New-York tribune., 1875-08-19
campaign, we are not surprised to learn that
the advice was road at Saratoga with the live
I;os. ;nto~aaf
NR. BUTLER'S REMEDY.

spOnse to the invitation to address mo Legai
Tender Club of this city on the LIST OF Septcm-
Der, which was published in The TRIBUNE OF
Yesterday, was singulary characteristic pro-
duction of that statesman's mind. The object
of this Legal Tender Club, as set forth in its
circular is to secure what the Pollt'cal
economists connected with it 80 TO the tlouoe
of calling ga United States Legal Tender
"Sound Currency, based on tho faith ana
"credit OF the people of the United states anu
"thcir General Government, and also on me
"reyenuos paid by the people to the unitcd
estates Treasury, and having in addition
representative value in being edeemable
"and interchangeable for 3.G5 United States
"bonds." Which they might have made
much shorter by calling it currency
based on nothing and rcdeemablc IN WIND.
They are in favor, they say, OF the issue OF
L" such legals for value to sufficient amount
"tO meet tho demands Of trade ana 10 pro
"mote the industries Of tho nation" ana
they "dcmand that grecnbacks shall meet The
necessities of peace as they met those "L
"warr Why nOt 7 If the debtor III iailiii.
circumstances has been saved by giving hotcS
10 his creditors, why should MT he when MS
notes mature look his creditors calmly Ia the
face and say, "These notes met tine neccSsi-
ties of Inv case when | was in difficulty, ana
4" propose to have them meet the demands OF
"my business now. | will not pay them, DIT
"wil give you some more OF them. am
"doinn husiness now on faith and credit T.
To the political economists of the Legal Tender
Club, Mr.. Butler writes expressing MS sympathy
with their movement, and giving at the same
lime what we suppose must he considered ihS
reasons therefor. lie is Hnable, he says, 10
comprehend, appreciate. and mrlcl less
"admirc that system OF Government finances
(Which has so wrought upon tic business and
"produotion of the country that over 2COo,ooo
working men and women, who desire pro-
"duct;ve cmploymcnf, have not had ii FOR tie
last two years, and by which Che production
(Which they would have added to we
"wealth OF the country during 'h''
"timta is lost Sir. Blt!'9 has what Is
called in New England "a very taxing
"sort of way with him. fiom the manner
in which he jumps into statistics You infer at
once that no has made il matter "i Htl"y
and research, aud when he asSncs. IL hc
docs little Ia.Cr, that each one OF thi' hAli-
Der could have averaged - pei Day iof me
"weilng days OF The past year. ana then
staltlcs you with a mathematical process
showing that by This enforced ldienc" we
have lost 81 .20G 100000, or about equal to
half The National debt, you begin to gave hilh
credit for having philosophical profoundly on
the subject. III. reason WAY Mr. Butler SYM
palhzcs with the LEGAL Tender Cluh anl de-
sircs further issue OF glccnhaehs to meet
i h..4
wants production stimulated, and the indus
tries OF the nation totter2d, and these Z,?co,-
O00 idle workinGmcn employed.
As a matter of fact, we suppose it y uniyer-
sally admitted that the prime cause OF the
present business depression l. the lack ol coIii-
dence II is rot that capital is needed to initiate
new or carry on established enterprises. There
is plenty of capital but it is idle; the money
market ~ glutted. The trouble is thct values
are unstable and capital. prOycrbialiy timid,
slripks from the unnsual risks OF investment.
An era of wild and reckless speculation
brought about by the issue of an irredeG;aaoe
currency cane to an ED in the shock OF
a financial crisis and panic. The bursting
of bubbles and tu2abling of air castles
produced naturally eaOu.,h a feeling of dis
trust. and for two years now capital has been
waiting to see the end, and with revival of
confidence to reach out Il cautious helping
hand to the industries of the cNiatry. Mr..
Butler and the Legal Tender Club. oontem-
plating this situation, have no difficulty lea
comprchcnding all its features and prescribing
an Immediate and crtaI, cu7e. 1t is simply 20
issue more grcoEbacks: make instability mere
unstable, uncertainty more uncertain. And
that, these gentlemen SAY, wonld revive oar
industries and give these 100000 idle work
Iacn employment
Nr. Batter is very happy at illustration. lfis
sly reference 10 Mr. Dunc,iu of Duncan, Shei
man & Co., and that geatlcm.ns opposition
to the Imitation blsyetoed by President Grant,
is quite characteristic. The istimation which
he conveys is that Duncan, Sherman * Co.
need not have faiicd had the currency bill be-
come law. and the effect of ii been cxpc-
rienccd ia the increased valae OF their sccu-
rites. Wa do NOT qii,e see how that would
have revived industry on furnished employ
mcn to the idle; but suppose We cdrry
the illustration II little far.her and nr,gine
Dunccn, Sherman a Co. dom. precisely what
Mr.. Butter wants the Government to do, to
wit, putting a million or twa more of their
papar on The market, aad confirming lsl~ncss
on their "f.ih and credit That would have
postponed the event FOR Il time at least, and,
according to the theories Of Mr.. Butler and
the Legal T nder Club, might have helped to
"ine-t The d,mands of trade asd promote the
"iEdu.t .trics OF the lation.' And yet we s,s-
pect il would not have received the unfuaii-
fiod approval of their creditors OF OF business
men generally.
THE DfNTBI1N RkVOLT
1t is not without reason that Austria has
preferred a request, somewhat peHmptOry in