The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-07-24

Inc amount OF coin and currency In circuia'ioh
the LIST inst. was as follows:-
United States notes. s3i6.6sl0 l6
fracuChai currency io'oaa'ooo
Certihcates ACKNOWLEDGEMENTS. l,'sSoooo
DaiiA notes..-.. o.''o'io''
Total. $40 O95 96S
showing an aggregate OF si.ol2 .Sso.9l5. or sai II
inhabitant.
The amount of national bank notes has actually
Increased since the LIST of January in the sum OF
s59ooo23. so that the result OF resumption has been
TO increase instead of diminish the actual circula-
ton.
Again. they demanded that the bonds should be
paid n greenbacks. There a question. upon
which honest men iairiy differed whether the hve.
twenty bonds were not properly payable in United
done. though the paymen. of the bonds in green
backs would have increased their issue, in violation
Sr .ne nm. ., prescribed by the loan
in perpetual dishonor and depreciation; but now
they have been so paid by resumption. All the five
twenty and tepforty bonds redeemed this year,
amounting to S53 676. $780, have Leen paid in green
backs. ana the interest on all tho bonds is paid
in grecnbacks. and all this is done without raising
any question OF good faith with the public creditors
They also demanded that the customs duties
should be paid il greenbacks. This is now daily
DONE without question: us the result of resumption
We receive United States notes all purposes and
all demands. and pay them out for all purposes and
on all demands Resumption has enabled us to do
this. 1t has accomplished every object which the
greenbackers sought to accomplish by the repeal OF
the Resumption act. Should they not be content?
What more do they want? Are not we who have
brought about these results better entitled to the
keep the greenback dishonored and irredeenable
note? We presided the birth OF the greenbacks,
and guarded them in the cradle. The democratic
leaders denounced them as a fraud, with the marx
or Cain on their brow. as worthless. to be bought
some day by the cord We have crowned them with
honor. They arc no longer deprecated, but may
travel the circuit Of the world equal to the best coin
ever issued from the Mint
GREENBAcK POLICY IN MAINE.
The policy OF the modern grcenbacker is to depre-
ciae the greenback destroy Its purchasing power
to make it depend. not upon the intrinsic value of
some imaginary value given to ii by law. The peo-
hackers who strictly preserve the national faith.
seek to maintain the greenback at par with coin. and
those who. with utter disregard Of the public faith.
wish to restore the old state OF AFFAIRS when the
greenback could only be passed at discount and
could neither be received for customs duties nor be
distinction between the bondholder and the note
holder when a 100 cent gold dollar paid to the
pay of the laborer. We would have money for
ALL and that good money each dollar OF which will
buy 100 cents worth OF food and clothing.
One would suppose, fellow citizens. that our
greenback friends. after all their prophecies had
been proven to be false Alarms have secured
and enjoyed for q brief period the blessings OF .
sound currency redeemable in CON- would be con-
tent to let well enough alono but. dropping the Re-
sumption act. they come to tho front with a set
OF dogmas and invite on them contest with the re-
publican party.
Perhaps the fairest way In which can reply to
them is by first quoting the platforms OF their party
in Maine and Ohio. where the chief political con-
tests of this year are to be fought The first clause
%
Tho Convention congratuates the people of Maine that
the increase of coin and bonded of the
i to- In n h ss 80 stopnS as tn
s % OF the at x; thu Of
tho principal to such amount vastly increase tho
by the roGneon Of the rate OF i. such
tho people to merit tho condem
This is q curious medley of deceptive statements,
the purpose OF which would to be to show that
the public debt Increased in time of profound
peace ST. 900 in 1865 to 81 600 900 in
w ilp N in fact into haar
debt in 1865 was S2,3Si $3.50. 294 &C. and now that
the rounding operations are completed IT Is
not all payable in coin; $217 024 100 in the form
OF compound interest notes bearing per cent COM
pound interest and $S300OO.0O0 was payable in
Treasury notes bearing currency interest at the rate
OF $40 per cent, but the latter having matured
converted. eleven years ago. into per cent coin
bonds decrease OF tho rate OF interest of $40 per
cent. In fact the interest bearing debt has been
duced since 1865 in the OF s5ss $4,000 &C. and
duced from Sl50,977 .697 81 to $S3.773,77S 50.
The statement made would be absolutely false
but for the cquivocation upon the words "coin in
terest."
Now all our interest. though nominally payable in
coin, is in fact paid in currency. Our friends who
mislead. or hardly make their statement
technically true but really false. for the interest
bearing debt has been reduced nearly $600.OO0OO0
aud the yearly interest S67. 5000.
Exactly how our greenback friends can say that
the reduction of the rate OF interest under the
text OF economy "is such fraud the people TO
merit the most condemnation" is past find
ing out. The truth is that the Intelligent COM
mercial world, except only the greenbackers has
been full Of praise and wonder ut the remarkable
success OF the government OF the United States
the reduction OF its debt and interest No nation in
the world. in ancient or in modern times, has In
short period so greatly reduced the immense bur-
den of debt that weighed upon us at the close OF the
war have, that now the tax on whiskey and
tobacco will more than pay the entire interest of the
public debt.
But they say that this administration has in.
creased the interest bearing debt and they point to
the monthly debt statement for proof. have al
ready explained how this was temporarily done in
fhA nf pnfn dinu I'm do, nnfp fha 1n
statements hereafter the ten-forty and fve-twenty
bonds will disappear or cease to bear interest; so
that our greenback friends will not hereafter be
msled by this operation nor be able to mislead
others.
Again. they resolve as follows:-
to be- supplemented by full legal tender paper money sun
cient to transact the business of the country.
We have now unlimited coinage of gold. and there
Is but little. IL any, objection to an unlimited coinage
Of silver at its market value.
To quote from Mr.. Grochen:-
1t for the interest of generally, both in
sha % nss shs whole OF our %
upon gold. '"''
This the view taken by Hamilton and Jeffer-
son. But to secure such a basis the coinage ratio
must be the market ratio Free coinage OF silver at
the ratio OF IL to means the single standard OF
dollar which is worth only eighty five cents. and
which thus will demonctize gold aud leave only
silver us the basis OF our coinage. Silver coin has
been made the football of demagogues until
now many persons are led to believe that the
publican party is opposed to- the coinage of
silver. while it the republican party and
the Resumption act itself that provided for
the recoinage OF silver. introduced II into current
use III place OF the fractional currency and stands
ready to coin it without limit at its market ratio
to gold. while the greenback element wishes to coin
silver dollar worth only OH the average oghty-ive
cents. and with view to cheaper money, to impair
contracts and to Danish gold They refuse to recog
nizc tho fact acknowledged by all the world besides
that by tho law OF trade silver has deprecated in
comparative value with gold. and that the silver
dollar OF twenty years ago Is ntrinscaly worth
10 per cent less. compared with gold. than 1t was
then. We have triod the experiment Of coming the
silver dollar since 1t authorized In 1873. and
have coined x35 s0 900. Every effort has been
to put 1t in circulation without forcing II upon
willing persons, but the Treasury Department has
only been able to issue $13 $50 942 of which
have been since returned to the Treasury The sensi
bic course to be pursued with the silver estion is
treat 1t Us practical one and to coin it without
limit only when the commercial nations have agreed
upon market ratio upon which they can all stand
Ii IL now believed that this be brought about
by commercial treaties. and negotiation is now
midi fal Inn II linz