New-York tribune., 1876-02-28
THE CURRENCY QUESTION.
ADDRESS BY PROF. w. G. SUMNER.

EANCE-lUE WAY 10 kEStMk AND bOii1o VI
PATRIOTIC CITIZENS.
IrRoM AN OCCASIONAL CORRESPONDENT or THE TRiBUNEl
NEw-HAvrS Fob. 26.-ThIs evening Prof. w. q.
Su,oner elyered an address before the New-Hayen
Chamber of Commerce on the currency question:
lie treated of the position OF the different classes OF
the community upon the question: the various
schemes for reforming the currency, the effect Oi
paper circulation "a shown in history. and the sure
and speedy way for this country to bring back specie
payments full abstract of the address Is gwen
below:
The two great questions which to-day demand the
study of every American citizen arc economic qnos'ns
the currency and tariff and Of these the currency for
the time being has the first place divide the commu-
nifty In respect this question into three great classes
first those who have become indebted on innauOh
yaues and are now ready seek any device which will
enable them throw tbcir losses on their creditors
secondly those who have been innocenty and ignorany
deudod into undertakings hut who are not yet
prepared escape throwing loss on their
thirdly those whose personal interest Is not involved
shah address myself to those classes In their order
THE DISHONEST DEBTORS.
No one will admit that he belongs TO this class but
have to show that it follows necessarily from any prop
oston which really offers relief TO those who are now
suffering from distress. For we may dress II out Ia as
fne words choose 1t comes back always 10 lna-
tion OF to nothing Tic demand to make the currency
eaual 10 the demands Of trade does not come from
manufacturers merchants ana banSers, but from
those who are carrying property for sale While the mar
krt falling II the Government should attempt TO sat
isfy any such demand IL cOud Go 30 only Dy nhaheai
measures which would overthrow and ruin every sOuna
bnsiness in the country Have the gentlemen who want
things simply let tried to estimate our loss in the
last years of stagnatioRf We must get out OF 'hS
position, and to stand stil is impossible.
DUTIES PAYABLE IN PAPER.
Let look at two OF the cries oil the men WHO
despise shs school men" and " abstTsetiois's' ana
would abandon all the teachings Of history We are told
that We have not legal tender enough that is all the
trouble We should mako the notes legal tender for d
tics and then they would be worth gold. the nrst
pare this would rob the Government of its gold income
and violate Pile lged faith Of the nation In regard 10 us
bonds Gentlemen make hght WORK oi tne
pledged faith OF the nation, although We can
all remember when we watched with scarcely
lass eager anxiety for sale Of bonds than for the win
ming OF battles and who dared then suggest that the
American people would ever fa OF fulfilling their prom
tses to the letter9 The gentlemen strangely ndier
ent TO OF public credit an interest "hch Is III
tangible sunshine. but as beuohoent To every man
living on the soil In the second place, 1t is sranso
measure Of relief to those who are now In distress
to propose to raise the paper to gold at biow II the
measure proposed could really do it, In the thrd pace
ask how anybody knows tnat receN
ing the paper for duties woulu f"se IL
to its gold vaus The premium due to the snperaouhd-
ance OF paper with reference TO the demand o 'he
counry for currency. II opened new use or de-
mand for the paper 10y taking it for duties IL would a
prrciate a certain extent, how much no man can tell
far wider objection TO ths view OF the su9ect H
that it assumes that the Law makes the dollar, tha'
the illegal tender Is the secret. 1t eorrupts the
minds Of tho people b. teaching them TO believe
In this wretched deluSion that The Gov
ernment make something out Of nothing althoush
individuals cannot On value currency Az tiJ f &
ment can cay what amount Oi iuetal shaL Dc
dollar 50 that when enter into contracts theJ may
words they use. When the Govern,De issues Legal
tender paper 1t takes away this junction 0 Tue
the properly OF citizens. ana gives tici men ,l I'M
OF paper says that contracts among si
be settled BY such paper % s1Sh c tyS'e@ oreS c"D' u
less you say the world has osea LII. .iis-
sHd scca it5. aud what wa needed only that ron
berry should regulated by law Read the leSs,lloa o.
10 It's notes and you will find ia 1t ias inS blot on te
history Of our mdependence Go inner ScS 10 % gon
among tue rest. and yoa VIII Ind pal one soIs
industry 0rOug.t To st.ndstil, commerce arrested
tuo public duanoes prostrited social ofer broken Up
the fa OF IN man tuIne 10 LaiTed tIe piOSp,I,
OF the state aunhatci and you VIII see th
OF soLrme naStOians 10 uado Il, ana lea'ih- u,
people To waste and begin again aier years oi
which witty FrenchHa.n has defined as systoul b!
for putt.ng dat theory OF government IN practice iLe
two gTaniost are egai-lendcr pHpoi-mohry anu poo
tive iAriG
THE THRBR-sIXTY-FIyE BOND SCHEMES.
These notion take many forms taat tncy eiule eX
animation but there thrco groups of 800 bond
schemes which very dRcreat from each other First
there is the plan proposed ia the PTesehts message, u
sell 365 bonds greenbacs AT the rates for money
which have prevailed for year is possible that SOM
ssh bonds might bo sold. although should judge not
many in Wow Of usual OF interest IN TINS cOdn
try So far as any were sold 1t would be
measure Oh contraction, and would tehd 10 specie
pavments This measure has affinity with the Oihef
two seeJndl it hss proposed u Tx limit to the
amount OF r6eHbicks at present ana ten To aiio"
them to be exchsn od for bonds or tno bonds exchanged
again for reeuDacks at the option o the public So ia
as this plan could be made to WORK, II Eouid
contract and tIon restore tie amount OF the
currency. out would never carry ~ - "1ose Io ~. ~
0utStaAdnS III Onels no ie'i, ~
IL these cha nOrlng Tor ara loh "A hNii p" oh
Of tbe CURRENCY IL Is open 10 tIIoo s.'.'S % o1s
a. IL would only oompilaate aud c1huSc ylnes "oi ~
than they nov (&) No man cIb uOuOt thst IL
would % only sisp t9@aid il,''U; & IL & 40 soI W.
vantage ground ior dc'haAa of new issuee -
the lii reached again. ana our experience "uo' ~
warn MS taSt such a 1 de1and ~, souu ',c coc for
resisted. l3I Ihe scheIno wOdl oncf sICn c-'o @ io
nnan ;lcrs 10 money al uavly t6t aa easy
as they have dreamed OF yet IL 10 prOoaed 10
establish sIie OIL thnsS In "nlen oi'Iue d S,s'r % 20
up money at toir Will, ahd tAe Oh.1u ns-tes nV1v pay
them 3O5 pr cent interest On ~ wniic Lney hed IL II
"a probable that would never gO mo opera
ton auy "G.or way. 49,. :, "a s.,.,.
II is te i1s all ior IT lakes all names ana
makes ali preloLscs MI Keloy's bin proposed as ol-
The Treasury Ia hold oneiOurih Of these ana speio
the othcr ecu rters Ia pei ceIt boAds On de1a
stss"' sose 100000 Of g,o:nOaeks in market
Treasury aDd take t6os the Treasury Guys 97oOVO
worth OF per bonds The stIo OF things the Is
bonds; On tho n.ardot 100000 3O1a, S075OOO green
backs The holGess of 365s tHen return tnen aud de-
mani I1ccnbackS 1ne Treas ny holds only 7-0'oVO
Where Is At to get moret 1t can only p.InI
$1,000 more The stllns ilen - s Ia IIo1Sury,
aarket 81 ,Oi5 greenoaeks and S7oOIJ less pr
eents tn at nrst IN Is II the pan eOaid wois AT ,i
OLD foAy S rejected ~ 1863 BAT ~icn nAs os
etll lui, .t1