New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-21

capped greeuback has doBe we'll. Congress said
i must keep its Contract with the bondholders.
of soldiers but the soldiers had few representative
ana the 6ondhCiers many introdgesd sRns
he paid In greeBbaeks bat I was bcatten D,
sixty baRk prsdrnts and directors elected By worhas
Occasionally nan who can't read AMI Hrle
steals Little and gets punished. and "a. come.
good deal and doui get punished You viii use the
power II you get H. and capitalists are afraid that you
Il Is proposed now TO substitute for that cur cur.
h go ShG ana cost syeS Bau aS SsR want S
so as 90 hold quarter OF The gold locked up, so t
40 en S yEd d'h T 265 ysS5f s s Then y
are gong 10 say they on specie bash.
We bad gold bass rom isly 10 IsSI, "T net
called gold would Europe and the currenc
contracted aud merchants woald TALL vaiHes 20 dI a
never sinks-mortgages When the pro2ertyy o,. rs
city per cent They didn't decrease ne; such M
vested property sinks. All claim Is tnat every
thing should 20 down alike. You buy house for
5000 and give mortgage It fOItS25 O0 the house
slips out OF hands Out the mOrteage remains ana
Iss7~when everything as swept out OF existence-m
1874 lS4s. 1853 and 1887, when had great one,
mortEsges never wSTered in value II held United
states bonds that would not Waver, j should Ike
neighbours properly for little or nothing; but nave
Opi1iOu OF workDgmeD VINO wll 10 for such cur
rency The depression IN 1887 vas caused 6y can lof
five millions from Europe. Contraction followed mere
and the people were ruined.
A PERIOD OF PROSPERITY
In 1861 the banks suspended again. but the question
of Nations life attracted attention. Lega[tender r
redeemable notes we're issued and there was no
panic from 1851 10 1879 and time OF greater
prGsperityptbe country never saw. wealth IN
creased, and VOrkngmen we're happy, welfed
lodged and taught We had 40 gold cur
renoy. They say values inflated; | like
that kind OF imitation; II put up tenemens and mills
which are here yet II did all manner OF good anu
you get back % true currency you will be the same
once more Cola took the place waere II belongs Is
production OF the earth. We produce more gold than
wheat, but we lock II mp 10 get ready 10 pay
greenbacks. IL lies in the Treasury dead weight
IL Ia DOING nothing but getting ready To t9ke
p PIP ss Is %ieSt better be IN G The miRss
ana 1t would be safer there Applause lt might have
been abroad 20 some OF our debts but Wah not
Wars IN Europe from 1864 10 1873 didn't Interfere
with US at all. During the FrancO-Pfussian war we
sent over S4OOOOOO0 IN gold in four months,
then be guessed n was Bnt in 1857, with god
basis. sending 50 100000 away ruined us There was
crash IN 1873 because got country bank cashier
from Indiana 70 be Secretary He knew every thih x
about finance. He said the way 70 get l1cl
was to contract until the enterprises oi
the country were stopped and panic came
The only thing that saved IA from going an
gre,nbacks. The Bank Of England s. on gold basis
veTtualy, but England has regularly recurring panl@
They regulate the OF the currency by raising lhe
rate of discount TO borrowers, and alter they have
ruined their merchants they suspend sp'cie pas msnl
The only remedy Bank OF England ever loud Tor
sch troubles is the Of irodeemabse paper-tbs0
luto money-at the direction Of the Government