New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-09

proposes to try over again in this country,
without giving any rational mind the shadow
of a reason for believing that the result wouiu
be different.
Mr.. Greeley did once or twice in these col
umns advocate making the greenbacks fund
able into bond bearing $500 per cent In
terest, but that interest was to be payable m
coin. The rag-money scheme of Messrs. Kelley
and Carey contempates seG-'ntdhnJ oSS'9"o''
doubling up at the rate of 3ooIOO per cent per
annum, in currency. That is to say %lo'ooo
interest bearing dssigndt would become at the
end of a year of the nominal value Oh
S1O,365, of which the $4,000 might siilice
To buy a dinner of corncd beef and cabbage ana
the odd 1865 pass in exchange Tor too'h
nick. Mr. Greeley's real opinion OF Mr.. Edward
Kellogg's quack money scheme, from whlch inc
3 60 male and female dssigndt project OF Mt.
Carey differs in nothing except the rate Oh
propagation, is clearly expressed III the follow
ing extract from his published work on politi-
cal economy, (pagcs 76-7S.) As an exposure OF
Judge Kclley's and Mr.. Carcy's PROJECT IL
leaves nothing for us to add
must demur to several OF Mr. Kellogg i'',i''"'"'''
! assumptions viz: "The powers Of Money Wlioh ao"o
render it useful are created by legislation therefore
Money
Money had been created or recognized by common con
cont befor, Governments mcddlcd with it; that their Ill
,.rnoson in the premises but the recognition oi
declaration OF q prcGxisting fact do not "h! ni'
Governments can create, have created, Money h"i ~
there NAV he and Is Money whose vtluc Is representative
or artificial; do not deny that this representative nonc,
may elicie nty benchceuty subserye the ENDS Oh a'
Nancy which has original, intrinsic value; b" ldec"e
IN cou6ound The sim ih The thing siJifed, ana 70 sup
nose that Money may be created by ne mere Vo' y
anu human pocer. IL such monetary System no
ia above outlined adopted the value Vi 'nc
currency thereby provided would be Influenced Dy many
considerations whereof s being received III payehts 10
and made legal tender by the Government would DC
,r, bu ,b,rs rould more at least equ0Hy potenL Inc
very rate OF interest stipulated bing far below what
conceive the intrinsic worth or amman rental VI ."P'
would insure a supciabundancc OF CURRENCY qchy lo-
lowed y AN imitation OF prices, whereby spec
NATION would be very likely to profit at the expense OF
honest Industry DuTinq the process Of Tiphg o"' ""
rheat at ten or deen dollars per tshe d'Dts c'"r"c"
,rb,u but one trOdolas per bnshe IRE sho"m
mar, brisk times and easy money market yer iise
norton o the indebted class would De 80 Intent oh "
creasing their cnjoyments, or aiiasslhg "''" u!
spccnation that hey rod Probdby DC s"eePy I" "'o'
nj bc close as al nc beginnrg The necessity OF paying
other nations for their products purchased by Us would
still exist our new money would OF course DC uha'ccpV
ole o them our gold and silver would aeon nave taken
wn0, and flown over sea and now tic dirlgreeaDic ne
ces.ify OF paying-actually paying Tor our imports VIII
have returned IN all its original force. II we buy FIVE
Hundred Millions worth (od stye) OF Foreign Products
per aunlin we must hcnceioh pay therefor Whal the
outside world will receive worth that amount anu
thia woud embarrass then as IL does now. MI hel-
ing holds that those who sold us Foreign Wares ana FAD
RIGS must accept and export our Produce III payment
therefor having alternative, and such might he the
case at first but they would stop selling us when thcy
could no longer sell at profit, aud conStl'lh us 10
nay prices in orr currency for their goods ut when
they could afford to purchase and export orr staples
Admit that this scheme W )uld lack some OF the
vices and impedments Great ID by the iron money or
spnrta il still seems to tint Mr. Kelloggs currency,
thouch at the outset ii shOIld make money ever 80
abundant and payments rcma. kaby easy, woud end IN
nyoring as baoh upon Bdrter through the instrument
talty Of iegaizcd currency which must gradually lose
the character by failing to subserye some of tho most
essential ends OF Money.
In the last sentence of the above extract MIR.
Greeley sums up the whole matter, and puts
the truth in nutshell. The great Mirabcau. as an
orator. party leader, and political economist,
united at least all the best qualities of Wen
dell Phillips, Judge Kelley, and Mr.. Carey, but
had he survived the century he would have
seen the currency which he so cloquently
praised end in wholesale reputation. leaving
France for brief period actually without a
currency of any kind.