New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-30

present troubles. we neg tne Tcauci W H'""!
over carefully q second time Mcssrs. Bard ana
Cooper's prescription. Is not this the pam
English of it" turn the Public DEBT mo
" greenlacLs and $50 bonds convertible into
"greenbacks, and we shall have just money
"enough and none too much!"
ii. This $50 plan has just this single point
of resemblance to a currency OF gold anu
bank notes convertible into god-the green
hacks will stand in the same relation to the
3.C5 as the specie to the bank note. Inc
title OF paper money can be refused to neither
The original French 0s$igndt bore interest at
three Der cent, but, owing to the ihveh-
tion of steam printing machines, 800 per
cent interest in paper cannot now DC eonsi"-
cred excessive. The resemblance TO INC P''"'
parent fraud il still obvious. Finally, MeSsr'
Carey, Kelley, Carey Baird and Sam Gary, anu
all the rest Of the $50 men agree In ca'n"s
the 1905 and other Understanding leSai ten,
der issued 10y the Government toward Tie c''"
of the war, currency or money. lhcs "S'o'
in denouncing the "mOney power lor cum
t,,ctinp tbe currency from "a total amount
of $1,000, OOO, 900 at the close OF the wal
TO less than $500, 100000 in 1879. lhey
cannot, therefore, without stultiiyihg 'hen.-
selves, refuse the name OF currency 10 '"'"
$50 Understanding dssignnf, whlch mas II
claim IN that name which the 7.3Os ana .
per cent Treasury notes did not possess since
II is convertible into grccnbacks on demand.
So much for the initiation involved III the
scheme. .,
I'll. The repudiatiou element in the proposed
svstem i. not less obvious. 1t proposes 10 40
lao mi rpcDR-
pzcd by the Constitution OF the thi'eu '''''''
viz. 25i, grains of gold of standard ihehcSS,
certified as to purity and weight 10y the stamp VI
tho Mint. That relic of barbarisn Is TO he utterly
abolished and suppressed. The dollar OF the
frturc j. to be so many decimctCrs OF paper,
with a certain number of millisrams OF prln-
,c,,s ink introduced by way OF alloy. Inc
Labor of the gold miner and assayer Is 10 DC
supcrscded by that of the rag-plckcf anu
prcSsman
~. The promise on the face of the green
hack is TO ne repudiltcd. That promise reads
"rLc United States will pay to bearer - do'-
"I,rs- There i. nothing in the Constitution
or laws Of the United States by which any
other meaning can be given to the wot" doii''
q. Il Glands ON the grcenback than 25'j grains
of standard gold.
| V. 10 take away from the iniiatiohiS's '"'n
last refuge. the last Congrcss-an lnlia'ioli''
Conor.s. at that-pas>cd il law providing that
fro,, and after Jan. /. 1879, the speclhcd
vc;,I,ts Of standard gold in the shape
Of coin should be paid to the holders
of e:ocnbachs at sight on presentation Oh
the suspended paper at the Office OF the As
sistant Treasurer of the United Stat@o III inc
| CITY Of New YORK in Sums OF not less IMAM
Gstv dollars. II is not unlikely that the
United States will he obliged to ask for IN cX-
tension. lint that does not affect the legal ana
,noraI rights of the holders of greenbacks to
novoent There is not Il creditor OF the GOV
nrnmcnt. bondlolder, oflice-hoder, pensioncr,
s,i,or or soldier. who will have Il superior
claim on the Treasury TO tho holder OF fifty
dollars in crccnbacks on the 1st of January,
A. H., 1879.
in conclusion we have Just this TO say 10
those gentlemen in New-i ork, Pennsylvania
and Ohio who are preaching 800 anu falsely
rcnrcscntns John E. Calhoun, Daniel Webster
and Thomas jefferson as having advocated in
convertible legal tender, paper money :
a. That no legal tender forced currency,
issued bv n Government in such quantity ~ to
lac at a discount exceeding ten per cent when
compared with gold, was ever redeemed ac-
corning to premise, the common fate OF all
sucb currency having been to he repudLatcd
either partially or totally.
(2.) That the people of Europe and America
have lost a hundred dollars by the failure OF
Governments to redeem their paper or sustain
its value, where they have lost one by the
failure of banks to keep their promises, cx-
ccptng, Of course, those instances Were the
banks wero the mere tools of the Government,
such as were Laws bank and most of the
State banks in Europe during the wars of the
first Napoleon.
(3). The unprejudiced reader may judge from
the dissemination manifested for eight years
past by the people of the United States to pay
| 800. OOO, 900 of crecnbacks and fractional
currency, deprecated not more than Is or
20 per cent, what would be their
disposition to pay from $2,OOO,OOO,O0O
to $4, 600, O0O 900 of ass9na's, the market value
of which would probably not he - cents to
the dollar. If those ass gnots. 3.G5s and all,
were not rcpudiated or funded Ia Sou h
! Carolina and that speedily. We should expect
TO see regular communication with the next
comet established by balloon.
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