New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-27

prophecy OF us Oppuubutb mas 49,
public and frank, and beneficial IN business sense,
fhe naatoD OF paper money and the panic when pre-
eeded the Resumption ACT. Ihe WnOle pIOVess Va ~
1st III NAV 1871 aud has been attended with TeVVlng
business and prosperity The failures that have oe g,
engagements and contracts made before that date'
SHALL. THIS PROGRESS BE CONTINUED
And now felow-citsens the real question is, shall we
20 forward and complete this process OF snail We Eo
back again to the period Of irredeenabe money! Win It's
inevitable resulting consequence of expansion innaoh
and panel AS you the judges Of last resort on o
question beg of you to consider some general prnc
pies gathered from the experience, not only OF our own
Ieope but OF all nations have at any PERIOD malh-
tanned mixed standards Of paper money
Irredcenable paper money Is only lusuned Dy war
carried 10 the extent Of national peril, when the lie OF
the nation is at stake ought to be redoemabe as SOON
as the pu bic exigences Will permit IL s not money
but the promise pay money, THESE are eAlohls oI
political economy the truth Of which all experience hs
domOnstrated issued this money only IN the must
OF such peril Our error If any, has been tnat we nave
delayed too long the measures Of res3nptlonI;
when they almost complete, ana Goi9 a"u a t
paper money are practically c0nYerlOle Que INTO glo
other, when there ia the same money lot Ino n
and the nOtehOlder the rich ana poor Nhen sItSd S
be had for notes and gold IN ample stores Io Uy
of resumption, we Republicans should not debate tne
question OF the repeal Of the Resumption ACT;
With oil our promises record, we shoud NOT De qe
luded by the cry Of fiat money Precisely what IS the
meaning OF tnls phrase 40 MOI AhyM' DuS tt a.
means money that is not measured by any vhef tal IS
reQeETudDle
sanction and value III the mandate OF the Government
and viii vary day by day IN purchasing power. ,o.,
reeeneted restored convertible into coin. the stand
ard OF an value and the medium OF all payments am
FOR the preenbaek against "fat money. great ma
fiOp like ours rich in varied resources, with Tree peO
Die OF remarkable intelligence is not driven TO resort TO
any expedents which would affect the public credit or
the public debt or disturb harmonious relations IN
trade with foreign nations but should ADAPT ts money
any other money, aud maintain It's standard OF Naue
high that Of any coin ever issued rom tne mint
G,r aoFv N hO ~
sire tine result but Il Is clear that you can only
uni 1 or rs a1nonnt or by actual redemption in
coin when demanded II that is what you mean OY
Sdat" money then we win not disagree, but 1t is well
kpoWn than those who advocate "hat" money want to
increase amount beyond q sum tnat can Oe main
tanned at par with con and seek thus to cheaper
money by making II less valuable than CON-
/ can imagine how a deeply in debt and hoping
TO escape bankruptcy desire TO cheaper the money
10 which his debts be paid but should labor
ing man. whose daily toni Is measured by the money ne
receives desire to cheaper that money Why SHOULD
farmer his productions for money, desire to
lessen It's purchasing pOwerf Why should prudent,
thrifty, industrious man. engaged IA any Occupation,
hopes by thrift and INDUSTRY TO accumulate Tor
himself competence desire TO nave ms labor measured
by money OF unstable Nalue III Is lhe interest," "
every engaged in industrious employments who
not spec1lator or broker 10 nave nXeu STANDARD
les or belong to any industrial classics OF life, and
have hope from a deprecated money, you will be
SENATOR THURMAN's MISTAKEN POSITION.
Senator Thurman, my colleague for many years In the
Senate was of this class OF Democrats and although
our financial did not exactly please him and he
generally voted against Them yet he freely said, ike
Mr. Bayard and Others he desired resumption and stood
by the old jackson Democracy favor Of hard money.
The e1lgeneies Of party tactics led him recently
make speech to which, with entire respect for him.
desire briefly 10 reply. so be seeks TO show his
consistency and concurrence with his feOwDemOcratS,
It is domestic matter, and VIII not interfere. but
of the positions taken Oy him must contest he SAYS
- thnK rdO them no injustice when say that the
leaders OF the Republican party are IN favor OF directly
the opposite cOursehat Is 10 say, they would retire an
The geenbacks IN order that then places might be nied
with National bank notes"
Senator Thurman Is greatly mistaken In tins position.
As have alre dy shown the Republican party Is not ~
favor OF reung the geeLDseHS IA oLel tAaI 'ier pace
some Republicans. like some Democrats, are IA iaYer
of me United States Withdrawing from the
business of issuing paper money, but the Republican.
party taken such position ana now distnct-
" aims the right and duty OF the Government te
Keep in circulation such an amount OF United states
SeTy law an6orizing these notes there Is limit liked
TO their amount. During the war the guarantee was
shonld not exceed 800 900 OOO and no authority has
ever been conferred upon any Ocer Government
to reduce amount below S3OUOOOOOO, but now tue
minimum limit is fixed, as have already stated,
Thurman openly advocates increasing the amount OF
United States notes outstanding from S346OUOOOO 70
s6GS 900 900 By issuing United states place OF
the National bank notes outstanding He deelales that
the principal feature or the Democratic platform Is tBe
proposed substitution Of grechbacRs for National bank
notes. He would thus render specie payments lmpos
able during this and, perhaps the next generation AM
TINS II time when specie resumption, winch be has
strongly favored Is on the eve OF success.
THE POSITION OF THE REPUBLICAN PARTY DEFINED.
The position Of tine Republican party is In favor Of
reenbaeks restored to their normal condition paper
money equal to coin aud redeemsbe in the de-
mand OF the holder while the position Of the Democratic
party as stated by JuGge Thurman is IN favor OF the
issue aud maintenance IN circulation OF SG8SO00OOO Of
United states notes without any provision whatever for
their redemption their conversion into coin. This
issue is distinctly made and for distinctly acceptit
We favor paper money redeemable In coin, aud
the largest amount that c0n he maintained at par with
CON- Whe he amount Of paper issued directly
on tie Government, not convertible INTO coin with no
provision for ITS redemption and to an amount that no
one has claimed BE- maintained at with coiu He
bae nd lar with e0in as it to MAINTAIN S346 900 900
greenbacks ami S322OCO,OOO haiObal Bank notes az
notes are payable in greembacks and not IN CON- aud
that they are 10 be redeemed by the banks
States No coin reserve is needed by them
for such redemption TIE issue Of these notes aids in
stead a. obstrneting III The bank notes are not
In any sense the Of the Government They areShe
notes OF private corporations amply secured, redeemed
by tbeI main ained by them, they fan 70 redeem
ihem, security az ouce be applied 20 their re-
circulation 20 issued by private corporations enables
maintain in circulation nearly twice as much paper
money could be maintained at par I'm coin II Issued
directly by the Government
WHY TnURMAN's PLAN IS WRONG.
His plan would directly violate the provisions Of
the loan laws, under which both United States
bonds ana notes are lshuec Nnich expressly
the amount United States notes to S400O0Oo0O This
would be a violation Of the public faith, and would i'm
pair at once the public credit and do inconceivably
more harm than could give profit TO the Government
This scheme OF his encounters directly the decision Of
the supreme Court OF the United States, and would. no
Doubt be held unconstitutional because provides for
very large increase Of United States notes In time OF
4rofound peace where such eXgenoy % Is eOntem-
plated by the Constitution or decision OF the Supreme
Court exists Justify such issue. This policy would
nj once drive Out Of existence the whole system OF Ma
tono banks which have been the alone by which
fate banks haYo prevented rOm issuing circuat
Aug notes. The only ranehise the National banks re-
feiye from the Government which induces them 10
maintain their corporate existence Is the right under
limit fixed BY law 90 Issue circulating notes lake THIS
FROM them aud tney womb cease, without excep-
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