New-York tribune., 1876-02-28

d,recated noner and discharge their debts with part
OF the proceeds This they do only by cancens he
creditors claims in depreoated paper or throwing 'ne
loss upon him.
There Ia no reason belive that any system OF ln"
ton could be made to operate in this country ANY az
tempt Of that kind will only add to our oaames Inc
actual contraction since the war consists oi le gre
backs retired by Mr. McCulloch in 1867. since when
there has ill within year Wieh lie NJ, nt'
reduction Of the bank note circulation @ unaer @ % o
Ing act has amounted to perhaps 'oooooVo, so
cant be ridiculous The fall IN prices is que efeH
prices which took place during the war lasted ul $50
when the bubble burst. There was no pressure III
without ike the operation OF aIceT man Of his
obligations and he tried to strengthen his pos ,o,;
W., we n'" car,,oI md We then suspended pur-
chnscs and reduced expenditures The eject was sug
t nVm nnrseves m free nnd secure and bcgn agar
soberly and surely But now wo are IN the ao,es ol ia
could destroy our property and waste our time in war
and vet grow rich advised 10 take another term
as the normal sae aud i've in it forever more But If
look the matter sobcIly ana ratlonay snh se
that we are going through the reaction 10 nean anu
that have already endured TIE worst t DS n Ino
theory OF imitation IL Ouht 10 ons @ paoh oi ~ onynceI
that it will The trek Is now 100 wen hiown,
into circulation gain credit The circumstances ot tne
all worked to set the sysen III aclon, nx @ i % % m
time peace, begin paper issues no one can tei tne
Limit and every man VINO has anS Sthihg VIII haS'on ~
get it into such shape as TO he seruro aSailis' @ ,ne
risks of business No one would dare MAKE Sit c9n
tracts or enter into arrangements OF cleut.
Cash transactions for specie would be the 9y % oos
possible. ionr inanuacGIes would stnu iu, ILL.,, d No
commerce would cease, and your aSricnur wonia pc
reduce b the necessaries OF e exchanged ny Darer
Such lsrcss with closing o. schools ana caucnes Mans
OF sufficient food and clothing eyen and TIE con,ohP.
Tnode Island in 1855 and 1888. in consequence
OF excessive issues Of iesatcnier paper ,wo we
ion eonld be made to work here now. We
NAV doubt whether the notes cOnld ever DC put anoat
and s further whether the Iiso IN prices cOuu nc cal
Ned ON IN tue face OF and resistance Of al VINO
my thing to sell III not fail 10 see now e dcpors
supposng nade. ana tlore is nothing sure III the
experiment but tine distress. confuson and disorder
TIE SECOND CLAss-BoNEsT DEBTORS.
This class consists largely OF people who do not under
stand much finance ard do not appreciate the remedy
proposed They been led by easy credit into enter
prises beyond their There comes now shrlnK
age in prices wages fall. work hard to get aud their
| means Of paying interest fail. For those who have
during the rast twelve years. been getting rch
by getting into debt, there is no need that one
should feel much pity, but for like these one must
feel the deepest symlathy 1t only illustrates the terri
BILE wTctchednoSs Of the paper money system IL reaches
INTO the hunblest cottage, doiGdes poor uneduoated
| man with apparent prosperity. draws him out To LABOR
and save then sweeps all his savings away IN mo-
| ment Then his industry is discouraged. his
resentment lays him open to tue s1l,,isnoh
present troubles may end in suon state OF things th
the day lahorer MAY never handle aiS tning hl ve @
% no f"als of credit nntil Ls savings snail put linn in
".iti"D ~ et tn1 adysntige OF credit III propcr way
tn, aborrg tic ones who always slef most
aud longest frOm any financial quachcry'
TIE THIRD CLASS THOSE NOT INVOLVED.
These are great Tho people, and 10 them the
appeal must be made settle this question History is
all way, China down to the last South American
republic which suspended spccIe payments bat believe
we arc the only State world in which there is any
party which regards paper money as gOod thih@
There statesman Rus ia Austria or Italy who
would not eagerly specie payments tle resources
and financial stltas Of his country afforded any sdch OF
poriunties enjoy 1t has been said here ia New"
Haven that the Bank OF Venice issued rrceemablo notes
| winch wore at "A premium II gold Venice was a great
trade center and accumulated coins OF many nations
which varied IDuch in weight and fnencss The bank
after 1887 required to refine and assa' these cons
tnem there received certificates OF dc
pust winch ciiculated iOr premunl above zoe cVh-
above tai equal to the lfOAplt ana ueIS t"e9
! saved. They rs not III et' emable al All
T.e Oi France has been nucn used on Doth sars
cncc rOm French experience that they we're enabled 70
case those in whose hands the matter was un 'rSt.od
perfectly and hsen,d to set r'd oi D" SVoh s TIC
1lIs tLld class those live by WAGES or sali-
sSiOIai iuCoines, or OE aSsicutfti It
tuus anj VINO have small In' snes "F none. % itT
as tnry ae creditors tho. infer ss on the ide o -
sumption ana +ard money i.tA are ID iaI ,o ,. ~
md best elass OF tne commlnit the d"pendIn'e ana
| it bebooves you to unlels.;.nd ju.t what Is
| Involved IN iLis quesi,"n. Ihtre IL 40 sue
naLiOnists .6en s.lIce me real mraEihP 81 lf
| ais has expos d. you yield nair's ireatA II
crcsns Until ropudalion ahd bankruptcy are it3 oh.!
aoesblc end. 1t /, MT enough 10 denO'uce nii,i"l;
We must re- to- aDcl,nt aud gciiHnc stIndi.d
| oi value. Ii is ridcu cus 10 hear pe"Pe ho"
ascribo the hard tm,s 10 'ne h,Sn'niu,n ~ r ,",.
!uton Of n col, debating Soci " Not asep .e bto"
taEen 10 mako tU possible ln 1879: buI " ic-
peal would be IT, abandon inc good ihention eheie ~
c1d 1t r.lnaIis 10 ks s'ch Steps as sB1I htno t"'
u r,,. and do that withont tr aoe or dI"t;
lor wo nave passes, tTou,L the wO.~t Ihe best f"dG !"
resui tiun wodld be Lac sin ieN. an .eNt. 10
surplus teuhe ana app ~ 10 pa C-'1't anu
destruction OF the evidences O dc0t' thdt ~ SIMPLY l"
| no lis ,ud We need to have full command OF our
ntiona re,OuToes. oupOains ct en tl protection Was
sound IN theory nevertheless, ne may .iilJ cah 80 .o"
IN our tlIne oi distress "hoh NC lccu '' ~ 90. % o ~, W
Wl'n tlGuDioS mat We cahLot h"Id W ht'P w
duslr,s ali subsdiza imiaovcwon1s- NO 9usnt caii.
TO complete and rational reform oi e sJ"te1 Vi
finance and taxation, HAh,n ""'S" put us a'.oao' 20
| otrr nations application ence ~ tncse SAB
jeis TAen Il woul BRING reform IN civil service and ia
We are iO.d VIC cannot whom there IS large In
terc~t be paid abroad Ia go bGt tIo hteitot o al
n.vb paid la Wncdt, cotton tDbaccJ ad petroleum.
ana gOld fir as geld In polnCt ana cAIoft O ino
country The IN eroet On the d"Dt s Only ohs leu' "a
great account, IL We use dpoi iJr money s1id W." Dc
,yberr M II be exported II we resume Ol
Il ,s mOy, wiI b. RiOhClDc Import uhti We get ~
OF it as We need, and Tie interest on the dcOt vi"
Tno best c.tizcs wAo most interested In this mat
ter, danger o allowing their most important i
teIests 10 be sacriccd b. being Gncicht hhd heseeh
vile persons with ccal and itres Cd motives are
hard a work We not yet ut inc end oi tis matter
md IT s nj IN time that We showed sOnicthng Vf tc Zcai
| ana en1I-y vi OppOn- nts l. tcy g. tAor WAY no
1 man VINO has anything today wIiI AnJW wh4i
\ ,s will have trIaoTrUw. No hHds
1 M strength fIiIng aud ms end approaching
can feel any certainty that the provision hc LAS n,o lor
us w dow and children will remain m thar bdn IL LOT
| i've years or suffice 10 keep them IRON want No inai
Whusc ital Is n.ged business VIII Know no" such
| No man Oh baaIJ can ioO~ iUl-
! nj " anything bat uLstess and ioyi ~, ihcfciau5
ycnr by year man for Wages can ex Icc.
anytbing except To become paUitr JGS is NOT my ~
aeriuD u IL the rTsyersible w. ret Of nis"Iy, hbd tho
! !.lea If a