New-York tribune., 1878-10-05

contraction by the withdrawal Of some $l4 ,O00OO
of greenbacks IN 1866 and 1867, of which so much
complaint has been made, for this withdrawal was
countcrbaanccd by increased issues Of bank notes,
and the volume increased as il was ly the reissue,
improperly so called ut wassin fact, rcr issUe',
of grecnhacks, was larger In December, 1873, than
it had been before and Yet there are mtclll-
gent men hardy enough to assert that the financial
troublSwith which the country has been afflicted
for the last five years has been the result of the con-
traction of the currency.
repeat what have frequently said that there
have been financial disasters in the United states
which were not mainly, if not exclusively, the re-
suit of a redundant currency, and the unhealthy
enlargement of credits the natural consequence
thereof. Whatever We may have thought Hca, it is
difficult tccouccyc how any sane man can por think
that the country really piospcrcd between 1868,
when thepolicy Of uon-coutraction was established,
and1S73 Ifit did, what produced the crisis and the
paralysis that foOwcdi Ihree-quarteTs of the
municipal Indebtedness under which taxpayers are
groaning and which renders property IN many of
our towns and cities wcli-nigh viucless and seven
eirhths of the individual debts which have been
wiped eff by bankruptcy, were contracted within
that period. Were these debts indications OF pros
perty Are there any among us, except the saga
cious few who in time Of trouble enrich themselves
at tine expense Of the many, who would Ike to re-
peat the experiences of the last ten years The
brilliant Mr.. Marshall, OF Kentucky. the victim OF
scf-indulgence used to say that " the nights de
bauch would be pleasant enough fit were not lor
the horror of the next morning" 1he hundIeds ol
thousands Of men who, in the days OF our apparent
prosperity. were rendered del.uous by imaginary
gains, would have been happy also if the deIirum
could have been continued but the awakening
the terrible next morning-came at length and with
it the painful realization that there are laws In
finance which can no more be violated with impu-
nity than the laws of health. Financial law was
violated 10y the lcgal-cnder acts, and the maiute-
nance in circulation of a large volume of irredccm-
able paper money after the need of it had passed
away.
We were made conscious of this fact by the crisis
of 1873. We have been suffering from 1t ever since,
and the question now before the American people,
the question which dwarfs all other questions INTO
insignfcance, is shall we profit by our experience,
or shall the country be plunged into deeper sea of
trouble than that from which it Is slowly hut
steadily emerging? Itls a question which involves
the honor of the country and the welfare OF the
people and of none mole than the laboung classes.
I'm one respect It is unfortunate that should come
up for discussion now because 1t occasions uneas!-
ness and apprehension, and tends to check return
ing prosperity In another it is perhaps fortunate,
for tie current OF trade is at present IN OT favor
and is likely to continue so for months, If not years
to come. The golden mint drops-thc true
.Iaoksonian currency-will soon be flowing III from
Europe, and if the let-aloue policy merely IS
adopted the business of the country Will soon be
upon gold basis Providence has SO favored us 10y
abundant crops, that in spite of unwlse legislation
RESUMPTION IN gold will come about without con-
troct,on or financial disturbance. IL will not bc
permanent without the gradual retirement Of the
greenbacks but resumption once ACCOMPLISHED the
'sober second thought OF the people" will soon set
tie the grecuback question, and the silver question
also. If all who are in favor of sustaining the Ma
tional honor, and placing business upon the only
basis upon which it can safely rest stand shoulder
to shoulder III the approaching elections, the dan
ger poiutD will have been passed few months of
the prosperity which a return to the true, the only
safe standard Will bring about, Will put an end to
the reenback mania and the silver delusIon, and
people will wonder that such an absurdty as Fiat
money was ever thought of. The United States is
creditor naton-nothing but badlcgisat0n canp pre-
vent IL from remaining so. The character
of our legislatures viii be determined on
the 9TH OF November next. With the experience of
other natiOus-wth our own bitter experience OF he
last ten years-to guide US can there be any doubt
as to the path we should tread 2 The currency
question Is the only really live question before the
people. If settled rightly by the November ciec-
tons. il will cease 10 he disturbance ihc tariii
and other questions, upon which parties have been
heretofore divided. can wait In fact, 10 important
economical question can be even discussed nttIii-
gently until this great underlying question has
been nut to rest. HUGH MCCULLCCH
Ne,c- York, oct 3, 1879.