Wilmington daily commercial., 1875-09-14
TIE FINANCE QUESTION A PEW OF
The HERALDs MULTITUDE OF ER-
Pope Pointed OUT

ttonizng IL not -upeie.llcu-, 10 AiIiss The CON-
xEKciAL to read up On finance, suggesting II
that connection iist Oi authorities Eho=e we've
are 70 disaimilar that one might well doubt
whether cur shipiey ztrest censor waa really
aware what wae ins.de the coyers Of their re-
spectiye works. And agsu, On Saturday, the
Herdld assumoa this zane lofty attitude Of ex-
treme wisdom and dogmatic utterance, saying Of
the coMMgEciAL and another city paper that
'.neither Of them pretend 70 understsnd' the
6nsnciAl question, and proceeding 70 pOur out
from it-own reservoir stream Of enlighten-
ment. Let u, therefore, take occasion 10 say,
exactly what wa conclude to he true
that il the uttersuces heretofore made in tie
AdcerltseT and Hernd On the currency question
are fair samples Of ita kuowledge and logic, then
it does not understand the fret principle Of Il
nance, and has scarcely Eenaible idea upon the
question which il declares TO be the greatest
nov pending in the nation. And while we may
well pause before undertaking 20 extensiye
work az the pointing out Of ell it doez not know
on the money question, we shall proceed, here,
70 show some features Of the most P@ten. and
least excussble nonsense, which with an air Of
superior information it lets loJse upon it, req +
ers. eve print elsewhere those portions Of ita
article Of Saturday upon which we make COIN
ment)
We pass over the assertion that those opposed
70 imitation are "pal Advocates, (.uch az the
attorney who argues with equ- facility for
whichever side psys,J and come to the questions
which demand to know what those who ''prate"
OF infationiAts and rag money mean and What
other money have We had for fifteen years but
rag money Let us answer. Apparently this
erudite censor needs information. 'Ipilation-
ints' are those who desire 10 increase the vol
dme OF paper currency, and to make it rag
money by making it irredeemsble. We have
had, Hince tic War, paper currency which the
United States promises to epay.N When izsued,
the United States had not enough money, and
therefore put out these notes. promising to re-
doem them in money. ThiA promise ha1 not
yet been kept. bat time han betn ret
when it will be-namey on January lit,
ls7y-ani to the fixing of III. or
any othsr time, and u the effort to keep the
promise Of redemption, ihfationats and rag
money men object. They degite to break the
promise OF the Government, to Introduce d cur
rency of noter absolutely without prospect Of
rcdemptioIi and 10 embark tic nation upon 4
career OF tuin, such az iuedeemaLc paper mon
ey has caused ia every country that ever ven
tnred to asue it, There il neither "csnt nor
Lying" in tho lessons Of experience aud the
records Of history, bnt there Ii cant in the quack
formula of money doctors who do not know the
science which they profess, aud there Is lying Of
the dirtiest kind in people which put out prom
iseA To pay, and then refuse to keep their prom
ine. Moreover, the advocates, whether paid
for this particular advice or not, who urge them
TO such diahone.ty mus. be- held responsible for
the swindlc
Apparently, the H,rah dJea not understand
the distinction between redeeming and purchas.
ing. After aaking What il the meaning Of tLin
lying cant Of rrodeenable paper money ?n it
demands "Wiil it not reae4,n anything? Tell
MS the product it will not b47." What mud
DO Why Hir, your prouiissoiy note may be
passed By ts holder to a third party az purchase
money Of sone article, but there ii no rcdemp-
ton in that. You redeem it Wien yon pay It.
and no will the United States. Cntil 1t giyeg
money for th greenback4 until it gives dollar
for each dollar note they are unredeerned, no
matter what articles may be purchased at their
deprecated yalue-with them, in the market
place or elsewhere. Yon can buy even gold with
sreenbscks, says the AhfaH. Why, yer and 10
yon can with naw- dust.
" What il tho aim Of tie advocate. or
specie payment TO return to tho uge
OF real money. 10 hsye once more
what tho experience Of every civilized
c1untry IN tho world laz found necossary cur
rency composed Of or readily exciiangeable into
gold God il the worlds money. Paper note.
are the promise TO pay money. Greenbacka are
no" and have been good because they promise
to pay, and it has been believed that the prom
lsc VIII be Kept. The moment it il decided that
The pledge Il to be broken their value Will de-
preclate Snch has been tho experience Of every
country Which ever i7Hued paper notes, without
tho ability or intention to pay them II tic
H"ram Las ever even looked inside Cyclopedia
1t has read tlore these facts. An the power of
INC strongest government cannot keep value in
a piece Of paper currency which il not be re-
deemed
Upon apparent Ignorance, the HraM piles
mis-statement. IL chargea the reduction in wa
ges to 'the threat aned compulsory specie pay-
ment in l879.n What a falsehood When
Was that date iiye1 for resumption Why at the
a't = 3ssion Of Congress, seven months ago.
When were wages reduced Why after and in
consequence Of, the inllationists panic OF Sep
tember 1873, two years ago. Eyei jbody knows
that.
Lastly for space falls rs to point out all the
errors apd follier pf the Herabrs artcle-it ap
peals to tho man WHO gave a mortgage in 1870
forSlDoO, receiving therefore 800 ia gold value
(as the HeraM assumea, though in fact the aver
age gold premium Of 1870 was not over Is per
cent? to help keep the greenbacks at a
IHcOuut OY ttvnntv NOR cant Iocauaa ,,,
he borrowed in deprecated paper, he will
desire not to pay in good money. The value Of
everything il to be kept unstable, and the whole
business of the country conducted in ilrodeem-
able and deprecated rag money" in order
that this mortgagor may suffer no loss But
in fact this is simply an al coita.etun. appeal
the argument OF tho demagogue who harangues
what he suppo ies to be an ignorant crowd.