New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-10

the difference between II and gold rs not arIreciabh
which the paper ana gold approach each other in
value viii depend upon the confidence OF all parties IN
the consumafi0n Of the act of tnal resumption ON INC
day liked
PANICs COME FROM OTHER CAUSES.
The theory Of want of currency is not made OUT by
pointing the panic and the present quiet in trade De
pressons business ecur periodically at least as
often as once in n decade. and that in al euerrrisng
countries No nation OF which have ever read mas 80
far mastered in practice the true principles OF pohtcM
economy, to escape the fluctuations Of trade ana the
exataons and depressions from PROSPERITY and
in business.
England suffers from sirnar panics Ave times to our
three and at tie present time England il experiencing
depression in business perhaps our own The
failures Of business Gouses in gland more frequent
than in the United States. II is not necessary TO stop
now 10 inquire how it is that more failures occur IN
England and more irccuct pancs than here hui II we
taEc Cen Cary authority, il cannot be for want OF
currency For he says IN his recent speech al Mics t
England has great deal more currency per caPM than
NV sch crns Rrt ,,n s that neither he grind
ing contraction" III our grcenbae1s Of which We nave
heard 80 n1cH nor any wan. "a efn H f to co I fer
other would not attempt 10 do-matze on
TINS point bul Geh obbs in the tide Of business AZ we arc
now experiencing not unprecedented There ere
probably several cause cOnspTnc produce il. Tie
sagnatlon. though general does not extend 10 every
There is one which, venture to say, has CON
buted FAR more 20 the present depression than ne sup
passed currency u is the glut in the market
Clused BY overprOluctiOn The great wars OF ooli
EuIope and this country calling for an me puuucs ui
the various manufacturers in TIE sh"I@st liAc 40 o
largest profit, stimulated the building Oh VAST ISJnsi
bevoud al precedent both here and IN Europe.
After the had ceased these establishments anu ue
capital which had been invested III them continues -
produce. IN time VI neace ~ great cAccss the rlitS
which had been slch demand Ia war. The consequence
VAS that The market oyersiOcLed THIS apt4icH 10
portant ~ cle OF iron. The deyOured al That could
be produced Furnaces ald Follin--ns were multiplied
b. oni example. We are also Ia consider MAI = hYt
'ta e vi - Sns 80 ,,an ,ioIIIt to mon and
aayng been completed and supplied with equipment,
and the war being over, tie manufacture OF IRON has
accumulated beyond the demand.
Tee railroad Investments also in excess. and rail-
road e0lApetAiOn with the saguation IN many klhds OF
railroad corporations that near $4,000 oouo of rail-
read bonds have been d2horoied by the failure 20 me-
affect hc financial market deeply. Botn labor and
a-orn Of capital is necessarily lost in The change.
Meantime the market gradually rccuperaIcs a. 'e acc'-
Ine time required suc eadinsiments of investments
and enplo! me;ts, ana Tor the cOnsunpton "a accun-
experience. The only wonder that greater N barnes
neag vas not sooner ex erouced BIT tue cosequenccs
OF sue, accumulation OF productions are lot always
developed as promptly We snOEld expect.
TIE GOV ER,SAiLNr SHOULD NOT ISSUE PAPER
CURRENCY.
All agree that coin should bear the impress Of the SOW
ereguty OF the Union. The inference mat the paper
money sIoGd be issued by the Government is plausible
But upon reflection it will be found na the two cases
are entirely unlike ana think, tie inference Is Lot
only deecptivc but dangerous. The COn OF c coun-
Ty Is limited ouly By the gold and silver n the country
rcq iag the stamp oftie Government 10 marx its valve
or quantity The stamp upon the com SHOWS IN az a'i-
thenc the quantity o. gold OF SLY er contained
IN Tie COIN .nd It's consequent value. fhe silver of tic
gold IN Iusots would be OF precisely thc same Vuc a. N
c1n The Government authcnt!cates the quantity and
The intrinsic value Of the metal The Government docs
nOt increase or dimni~ It's pc chasla yaiuc;
better Has Of tie OF leaving tHe
power issuing paper noncy in the hands on Con- cSs
ooE.d be id than is furnished ny the pres IA ze'i o.
equal the wants OF trade Here IL TIE obvious
danger OF .ac CstOn az NJ boGt"C Wien rtcit 10y
o. The Treasury 'hat We sintlu uo' eonccrn pI,l
abyuI rctnulng specie payments. b;t et tie country
grow up 10 the currency ILc dl:Ic ny ls liI' Uii%
heloro we can crow mp TO inflated cu,rprcv. the
u ocrac. OF some Oter p'Iiticl party, VII ierS 10.
AZ n rclsC ~ e.cclhdcAs. and II tCf SCI Mio power
VII, IN arg. the q, cHbacks 10y rw issues, ana
tnen Ne sa.d have 10 DeAiu to " crow NJ a:ni. I'dt
- must have precisely eect upon prices. anu
the relation of DECOR and creditor a. conic 5n dc
lending iOr It's Iut-sit upon tn rat at T.ch we - OW
u1. IEe pres-ll wiz yea, anst lAe mt No nation
which n.s once embarked leca,-euGcr paper money
Ms ever observed sGch limit tl Ii could grow up 10 H.
h ,s a. Ia dav a In lived for resJnntion Il is mos
rae tilt any nation which his become deeply involved
wt lcs;tt paper Las either hlih'aned any lini
OF mas resumed liquidation has been by far the
Fn rcsrnod in ao1 after having tried the policy
OF grow up 10 lis paper currency for ABOUT -
years Il vas .ouud thai cy al AL the ha ds.ps OF
r'-uinns, Iiic they dpptWc-ct no nearer - specie
nc nave loun4 tie same tA- II our eAloLicnee: We
and god. tAan were four 81 hve years
40 Inc premium -OId Dy tuc year ~ had ldcE
=, about ten yer cent remained TO- conNdc rIhlc
tim. Aiei time here, IN England, prices nave been
an, tied 10y AZ IA, l3l pdnics.
Tut time j. undoubtedly ausnicous for m kin or ar
ril..lien- ia l-lJ tn act lrseti Al
,l and resume ia SO. Bis tie ba,i. CONN ciccd
having snt Gle voluntarily My, ISL. so that the act
~. We. mai ~. uIrcc. effect. IL uny determined iAe
icy the nation ana r"sunIio took place n an'cl-
nation OF the nxcd By the act Ihe ac n&ins the
i.ie OF VtIOn WIS passed III l-lc, tc next year
fisr the great fnacsl panic Of l5Is and when pices
nod. by the effect OF Tie pdEic been greatly reduced
prices caused b-- panic OF 1915 have greatly exa--
eratcd depression IA price COLsei4ent upon me
resumption. / mink Cen Ewing hds ldlcn mo IIlaI
error.
ENGLAND had waited long for something 10 tIrn up, by
when they shOuld DacK 10 sound currency In
5l L. business and bankers could not DC persuaded
..t any measure - Or even t.aL ili.lr
money was dcpTecatci. and discTedited the famous
Bullion Repor" OF the Committee 81 Parliament IN
favor OF a u specie payments. But an tie
hiInfia panic Of is tao pubic opinion was entirely
-.uged. LspcrjeIc: haI wrought conviction OF the
truth II saea, the sentiment " the bust
sc men and ucicrs Oi tins country nas undergone
--c..t c..au.c subject within he last i've cars
~; u osc at the Of paper have been
permanent welfare OF our country. IAis s me ufe cali
ng thing or the heroic reTseN GRANGE OF which 80
yu.lc Was needed the II within IN ncN0
years achieve freedom from the discrrcit %
spicc.aCd Currency. We SNAIL natOn chdiitL5c Tie
admiration OI the world
-
BETTER PRICES FOR PEACHES
The receipts OF peaches Oh Sunday were nine