New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-01
THE PITH or THE NATTER.

TIE IJJU OI mn MI iib'
Ii is easy for any demagogue to talk much
about the money question. But " An Oid
Reader of TIE TRIBUNE" or any one else, can
easily answer every sophistry by keeping IN
mind few facts:
The United States bond is a promise to re-
pay in gold, and with interest IN gold, money
! borrowed for suppression of the Rebellion
Men who were beaten might crave vengeance
upon tbe lender; payment in paper instead
of coin. forced exchange of a debt bearing no
interest for a debt bearing interest, or some
other form of reputation. What business
have loyal men or honest men, with such
schemes
The ereenback is a promise to repay
in gold money borrowed for the sup
preston of rebellion. Changing III value,
rs mere promises must, it wrongcd many,
and Injured all business. To make the
ereenback more steady in value, the
amount of issue was limited and the day OF
pavment fixed by solemn pledge. To issue
more. TO refuse payment, Or to put it out OF our
power to pay, would be dishcnorable repudia-
ton, and a return to worse currency than
we now have.
The cost OF resumption has been paid. 1t
would be folly not to grasp the good already
paid for. We have endured for years,
sacrificed much, and are already begin
ming TO feel the reyiviDg confidence which
q more solid footing brings, and which alone
can make business better. Shall we face
about. and march back through the weary bog
of doubt. uncertainty, and incalcuabe loss,
throwing away all that we have gained
What the currency might have been, If the
Government had not issued as currency lis
promises to pay coin, is a question upon which
no time need be wasted. Paper promising
to nav nothing could have value only by limita-
ton of amounts the same power which
can limit to-day may remove all limits to-
morrow; and a Government unwise or dis
honest enough to issue such Il paper viii very
probably be unwise or dishonest enough to
break down all limits. and issue more as long
as il wants money.
Only the ignorant fancy that the banl. circu-
ation needs to be reduced by Government;
the banks are compelled to secure their notes,
and if honestly managed, make con-
slant provision in their loans for the
redemption OF all that aIe issued. Compelled
to hold back their capital as security, they can
lend less money, and charge the people less,
than banks under old State laws were per
mtted to lend and TO charge. If we abolish
the National system, the states will be free to
maict upon the country wildcat money OF
thirty different kinds, all bad. As matters
stand, we have one kind the same in every
state. by which not bill-hclder has ever LOST
a single cent.
The country has suffered much, and 50 has
Germany. Prices have fallen here; prices IN
gold nearly or quite as much there. Real
estate, always unnaturally cheap when
many are forced to realize, has fallen
here, in Germany, in Austria, III England.
All the civilized world Is suffering. But the
United States has been paying the debts OF Il
great war; getting lid of the reckless cxtl1ya-
CANT and pcrilous use Of promises insiead
of money, and so has something to
show for its sacrifices. Beyond these swamps
in which we have been wading, there is no firm
footing anywhere, save upon the rock OF pubic
honor. Brave men deemed that honor worth
diving for; we shall find it we'll worth working
for, if we porsevere.