New-York tribune., 1878-12-28
EIAT MONEY tKRORS.

Plain speech sometimes Otlends. Especially
it oflends those who, having turned deaf
ear to repeated demonstrations of truth, sud
denly have forced upon them the conscious
ness that they appear to be either dishonest
OF destitute of reason, in the eyes of intelli-
gent men all over the world because they
persist in repeating untruths which ev-
erybody else has seen refuted, and In
DENYING facts which everybody else
has seen demonstrated. Yet 1t often
happens that the expOstuatiOns of those who
"having eyes see not, and having ears hear
"not." move the jealous defender of truth to
repeat again the demonstrations so often
disregarded, and to reiterate once more the
facts which ought to have become familiar
long before to all readers of ordinary intelli-
gence. A letter from a friend at Greenpont,
for example, asks: SIS 1t not task worthy
"of THE TRIBUNE to attempt the cure of
"fat-money lunacy-by fair arguments rather
ethan by hard words 7" This gentleman Is
hurt. And yet he has read THE TRIBUNE to
40 little purpose OF with so little understand
ipc. that at least FIVE hundred columns of aru-
ment addressed by us within the last year
alone TO the reason of men who think az he
ever he actually is not aware that any such
argument ever has been offered! Does he
really suppose that daily journal can repeat
the whole FIVE hundred columns OF fact and
reasoning every time it refers to the fiat
money theory? Is not a daily paper com
peled TO take it for granted that ordinary
readers know some things-the alphabet, the
MULTIPLICATION table, the rudments of geOgra-
nhy and the leading facts OF history, for ex-
ample 2 Yet the expOstulating letter proceeds,
in defence Of the fiat money theory, be it re-
membered to say
First up to 1865 the policy OF the Republican party
was in favor Of paying In gleehbacks the bonds
agreed 10 paid. reference 10 The speeches OF John
sherman In the Senate and Th.ddeus Stevens in the
House during the Summer season OF 1865, will prove
tnat at that both of these statesmen-eminent Re
ppblicans-were in favor Of paying the bonds in
backs and against the policy OF contraction Of tire
renew They then stood upon the platform of
the Rreenback fanatics OF to-day.
Does the writer of this letter know the fact
that not a single one of the bonds which Sher-
man, Stevens and others deemed payable in
legal-tenders Is n0W outstanding? If he
knows that fact, does he not deserve
harsher language than any we have
applied TO him or others like him! But if he
does not know fact upon which turned the
whole campaign of 1868 and the first election
of President GTant-a fact OF which the first
act passed by the Congress of 1869, and
signed by Grant rs President is prOOf-a fact
which runs through the entire financial history
of the Government for the last ten years, and
has been most prominent in every campaign
or public discussiOn-then what, in the name
of common sense, does be know! In brief:
!. Certain bonds were issued during the
war without specific designation whether
paper or gold dollars were to be paid. Ii was
believed, when they were issued, that no
paper dollars would be outstanding twenty
wears thereafter, when the bonds would ma
tuTe.
I'll. Certain Republicans argued, before the
election of 1868, that these bonds and not
aRy others were payable in currency. The
great majority Of the Republican party, as was
proved 10y its declarations in the platform
adopted by the National Convention OF that
year, believed that these bonds ought to he
paid according to the spirit and understand
ing of the acts under which they were issued.
The Democrats adopted the contrary opinion
neutrality-suspicious.. Upon that issue
the contest of 1868 ended w an oyerwhelm-