New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14

AN ATTEMPT OF THE DEBTOR CLASS.
TIE EFFORT TO GIVE THE GOVERNMENT UNLIMITED
POWER To Issue PArER MoNEf-EFfECr OF
FURTHER INFLA1ION.
TO the EditOr OF the Trfbune.
SIR: In one thing the paper-money diealneis
speak truly. The granting To the Government an uh-
tied power to Issue paper money Is simply turning the
whole wealth o: the people into the public treasury ior
these eormorants feed upon II This paper is to be pad
ultimately in gold. every dollar issued l. simply mort
gage upon The industry of the country The holder OF
the greenbacks Will find his paper deprcciaed T. e. Tor
a popu government. partially repilatei because OF
the Increasing uncertainty OF final payment while he
will find hims self robbed of large portion even OF MS
dcpreciaed symbols" to pay the swollen appropria-
tions and to I'll up sinking fund 10 pay
these very symbols whose payment continually rcccdes
into the future because like poor Teddy in Cartoons
story he finds that seven sboyeus in for every
three he throws out. IT, therefore, these symbols are
ever converted into gold or values ~ any KIND by
the it is certainly clear that we had better
make no mere of them. But the truth H. these heozcrs
mean that tlero is 40 necessity to pay them at all The
precnbacks to receive powerful an impulse In the
beginning that Ike planets they shall circulate for
ever and dcyato not harsbreadth from their appointed
orbits of value That wonderful piece OF celestial man
ccrlng the bond is to take the place of centrifugal
and ccnripetal force IN this system aud Keep things Ill
perfect stcadness bJ keeping them in continual Trans
formation
In a word all this talk about symbols" -" tokens
and like. that the Government ran decree the
us of any symbol of exchange and thus create money
which requires cOnyeltlby at the hands OF the
party issuing. Why paper chosen IA substitute
for gold and syerl one would think because prom :
10 pay could c readily printed thereon But the ccntf-
ugal fuancicrs have changed AL that why promise
money when yon have unlimited stores or II! Let rs
create it, GOLD j. hard To procure they say forgetting
that one % the initial properties OF good currency Is
that it shall be prcculahlc only by hard labor else
everybody would take Ia making currency abl trade
manufactures. aud agriculture come to Sudden stad-
It'll ave WILL" they say, sane the labor ot so many
millions AND create money by the million without
toling and dclying for single grains Let us suppose
lot us suppose tiat people consent 10
accent these tokens which have become II not cpi-
dated currency any rate repudatcd promises oh rs
which are penn and lrrciecnabc rrctenaes me
whole grim and rcsOlItc earnest agreeing 10 pfc-
tcc this glastly fraud upon H' Upon wlat would hc
p.rInanfr.c Of such a swinde depcndi Clearly upon
the continuance OF this agreement among me people,
and the whole people, ANA upon the moderation oi inc
Government in issuing symbols" Does anybody dream
that these two factors cod be made constant for day
But can legislative cnacjmcns make such Symbols
convertible into fixed values Certainly not No Legs,
lature has succeeded in making its nott legal
print upon its note, legal tender FOR ia race value Ill
gold" and lot it attempt 10 enforce such paipdbe an
slrdIty. such an attempt would annhllatc Tue y III
bOls" and force business men to new system WIN
currency All that Congress can do Is To make sc
symbols legal tender for debts alsoad. du' ana hence
the debtors, large ami small Tor more sym
that need alluc To here. Every issue or paper
money annihatcs portion OF my salary, OF III. me m
suliiirc OF all debts due But II viii revive trade
SO would the Of leaves FOR dollars revive trade III tht
sense of revival farmers and tradcsmcn would consent
ia take them for dollars cabDage leaves for large sums
and Cant leaves for small ones. Everybody would
money tlcil III summer tlnlc, Do W
spend II before dark. r.
CariiSic, ItHa, Aug. D, 1870.