New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-29

paid for gold has risen. put Bull '"o
lamp holds out to burn. we are no.
80 deeply mired in tho slough of paper but
that we can extrcate ourselves with
out the disgrace of reputation. The 1u-
ture prospect, however, is not reassurlng. ho
record of the last Congress and the shameless
platform of the Ohio Democrats plainly warn
ia that if the United States Government Is 10
| he SHARED the infamy of repudiating its honest
debts tho work of rescuing our millions oi
voters from the grasp of demagogues' currency
nuacks and schemers must be more vigorously
prose cuted.
We repeat to you, voters of Ohio, that upon
this issue of initiation men who have never
opened. perhaps never seen scientlhc tieatise
on the currency. and who are therefore unac-
ouainted with the history of the scores OF dis
astrous attempts which have been made to EN-
ploy paper for money, to the exclusion OF
gold. should consent to be guided by
those who have made such questions
study. There are, perhaps, two hundred
men who, during the last two hundred
years, have gained worldwide repu-
tation for their knowledge of the science OF
political economy. We include Americans,
Englishmen, Germans, Frenchmen, and 1tal-
practical financiers. OF all that number we
have heard of but one solitary individual,
who, in the present situation OF our finances,
would consent to the addition of dollar
to the present volume of our depre-
ciated paper. The entire body of Euro
pean authority, including both those pro-
ficient respectively in the science and
in its practical application, is solldly
opposed to imitation and paper money. The
generations OF able men who have written
and of statesmen who have discussed the bot
tomless questions of currency and banking IN
England are at least agreed on this point !:
"Tbat the obligation to satisfy all contracts
q" or engagements, expressed In terms Oh
"money, by the payment of specific quantities
of gold and silver coin of certain finencss, Is
"the cardinal principle of all sound monetary
"]egislation." That obligation rests to-day on
tbe Government of the United States with re-
gard to its greenbacks, its fractional currency,
and tie bills Of the National banks, nor can
the United States get rid OF 1t without dlsiioh-
esty and fraud-withOut lying down III the niud
by the side of South Carolina and Indiana.
TO return to our subject, the one name OF
any standing among political economists which
is identified with the folly and wckedness OF
imitation is that of Henry c. Carey. Did we
not know that Mr.. Carey's influence Is still
great in Pennsylvania, and that he and his
disciples, of whom Congressman Kelley Is the
best known, have already done inca'culable
mischief, we should not have entered npon
the examination of Mr.. Carey's 0pln-
ions. His best known work il his
"Principles of Social Science" Phila-
delphia, 1850, which il an enlarged
edition of his "Principles of Political Econ
"omy," published twenty years earlier Down
TO 1859 gold and silver and convertible bank
notes were good enough money for Mr. Carey.
Nothing is said in his great works in advocacy
of any intcrconvertible paper-money bond
scheme for paying interest on the idle money
of banks and rich men, while leaving the poor
mans ten dollars to "fIuctify' in his own
rocket without the benefit of subsidy
from the National Treasury. Nothing. OF
that. On the contrary, gold and silver
are accepted for what God made them" the
"instrument of association" or in plain English,
the money of the people and the measure OF
value. In 1888 Mr.. Carey was man OF mature
wears, and had for thirty years or Whereabouts
been writing of the currency. This Is what nc
then thought of irredeemable paper money
issued by Governments in excessive quantities
as legal tender:
chief however. among the subjects Of taxation is the
instrument which enters into oil eSchanges-ihohcy'
The laborer needs ts aid when he requires salt tobacco
beer or cloth The capitalist must have il If he would
add to his lands and without it tho woman OF fashion
would compelled to oreg the indulgence oil her taste
for parties balls and opera. Nowhere has TINS been
more thoroughly understood than IN France Nowhere
| has the policy OF country more tended TO
| tho expulsion Of the precious metals. than was
there the case throughout those dreary centuries which
interviewed the accession of the House OF 'aos
and that OF Bourbon Nowhere, consequently, has cen
trazaon been complete, the poverty oil the Gov
eminent more uniform. its necessities more urgent
Nowhere therefore, has the fraud involved in the faisi
cation OF the coin Of tho realm 1.-THE exact equiv
| alent If increasing the quantity OF depro-
| GATED PAPER mOney.-Ed.l been more system
aically or cndurinsy practccd-the last appear
ance of such proceedings being found IN the reign OF
Louis XVI Scarcely however, had 1t disappeared from
tic proceedings Of the mint until we meet with 1t In
another form that of the assanais paper money Of
The Revolution freely issued that they gradually de-
clined IN vaue until tho Of six hundred francs or
the equivalent OF than one hundred dollars, would
pay for only a single pound OF butter
OF oil the instruments of taxation, that Afforded by the
regulation Of the currency II the most searching IN its
eaec,s tho most productive times of need. the most de
| UiOTQl-tug az us ucNOU AND ho'i ~ INN
End ISy means OF Continental money. ut first Issued III
small quantities and at par but aferward 40 much in
creased in quantity that hundreds OF dollars were re-
ourcd to purchase single barrel OF -four IL was that the
carly Congresses were enabled to impose amount Of
taxation greatly exceeding that which could In any
other manner have been accomplished. BY means OF
qssgnats il was that the early revolutionary govern
mept Of France was enabled to collect the taxes by
help of when s armies repealed the invasion OF l'92
Il, similar II has been that the Austrian "o'erh
,oent has added hundreds Of millions to its revenue