The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1880-01-30
louisiana 20 Mr.. Beck.
New Orleans Picayune.l

1t may be unjust 10 f0rfn an 0Sei mate
of Mr.. Beck's speech in opposition to Mr.
Bayar1s resolution from the meager re-
port furnished by the telegraph; never
theless, as we have the main points in an
Ineligible shape, we can get good idea
of the argument. The amount of it is
Just what we have read from day to day
in the columns of the greenback newspa-
pers and in the reports Of the speeches Of
the greenback orators; NO new point il
presented. There is not even turn Civ
en- to the old methods of reasoning. 1t
is simply nothing more and nothing less
than the exhausted heresy of imitation
brought forward again in the transparent
disguise Of laissez faire. II is one benefit
of the resumption policy, imperfect
though it may be, that it has dragged the
infationists away from their position of
aggressors, and has forced them to take
the attitude of defense.
Two or three years ago the one great
calamity which they feared and depre-
Gated was the equalization of greenbacks
and gold! Their love for Government
paper was at its highest tide when green
backs were at their lowest point Of de-
probation, and it cooled gradually as the
premium on gold disappeared. Without
depreciation there could be no such in
Aation as they desired. Without depre-
citation there could be no fictitious prices,
no fictitious prosperity, no payment Of
debts at a discount-nothing, in fact,
that the inflationist regarded as desira-
BILE. When treasury notes came to par
with gold these attributes Of an inflated
currency necessarily passed away, and
their disappearance was regarded as the
sum of all evil. 1t may safely be asserted
that now, if these same persons antici-
pated that the equality OF gold and Gov
ernment paper Is to be permanent, they
would renounee their admiration Of
greenbacks and condemn them to that
limbo Of execration to which they have
consigned gold. a..
When, therefore, Mr.. Beck, on behalf
Of his party, gives as reason for oppos-
ing Mr.. Bayard's resolution that to de-
prive greenbacks Of their legal-tender ca
pacity would discIedit them and tend to
depreciate them, it may safely bs as
sumed that this is not the real reason.
Depreciation is sexactly what tho persons
desire who agree in opinion with Mr..
Beck on this question. y n Mr..
Beck tells us that, through much priva-
ton and suffering, we have brought
grcenbackn up to par, and hs predicts
that they will again depreciate as con-
sequence of the abolition Of their legal
tender character. But their legal l-tender
character had nothing to do with bring
ing them up, to par. When they were
worth only fifty cents they were legal
tender. They we're legal-tender through
the whole course of their history, and
their character in that respect did not
affect their, value fractional part of a
cent at any moment after they had ac-
complished the work Of paying off exist
ing debts. aIa. 5e ~ e.ts I'D.
So the abolition Of their legal-tender
quality will not affect their value As
long as this volume Of more than $780,
100000 of Government legal-tender
paper hangs over the country, there can
be no security in our financial affairs.
We shall always be threatened with q
new pollution of the currency and a new
era OF depreciation and infation;to be fol-
lowed by another climax of collapse and
bankruptcy. Mr.. Beck lays down the
proposition that the issue Of money
should be controlled by Congress. Exact
ly the reverse is true. Congress should
have nothing to do with money. Congress
can not make money, any more than it
can make bushel Of wheat or bale of
cotton. Mr.. Beck is deluded with the
notion that a Government fat can bring
something out Of nothing, or produce an
effect without cause. &Ora ua.
| Mr.. Beck should take lessons in politi-
cal philosophy, and, as he calls himself
Democrat, he should learn that real
Democracy condemns and derides the
doctrine Of paternal government which
he is supporting. It may be hard fol
him and for those who think as he dees
to appreciate the fact, but it is fact
nevertheless, that Mr.. Beck, with all hi
fellow-Senators, and with the House o.
Representatives and the President to as
. sist, can no more make money ont o.
inconvertible Government paper thar
they can find the perpetual motion. Ih,
two problems have the same elements ant
are equally uAsoivable.