New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-10-26
TIE ADDRESS.

NJ t,,0olc IN maintain the nations honor IL neyerthe
less brides men 10 sssail that honor. Created as
weapon of the suppression Of rebellion 1t mas become
weapon by which the honor of the nation may be de-
sroyed Dangerous roenhack in peace, for 1t puts IN
dustry mercy Of speculation and exposes labor to
be robbed ofs earnings. Fatal greenback If by new
Issue unconstitutional now and in violation OF soehah
pledges, men are permitted 10 undermine the puDhc
credit Fidelity to honor is the cornerstone OF souhd
finance The webefug Of this people, the prosperity of
every industry the interests of man who earns an
homes, hying-your vital interests business men OF New
York are all nseparably bound To the national honor
and with IL must stand or fall
PLEDGES FOR THE REDEMPTION or THE GREENBACKs'
The greenback not only pledge in itself but solemn
pledges been set up to fortiy IT. In the crisis oil
war when gold bonds sold for less than 20 cents on
the dollar there remained only conceivable security
which Government could give 10 holders Of rredcemabc
legal tender-mitation Of volume In The act of June 30
1864 the Government gave this pledge nor shall me
ever exceed 800 100000" ON the faith OF that pledge
new accepted by soldiers and people even IN
mgtOn aud Baltimore. At the very hrst session
after the war closed, Dec. ~, 1863, tae
Voting Yea" and only six voting "Nay -" the
necessity OF contraction OF the currency WIN view to
as early resumption OF specie payments as the business
Interests Of the country will permit, and we merely
pledge cooperative action To TINS e1 as speeuy a. pe
the gal tender never was to he redeemahle AZ me
came session Congress passed the act OF April H. 1866
authorizing the secretary TO retire aud cancel notes at
tbe rate OF - 600 600 a month When tins policy had
been weakly abandoned the act Of 1869 declared: ct
hereby provided and declared that the faith OF me
United states is sOlemny pledged TO the payment IN
coin or equivalent of all the obligations of the United
states notes And the United States also sol
EMMY pledges its faith 70 make provision at the earliest
notes in com" What have We done to redeem
these pledgesi Every business man knows that
the Ion ger suffers pledges to unrcd3emed, 0bca-
lions TO neglected dishOnOred the lower his credit
will sink More than five years ago this geenhack was
worth 80 and 81 cents For months past u mas not pee
worth Sc cents In August 1868 IN the midst OF war
was worth cen than ten years after the war we
nee il worth only - cents What have We been doing
We undertook, by doing nothing at all, 10 redeem our
"us there was in that theory lei 1873 Instead
Of growing up we have been growing down, increasing
siustry by wild fuctustons, and deprving labor
Of It's earnngs At last last We eo we're fS aTG d G
boncred promises could not form s9h ni
basis for Ha%y 1r ng ia ped thai the Volume
of egatendeT notes shOuld not exceed 4OOOooooo ana
bound itself to redeem them Jan. !, 1879. And now
there goes up camOr for the reputation Of all these
pledges the continued dshoDor1ng OF TINS note, the
of money and the unlimited OF issues of such
paper What il the path Of honor! 1t 10 resist as
notes beyond the limit fixed the crisis of the the
only possible security for their value II rs to keep IN
witt Icd date for resumption Ill the act OF January last
II to make good the pTo T me na Of bor II
l. also the path OF safety.
WHAT DETERMINES TIE VALUE or PAPER A. LEGAL
TENDER
The value Of paper a legal tender rests wholly on
faith that the Government will moi issue too much Of it,
Government can issue so much that nobody will take it,
legal tender abundant the dir in the streets
a. that anybody could take baTTOwlOad or wagon-load
Of pleasure, not of You would part with property
product, or labor for such currency. The world has
seen many legal tenders become absolutely worthless ny
oycrisses. Whatever value currency can have merely
the dehtpsyer is lcssened by an increase OF It's guam
tity without corresponding increase of debts necessarily
10 he paid therein. IT like any other tool that
in the shop, the farm, or in the household III You
buy two they do no more work, and are
worth more than one. so OF any conceivable cur
rency considered merely the debtpayng instrument.
Al certain quantity is needed 10 do the business and
more issued the value of the whole will be impaired
Hence its value rests wholly on the faith that the GOV
eminent will not Issue TOO mach. Making paper legal
tender is merely declaring that everybody snail have
faith amounting 10 100 cents the dollar " people DO
not have that much faith law does not change NE cast
be called one foot, hut that will not make Tom Thumb
any taller II peore do not nave 100 cents worth oi
sell. When YOU name the price at which You se amy
property product labor, you are really putting your
n worth only 50 cents on the dollar, you
charge dollars for the wheat or labor That one dollar
in gold would buy and no law caa DC enacted 10 petn
H. All that any Government has power 10 40 ~ to tx
upon meaBsof legal uansera Sigr OF trans mission
fore Of value is a. absurd as to suppose that
you can increase the area Of Newa0rE ~ ssg n eb
paying tool on any other andi adjusts MS prices ac
rests wholly On aith that the government VIII bOt ssde
40 iuuch as 10 dcpreciate or make II worthless:
u, regulated hy cNchaneeability for bonds This is
laughable self deception The notes do not get INTO err
arises " How MANY of these notes shall DC emttedf"
Tie first only might De large enough 10 make both
notes and bonds worthless Ihen after accrtan Issue
rxchaDgeability act rs regulator only III case Gov
crnInen does moi medde with 1t by new Issues But at
session Congress gigantic schemes az improve
ment Obbery clamOrs for reduction OF initresbei
,ssnedT DO Won say Government can give It's solemn
pledge not 10 than certain amount! IL has
done that already All faith such pledges must be de-
I'd hN he ed --lle
Finally, power To command "a certain nAtd interest,"
IL II supposed Will give value 10 The note flNcd lhtl
est in WHAT In paper, Of value uni Hed, and unfSac
bond 10 pay three bushels ot wheat or three DAYS
labor yearly, would have some value But until we know
how much of this paper will he issued NJ man can tell
whether Al the cnd ola year - % Will buy busnel q"
wheat only pint Every change IN inc purchasing
power of the paper j. change in the interest Of tie
bond. Whatever value the bond may have must come
from faith that Government VIII MOI make me interest
worthless by making The paper worthless. Nh' %onlu
you give for bond 20 pay as interest Petx oI 1r
has value And The Paper as we have seen has y" suc
The credit Of the Government ms experiment Is niei
estng and ought to he tried IL Is settled That an ind
vidua lii himself by his own boot straps, hut
perchance nation can.
ISFIArIoN's DELUSIVE PROMISES.
Initiation promises to increase wages. But sad expe-
riepce has taught ms what that means. Nominal wages
If 600 workers 80 per cent from 1860 to 1870
according to the census while prices rose 90 per cent
With wages averaging 1917 yearly in 1870 they could
buy only much 1924 woald buy at the price. OF
of SIS yearly Consumers pay the cost OF huctuatng
currency iuf6 years the purchasing power Of currency
has varied than per cent IN only four months. less
than per In only one quarter out OF 30 and less
than per only four quarters: Dealers are com
peed 10 insure themselves by highcr Charges when
they can, and the retail dealers usually nave the
bower ny ~ moans, Jet Us have still "idel
anctuaiions. Consumers surely can pay; a TAX
OF 2 per cent on sales OF flj,OW,OOo,ooo
WEAKLY or $500 900 may cover the risk ASK the Ia
Rorer II he has learned that inflated retah prices
burt him far more than inflated wages help MN Eveh
INC power 70 TX his wages WORTHLESS. ne bargains
Ia ALL al decides
thoy shall buy Labor ought 10 have wages IN dollar
worth 100 cents who pretend 70 DO the peculiar
friends Of labor insist that Its wages shall he pld III
dollar worth sometimes 90 cents agdsnpcutt ~ cents