New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-07-24

collected from the banks IL wOuld violate the public
ing the public debt that the amount OF United States
notes shall not exceed S400000,O00; It would make
necessary larger reserves to maintain resumption on the
increased amount Of United States notes, and would
eventually lead To the abandonment OF all ldea OF
specie standard and again launch the country on the
irredeemablc money with the inevitable result Of
wild speculation, panic and bankruptcy. Cau 10 be- mat
the shrewd sagacous people OF Maine cannot see that
by Yielding Inch TO these dogmas that threaten the
public faith aud specie resumption they open the sncc
way To repuilatiOn ana cOmmunisni Let us III ul5
time, their charters expire deal with these National
banks may seem best for the public interest preserV-
ing always the public honor and the specie standard
This platform says The volume OF our money sn0uld
metals met or w5e the c ss Of Th dogma
absurdity ts face Money Is only needed To buy
production and the quantity value ana demand ior
productions create necessity Tor more or Tess money
IN precise proportion TO their amount nXed volume
OF paper money is what the Greenbackers have hitherto
comp aimed Of and one OF the chiei merits o te ~
OF free banking Is that 1t gives an opportunity Tor the
ebb and Cow OF currency. the Increase or dmnution OF
the volume depending not upon the caprice OF corpora
TONS but upon the demand and necessity Tor currency
In this respect National bank notes have greatly the
advantage OF paper money issued Dy the Goyefnmenl,
which only be paid out according 10 the wants ana
necessities OF the Government III the conduct OF public
business. The true doctrine is that volume OF paper
money, always rcdccmablc In coin and maintained al
par by ample reserves, increasing and diminishing ac
cordng to the demands OF business should p provided
by the National Government under general laws, ree
and open 10 all alike Our present system consisting
Of gold and silver coin equal TO eacn otner ana United
States notes and bank notes. always redeemaDe comes
the ideal form OF money than has ever heretofore
been devised by man.
GREENBACK POLICY IN OHIO.
So much for the Maine platform. Let us turn now TO
some dogmas in the platform Of the Greenbackers In
Ohio They say, first: ." The General Government
should Issue ample volume OF full legal-tender cur
rency The business needs Of the country and to
promptly ray all OF its debts" Here Is the broad doc
trne that General Government must cOndnct all Its
operations with fat money made full legal-ender.
and supply enough to meet the business needs OF the
country. How much does This dogma demandl For the
latter purpose, pay its debts 1t would need about
700 900 OOO for the former purpose according to
moderate estimate OF conservative Greenbacker, it
would require anywhere from 70O0OOOOO to $1,000,
600 900 more words they propose to strike at
the foundation OF values by the issue of redeemabe
paper money to be used part IN paying the National
debt i'm violation " the public faith. and the balance
ega-tender upon al contracts and debts between pr
citizens. IL IL strange that none 81 men shoud pro
clam such dogma and not be able TO that the only
effect would be to destroy the value Of this currency,
aud 10 compel CT liens to resort TO barter ana, finally
with without law to coin again. This Is the extrem-
ity OF Greenbackism Ia OHIO.
Again, they say: 1--WE are infexibly opposed to the
Issue by the OF bonds ofany
description for any purpose whatever" If dogma
had been adopted by the Government, IL would have
been utterly helpless during the recent war-withOut
credit without the power To borrow money, without the
power to conduct tue operations OF war; or to carry on
foreign trade The power borrow money is ind spens
able To every Government of civilized man. Btrbataus
may 1--we without trade or contracts or debts but "A
country that had except TO issue paper
money under dogma number one, ana denied the power
10 contract debts under dogma number tWo would he as
weak as rope Of sand, and under these conditions,
Government would relapse into anarchy or despOtsm,
They also say: "Ihc National banking system should
he in,1,ediaely abolished" This only differs from the
Maine platform tnat It demands that the National
banks shall be Immediately abolished. They will not
wait wear or a day. Without warning they will compel
he collection of ali tine notes held by the banks and
precplatc ruin upon every business man or mauuIac
They further SAY: We demand the immediate call
ng-in and payment of all United states bonds IN ul
lega-tenCer money"
THIS is stu more monstrous, when it is remembered
that no OF the United States is now due or redeem
bonds that have matured by the issue OF per cent
bonds, in the way L have already stated. The next
bonds that redeemabe are those known as The long
bonds Of 1sel issued before the Legatender Act was
passed, ami the per cent bonds Issued under the Re
fudlD all of which expressly payable IN coin.
IL VIII be that this dogma demands that we should
violate the oL inI cohIiact, l. oly
10 the time when the bonds shaL De pam, but az 10
the IN which they shall be paid. There was at
one time an honest dispute TO the terms aud cOnd
lions upon which the hye-twenty bonds would be paid
PAYMENT OF BONDS IL GREENBACKs.
have been arrdgned recently in your city for ncOn
sistency because years ago, in letter to Dr. Mann.
insisted that by far construction OF the loan
der which the five-twenty bonds were Issued,
they. were payable in grecnbacks So L did
contend and SO I say now; but I also in
sisted that We were bound by law and pub
lie policy after the over, to advance these
note to par in CON- and thai could not take adyan-
tage OF our own wrong in pospOning the redemption Of
United states I'm order 10 pay bonds IN Cepre
eiaed and dishonored paper money! and this principle
was the basis OF the act 10 strengthen the public credit
passed March, 500. Well we have at last redeemed
our pledge 20 the noteholder, and have now paid
these very hve-twenty bonds in United states notes with
far greater saving than # We had paid them in green
backs ten years ago and with infinitely greater adydn
1hsTe is now no public debt about which question
exists to the terms and conditions upon which must
by the Wholesale and place the United states Of Amer
lea in far position OF diSh0nor ana reputation
than Mississippi or Louisiana, or Egypt or Turkey.
Is possible TO further In the road OF CNhOnor than
proposed IN these platforms f-lad yet inc Democrats
~ Al4fu ID d.
gauizatlOn which for half n century controlled the
estincs Of the Government are asked at the eLd OF
az the public honor the public faith, ana all the cher
ished principles and aims OF that party in It's pamy
of eXtremc opinions. at with everything that was
,I nv ffrson or Madison or Jackson or any OF your
tn,r- Louored leaders | know that IL Is against the
u6p1nCu against the instincts OF Oldashi0ned Demo
r,t. ~ Train under snch banner ana / appeal to
mem now 10 cone 10 the rescue OF their cOuntry-not TO
be carried By party name or party oause 10 me
dishonor Of their country and the shame OF Their
nave sometimes thought that the Democrats of the
Nr1Scrn STATE have been led through devious paths
enough by the rebels OF the South IN their effort to de-
stroy the Government, and III their later movements 10
sap and mine an lhe sreat poGrrs Vl he o ihe ~
en- led ask you 20 follow them IN voyage more dau
irons npon Iogmas that cannot meet the PLAIN
sense and reason Of patriotic citizens, SUCH
pose the great body Of the Democratic party
A sCANDALoUs CHARGE SHOWN UP.
One of the members of Congress from the State Of
Maine the Hon G. W. Ladi is reported 10 have paid his
attention TO me, III speech I'D THIS Guy, III the Ioo"hE
language: "Mr. sherman has sold $4,000 600 of 4
per cent bonds in one day to bloodsuckers who
choking the country, and he should be impeacheu" BY
this act In single day. the Treasury Department saved
TO the people the United states the sum OF $1,000
0OO The "Dloodsuckers" 10 whom he refers those
who purchased the $lO,OO0,000 Of SO refunding
tifcates who formed in long lines in front OF 500 post
Offices in the United states, each demanding the sum of
800 or less certificates in exchange for United
states notes and the purchasers OF 500OOOOO United
states bonds taken by banks To be sold again 10 citizens
and throughout the United states ana
Furope bearing the low OF interest NJ which the
Ined States has been able TO negotiate Its secur
tie. Tic proceeds were within ninety days applied to
lie payment OF bonds which for sixteen years the
OF the United States had been pay
ing : per cent In gold. These "bloOdSuck-
- tho most monument ana en-