The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-08-11

tueCt our paper currency Will De worth par, Whicn
will ada about $4,000 900 to its god value, as stated
in the table. An W. aid TO thus the gold coin winch
Will be brought into use by Resumption We will have
an aggregate oil money OF all klnds. Another fact
worth noticing here The per capita paper circuia-
ton Is now moro than twice great IL before
the war IN 1861 the per capita circulation OF paper
$l4 ~.
THE CURRENCY NOT SCARCE
The claim that commercial depression Is the re-
suit of deficiency OF ncy bald assertion.
If money IS scarce will any one tell us why nearly
~, 0OO 900 in day last week in gov
erntncnt Jour per cent bond or why other hundreds
OF millions are seeking safe investment at six ana
be high, but no man who hears knew OF 1t
selling 50 cheap. The childrea In their play have u
saying that what goes W. must come down This uni
versal law asserts itself against everything except
the immortal spirit period OF nlai ion ana general
TIE fact is credit was too tree borrowing was 100
easy. Loan agencies IN every city and town have
been ana are to-day Offering money on lonR mort
gaees. rms facility in getting money encouraged
men 10 20 INTO specuat0ns, make expensive prove
nents amt spend money more reckcssiy than was
their wont when II was hard To come by.
10 say the currency was contracted and financial
distress followed therefore the traction produced
the distress, is very shallow logic. Moan butt ark
aud the a,od followed, but nobody has ever aeguea
that Noah's ark caused the Hood. In Other countries
where no contraction Of the currency could De as
signed Tor cause great hnancia distress has prevailed
In Canada there have been bread riots. ln China the
suffering has been SO great that even Sir. Voorhees,
rhetoric could not exaggeratc II. In Germany aud
III most Of the Continental countries business
has been Frustrated aud commercial failures Ire
4ueut anu uisusEouss lue same - true Oi Eus-
land, whore recent extensive and alarming LABOR
strikes have put whole districts Ia state OF war
Why, then, snail We repeal tho Resumption act? IL
resumption ever meant contraction II does not now
Contraction Is forbidden by law Resumption will set
tree tho precious metals Those who oppose rcsump.
ton are cOntractionsts, unless they Will avow their
purpose not only TO keep our currency rredee nabe
but 10 increase It's volume TINS the democratic lead
will not avow Mr. Voorhees, may follow the logic
oil his position to tns conclusion, cut Senator McDon-
au Mr. Hendricks, aud their influential following
in the party, VIII not. believe, 90 with him. they
be willing the goucrQiiies
that the currency should be Commensurate with
the wants OF trade. This IN the debate will not be
candid. Do they believe the wants of trade require
an IncreaseY Let US know what democratic doctrine
Is on this question. Alter the repeal o the Resump.
In view oi the bitterness which Mr. Voorhees, ex.
pres es on account OF INC contraction OF tue
aud the passage OF ihe Resumption Jaw the following
bit oil history Is OF great intercst:-
On December 4, 1865, the Hon. Hugh McCulloch,
then Secretary Of tue treasury, mis- annual report
expressed the opinion 'hat the legal
war measures, Dassel IN great emergency they
shoud regarded only az temporary that they ought
not TO remain IN force q cay longer than would De
necessary 10 enable the people 70 prepare for return
TO the gold standard ana that the OF retrng
notes winch have been issued should be comm need
without dely aud carefully and psrsistsntly contin
ued until all are retired"
On December Is following Mr. Alley OF Massa.
cnusetts offered in the House OF Repre- sentatives the
follow hg resolution
isRcsoIved THAT this House cordially concur Ia the
views OF the Secretary of The Treasury relation
the necessity OF contraction Ut the currency, with
a view early resumption OF specie payments
we hereby pledge cooperative action 10 this end us
speedily AS possible"
The resolution passed the House by an afi rmatve
vote Of 144. M Voorhees, voting In favor ol II, BY
this declared, 1rsi for return to specie pay
ments; second for contract on OF the legal tender
currency means oil bringing ABOUT that eud, ana
third, he pledged himself 10 vote for laws that would
bring about that emu 'as speedily AS possibie'
Thirteen years have passed since then, aud Mr.
Voorhees, Is now making canvass Tor the repeal Of tho
Resumption law.
The greenback, in common with every bank note
promise
dollars IL reads the United states Will pay bearer
one dollar ON demand. None oil you would take bank
paper the paper Of an individual that did not
tam promise to pay. And ITS value Is measured by
your faith and neghbors falth that the promise
promise 10 pay, but In it's stead we 10 have
''har or proclanation 1t would run in It's simplest
too pr,ei, some decoration might be added thus -
"Hail Columbia this Is dolar,' or ne
Pluribus Unum this Is ten dollars" or Tor
the pious II might read :-"In God trust to make
This dollar" and the holder would mentally
ada, "ior ne only can" For It IS certain tina. moth.
Ing short Of the 'nst' Of Him who made the world
from nothing can make such bit OF paper worth ono
hundred cents. the grsenback II cniid Of promise.
enid. But, say these men VINO claim '' Tor our rV Con-
gress creative power, We VIII pass law making
lnsse "ls' dollars legal tender Tor all debts, pubic
and private If you did your law would need, "a be-
tween Individuals the sancion OF judicial approval
IL the hsld your legal tender DAT act uncoust
tutlonal US they certainly would 1t would hardly pay
the rag picker 70 gather from the defrauded poor
lat dollars Congress has power by the constitution
y,
borrow money, but that implies . promise 10 pay.
whe neither IN the law creating It nor In the Nat
paper hse VIII you aamt any promise 70 pay. II ~
OF The gresnDack act was sustained with difficulty IN
the Supreme Court Of the Uniteo states The
sustaining II Is put upon the exI rcss power gwen by
the consul ut,on to borrow nouey ana the imp Iied
power 10 emit bills OF credit, helped out by the war
powers OF The government and considerations growing
OF tho supreme crisis In which the coun then
LABOR WANTS A PAR DOLLAR.
ha Ia. tam IN
new species oil money that would not make II u par
dollar, or dollar OF any fixed value. 1t would en-
aOle every corporation and manufacturing company
IN The land, every person employing labor TO guy up
this cheap money anu pay II out at per ~ their
plOy es Tor the last months wages But when those
laDorers SHAH go to the merchant with their cheap
Nat money TO Uuy bread or meat for their families
where the law that can force that merchant to give
much Hour Tor u Hat dollar a. Tor "A greenback or
gold doiiar? He will only give tho value OF dollar
offered and II that value Is uncertain or nuctuang
he will probably give less than It's present value, OUT
OF fear that may further depreciatc his hands.
LABOR is always sold on credit. Flour aud meat
SHOES may DO aud are, 10 the poor sold Tor
Is matter o. hours, OF days. Of weeks Pay comes ut
the END Of Tho day or week, or mouth. IL has oeen
estimated by competent persons that ON any given
day there owing $3.50 OOO 0vO 10 aboring aud
women Tor wages. DO these want 70 DC paid IN
"cheap moheyf"-and yet that Is the base use 10
when sucn money is always hrst put. These wages
have bccn earned on a gold OASIS. Working men aud
women. you asrss That they shall DO paid IN cheap
fiat dollarsr 1 affirm It TO be clear any who
will think, That the money oil The laboring man ought
~ 0e real moncy-not spook moDey-not ''nate
ralized demand, rs oas of the abest aavocates or
nat money has described II, out promise that viii
ucmand materiilze mo sniniug god and silver
doars The dollar no contracts Tor al tue beginning
OF tho month when his wages are named
ought 10 be the dollar he receive at the
Gnu oil the month Money must DO very cacap be-
tore 1t can be picked ny IN the streets, SO cneap
that u win hardly be worth STOPPING Tor. Snort oil
that you eau ouy get u W giving somethns Tor IT
labor or properly. Ii you get IN the exchange iuil
value ~ cheap money you have more nom nal money.
but are you any richer Than II you had got iuii
value In good money! The probability Is tnat the
next day you VIII be poorer, Tor the tendency Of
cheap inoney IL 10 cueapcn. IL Is undoubtedly irus
tna the le-sl tender quaty ana the quilty OF peiDg
receivable Tor customs apd trrnai taxes w0uid give
some value To anything however worthless III itself,
but not certain or ixei value.
The qusty OF beng legal tender, aided oy the prom
se ITS lace to pay, could s.ep the grecnbsck at
par Notning out couver,ibiiity into coin can DO "
tor any paper money
The Dicssins OF tue great crop which the Lord has
yielded To your labor Know Il appreciated, cut let
me give you announcer cause vi tbanKssivng. The dol
lar whicu your LABOR Is rewarded better dollar
than you have ever had III your pocket sinco lsDi
one nundrcu OF them arc worm 500 more tnan the