New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-21
INITIATION A DISHONOR.

. ,ocs OF CREDIT II Fr-HoPE INEVITABLE If MORE
PAPER MONTY Is IssUED-THE ROAD TO RtfC-
DIAT!ON.
To the Bditor Of Thc Tribune.
SIR: While discussing the currency question
il is of the utmost importance that we consider WHAT
effect imitation would have upon other ha'loh'' iHc
American character is provcrbany an Independent one
,mt tako II that whom one country 10 pay the
r,ocr respect for opinions Of other matt ns anu we
TO apply the rrlc Gaze We bhndly pursue tis
imitation policy without stopping to inquire III "ha way
/! will affect the relation toward ourselves OF NATIONS
Older in experience and presumably wis'f III p'h''''
economy Than are, lave taken long STRIDE III =
backward direction What is to prevent European
nations largely oar creditors from considering imitation
and as sylors ino terms. AMI inc atttr ~
tba natural sequence OF the former! We all Know
t,.c feeling Of insecurity which prevails among
Euron,.an CAPITALISTS who Lod our Siaie, imihicla
and railroad bonds and We also know the repeated losses
they have net among this class OF srcnfis IDe people
of Enropc have an imperfect understanding OF Our pecn
,i.r i,.tutops and hcir confidence in any particular
class of securities once lost is very difficult to regain
The PROMPT payment o. interest aud Tie favorable ch-
sc.er OF the reports made by our National treasurer
with know ledge of great resources ana beiie
that os HI ion we have The all lily 90 meet our oDga
tions ha caused orr National securities to he in favor
,popg Eu-opean investors, and Ia retain their conf
d.nce But who can say that this state Of affairs
Will continue if the "rag-moncy" party prove Snc-
ccsscul wua. intelligent foreigner VIII VISA 10
he onr creditor. when he is brought to Know
tha while with his dollar Of interest which he receives
today he can export neaiY r;hcl 81 wheat To- oicr
into favorable competition with the pd''ct on "i "ar
rr,n-gro,yfnc countries. the same doHar rA NOUNS
hcuc, NAV possibly represent On"hdif OF onc-tiIu tH
mnch Of The same cr to i've brought iEio competition
viii the product ion, countries that transact nus HFs'
,-i.i tLc nrigIlOrs hard money basis me chly
ro,G l,t 10 oir European friend. would b0 t. charge
IA an incrt ased plcr such articles ~ lliry cxnoi 70
this country. and thus would we gradnn' rc'r"si"'o
toward The FIRST principles ~ barter -,
the obligations OF the United states can Dr Nh ohF
H. ,Icasjpe the products OF tls country, follows
that shfinlage in their purchasing power WI ne III u
direct ra 10 with the OveT-ssIe al lrrrheehiaD paper
in this country aided OF course by the nominal ch,hc
Inent in aluc II aplcs caused by speculation am he
lack Of confidence in securities FROM ne nest lOI
nation winch have bc's able to gather, apprehenl
thai the Democratic party in Tennessee are nearly
equally divided this question, II anything hdhins
eigty TOW ari imitation, ut the subject mas not AS Sct
received much active DISCUSSION III ms state hot
smeiscaus dismiss This "rag-mOney' delusor stand up
like men to their obligations, at pubic crt'or WIN
fine same or even more fairness than pNhte oh' anu
fr a rertointv Ibis nation with is abundant crops and
sin Idsvsl0ped resources will i'll tmo work oui It's
own salNs tlcn." n W. "'i7'
AeD,phis, July ii, 1870.