New-York tribune., 1875-10-12

man ai H. hank or at the exchange wanted legal ten
ds Gpey ws We're % oeTed for small loans
rupee could be had. Because silver wac ule l.Sa s @
what a man wants legal that Will b
pay Judgment in court or note at bank esnSaeIs
and National bank notes, gave What psy
said was great mane% Ssa Se''f,m hapss, the money
70 DE forthcoming at their convenience ana 'hese Ger
Sa tsr sG Tee yae GSfTu order to pro the
dcemabe paper which the banks wished to restrain te
6sns in H NCwYorR fell far below the gecnOack and gold
came tottling down to meet the greenpaek untL ,e
In Germany to-day you can pay debts with silver; but
after the lst of January you canno Ie tSso1 ~ aid - IN
Germany as the war penalty compelled the government
demonetzc silver The result was that % Gsany sod IN
silver coins by the ton at five per cent DeloW
the rate at which she received silver under under
Germany. Sc strong with her i've miiards from from
a that two Crs sne %Srs hsn so onF M own
is the theory Of financial philosophers that PAPER
Bank of France are legal tender The Government re-
them in payment OF taxes ana dues ana !et eoa
France and without the depreciation of any one of the
three kinds of money They are al legal tender & M h
highest official authority, that the circulation OF France
consists of gold and silver legal tender 80 900
francs and hcfe a penny of discount upon 10000
or 5O,0 900 francs of that irredeemabe bank paper
WHY GREENBACKs ARE AT Discount.
States Government selling from l6 to IL per cent
discount is not that the people Of this country have less
confidence In the faith OF their Government ana their
resources than have the French with regard TO ther
Governments it is because in this country our paper Is
not a full legal tender. lAppausel No man carries OF
expects receive gold to pay debt gold Is virtually
demonetzed Yet when You 20 the Custom house to
pay duties, greenhacks are repudiated mus thr eIce
back is made thing Of speculation MI hehcA 'r w.
tcrred TO The history Of the Legal Tender bill When
it before the lower House greenoachs ~ere 10 % we
and demands, aud payable by the Government 70 e'eiy
citizen in liquidation of any debt or demand s1f ers re-
of America and Europe and amended tne nn 50 50 " ~, ~
require the interest bonds TO he paid III goa anu ,ne
duiles on imported goods he paid in gold IN order to
meet those obligations. Thaddeus stevens sneu .e.Ls ~.
connry had 10 he surrendered the wishes OF the banks
complied w-and they had yielded TO the senate. ihls
crime or If it not crime this bunder made me
Gold Room and such operators as Jay Gould ana risS
possible without II they would nave pceh IhlossMe, M
hppause In that Gold Room slt the vampires rs o 't y,
world upon the circulating medium, the LIE poou Oh
American trade and commerce ,, ,. ,,
"Oh," says some your money Is nallona; ~'' ~, h ,
the money of the world when its balances are TO oe ] @
ed' There is no money OF me % word n df,e e vr
one government. Applause Every one knows thai ~
eInationa balances are settled III c9poies h m land
which bills OF exchange are drawn You sem 10 or ,
in of your fine steamers lhloh uoIaIS III u, ..i
SasTd when yoH @ land them on tie wharf at Liverpool
they the character OF money ana become he'ch AZ
tool by which property is transferred from person TO
person. You have suit OF clothes that want. nave
|
transfer that property on the receipt OF What Son
it's value in dollars and cents and so tr"s n ron al
at four five times the price per ton Ior "cD 'e ne ~
GnHy IL s se tool %iU %c eliminates barter from
course and makes a rapid cOmmcrcial change rOsSpe II
is called circulating medium and II is hsNer hlon'9
! when il is not circulating or ready 10 nc
promptly circulated if opportunity offers II IS calico CO..,
circulating medium because its function Is TO pass rom
hand hand, TO facilitate exchange, 10 ne ever ~
motion 1t is and may wel Gei Gopader 10 TO sGSc m
blood OF the nation mere shoa be eout ~ ~ uo,n
poymen all the energies and ACTIVITIES Oh tnc peolie
The amount should not be restricted As tul ah Nlt
man. whose Veins are hllcd WIN Doon @ l niren &
adjusted proportions which clrcuates rom Toe 70 pTan
and hngerend, is ready with strong arm anu aeuSs
legs 10 move on and do something for himsclt ana
! society, when in the community moeN III , nicely
individuals increase their wealth by rapid exchanges
and the body polite becomes strong and the revenues OF
be inadequate be reduced to an inadequate amount
private credit takes the place OF money The Wo can Gn
have engaged borrow the credit OF their rlcn 'iHnor
the banker aud pay inter 81, ana lin ln nv % con
sumer or taken from the profits OF the producer zap
pause Hence Is that gahcls ana rnncy Of the
realm because when it they sell their credit
not Only SO today hut it has been SO in al times.
Nor the currency be in excess II tnerc are more
pows and reapingmachincs and hammers ana turning N
machines and spindcs and looms than can be lScu Dy
the farmers and those engaged in the manufacturing IN
dusries they remain as dead caplia Inc, en-, p up We
interest and his necessities lnpe MN 10 sell through
the value OF all. And So if We make money so abadnt
| that it could Not be used then every aolial al
purchasing power Of every dollar Of which IL was
| composed because that would be imitation lap
have hb2orred since came to understand the credit
! system. as entering upon manhood ana entered!
though boy, upOn the stump in defense OF jackson Ill
his against the bankers Great contraction IL ndu
large initiation is as bad; exIeme nnauon Ss ,r %ol'e ~
IApplause. You must not cOnound every increase ol
currency with imitation There may AT any tne De yer!
arre eynausion without cent of initiation. There are
recurring seasons in each year when more money ls
wanted than at others. There are recurrl seasons
when the legitimate demand for money in trade shrlnSs
REQUIREMENTS OF A TRUE CURRENCY.
What We want is a system OF money that will adjust
itself to these varying demands and TO say that to issue
money enough to meet the for moving the crops
s imitation is to pervert the term. Gen. Grant, in his
message OF Dec 1873 admirably illustrated this point
What we need is a currency that will contract ana cx
pand so furnish trade with the tools IL needs az
each varying season Of the year. Is such system OF
Nancy nossiblel Yes it is and its adoption would
be one of the most beneficial reforms ever
made by intelligent people" lAppiauSe'J
If has the sanction 1t is sustained nv such
names as | have quoted-Chase and Greeley The treas
ury to have relied gold TO have carried on the war
would have undertaken an absmdIiy. Where were the
resources TO carry on the war Ihe GOFeInmcnt was
without credit 1T had asked OF all the world loan OF
S5OOOooO at per cent moath % on ircaSuiy nUv @
All the world loaned II S25OO,Ooo Ihere were
at thai hgh rate of interest. Did the states
men of that day-Abraham Lincoln, and the men VINO
times nothing but gold was legal tender Had they
believed they must have surrendered TO the oonieu
ton Of the United states and coined the credit ot
the country and gave the people srfen'arks. I1,.
want Of medium of exchange; it had
paryzcd the country and we were r9d'ng away u 10
be free and prosperous propie, we mus 6in9pse
IGreat applause / am glad indorse my lunacy.
Applause and laughter Bat tins money was not to be
it was 10 DE convertible into interest-bear-
ing obligations Of the GoyerqmeR w mn and Of the the
banks and mongcrs that provision OF the law was