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

strictly preserve the National faith. seek TO maintain
the grecnback at par with CON- 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 DO received Tor
customs duties be paid upon the public debt.
They would revive the old distinction between the
bondhodcr and the noteholdcr, when 100-cent gold
dollar was pad to the bondholder ana an soceht Ie
deemable note the pay OF the laborer. We would
have money for ALL and that good money each d9l-
Of which Will hny 100 cents worth oil FOOD ana CLOTH
One would suppose, fellow-citizens, that Green
back friends after all their prophecies had been proven
70 be false alarms after we have secured and enjoyed
FOR brief period the blessings OF sound currency re-
dcemHblc in coin, would be content TO- let well enough
alone but dropping the Resumption Act tDey come 10
the front with q set OF dOgnas, and invite on
them a contest with the Republican party.
Perhaps the farest I'm which can reply to them
is by first quoting the platforms Of their party in Maine
and Ohlo where the chief political contests of this year
are 20 be fought The first clause OF the Maine platform
is as follows:
The Convention conRratulates the people OF Maine
Of coin and bonded indebtedness of the
Government IN time of profound peace from Sll0O.-
startling to alarm every friend Of the country thar
the reduction OF the rate OF coin interest ana AT te
same time increasing the principal to such an amount
to vastly Increase the coin interest continually under
the pretex Of economy by the reduction of the rate OF
interest," Is such fraud upon the people as 10 merit the
most severe condemnation.
DECEPTIVE STATEMENTS ANALYZED.
This is curious medley Of deceptive statements the
purpose OF which would to be to show that the
public debt increased In time Of profound peace
from 81 90 1865 TO $1,000 100000 In 1879.
WHILE and fact. the Understanding debt IN
1865 was ,29i 90, and that the refund
| ing operations completed, 1t is $l7076i37OO. II
is true that debt 1865 not all payable In coin
S27 O21160 was m the form Of oompoundnterest notes
bearing per cent compound interest, and $500 100000
was payable in Treasury notes bearing currency inter
OF 1910 per cent but the latter having ma
ured, converted eleven years ago into per cent
bonds decrease OF the rate of interest OF 1870 per
In fact the Understanding debt has been reduced
since 1865 in the of 1888 $50 59i &C. and the
nua interest charge this debt has been reduced from
| S15O,977. G07 81 to $s3.773,77s 80.
The statement as made would be absolutely ialse,
but for the equivocaton upon the words cola inter
Now all orr interest, though nominslly PAYABLE in
coin, is in fact paid In currency Our Trends VINO never
misead or hardly ever, make their statement techni
cay true hut really false or tne DteresDcarlls uent
has been reduced nearly SOOO,OOOOoo ana inc yearly
Exactly how our ereenbac, friends can say hatthe
reduction OF of interest under the preeXt or
is such fraud on the people as to merit Ihe
most severe condemnation" Is past nndlhR out Inc
truth Is that the intelligent commercial world, except
only the Greenbackers, has been u OF praise ana won
the remarkable success OF the Government OF the
Uned in the reduction OF its debt and interest
No nation IN the world In ancient or modern times. has
i'm 80 short period greatly reduced the immense bur
den OF debt that weighed upon Us at the close of The
war rs we have that the tax whisky and To-
bacco Will more than pay the entire Interest oil The pub
But they say that this Administration has increased
the nercstbearng debt and they point to the monthly
debt tor proof nave already explained how
tins was temporarily done the process III refundiHg
the debt But on the debt statements hereafter tie ten
forty and tyetwenty bonds Will disappear cease TO
bear INTEREST," so tnat our Greenback friends VIII not
hereafter be msed by this operation nor Do able TO mis-
| lead others.
unlimited coinage OF gold ana silver 10 be supplemented
by full iesa-tendcr paper money sufficient to transact
the business OF tue country" We have now unlimited
coinage gold and there but lite If any, objection
to On unlimited coinage Of silver at It's market value.
Of commerce generally, both 10 India and Europe, that
the whole OF our commercial transactions should DC
t.aa Iut.nT an tyu To of
rather than that it should rest only upon gold"
THE SENSIBLE COURSE RESPECTING SILVER.
This was the view taken by Hamilton and Jefferson.
But to secure basis the coinage ratio must DO the
market ratio. Free coinage Of silver at the ratio OF 10
to 1 means the single standard of silver What we OBJ
feet 10 IL the coinage OF silver dollar which is worth
only 50 cents and which thus will demOnetze gold aud
leave Us only silver the basis Of our coinage. Silver
coin has been made the football of demagogues until
now many persons are led to believe that the Republic
can party is opposed the coinage Of silver, while it
was the Republican party and the Resumption Act il
self that provided for the reconase Of silver introduced
IL into current in place OF the fractional currency
aud ready now to coin without limit at its mar
ket TO gold, while the Grecnback element wishes
10 coin siVeT dollar worth only on an Hytrage 80
cents, and with to cheaper money, TO impair
fact edged 6y All the word beside, that by the
law ~ trade silver has deprecated IN comparative
value with gold, and that the silver dollar of twenty
years ago j. nrnsicay worth per cent less COM
pared with go d. than was them We have tired the
experiment OF coming the silver dollar since II
was authorized I'm 1873 and have coined S30sOl,-
900 hys eh2 Mnon mas orc Pesn npaS ungHg
persons nut Tie Treasury Department has only been
able issue Sl3,3j9 9l2, OF which SG5ls,9l2 have
been since the Treasury. The sensible
to pursued with the silver stIon is to treat IT as
practical one ana to CON IL without limit only when
the commercial nations have agreed upon market ra-
no upon which they can all stand IL Il now believed
that this be brought about by commercial treaties,
and negotiation Is now pending Tor that purpose In
the meantime silver coin should be limited IN amount to
a sum that can be maintained AT par win gold coin
irrespective OF it, value As TO snppiemenng the coin
age by tu cgaltcDdrr paper money sufficient to trans
ycepf fha The amount should be limited TO that amGnt
when cn be maintained AT par III coin; otherwise YOU
shade AM recurrence Of all the evils which we have
suffered the panic. There is but one way OF test
Ing the amount OF paper money that sufficient to trdus
the business Of the county and that Is by It's con
vertibhty into coin on the demand OF the holder.
the PROPOSITION or DEMAGoGUEs.
Again, they say thar they favor the immediate Of
the coin in the Treasury reduction Of the bonded
debt. ibis proposition is the purest demaGogusm
less il desirable have rredeemabe paper money de-
pending It's value only upon the mandate Of the Gov
ernment or what Il called fiat money II we propose to
redeem our money we must have in the Treasury coin
sufficient TO meet any sudden demand The larger the
amount and the greater the certainty OF redemption
when demanded. the less demand there Will be- As a
matter OF course, by holding tns coin IN the Treasury
80 lose The interest that might be saved by its appica
ton In payment OF the debt The amount OF inter-
- 925 OOO and this Is the only price We pay for the
maintenance Of resumption hut 10 compensate for this
OF refnndng S1I.20717 year. and are now enjoying
the benefits OF Teylyug Industry and hopeful prosper
tty largely result OF the maintenance OF specie
uents. Without large reserve OF coin, combination
of brokers bankers wishing To put up the rate Of
tcrct or e. speculate In the market could any day
danger resumption make panic. IL - hard to please
our Green back friends year ago they protested we
could not accumulate enough gold to maintain resump
non aud nOw after resumption, they protest that
have got TOO much.
THE NATIONAL BANKS.
They say they favor the substitution OF greenbacks
for National bank notes. This question Of the connu
apco Of the National bank notes grave difficulty
which should be taken up by the people of the United