New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-11-01
Mr.. PIEREEPONT on FINANCE.

Tho speech of the Hon. Edwards Pierrepont,
on the financial issue involved i'll the approach
ing election. though 1t comes late and deals
with n subject much discussed. should not he
passed over lightly. IL ~ not only
clear and strong summary OF the arguments
which sustain the position of the Republican
paIty; il also embraces fresh and Independent
thought and valuable information. The. cx-
planation given of tho nature and use of
money 10 excellent, and no speaker has more
forciily stated or aptly illustrated the funda-
mental truth that. since it is as impossible for
Government TO create money as 1t IL to
create potatoes by law, and since the actual
value of any and every form OF paper issued
by a Government as money depends upon
the credit Of that Government, 1t Ii suici-
dial to pursue n course which must destroy
that credit, and thus render valueless the
currency we have in use. viii 1t
"be believed" asks Mr.. Pierrepont with JUS
tice, that when imitation OF currency had
brought the country INTO distress In 1873, the
Government then added over $31, OOO.OO
"to the inflated volume, and thereby added
| Largely TO our distressfn He might have
added. as strong illustration Of the
strange power of false notions about money.
that this very initiation in 1878 was
passonately and almost aDgriy demanded.
as measure of relief" by many ex-
| perienced men of business, who are usually
sound and conservative in opinion. 1t is not
| strange that a great multitude of COMPARE
! lively ignorant voters still believe that i'm
| finance az hair of the dog will cure the bite"
| That the Issue of more money can in no
! way help those who need help or clamor for
| it, Mr.. Pierrepont plainly shows. The Gov
eminent can by no possibility get the newly
| issued money into the hands of those who
need it, unless it gives away the funds of the
people to prop up shaky dealers and firms
They lack money because they have no ade-
quate security for loan and if notes should
| be issued by the thousand millions, the whole
would 90 TO those who have means even now,
but refuse to lend without security. Neither
can fiat money help, for, as the speaker says
"nOthing can come out of nothing" But the
vain agitation, which can do 10 good by
any possibility, does create dstrust and un-
! certainty. aud thus thwarts the efforts of
! Government and people, and delays the re-
turn to a solid and healthy basis.
| On the silver question one strong point is
| urced which is not only fresh in the Discus
sion, but especially worthy of the attention
of those who clamored for deprecated silver
| dollars in order to give the labOriDg people
relief. Mr.. PierrepOnt shows that the de-
based silver must inevitably defraud the la
| bOrers more than any other class and kecnly
contrasts the romantic honor Of the Gov
! ernment toward all lis foreign creditors with
this act, by which Its own industrious citizens
are deliberately robbed. In the few iIlustra-
tions given of the increased purchasing power
of the currency, enough is said TO show that
the workman of this country, in spite of the
decline lii wages which he shares with the la
| borers of all other linds, has been really i'm
proved in his condition by the policy of the
| Governments. He gets fewer dollars than he
did, but the few good dollars buy more than
he could have bought with the larger wages
of inflated times. 1t will be strange if the
clear-headed workmen Of this country do not
show by their votes that they appreciate the
| change.