New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-11-02
GOLDEN WORDS.

A SPEECH THAT ia As TRUE NOW As IT WAS THIR-
TEEN YEARS AGO-sECRETARY CU1LOCh On
IRREDFrMABLE CURRENCY-IIs PREDICTION OF
A FINANCIAL COLLAPSE THAT HE Continuance
or An INCo>vEETIBLE CURRENCY PRODUCED
THINGS FOR GEEENBACR VOTERS TO THlSk
ABOUT.
II has been said over and over again that there Is
nothing new in the present GTcenback excitement.
II ONLY reyives once more the old CrudItes and alb
sIlrdies which generations of experience have e1-
posed, but into which new and inexperienced men,
pressed by the hard times. are forever falling
Ex-Secretary McCulloch i now one of the soundest
and most efficient advocates for honest money. lie
took precisely the same views IN 1865, and the fol-
lowing extracts from his speech delivered at Fort
WAYNE IN October of that year. could
not better hit the present situation II he
had uttered them yesterday, or II, when
he did utter them, he had been gifted with the
mower of prophecy Wherever an honest. we'll
meaning citizen is tempted next Tucsdayto vote the
Greenback ticket lie cannot do y wiser thing than
first TO read over and seriously ponder these
deliberate utteIauces of thirteen years ago
by man who was then nj the head
OF the Treasury Department. and whose cOunsels
have been proved correct by all our subsequent
experience.
krac, oa sps>ch dr'red at Fort ayn, in oobsr -S6
am not one OF those who seem disposed 10 repu-
diate coin "a a measure OF value and "a make Sc
cured paper currency III" sandHid. ON tn" contrary,
belong to that class of persons. who, Tcg.Jdmg an
exclusive metallic currency ~ an imprncuc3bIe
thing among enterprislngand commercial people,
nevertheless look upon an irTedcemahc currency -
an evil which circumstances may Tor tIinc render
"A necessity but which ~ never 20 be sustained a.
policy By common consent of nations gold and
silver are the only true measure of value. They are
the Necessary regulators Of trade. have myself no
moro doubt that these metals were prepared hy The
Almighty tor TINS very purpose than have that
iron and coal were prepared Tor the purposes M
which they are being used. fdNOT "cli-sr urea
convertible paper cuTcnCy-nO other can 10 am eN-
tent he n proper substitute for coin OF course, II
is not expected that there shall be dollar ~ con
in reserve for every dollar ~ paper IN clrculatIon
TINS not necessary. For all ordinary h"" Trans
actions paper currency II sufficient but there are
constantly occurring periods wncn balances between
countries, and IN the United States between i,s IN
frreut sections must be- settled by COIN These ual-
ances ara insignificant IN amount, IN comparison
with the transactions out Of which they arlsc. and
when vicious system of credits does not too long
posi- pour settlements, they are arranged without
disturbing movements OF com. Whenever specie ~
needed for such purpose or Tor my other pnrpnhr
the paper currency Of the country should d. CON
yertIble into IL. and a circulation winch IS not 80
convertible will not be- aud ought not TO DO. long
tolerated by the people The present inconNertlhio
currency Of the United States was necessity OF the
war; but now that the war has GO ased, Tins cur
rency should be brought up to the specie standard
and SEQ way OF dong tins but 10y Withdrawing
a portion of 10 from circulation.
have faith. sir, IN prosperity which - the ci
feet OF a deprecated currency, nor can ste any
safe pat for ia TO tread but that which leads 20
specie payment. The extreme nigh prices when
now prevail in the United states are an unerIlng
ind cation that the business OF the country II III an
unhealthy condition. No arc measuring values by
fsss standard. We have circulating medium
altogether larger than needed for CLIMATE bus
the cXccs. Is used IN specuatlons. The longer
the initiation continues the more difficult VIII II be Tor
To g"t back " he sOd ground of sprci" payments
10 whch must return sooner or later. II Con-
gTess shall, early In tho approaching session, au
lepdl-teuuPTg
OF reduction is commenced aud carried on reso
utely. but carefully and Urudontly NO shall reach
IL probably without serious embarrassment "a legit
innate busnos. If not, We shall have brief period
oi hollow aud seductive prosperity resulting In
widespread bankruptcy aud disaster.
Bur, while feel anxious about the present iufia-
ton, and Iis elects upon the business and morals oil
the country am hopeful thar, by wise legislation
o shalt escape financial coll Ipsr and ] nm conf
dent that gram future Is before the United
States. | am hopeful that tho currency may DO
brought up To the specie standard without those
financial troubles which have in all conn
tries followed prOtraclcd and expensive wars
By the experiences Of tho past tour yraro
We AFRO led 10 the CONCLUSION that our people
have a latent power that always manitestS itself
when required. and equal To any emergency. i
have faith, sT. tas have to the aston, slmcnt
OF tho world. raised Immense armies. iarger apprc-
hchd' than any single nation ever brought ini0 the
held and net the enormous expenses oil war Win
oul borrowing from other nations We shall also Ice
able without financial crisis 10 fund our surplus
currency and interest bearing notes, bring back the
business TO sprclc standard and place the credit
OF mo country on the most stale aud satisfactory
basis. III We do tins. shall accOnpl sh what the
sonndest thinkeis IN Europe have considered an
imposalbiliy, and what other people but the free
anu enitTprslng people oil the United State, Occu-
pylng the grandest country III the world could ac-
cOmplish.
But shonld we be disappointed in these hopeful
expectations should no carly check be- put upon tho
ISSUES OF paper money, should prices still further
advance ana speculation be still further stImula,ed
ana the result thereof bo extensive bankruptcy, de-
preston. and hard tncs the grand destiny of this
country ana TINS Government will he affected.
Inc United States occupy the best portion of the
temperate zone Oi continent. stretching out their
hrlhS tO Europe on tue one side, and ASIA the
othei' anu producing all articles necessary for the
subsistence aud comfort oil the race. Ii cot
ION De King, he Is, thank God, enthrOned
aean IN the United STATES; II bread bs king where
sh"uId DIS capital be but ihIs great Valley of the
Misslsslppl lhs Nation has within itself every
ting that is needed to make II the greatest among
tho family o. nations. Coal and IRON III juxtapOsl-
ton and lncXlaustible supply. Mountains and val
lcvs rich enough IN gold AMI silver TO iulIIsh the
world. for all ilmc, with what may be needed Tor
circulation aud other uses Copper and lead and
0ihor minerals IN no less abundance. a soil Of
wonderful fertility, climate saubrious and DIVER
shed. and above all, republican institutions, and
an energetic and again united people.