The New York herald., 1878-01-16

1873 in the usual ana Inevitable crisis; now our legal
tender paper has length nearly reached par, and how
our securilies came at last to regarded homo
| abroad with such command universal conn
dence and enable tho general government TO refund
large amounts al low rates OF interest For my present
purpose 1t only necessary TO call your attention
TO these results, and affirm that the good standing
| OF tho Iecuritics OF general goverameat Il
duo solely To Tie TACT that capitalists at home and
abroad became convinced that We can and VIII pay
the principal in full when II falls due, and hopes y
meet the interest as II accrues Let this conviction
be shaken destroyed, and the inevitable result will
be destruction OF the cred aud reputation oil our
national government and people; no moro bonds can
be placed at low rates OF interest, and those now
Ing the country OF an equivalent amount
OF gold Nor will the evil here, for honor and
The very touch oi suspicion, and wtthee awas ander
rude blast oil well grounded dstrus So that once
give the world good reason 10 impugn our national
integrity, Which with us rs Identical with that oil me
maJority OF our people. and there is not commercial
enterprise, not manufacturing interest MOI an agr
| cultural Undertaking which Will not soon loci tue
baneiul effects.
now TO STRENGTHEN OUR CREDIT.
The nature OF country. It's situation, the needs
and pursuits OF people such that not only Is II
impossible for us TO cut of commercial Intercourse
with foreign nations but for the return Of prosperity
II is absolutely necessary that should foster and
that 10 ibe greatest Dossioa eX-
| tent in order TO develop markets lor the surplus
products of our fields ana factories very
OF the wealth and industry OF the country-thc soIu
foundation on which ihe entire rests,
ana without which IL cannot exists agriculture.
Agriculture taken in its broadest sense cultiyates
the soil, produces food for man and beast animals
the countless purposes OF the useful ana ornamental
arts. Mining brings from tue earth the cruue ores
which, IN transmitted forms, serve such Invaluable
| purposes. Internal commerce Is the intermediate
| agent which takes The raw material Ton !ae hahds
OF the producer and transfers II TO tho manu-
facturer or the home marKot. Manufacture
transforms this raw material into new aud use
iu shapes, thus preparing ~ ior use ana sao foregn
commerce takes alike raw material aLd manufactured
conveys them to other countries where ~ sells or
barters them ana brings back the results 10 enrcn
our own country. Our country does not now and
probably can provide home market for the
consumption OF all our raw and manufactured
produc,s so that all industry would stag
nate and expire from supply were 1t
not for foreign markets. These various pur-
suits are inseparaby connected that aay ajury 90
ielt by all the others Fertile as Is our
soil varied as is our climate, manifold as are our m
dustres, wc cannot produce within limits all the
useful and ornamental articles that modern clviliza-
tlon requires.
Providence has given us POSSESSION OF cduttnent
placed upon the borders OF great oceans and in the
highway OF trade as 10 make II impossible to AVOID
commerce ana communication with the nations OF the
earth more than that, we cannot Withstand the ac-
ton o that great law which conpejs those possessed
unusual advantages TO use them wisely at the perl
OF decllne and suffering. We must accept the situa-
tion which cd has provided for us and willingly or
reluctantly, acknowledee the iact that we cahnot
avoid commercial intercourse with other nations, and
therefore we must conform TO those principles oil
honesty in tho fument OF obgations TO those stand
ards Of financial values and those comnercla usases
which prevail throughout the civilized world as the
results OF the experience OF maay Centuries nation
individual who borrows money may, II strong
enough to resist coercion or willy enough 10 cludo
pursuit, avoid payment, but certainly the deiauiter
can never again obtain money from, or have any deal
ngS WITH those oognizant of the original traEsac-
tior, save on terms so stringent as TO precudo the
possibility Of repetition Of the knaVery ana ,ma
past. Again, savage tribe, cut OF from the
rest OF the world by the forest or the ocean.
may agree among themselves that cowry
shell shall pass current for pig or COW, or for u
hundred of them; but when civil zcd mon, or other
savages who 40 not place tho same value upon cowry
shells, come among Them for The purposes OK rade,
they win Inevitably refuse accept them at price
pea to know OF some other simple races hving some
thing 10 sell who Will take them al the nclious al-
praisal
PAY DOLLAR FOR DOLLAR.
Now this Affects the agricultural and man nufacturng
classes OF the West and south gate as much as II
does the classes of the scaDoard. Unless
commerce dispose Of the surplus products OF the
West and South their interests must langush, sucr
and perish The commercial men cannot use cowry
shoiis abroad, nor can they, under system which
euacts that cowry shell shall be dollar, probably
dispose at nome OF obecis purchased abroad under
a system which provides that dollar shall DO
just dollar and nothing more or less III the
farmer Is foolish enough 10 accept cowry Tor dol
lar in the sale OF bis grain, he viii iind when he de-
expend 1t at the store tnat he Will receive Tor
it only what the sorekecper considers It's intrinsic
value and not dollars worth, tos the Simple reason
tnat the seller cannot Afford 10 make him present oil
The difference value. The reason why The legal
tender notes deprecated SO mueh at one time was
that there then lttlc confidence IN the ability
oil the government TO redeem them AS that conf
dcncc increased aud approached certainty so tie dn-
ference between legal tenders and goid diminished,
and whenever tho iccDg is universal that the govern
mont can, and speedily will, redeem them IN full IN
gold then they Will be par. The legal tender paper
money never had any intrinsic vaue itsoli any
than the cowry shell; its only value was In tho
greater or less confidence that it would be finally re-
deemed in gold.
LET US HAVE HONEST MONEY.
The case may be briefly stated tnus:-It is our In
tercst fund the Gebl at the lowest possible ratio of
interest, Ia order 90 diminish the burden OF taxaop
II Is interest that large proportion OF our bonds
should be held abroad, IN order hat tue money pad
Tor them may remain IN hs country ana increase the
amount OF gold available Tor domestic uses; u Is
Interest to develop 10 The greaiest ract'cad'e extent
our commercial rclatons with all parts OF the
world order TO dispose OF our Surplus products
obtain what we need OF those oi oiner countries,
and secure Tor ourselves the pronts resulting from tho
transacuon 1t Is our interest To place our currcucy,
or circulating medium, on sound basis, which Will
prevent unnecessary, frequent anu always injurious
fluctuations oil values aud to ADOPT tho same
standard with the rest OF The world, III order
TO facilitate commercial transactions; nnaliy, as
the great object OF all, It is our interest to
hasten the return oil conDdehce security industry,
economy ana prosperity Ia our suffering peoNc lith
view be correct there canbe no doubt that the good
people o the State oil New Jersey will agree With mo
Ia the CONVICTION that IL Is duty to express, in the
ciearest ana most decided terms, rcproD ton OF all
attempts TO Vioate tue sAcredness oil oohgtlions, 10
AVOID The payment O any portion oi our just debts TO
impair the national honor and credit, or TO declare
oy law tnat part oi uoIiar shan
brave be SSso0 TaS dollar proS,Sy oS
SILVER within proper miis-tnat TO say, to making
II legal tender Tor small amounts. 10 secure
use IN small transactions and for convenience IN
making change. But IN this event the sivcr dollar
shoud certainly be made equal, IN present value at
least, to the gold dollar aud la ihat not
probable tnat the inevitable fluctuations would pro-
duce any very serious Inconvenience III nothing Is
done 10 lmpar confidence IN the national credit
are the road prosperity, ana tho legal tender
paper VIII be nearly at par That specie
payments VIII be practically resumed.
HONOR BANKKrPTCY.
More than this logIslatlUn IS carried out by
tie national government destroying tue iesng OF
curiy the part OF investors, capital Will seek
employ shaii the nfst steps toward
ana ue nrst fruits OF returning prosperity IN an
improved condition vi the working classes. But II
tho proposed becomes law, by which a
SILVER doiiar really worth oniy about ninety Is
declared TO be legal tender Tor gold dollar
all trans lcons, values Will pgaln become unset
tied, returning confidence wN % destroyed ana "A
blow struck at our national bonor ana credit, IRON
winch viii recover for oug years, and even
then not before have passed through "A series OF
misi0rtuues lusscs dshonor mat no lover OF MS
country cares TO contemplate Between n government
It's creditors all questions SHOULD be determined
only principles Ui the highest honor aud honesty,
this more where the creditor has power 10
enforce his rights by law. silver has long been u