New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-07

A
rendered less clumsy the method OF business. 1heiS
for another to with more ability ana courage 'n
ascrbe 10 ourselves or there must De ascIDeu 10 u
foreathcrs every similar crisis. Those who never sthfJ
unlikely reach the cod OF the journey
No leat amount OF injury viii 1al upon dee'ors 10y
raising the value Of the paper dollar 10 the par OF spe'e
will property shrink mnch IN Nalue' IL rs d cd
fusion 10 suppose tnat contraction WI dement, n rTn
and TALL heavily upon the poor while innauOn VIII OF
crate in the opposite direction. IL VIII DE nuch nearer
the truth say the effect would he exactly the reverse
The National banks ought not to be abolished.
and the currency issued by them should not
by the Government Of the United states. Up t 70
81 900 900 IN excess Of The amount redeemed ~ the
Government. Not one of them Is in deiauit' me Ia
tional banking system 70 b. praised aud n the banks
were only circulating "a currency convertible NJ par,
nearly all their defects would VANISH What VIC lnU,.
need after specie resumption, completely 10 reneuy oI
financial condition is more real and absolute capital Al
the financial tinkerng In the world VIII not snpg ,, ~
All the cheap expedents for making money Peny Wi'
out earning IT, or Without giving any lang hs sooes we
for 1t. win result in disFeputaDe failure Inc % ne
learn that money cannot be invented oub must NC
earned the better Tor the country: Zoo .,,,,aror,
dehased currency Is demOrahzine IL u 100 apparent
that trade is denoraIed, ana theIe Is no Netro
warrautabe in the world of traiic unaccOmpahed ny
wide margin Of profit II Is seen tnat no parsdn, etSp n
the shortest time, can be sqnarely Iu,ed' az tir
fuctat,OD Of paper legal tener always cans i9t ve vi
thc mont or loss of the transaction from the right side to
the wrong side to confusion of all legitimate trade
baa y, a" now often leads 10 ruin. and prod
igal advenmrers here ana and there T,.- suddenly
robbed OF its merit, ana Chance, the blindest
eainbers revel in their millcaum. Is IT strange that
sound morality should be confounded, or that instead Oh
the eheapest pnchbeck mpudcny asserting itself 10 be
better than gold tried by fire Certainly TINS If NOT We
aud private expenditures too largely based upon
imitation; ana 50 long as payments are hdhe III VIC
cheap cquyaleHr and cheap services can he obtained.
HncGlsaating beadlong use OF = debased currency
private have been shlngied over Dy lnlilons, Oh
cletnbacks and replesnG more in cost than
dollar for old laboring men bsye been discon-
20 work late au make areus retie early. Al tat
has been bGgnt and paid Tor or pan " debt Tor J.. already
rated az n large percentage less than nominal cost
Financial Investments al have synpt MS OF the rcAeis
swollen heads and small lces-aud the reductions Whlch
Inay with returning hoaitaare wholly incomputDie
eXtspt whore such reductions 10 large cXiOnt have
ar.ady been realized. No permanent restoration If in
dustra prosperity, perm mems employ ment OF work
ingmen, no safety w0rilag capital, eau DC expected
until the Government permits IL own operations, Tue
labor OF our people aud the business enterprise OF lhe
country 10 be based upon the s01d fou.atioGa repre-
oeed ny g1id and paper at par with gold represented
by restOreu peace and lhoray IA accOfdAhce WIN ,ie
unbrOEcn exp reaee OF the wise among nations, ana IN
ashamed 81 the exploited devices OF paying ceht7 by
renewal Of brokeUpronses, aud asiamed OF vaeilih
ruPt people malt maniac ana bali gnaye
DEn,TSoN ME-. MoKgUI's BILL
The bill was referred to tie FINANCE Committee tnd
ordered printed
Mr. SARGENT Rep., Cali submitted resolution
t,at the Committee the judiciary instructed To i'll
qure what legislation, II any, il necessary to secure
Indemnity 10 the United States for advances OF interest
paid and 10 he paid account of subsidy bonds issued
10 Tue several Pacific RairOcd COmpanies Agreed TO-
Tie CHAIR bid before tile senate message nom the
President incosiYg report OF tic Director Of tue Mint
gard 70 the proper piece iof api'hch mint III 'ho
ar B0CiY l,cin Mol moved 10 reconsider the vote by
Vermont WIS referred 10 the Finance committee
Igrt' lOcrri.
Mr. EOGv sid mat that bin would operate 10 cancel
and destroy all tho le- notes nov in ,1istenee
cr nc Accumulation of gold for return 10 specie pay
''u, biii would Dot effect T.. pur1cse
nless IL be modified. The secretary Of the
Treasury said So and the senatOr from
vermont s;ys so. Mr.. Bogy stId he WIS IN faSor OF
s;ccio IesIu pOB. lie was not an iniatloni. bal lie
wi len could m liie reI1t.st degree bI about oOh,rac
ticu ia the lef money We #"W hove ne "a- no, Ia
lovo WIKI Is Jny Dlt tire business Of to country
would not sHnur contraction lie looked upon thc pro
pos bl 90 oue 81 contraction 10 moved inat the sub
ttct be- posi- DOncd uuih the h4e lntsddJ Oh 'Dii{
biz MOREi ii. ead he hoped ,De senator woud not
ash for postpOEy uient 10 ina iime.
Mr. LtEA4h tDeui, On % 7.il lie IDa.iel hAu "lt
ter 20 gn.ii February. Beaa MOI link IL "oiid
bee very t.nug FOR iht senate 20 enter upon uiis
financial debate before feoi7'aiJ ZONE t!ne N"hd b'
required 10 study the REPORTS. Two Years ago utee
months Of Ia time Of the nHte q iafrn h m bptecl
.uasIns. he Lcyea IA sucL CAatiIoh "OAd 10 VIZ
Mr. BOY said ne lad objection 10 Tie bill being re-
III. TIIRNAN called attention To thc third section Of
ilis bin, when required National bhnL- 20 Anld one
fourth Vi then none! it r IA ,'.n, dl" ".t'I jan
1871. hai, aud alter OCTOBER. ISIS tH.ceiOutla. lie
thought tt-t banks 0usn' 10 prepare i". 'lft' pay
ment, ana a. Wo"t lee n" more TIA tut 700 ''hr,t 10
require tEcd i Keep uiv com interest Vac t"f'ihiet
pnd tlem On tAe bcnel 90 o'l en- "ltI lho conc ",
a-cu u whc G~usiioFs have. proposed ~ tue hId
..cti0n Of tlc bii. nov before The senate.
lir. EDIJ.D. WtJ iugElri 'Ao" National bahh
could r,~un,. as Ions. AS tHc GO, eIum.n did uotf
Sir. MOEtiLL ti.sh, Va argued TINS, ht '"wIclihS
National 'as ~ nave of'.H 90 l",ii I.-'i =, i' COM
instead ic- u tenders. tHcio |odld Dee nc diversion I'll
..c t'lly Wi:,b ori'-' '',t. .t'r. ...,,. O.. .,
original ac, a. JAN a. 1919, which provided 1or ac-
c.Guu-t1u 90 .v.I tc Treasury. II II tt-r uAJ tlS
t.e D.nocrauc pauv, but all Ilu" p""rr Wa- gwen t.
,he hD4uca OLncr uI to- 'o'cihhent 10 r tdo nttta
lurp.u, revenues nom tina tame iortn were 90 be ap-
,r ECGY C0.m, Mo)-Tharc are no surplus rev
s.r. EpnUNDs-rhat depends, Nr President upon
how Icf,nues are collected III Inc western states
SGGi-rf you will appoint honest NOV from your
party 10 80 t4ere tlcy "hl ~ properly ooittt"d Iht
.e0eG iaus4terl Ar. bOSy argued tnd there WtIr no
air sHER3IAN u D.. OaDI said he ~Gs sorry 90 hear
such siat1Denis. fhero vas even for tIe past year.
, @S s o. go, si@cG5GS To- 81 6GcCJ0 and hcTe
vouo be o SAVING Of prob BIS rjJ0OJOOO next year By
2I. LOOI said .o Lid 10 GouD II The measures pro
posed by the Democratic ho"se ~ Iei,t'cilatyos
should ~ passad 10y e Senate thr.e wOUid bc surplus
Farenao lut be lad no Aopo t"t soch measures would
Mr. IATOS qDem Comm said DO IN part Represented
oopo in favor ~ specie payment This great question
nlance ought not Ia be- football Oi I1rtes. Go TO
England tOaJ There were Gladstone HBt Dsra"u di-
lcrug Oh everything else but agreeing OF tis Question
Ihe ruBat0T from ONO tMr. 5LeuD1ul said there was a
suiIlus IA tne IeYeRuc. la his Judgment there
s-4piUs Figures might 81. -, usn night |rte sur
piss, bt there none. He would appreciate he pa
per dot the gold dollar, and would always be ready
tO vote II.
sir. SHERMAN rep. Ohio said he was very happy TO
Tie Senator from Connecticut make thus declaration,
Tor he was he nrst one Of ~ perry WAC had promised
aid IN the r,sumpiOu OF specie pay inent n tnft Sena
tor NOu.d Dius IA u looming 10 mai END IL Woud DC
y9s.cd lie (5hermau) for would welcome his bill
L. ns snrTE nome Of Tic S.nrs INT .Idn lad not