New-York tribune., 1877-08-04

policy for nations as well as for individuals than
any scheme the wit Of man can devise for getting
rid OF debts without paying them we common
folks, who have only common sense and moral sense,
may comfort one another with the assurance that,
whatever contraction of the currency may ensue
upon the Governments beginning 10 pay its long
dlshonored notes. win be not harmful but sanitary.
Anybody who remembers having had the measles,
can remember the terrible itching which accom-
panied his recovery but he must have been
traordinary fool II, even IN bis childhood, he would
have preferred the perpetuation Of the disease TO
the discomfort inseparablc from getting well
But is there not, after ALL something Of absurdty
in a demand that the Government shall continue to
reissue its discredted notes for the sake Of sup
plying the people with an expanded currency' I
hold greonback note, the indubitable evidence
that the Government owes me ten dollars. An ACT
Of Congress has assured me that IT, at any time after
January 1, 1879, present that note for payment,
shall receive a gold eagle IN exchange for il. But
the Democratic Party in Ohio and loose-o -ointea Re-
publican politicians there and elsewhere, interpose
their veto. "No! Mop they cry in chorus, "t the na-
ton must continue TO dishOnOr its own promises; tho
Government must not, even eighteen months hence,
pay that confessed debt Of ten dollars for the pay-
nent Of such debts will contract the currency Tho
currency, forsooth! Is the continued expansion II
the currency more sacred than the public faith
important than the honor Of the United States
more polite than honestly Is it the first duty of
the Government TO accommodate stock. jobbers and
spectators with an expanded cuuencyl Look into
the Constitution Of the United States. Is it there
provided or conceded that contraction and expansion
Of the currency shall be among the functions Of tho
Federal Government
The power conferred on Congress by the States is
defined IN the Constitution, the great charter which
Is to the National Government just what the charter
Of city is TO IT'S municipal government. Is it made
tina duty of Congress TO supply the people with a
paper curreucy9 Let us see. (Art. l, Sec. ~:
"Tne Congress shall have power to pey the
debts of the United States and 10 that end the power
Of raising money by taxation, direct and indirect, il
granted. Congress has power TO pay and 10 make
al needfu provision for payment nor IS that power
limited anywhere, by imposing on Congress the duty
or by granting IT the power Of expanding the cur
rency The power TO pay is one thing. The right
or supposed duty Of Withholding payment for the
sake of keeping up an inflated paper currency is a
very different thing.
"The Congress shall have power 20 tonOw m0ncy
on the croft Of The United Sdtesp Every one Il these
notes, like every bond has been issued by virtue If
that grant of power. The power to borrow on tho
credit of the United States is the duty OF maintaining
the credit of the United States by honest payment
Of every borrowed dime, whether the loan was vol
nntary ~ in the case of the bonds, forced a. in
tho case Of the notes. Every note IS at once con-
fcsson Of debt and an explicit promise Of payment.
"THE UNITED STATES WILL PAf is the promise.
But the Democratic party OF Ohio cries out Ia full
Convention Don't pay For mercy's sake-for
the currencys sake, don't pay!7 Flexible politicians
of the other party respond - Amen"
What more. that may seem to have some relation
20 this matter does the Constitution tell US just
this: "The Congress shall have power 20
coin money regulate the yaiue thereof and Of for
eign con and lx the STANDARD OF weights and meas
ures" The power to coin money which shall meas
IRE values is one attribute of sovereignty and tho
Constitution trans ers that power from the several
States to the United States. But does this grant Of
power impose upon Congress the duty of flooding tho
channels Of trade with currency' We all know that
coined money is "hard money" and that car
rency' has more comprehensive siguiication, in-
cluding with money properly called all crculat-
ING representatives Of money. What word is there
in the Constitution which binds Congress 70
.he duty or confers on Congress the power of med
ding with the currency, to expand 1t or to keep II
expandedi Where is the word which tells us that
Congress shall keep the people well supplied with IT.
redeemable bills Of credit
In the golden days Of Andrew Jackson " Hard
Money" was the war-cry Of the Democratic party;
and the idea that bank-notes issued by National
Bank. and redeemable in coin at the pleasure of
every holder were as good gold and silver for cur-
rency was a doctrine Of the now forgotten Wings.
believe that the Democratic party Of to-day swears
by the name Of, Jackson; but how would Old
Hickory have sworn at the thonght of Demo-
cratic party protesting against specie and camofoGs
for soft money!
1t is not to Andrew Jackson, but to Shakespeares
Ancient Pistol, that we the motto Base IS the
slave that pays" The old Jackson party seems 70
have degenerated into an Ancient Pistol party
LEONARD BACON.
NORTHAMPTON, Mass. July 81, ls77