New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-24
THE GREEYBACK B4RRIER.

EA 4 4
LETTER FROM THE HON. S. B. CHITTENDEN
RESUMPTION PREVENTED TIE Evil INFLUENCE
UPON INDUSTRY or TIE GREENBACKs-rHE NE
CEssfTY OF FUNDING THEM-EXCELLEScE OF
THE NA1IoNAL BANK CURRENCY
To the Edftor or The Trt6WHc.
SIR: 1t is commonly believed that the XLVth
Congress will repeal the Resumption Act but few seem
% realize It. and public opinion appears apathetc
and mixed than before in regard 70 the next STEP
The occasion dcman Is that the truth Of specie payments
shall he lifted up, that the popular Judgment may be
diverted from shadows and concentrated for the sturdy
defence OF the National integrity
believe the restoration 0f prosperity throughout orr
whole country impeded by vicious currency and
an oppressive tariff, and that the time has
come when the practise OF a precious little un-
nnching honesty, VIII cure the arsl-named and
greatest Of these evils, and do it Immediately
In dealing with questions which confuse public opinion
It is often to conciae and to adjust best
can; but there vital questions OF truth and right
which can never be compromised without disaster ana
positive disgrace The greenback unlike the tariff is
prominently such question. When the exiSencies OF
civil war forced money, there more
division public sentiment about the quality Of IT, than
to-day concerning the paper money issued to
carry on the war between Russia ana Turkey. Every
body then recognized the reenback EVIL 70 be got
rd OF the earliest practicable moment The change IN
public sentiment since then, reflects wildly the magni-
tude OF the evil and our present peril. When
the war closed, men Of assumed, as a
matter Of course that the Government would
be faithful to its clear obligations and promptly with
draw its tender debt For time Congress acted
some W hat in harmony with such assumption, and
sII eISrts were made TO abate the evil. But from
Ss this day the people and their reesen tatIFes
have daed with the grecnDack p'rsi3enily ana mean
while an ii Of sort has cost tue country more
than al our wars have cost since the ouhGias OF te
Government. There r. an ilIePirssipie cOuuct
between the greonbaci and confidence The former Is the
natural enemy o. capital ~ aispenss VII 5pItt 10
cehcr, and as the redetmng agent oI Eool DiA noes
eats up capital. as the lean he Oh fAioah utlDI4cu
unless labor Is Wholly Muepyu1eht ", 'li'.it 'l'Ai
cannot safely engage I'D new business WINE uoFrih-
mgnt usurI- authority 10 maze d %, esal.stlrr O'il
banks have capital auu eNet5 lo'' l.e5 'o ~
gold itself. orecuDucAS represent utDt., oht OF
be-. II tie Secretary Of tine treasury were 70 drile
uu Broadway IN carnage drawn y one
good morse and an elephant urd 'ogg,n,f e
street was clear OF omniDuses; nut at best he would
be found sv %, De uae'a nice and trustworthy team
Therefore repeat that this is question not open
f,r further conIpromse. The thing absolutely good
mp wholly evil J. good, then that member Of the NLIIld
CONGRESS WHO proposed 20 restore prosperity by
euploying the idle OF the country In constructing
a .nip canal from Ncw-Iork City to saf Francisco,
and nav for tie same by fresh issue Of
creenbacss, ia their most advanced and en-
bebteped advocate II evil. they must be got
ria o. and the conflict is 90 hand. How, then, shall
~ explode tine greeuback de usi0n and uproot the evil
ftl strange 10 say. after dozen years Oh via anu
much route,s debate there difficulty or injury 10
ANYBODY involved iu the duin- IT, 1o sAte ls straight
ma t5e way clear OF Jl obstacles There IS no mystery
about H. The simple honest ati It'idItu WIZ ottii1Iun
M manic or lr pleasant sensation. IL VIII bring mo- irtah
disaster or suffering to any person. nrl balA, Ialioaa
coirfr church. newspaper Of cuIpuia.iJl whatsoever
but on tie contrary, It VIII inspire courage
and hope wherever nope and courage can live,
and that confidence, Too, without MAeA tlf..e
can never bc restoration or general thflft
nave never for q moment supposed thai Government
would attempt 90 resume specie pay mems udel tNe Ac
of january SO. II one may JulSe fom tIe uIl Oh le
debate wHon tAo Dll was passed, an attempt "ithou
further L. gsdt0u Was not thought o. nave never ge
heyed 70 practicable ior Government I'D Lo".u on 90
Wise the means FOX tAe payment or green acAs ID gold ON
demand all aues. IN Ialf weather ANA IoL' WI uo'
great Co itself ant great injury az. Y..us'y, a.
legitimate business. II such suggestion had heen maze
81 n yv.u have uccn laughed ont or doors, and Do l5
ofevorflv IN support OF my position, tua no TWO men
have yet been found wHo measure ahAs tAe means re-
QuIrtd Tor the -faAd e1peiiL-eA'' ueo ,lo 49,
experiment udvisCdly, Tor there never mas DeeA
kind. Tie Bank OF EheiahI aulP1.-,eu - ~
whole power OF the British government aler many de-
LAYS resumed specie payments ID ISL Inc Dana lad
rfaI mi tne paper money Doe redeemed re- presented
c1pal ii instead Of proceeding in tne way Indicated,
I'M .rf incurred 10 It's great with Napoleon, 90 be
redeemed n golt on dcmaid ana al the siAe lHe Mid
me- meaus leaving tlc bank 20 follow on, or not accord
iug TO is ability li would have anticipated tIe lre'ell
spect 20 relulu 10 specie pas meme precisely
The proposition 20 redeem g.eenoachs ~ goa Is AZ cli-
revenues were proudly used 10 purchase bonds, az hsL
uromum, havur hi-eeu years fu rum whhe opilSauons
If the Gov lu. nj demand were al All times 10
e had nj par There labor capital ~ EeenbacAs,
aud they are properly payable lu surplus revenues
nv taxation. ntert st-Dcarlng bonds >lcA - tc
frutl boiled down. l. follows, that the banks
must resume specie payments, not te Cove, hLHeh'
Tbe latter can only ana clectuay Iun us ODlkatons
v uuIlu rs ie-Ii-tculcr notes. a. was "e4 loNlhtu
IL ritr -ual tci Ihe oil specie pay ncnls i gOua
Ion nothing. Formal resumption on obscure ana uu-
f,.iy.rc found "a, will surely lead 20 iie,h Naoh-
I u.ty SIC need ONLY TIE substance; ieL Ms Dc CON
FONT with that France Is Our example Franco hia
at we'd tne substance ~ specie payments "ithOut Tue
name since j.. and enjoy IL just ihe same ~
snviuV fta word Oar bank uOics VIII De ~ par Win
,i T,r ur-ft.i Purposes. without strain OF haIm 70
lUg ue lu.I iteIy whenever GoFernluchl SHALL Az
tor1 conversion OF efccLDacis INTO lnletcsinci "
bor,l. Noliug more IS required. Inc question o.
raaeeuliug mont need not be raised. PERMISSION
10 fund.- under cEi ting CIRCUMSTANCE Uoes ho ilhPy
rlf,iI flndn. Iucre margin Tor speculative Ihhd-
iug We nave no -rcat amount " FOUR per cent money III
the country Just now seeking permanent h','lhcht'
and We ARE f.rr nave less ratl@f llAn MORE lOt sOhc
ue 10 come house servants Who. az present. con
srtute large force OF capitalists, VIII probably pun theI
banks: but that b. hcalthm process, and funding OF
rrcenJacks al home Will otherwise 20 ON under the
influence OF n4JIftl laws, Dut 20 ftISsufe lu'
country and strengthen the things which remain:
A. arecubacs disappear, the quauIy OF Eotd requiem
will certainly found ia their place. ana every cill1eh
bo bss a biDErote ~ command VIII know tina; be can
olfa gold Tor 1 when he needs IT, and therefore 10 VIII
ONLY be asked Tor 40 such times II may be- also that
fiiu M home is needed. the success OF tue
syndicate abroad. II cannot De LONG dftcr gltcn1Afhs
are AT par IT'D gold at home. before the credit ol the
Government VII. take the hrst rank IN kGrlge ours
~esrenrfnIly :. Il. CIIrESDES
brooklyn sept -, 1877.