, 1879-08-22

In tho LQfllf2olo foF1oW OF lilo opposing
policies Of 8pocic-rnymonts aud Of an in
flated and irredoc1uabIo currency, by Secrc-
tary Scuunz. published in TIE TRIBUNE on
Thursday, tho delusions Of paper money
which has no redeeiniug AGENCY wero thor
onehly exposed. The Democratic party of
demand The Immediate repeal OF the lts-
sumption act; that issue has pnssed away,
md tho country is already enjoying tho con-
fidanco and prosperity incidental to q rcstora-
tiop of sound and permanent currency.
Tliat issue having ceased to bo living one,
tic Democratic party Of Ohio mud Of other
States tayo fallen back upon tho demnnd for
the substitution Of Treasury notes for M
tonal-bank currency, such notes 10 bo n
lcgal-tender, and thor issue to bo rcgnlntod
by law OF an amendment 10 tue Constitution,
go NJ to Secure stability Of yalne. Tho
first part Of this "demaud" is readily
understood. It means tho destruction of the
NationRl-bank system. The present uoto
1iabiliry Of the Government il s3lG,slo, goo.
'rhcso the Treasury is under obligation to
redeem. Substituting grocnbacks for Tho
bank-notes will add '?a.9, 100000 to tlls
1,npcr money for whose redemption tho
Government will DO responsible. Tho amount
of papor rodeemablo by the Government
having beon doubled, the amount of coin re-
serve in tie Treasury will have to bo in
crensod also. The amount OF coin rcsosvo
held by bank or Government for tho &C.
de,npsiou Of ita papsr circulation so rs to
keep it at par depends upon public conll-
donce, not only in the ability but also III tho
goo1 filth Of tho institutions US to tho re-
demption Of the paper. Who're thoro is
reason for d!struBt MI to tho wisdom OF tho
honesty Of purpose with regard to tho
redemption Of tho papor, tho danger
Of alarms and runs is Increased, anl every
man would understand ky the iucreaso
of tho groenbRcks tllat such measure was
carried by the opponents Of specie payments,
mud its SUCCESS would severely sl!nko public
coniitlunoe both Ms 10 tho nl,ility aud the
honest purpose Of tho Government. 4 gen.
eral nlarm would result in tho exhaustion Of
tho present coin reserve aul tho suspension
Of Bpeoio payments. TLia could only be
nycrtcd by strong proof that tho party in
tlo majority intonded III good faish to nlain.
thin sproio payments, md such proof could
| ouly DO tho accumulation of q loayy coin re-
servo in the Treagury,--nn addition Of I'm
millions Mt lonst to tue coin HOW on hand.
Suoh au addition to tho coin reserve cuuttl
only he obtained by taxation or by tho Ealc
of bonds. Docs tho Democracy propose tc
raiso lilo millions Of tlollars Ly taxation, q,
by atidIng that much to tlo intereBt-bcnrsng
debt, to maintain specio paymcntaf Cor
tainly NOT. If this addition to tho coin 70.
sorvo cannot be made, then specie payments
must ter1ninatc, md tho country DO thrown
back into tho uacsrtaiutios, disorders, cou,
yulA.ous Of M irrciluc,nahlo papcr~monry
SYSTEM, and oil tho struggles for a sount
financial bnsls vii! ho lost.
Tho schomo to double the grceubaok cir
cu!ation, not including my measure to t,so
yi.lo coin roseryo for redemption purposes
must therefore Aayo tho otfoot Of breul<ut
down specie payments; anl TINT this il tit
purpose mud design there oan hardly 10 mn,
i doubt, because tAoso who advocate It arl
those who opposed rot,,rn to specie pay
1nents, mud who now dcnounro TINT polio,
even utter its SUCCESS hus beon accomplished
Tho second parl Of tho resolution looks I,
a regulation by constitutional amendment Q
tho alnount Of paper to bo issued Iy I'll
Government. This ii simply absurd. Con
stitut'onal amendments aro ,natle by tho al
proval Of 6tato Legislatures. Tho powe
to iucreasu Or roduco tho amount Of pape
currency ,nust bo exercised by tho Govern
munt alonc," IL the programme marked on
by Gen. Ew1xu. ls thsrs auy citizen willlnl
to trust any political party, or any Congress
or auy Administration with sucl. power Il.
this5 Whit IL this power? 6ecrstar.
6cnuIz thus describes 1t:
''.Anl think for q moment what Kind pl a powc
,lIat IL; to determine how much or how llll
nuncy lhe ivup!a sllul have, mud by Frgaiastn
.he toluns Ut currency tn chanRe ,ta yuluc; tn 10
teslntnv arbitrarily what every Ao!lar IN tho ian
shall ue wafth from week tu week ana FEuM day +
day. As said vi anusarr OCCASION, tho currcu
saluc of oyesy p!cce Of property. Of every altlcl
VI merchandise. Of escsy pr.yato fortune, Of ever
chsncu tho contracsnF 'ss in his eun,tacL Ut ever