who simply insists that tie
currency Of the United states. whether coin paper.
shall be furnished by the Government of the United
States rather than by private corpoaonsf II the sub
stittion be made dollar FOR dollar 10 speak
rec.ly the promises pay dollars he exactly equal Will
that "infate" the currcncyi viii not tac green
back promise be at least good the National bank
promised Do we not know that National bank notes do
not represent COIN aud never have been redeemed
con and yet they circulate Just as they were ana Al
ways had been redeemed and do they not 50 circulate,
the banks by which they are Issued was first invested
in United States bonds that these bonds on deposit
in the Treasury OF the United States With 10
per cent security for these bank notes and
that therefore the notes good so long the bonds
good and that the bonds are good 80 long As the
United States Government IL good and that when mat
fails there Is little else worth prcseryngi Now, j. II far
say that the who know this and desire that Tie
paper of the country should rcst Directly asa
moi Indirectly the credit of the United states Govern
mcnt, for that reason "inlaiiunissp l. for one.
think that have paper money enough nay, tNat we
have than enou for IL Is II OF ID per cent below
md the nan of
il legion. But if demand that the great duty
issuing the currency shall be retained by the &c cru
and not Ii, to private corporations, that the
promises of the Latter shall DC Withdrawn AID Inc other.
nut in their place. dollar for dollar that bankers shall
not have their capital doubled whlo all other Ousiu -
men are compelled to do business their own actual
capital and show also that II these reforms ale nndc
the people Of the United States viii save T2oOOOOOO
nor,, less the item Of Interest that the currency
will br Just as good IL IN now and that all the loss 10
outstanding currency will ure 10 the bneit ol the t0-
pie the OF private banks. Are We sch
fearful sinners a. deserve the fierce donuncl1On
which is poured out heads Arc We for these
things " infatIOnists!' W.
IHeHtDlrn, Penn, Aug. 10, 1873.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
PUBLIC AND PRIVATE PAPER CREDIT CON
TRASTED.


70 me Editor Of The Trt6une.
SIR: | have read with great deal OF interest
Mr. Biindles definition Of the dollar" and your COM
ments in TIE TRIBUNE of July 81 and II certainly seems
TO me that the distinction between public and private
paper credit is sufficiently marked there certainly IL
very decided difference between the acts OF sovereign
power from whose mandate there Is no appeal and those
Of subject which are liable to the restraining power OF
the superior. Private paper credit has one important
quancaton-its reception is optional by the party TO
whom il is rendered As long tho credit on the faith
of which it Is issued remains at the proper point II cir
cuates we will say at par. but the moment anything
occur, 10 shake the credit of the maker what ioIowsf
II /. either refused received at discount sufficient TO
covcr the risk which the takcr assumes What do our
"rny-nuncy" friends propose To 40 WIN theI paper
dollar lbase,l a. they say upon The actual wealth oi mo
counfrv inst ms tie private hill il based upon tho
tangible property Of the makerl when, from any
cause the credit which II l. founded has bcen
djsurh,dl Why force II mt s fice value upon The IN
willing recipient. even though its purchasing power may
have been reduced 20. 80 J0percent siinkaSc when
We An guard nrlust when dealing with private credit
l, not VII. dealing with the sovereign power IL tho
uiilnusts succeed in flooding this country with lire.
dccmab paper premises ostensbly for the purpose oi
facilitating commercial exchanges, to such an extent
that their value be acted upon by every event Affect
ING the welfare ~ the country, think yOu VIII see the
brst currency the world saw quoted In Wall street
like nOn-Iydcnd stock ITS uncertain hue tuatiOns
will Ne of character to invite speculation from All
quarters. "a V" O"'
AcMDhiS, Aug ., 1873.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
THE BURDEN or A FOREIGN DEBT.

TO me razor or The IrtO"he.
SIR Your article entitled 1.-THE Coal Com.
binaton OF the 4th inst has the proper ring in It,
tcuarly as it calls attention to Mr.. Governs own
statcucnt OF the coal property being owned by
non-rcs.dcnts" IL Is known that large part OF the
Philadelphia and Reading Railroad stock Is owned In
England. The only way that Engishmen could mako
such large Investments IN the United States through
our buying exclusively Of them This buying has been
carried such that we are now supposed 70
have foreign debt OF $2O0O,0O0Ooo the Interest," on
which is Sl2O.000000. IT, =. Commits; .Oner JohhsUhs
report 10 the Treasury printed in THE TRIBUNE OF May
10, 1873. estimates tho smuggling carried Oh rh la
passengers trunks alone as Sl2e,OoOoOo. ms
added 10 The interest on foreign DEBT would make
S2iS 900 900. Taking II months as the average, tno
trade canuot IA recorded DO In our favor more t'in
IA 900 600. This taken from the S2isoOoooO wou1
show that our foreign debt has increased S2OloooVW
during the year ending June 80, 1878. How long at
that viii 1t take foreign capitalists 10 own au ,e
railroads In the United Statest This may be the ultimate
result Such evil cannot he corrected ny ncrcasng tno
l rp ", t,,s,;n countries, B.F. RniMtR.
30 chi North seeOnda., Phiiad'ioAa. Aug. y. 1874
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
ACCUMULATION OF SILVER com At BOSTON By
THE GOVERNMENT.

Inc treasury department mas commenced the
accumulation OF silver in the vaults az the sub
Treasury at Boston to large extent. with view
10 substituting the for the circulation Of fractional
currency, under tie recent law Of Congress. Adams
Express Company daily delivering al Boston the SILVER
coin by tie ton from the California. Nevada. and Phi
delphia coinage. New England requires larger pro-
portion OF small CON than other section O the
county The vaults Of the Treasury In The Port
Onicc building located above the main Post Oilce
room. and with II yicw OF securing them beyond "a
peradvcnturc OF danger from the immense load
placed IN there Supervising Architect Potter has dire
additional and heavier iron Leans To he placed under
the section upon which these vaults resl2O tons hav
in already been ordered TO be- stored vaults
equal 10 TlO,O0O,OoO. The work commenced under
the direction Of Mr. Bryant the superintendent Sat
In the Post-oicc room ny direction Of yising
Architect, w. A. Potter the work is to be pressed
rapidly "a possible, and will be completed before the
close OF September.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14
THE INITIATION DEBATE.
THE BASIS OF CREDIT.
ACTUAL WEALTH ITS ONLY Observation-Disclosures
OP AN INCONyEE rIBIE CURRENCY.

OF AN INCONvEErIBIE CURRENCY.
To me Edifor OF The Tribune
SIR: Bills Of exchange, prOmlssOry notes. due
bills &C. do not by any rpose, as some OF your
spondents and many financial writer's careiessv
assume, solely upon the credit OF those ISSUING
Them but upon the actual wealth OF those parties ana
the machinery OF the law which compels payment.
Credit which ia nothing more than tho belief which Ia
maintained of debtors ability and willingness to meet
hi, obligations, mpar,s circulating power, temporary
often nertly fictitious value to such documents !;
nothing short Of actual wealth IN the possess
sion of the party issuing can impart 10 theh
roal voiuc This failure 10 distinguish between the
circulating value which may be purely fictitious ana
the real value OF such money symbols is the secret OF
the prcposcrous notion that government can crea'e
money The fundamental law of good currency Is that
II must be at any all times conrerfbe mo rn"es
symbol symbol it il worthless without ms powed
OF conyertiby. Moreover credit ITSELF whe hf ppic
private, so far from beng an ultimate 1nuon ron
currency must be itself founded upon thc sanlr Ich,
ability and purpose to pay. 50 that the very eNSiehc
OF good private public paper Involves the necsy D
another money which IL IL convertible FOR Mouu
be a strange anomaly were such paper conveftp'e ~
cverybody hands except those Of the party issuing II,
Vet after all this is the INDUSTRIOUS claim or Inc paper
,noucy advocates The government which Issues me
paper shall be the o% psy,r party exempt Is '0t
any cJ's ahaa the paper viii ultimately paid
Wbrni At the makers option How In more paper
OF the same sort The Government Is not trader IL
cannot pay in merchandise real estate II must pay
in other money or IN the same money. OF III hol
ing at all. Then the question OF II new ism" OF such
holder OF the current symbols Thousand uol,ars III
gold NAV he melted and he still thousand dollars,
6ut thousand dollars in crcenbacks Is vanishing iIac-
ton Grconback paper is very high at II pound there
is all that margin for the vanishing ro%'s; r n nay
them ai-for who can tell how many more are To De
issued Shall Aladdin limit his desires now ne owls ane
wonderful lamp Shall the American Congress he cay
appropriations now that II mas the whoIc "cdn vi tho
nation to draw from KEAliiAs'
Inlr