The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-03

cratic camp. When we 60 back to that elab-
crate disquisition it is impossible to with
hold admiration from the fnessing dexterity
with which Governor Tilden ''threw an an
Choir to the windward, and the shrewd fore
sight with which he provided for emergen-
cies. His business connections as counsel Of
several Western railroads gave him oppor-
tunities for gauging the public sentiment
of the West, which had not changed but
only settled into quietude since President
Grants veto of the imitation bill, and he
adroitly trimmed his sails to catch any wind
that might blow. 1t was Jacobs voice with
the hands of Esau. Governor Tilden main
tanned in that able but crafty dissertation
that the contraction or expansion of the
paper currency is question of very slight
importance, and presented two labored
arguments in support of that position. His
first argument was founded on the small
part which actual money plays in CONNER
cial transactions. He maintained that paper
money only performs the same Office as bank
checks, bills of exchange, notes Of hand and
book accounts, and that, being mere drop
whether that drop be large or small. He
even went so far as to ridicule anxiety to re-
strain the issue of paper money. cit is
idle" Governor Tilden said, "to pronounce
the machinery of credit maniac, dangerous
to the community, and then to put
only its little finger In strait
jacket" The derision implied in this figure
is easily understood. ''The little finger"
is the paper currency, and the body of which
it forms so insignificant part consists of the
other appliances of credit such as bank
checks and bills of exchange He expends
his ridicule on the folly of putting maniacs
little finger in q straitjacket, meaning that
zeal to curb the issues Of paper money is
stupidity misdirected.
Governor Tildens other argument in sup
port of this position was founded on the de
cline of prices in spite of expansions of the
currency He undertook to refute ''the fallacy
that turks in many minds" that new issues
of paper money would raise prices, asserting
that the amount of currency then in the
hands of the people was charger than at any
had sunk from 1856 TO 112, and the prices of
other commodities had been steadily deelin-
ing He maintained that imitation could no
longer initiate, and that if more currency
were issued it would lie unemployed in the
banks, having no effect on business and
doing little harm but no good. He also
maintained that the government, having as
sumed to supply the currency, is bound to
furnish as much as the country needs. eff
it should not furnish enough, he said, much
in the style of Mr.. Pendleton, ''the derange-
ment of business and the distress of pro-
ducers and consumers would be intolerable.'
AS to ultimate resumption he had no specific
plan. He said that the time and preparations
for resumption ''are mere matters of detail to
be studied on the facts and figures, and he
did not think the process should be hurried.
If it be true that further initiation can do no
harm and bring no danger the Ohio demo-
Gratis are diverting themselves with q very
innocent amusement, and Governor Tilden
may smile with serene contempt at the
efforts of their republican and democratic OPP
ponents to put strai Jacket on the little
finger"