New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-05
PIPER 1GAINST COLD.

smother the currency question, Ill spl'c vi '""
cuses compromises, double-meaning platforms
and eGuvocal phrases, the issue OF Paper
against Gold has come before the court OF the
American people. The "happy adjustment
conceived by Mr.. Dawes and enacted by Con-
press Thirteen months ago has gone with the
winds The Caucus Compromise Act OF Jan.
IA. 1875, has left the vexed question az far
from settlement as ever The Democratic pol
iticians of Ohio have torn the compromises IN
tattcrs and challenged those who respect far
dealing and the rights of property TO
mortal combat. As to the issue III ONO
no man with eyes and ears, and fit to be
trusted at a breakfast table with knife anu
fork. can be in the dark. With that issue the
proceedings of jackson and Benton, OF the Re-
publican party during the war, and OF the
same party twelve, or even six months ago,
have nothing to do. What is now to he set
tied and done concerns the future and not the
past. The point is, not what some one talked
and what way he voted forty years or SIX
months ago, but what he talks now and what
he will do three, six, or twelve months hence.
Shall we have standard OF value Shall
public and private credit exist ! Shall tue Gov
ernmcnt keep its word and shall individuals
keep theirs These are the questions now to be
answered. The people are to make their choice
between a gradual but certain restoration OF
prosperity by honest methods, and the madness
of a sure and swift descent toward barbaliSin
through the blaze and smoke of paper money.
What are the newspapers throughout the coul-
try and the stump-speakers IN ONO talking
about7 The battle is joined over the question
of imitation, and no attention is paid to any
other issue.
We welcome Senator Sherman's able speech
at Marion, in so far as it is confined 10 the
true ISSUE and we are glad TO see that tho
Senator gives most of his words 10 an admir-
ably clear statement Of the main question.
So far. however, as that speech is vindlca-
ton of the course of the Administration party
in reference to the currency, it Is feeble ana
uncalled for During President Grants SIX
wears and FIVE months occupation OF the
White House, nothing has been done by
the party in power toward restoring our
deprecated paper money to par. They have
done nothing, and they have tried to do moth
ing in that direction. We have not modified
car opinions ore particle in reference to the
Act of Jan. II, 1878. 1t is sham, ana was
never meant to be anything else than make
shift 1t would not have passed had those
who voted for it known what was to come
within the next three months. But we shall
not stop to discuss this question further. 1t Is
not a live issue. We are satisfied to sec sen
ator sherman and exGov. Hayes Outspokcn
for true money. There is fault to be found
with the present attitude of either OF them.
There are at least two things which the Ohio
Democratic platform demands in uncquiyocal
language, Q) that the National bank notes be
Withdrawn and greenbacks substituted for
them, and CO that the enlarged legal tender
currency he augmented and diminished accord
ing to the demands of trade. That the Gov
eminent should issue all convertible paper and
have the profit Of its circulation is one of the
leading principles of the English bulli0nists,
and ON this principle, somewhat modified, the
circulation of the Bank of England has been
regulated for thirty years. But The rcgula-
ton of the volume of the English bank
notes is purely automatic. No new five
pound note can be issued unless deposit OF
five soyereigns in coin or bullion is made, and
no old note retired unless the deposit OF coin
or bullion il withdrawn. The currency there
fore is not regulated by the wants of trade,
but by the ellux and influx of buliOn Ii our
currency should be issued aud regulated as
proposed by the ONO Democracy, the result
would bo that union of the political and money
bowers SO much dreaded by the Old-SchOol
Democracy. Ii would be Capitalization with Il
vengeance 1t would give the Secretary OF
the Treasury, or that man or junto
whose business it would be to as
certain the "wants Of trade dcspotic power
over the fortunes of the people. 1t would
establish species of control over trade and
industry which not even the most arbitrary
Governments now venture to make use OF cX-
cch under the pressure Of war. Before any
man in business or in any business relation,
can gain anything by depreciation III the
value OF money, it is first necessary that some
other man should lose it, The proposition of
the Ohio Democracy is, therefore, to turn all
business into gambling, and this gambling,
like most other Sorts would not I've fairly
conducted. The brokers, bankers, and stock
iobbers of the party in power would be sure
to have timely notice OF amy Imitation or con-
traction about to he made i'll the interest Of
trade. and in determining the wants of trade
the wants of their trade would turn fhe scale.
Trade itself will distribute gold currency,
or paper currency kept equal in value with
cold by being convertible into specie on de-
mand. in accordance with natural laws, but
this talk Of regulating rag money by the
wants OF trade is a project to lily kite dis
severed from its string and tail.
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