New-York tribune., 1875-10-09


prevent her from trading with, America, or even
with the Continent, and she had no competitor IN
the manufacture of goods which other nations $1,000
in need of. But for this sho must have succumDed
to Napoleon England, if not the inventor OF lho
steam engine the first nation to put II INTO prac
tical use For years she was the only nation that AZ
prolted by the OF it. Ii may not be TOO much 10
say that England was saved In the Napoieohic war
by the steam engine and that TO the use OF steam
power, which has enabled her cheaply to utllize ner
vast supplies of iron and coal is her great prosperity
since mainly attributable. England survived tne
war and came out of il, although greatly impover-
ished. still strong in comparison with the Cont,
mental States; but the assertion that the war period
was "a period Of prosperity is falslhcatioh OF
history, and absurd upon its face. The perlou
of EnCland's prosperity has been since the e1cct5
of the crisis of 1925 were overcome. whlcn
crisis occurred long after specie payments
had been resumed. Since that time the imports ana
exports of the Unitcd Kingdom have ln Icaseu nom
less than 100 0O0, 900 to nearly E7OO,OoOooo sitr
ling Canthere he any stronger proof tha th's oi te
prosperity of this country, after specie paSemli,s me
had been restored England really commenced hct
rapid march of material progress aDOiit the ySS.ir
1890, since which time her advancement IN wealth.
and power has been without precedent III inc his
" it he true ~ Mr. Phillips states that the United
States "entered the Valley of the Shadow oi lleatii
in 1868, when MIR. MctuiDch began contraction, Is
/. MOI range that prices should have advanced ana
that Ine country should have been so seemingly
prosperous after WE had begun u chter that ual
valley? How any man can attribute me CRISES oi
1878 and tie depression since to tbe "ith4fa"al VI
Si4. 600 600 in 1867, which withdrawal mas hen
more than made up By the increase oi Dalk note o
circulation can only be explained hy the ftct INA,
to a genuine inilatiOnst facts have no meaning ana
faseaOOd seems to he truth.
NoN-EXPORTABIE MONEY
We certainly have a non-cxportablc currency now'
and therefore possess what Mr.. Carey fay0Ts. ii 1t
were increased 10 the amount that many desire, IL
would certainly be non-expOrt1be, as il would not
be worth the cost of transporting II across the ocean
or the Canada line If We 10 have non-cxport-
ID. IN, rfa inn
not to buS q particle Of silver gold IN IT, othcr"iSc
If will certainly leave uS. some years ago OoeitSS'
for the purp0sc of keeping change IN the country,
alleged the silver coinage so thai doliHr WIS
worth only 03 cents, and made ~ !cEal teHdeI
for 20 This coinage of course remained III nome
until d" the best currency when the Wofln mas
ever s."I." mace ITS appearance, when IL &iSD
took wings aud teW Ia foreign paris so that lnc,'
Of it Eow would be curiosity. A hon''NP1ftanc
currency would, in one respect at least, bc dement,
10 the country. ii WOuli sNc tn2 expense ni Keep
ing up The IrInts Our precious metals would leave
rs in the form of buIion. which would b' iess
expensive 20 and more acccptabic I" foreigners:
Even n0w as gold and silver are not a currency hui
merely commodity, the maintenance oi the lhih'S
NAV BE- regarded as useless oNPrliSc
MIR Kelley 10 uc con ,stcyI. should at the next
scSsiun of Congress introduce hil 70 close me
mint, and to prohibit Mr. BrlStoW iiom pdrciasih%
silver According 10 his notions, there Is not and
ought not to b. the slightest u>r for minis, and tey
an. u considerable burden upon Taxpayers re-
specifically suggest therefore, that no Introduce such
"a bill, and maze IL test question.
HE DETROIT CONVENTION.
Ipon reading the resolutions adopted by the De-
troit Convention find that was mistaken in re-
gard 10 the proposed issue of the convertible 3.65
bunds | had supposed that the present volume OF
legal tenders only TO be maintained BY the c o!
these bonds. The advocates of an exclusively paper
currency have greater ambition than had given
them credit for. They certainly do not in;end II We
may Judge by tho resolutions reforred to. that any
"pcnt-up Itca shall co1lnc their p'wGis i9r doing
al. .fVntf4 f'tpk
consistent If the legal tender O:eS are, as mas been
asserted the best currency the world has ever had or
can have why should the iSSuc OF them ciiInl'ed
Can there be TOO nucn OF 50 good tiiingf
The trainers of these resolutions are not only
coura grous and consistent, buT they arr humorous
oIso No one but a maa Of infinite hum1r" could
have drawn the second ard fifth resoluiiOns-the
latter favOriug an issue of conHr ibc bonds inter
changcahlc with grccnhackS. 10 an 0EOBHf ciHdt 10
beuhOlc GOcGNm0i dcH and the former asserting
the obligation OF the Government TO infhlSh 'H'
people rih on cbs0Hicy safe GPd E'UGT1n cUrrcicg.
cdGglCf IN amount 10 their varying needs. ana nl
yo]gf mol 1aalaig G,GGiaJ from tai Of O!her CirlitM
naiioas" The Convention. however, Is certainty
chargeablc with importli nnil.sIon: II ided -
tell us for what these conycrtibc bonds are 10 be
issued. We have been told, IL song at Least tnaI
"Irncl, San is rich enough 20 give us al a farm
Are We Ia understand that hc Is rich enough 10 glVo
to each oi rs these Cbii;alolis according 10 or
yarviug n,cesstiCsl A3 The Convention probably
did NOT consider the 5-2oS and lSSis as beng
uoiton af the debit which has been macc "cspecially
na;ablc in coin" il is easy 20 understand how the
3,ijs can be issued TO the amount which they repre-
SCut bat rs the bonds winch are not upon thcf iacc
payable in cola scarcely equal iii amount To one
haf OF the proposed issue" the Convention was GER
jrly guilty f great neglect in not informing Us for
what pui,)sc aEdb by what ans he seIhaiGihg con
ycItIhles are Ia Gud their way into the pockets 1i
tlc ppoplc The Convention, iii dOng ITS work
thoroughly ought II have enlightened us On this
point. # hese Convertible bonds are 10 Dc eit'H 10
us used 10 ba the saying III ne Nc:.' hc1
GRATIS for nothing" We ought to know - III adj
vance 50 That we may not bo taken bF surprise hy
the municcncc of a generous GoveInment. Per
haps, however we arg not to e sulpfsGu fAHc'i III
this way, bat Ia another, equally deii@htiui. FER
haps we are 70 bc relieved from taxation by the use
of these convertible bOndS. IL may he thai the
Excise laws are to uc repealed, and l!at attcr the
bonds mot especially made PAYABLE in conn are
called i'm and paid OF wll the "cOnNertlbieS, the
surplus is 10 be used III deiiayihG NE cfleht
EXPENSES Of the Government. il would be " Il sln
and shnuc" not to give Us IT le;'l jf0 MfNf5 WIN
so much free money we are 60 have. 1hen toe II
is possible hat frequent aud liberal "egeoPncrS aS
tey are called in California, tF lc h'tu III "i ici
that we NAV take in the iU beauso 0I the R."iiouS
system. VITA cioag m0ay We ought certainly TO
have cheGp ThSkL
800 souls ought however, to be treated seriously,
and less 10 a feeling Of relief upoli reading iis
resolutions. They mean hothlhg II tney 90 Go ,I noI
fa;tn and ultimate Tepidlation Inc frlhcc .cI
Darkness is never dangerous when ne appears wlth
the cloVen feet and conspicuous tai. II Is ohiS
,ync,, ne comes Wit slecUuS promises and caIti-
vafIng appearance that ne leads poor moras aStrdy;
}y these resolutions the convention threw on ~
disp,iscs and 1 greatly OycTeSmate the mtcilI-
Qance and the pTObity of my cOunirymen II, by 30
doing IL las not deprived the inilalonstS of mIlch
of their power for uisCillt1. HUGH MCtCLl|oCh'
London, sept. IL, 1870.
EN- SECRETARY MCCuLLOCUS LETTERS
rACTs WHICH HE RAG MONEY ADYOCAfEs OVER
LOOK
IN tbe Fditor Of The Tribune.
SIR: have read the admirable paper upon
the "Natioual Banking System" by the Hon. Hugh