New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-02-11
NATIONAL FINANCE.

THE INITIATION MISUNDERSTANDING rHl
Bfsr METHOD OF REvvING TRADE-rHr MA.
| TIoNAL BANK SYSTEM GooD-spECIE PAYMENTS
EASILY MAINTAINED.
! Differed IN me House yeserd1I
Mr.. CHAIRMAN: The honor of the National
Government and the prosperity of the American people
are alike menaced by those who demand the perpcl,
alton Of an rredeemabe paper currency For than
two the country has suffering from prostra-
ton In business conf ence returns but slowly; trade
revives only partially and to-day, with capital unpro
ductre and labor I'M mpoyed, find ourselves In the
midst OF an agitation respecting the medium with which
business transactions shall he earned on. Until this
question is definitely adjusted it is idle to expect
full measure of prosperity TO which the energies of
people and the Of the land cntte u.s. In the
way OF that adjustment one great section OF the Demo
cratic parypossibly its controlling power-subbomly
stands to-day. The Republicans, always to tho
primal duy OF supporting tie nations credit have
cast behind them all minor differences ana dssensons
the financial question: and have GRADUALLY consolidated
their strength against imitation. Tie currency there
FORE hecomfs Of necessity prominent political ssue
and those Democrats who in favor OF honest dealing
by the Government and hone money for the people,
may be- compelled to act as they did in that sl
exlgency when the existence of the Government itself
was at stake
While this quest should he approached in spirit
OF partisan bitterness Il has yet become 81 en- anged
with party relations that no intelligent discussion OF il
be had without giving its political history, and IL
that history bears severely the Democratic party its
defenders must the facts and not quarrel with
their presen alton. Firmly attached 10 one political
party myself, rmly believing that paroles in free
eminent are as heahful as they are inevitable, still
think there questions about which parties shOnd
never TO Disagree and OF these IL the essential
nature and value Of tn circulating medium. And tits
fact Of especial weight and significance that ny To the
papernoncy era, which pFecpitated upon lnrins
the Rebellion NJ wars ncxoraDle necessitles,
there never a political party in this country
that believed in other than tho specc stan
darl for currency II there any one
principle that rooted AMI grounded In the minds Of
eaIier statesmen IL the vii OF paper money! and
no candid man of party read the Constitution
of the Tn ted Stairs AMI not be convinced that liz trainers
intended to protect and defend people from the mani.
fold perils OF ire 'ccmabl0 currency. Nathaniel
Macon OF TIE purest and best u American states
men, himself soldier Of the Revolution and member
Of Congress continuously during ihe administrations ~
first six Presidents, embracing in all q period Of
nearly 40 years expressed the whole truth when DO de-
clarad in the Senate that "tls was 4 harlmouey Gov
eminent. founded By harimoncy men, who had them
and felt %. evil of paper money and meant
10 save their posterity from IT," TO this uniform adj
hercnce TO the specie standard tho crisis Of tho
Rebellion forced exception. IN January, 1862, with
than half million Of men In arms, with daily ex
pcndtIre NJ nearly $1,000 900, the Government audi
denly found itself without money. Customs yielded bus
ltle, internal taxes had not ye, been levied. pnDc
credit was feeble if not rarlyze armies had mes
with one signal reverse, and nowhere with mark n sue
cess anl mems minds Glled vi gloom am appre-
hension. The supreme need cd the hour WIS money,
and money tie Government did not have. What then.
sho, "A be doue-rater, win, could be done Ti' @r"
navy 'r.o.4,. @ hae go 4 -.t f'"," ""' moss
already issued were dscrrdted aut below the value ~
the bills % cortf, banas Tho Government In 4 = great
and portions nccl promptly calld to it, all mower
never before excrcs,d It auhoriz the issue Of $780,
coo 900 ~ notes and declared them 10 be legal tender
for all debts, public and private. With two exceptions
THE LEGAL TivD Il ACT.
The able7t lawyers who sustained , measure I'D nos
fnd warrant for Il IN the text %. a.. Constitution. but,
Ike the late senator Tess ni'n o nay own State, placed
II on The ground - absolute, "', hnmng necessity
and that usroIs Senate! &c llgd that, " the ncce'-
sy exist NJ, 10 had le,aton.' NILE 4, si., 20 hest
tate was to 10 Lost Ger he DANCE that II Congress
prolonged the debate points ~ constitutional con-
suction. il deliberations mshl BE interrupted By tho
,ound Of Rebel artillery the opposite shore OF tho
Potomac TIE Rcgubli'Gn Senator's and Representa-
tivcs therefore. dsmissng al G.is and casd.atry,
stood together for the couuir, nni taunt.d as they
wo~c by The Democracy and d-ol q Of that day with
,iola ing the Constitution thy painted 10 that law
waich s older than constitutions. Adopting The sent.
mcnt they mi-lt have quoted re lm.Nlei
language OF John Milton they believed that there
is the law Of sel,prscr'at"n. wril en- by 'ot
himself On orr heart; there j. Ire primal contra ana
bond Of s0ccty not craven on st'ue nor sealed VITA
way nor put down parchment. nor ser foIt IN any
express oin OF words by men when ot old they cams
together, bar ap'd IN U very ar NAV ln'' -, cano
together pfcsuppOS'd in a'l sds"gu"nt law, not be
repealed by my authority not iuNalidated hY beng
omitted In any code inasrnich n9 rom lhchre ere Al
CODES and al authority lut the promptin:S OF 9tIlo,
ne tie tfS OF Sl 'ltV,
Which Tins decided the course ~ ne Republicans failed
10 iulu Democrats iu Congress. nl'd ana
SIR Peudrf1n. rirre become %" gt"t lNHcelo
~ md, I'm .i Democratic t. vo, 10 we'll
nlxlI -uhl column against tie l2Hl tender bli Blk-
ruptry to tine T." tsly WIS lup'niu%; T>py'opo
nn s, ~ he arIy had NOT received do,r Tor six
NI
~ -. i, dr'opr, a - the Executive De-
pprn.oul rllrctd with the conduct Of the war urged
thai cIit eai campa'g1s. Ga ~ pr -feSs w"ud ho,'5-
Slrily end IN disaster unless r'lirl 'onh DE ahoy1 III
Tbs WAY Ru, Democratic cons irnccs were too tender,
Democratic scruplcs too intense, at that TINE Ia per-
mn sIrh a fearful nractiou al the COnsiiiuon a mo
our fathers AMI thus preserve The Constitution hstf
Tue ne,slIi. OF the GOye nrn! were - great aud rx-
,eudi,nies cuoinous, that another SlJo'hloooo
OF egi ncr no,es were speedily ii,d ior ,' -i"nl
by gross. the Democrats u-Viu yoenG under ~ Pen
Win VARYING fortunes the LIST year ot the
r.ac, cd BOO.OUOovO o. legal lender circulation.
with stru Of cur pu,i r."il and ne dunp ana
yicisstuts ~ the - u" ll' It's t"t I.''i '''
below par IN gold. ami II ht apparent io every clear
ne ode observer rhat c c,nuuci i>Snr oi esilirnCet-
with no proVs"n iof en- u',holish ilt - mn.
T., fhrr uuIitut void utterly r;toy 'hc cftdt ~ mo
t;ov-ruuen aul involve tpc CHi - cause In nriieva-
bic d' st'r. Int Al ;nit niou at ne mHiy rim'tio'
with p,rls aui It's prospects. was such mat Tie Gov
ernment mus have money more apldy uiin ne stle
al bonds could i"iniSh IL, anu ne t'"-. VI! VIZ
that tie sale OF bonis would Dc stopped
altogether Gnlcss some definite limit G. dld be
assigned 10 "a Issue oi iegl-t nue. h1es Nc "n'uisy
Congress sought. and successfully sonSl Ia ae5hpsh
hot i ends lime AMI they passed vi Grant
INK Bunir mlons additional lcsatend' tlitusa
tnl-makng trur hundred illons III al-tnd men III.
corpoiatei IN tine same Law n solemn assurance ana
pledge that thU total amount OI bhlttd STATES notes,
.ssur aud 10 10 issued, shall never exceed iof hdr"i
millions OF dollars" And ID ibi, pledge every Demo-
cratic senator and X preventative assrtet, titaer de-
ti,ely silently the Journals OF both HOUSES wl
TIE subsequent rca ueSa ot many "i thc Hrn-
tlcmIn TO tanple must he nron tue bad principle
m ,t,t