New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-04

| plain language, simply afirms the right Of the
| United States Congress, when, in time of war or
III any other great emergency, it is deemed neccs
Sary and proper for carrying on the Government
as constituting and vlndicating It's authority and
existence to issue paper bills or Treasury notes
redeemable at the pleasure of the Government in
con) and 10 make them legal tender for all
! private debts and such public debts as Congress
may deem best. There is not line in the decision
which comedies TO Congress the right. even in
the greatest emergency, to make paper money
legal tender if it is not finally 10 he paid in COIN
With every defeat Of our army the green
backs THE promises oil our Government TO pay at
some future time real dollars deprecated in
value. With every rebel defeat, their value was
increased. Our armies finally triumphed the Re
bellion was suppressed: and the authority
of our Government was established through
out the land. Immediately the vaue Of
greenbacks was immensely enhanced; and finally.
under honest and wise Republican legislation.
specie payment resumed whereupon the
Governments greenback promises became equal u
shining gold dollars.
1t takes my patience to see the patriotic measure
under which greenbacks were issued, and which
was useful as our armies in protecting
/ Government against armed rebellion and TO the
decision of our honored Supreme Court, which
I
back currency, referred TO proving the advisa>
| blity of substituting for present sound and
honest money. paper currency based upon moth
( ing rcdcemabe in nothing, and payable at no time
or place
Mr. Sherman so far as | know and believe, is
the first man TO propose a monetary system based
solely money of account II is true that we
might conduct business under our present system
without coming single piece of money equal 10
| our unit of value, the dollar That is 10 say, il
, would be possible to pay debt with 81 coins.
or with coins of the value of any multiple dcci-
NAL Of one dollar. But this possibility does not
warrant the inference that could transact our
business without circulating medium, without
! concrete money. There would he difference
in the amount Of gold and silver which creditor
| would receive from debtor if paid in eagles
than if paid in dollars; he would simply receive
one-tcnth the number of coins that he would
otherwise receive if paid in dollars.
FEW GIBRALTAR-LIKE FACTS
| But il is nonsense to multiply words upon the
! question in dispute between Mr.. Sherman and my
self. / believe some principles and rules OF finance
are as well established as those OF natural and
physical science. If any ore should seek a dis
! cussion with me, through the columns of The
Tribune as TO the accuracy of the multiplication
table; or the truth of the axiom that
part is not greater than the whole; or
| the correctness OF the statement that
the shortest distance between two points is a
straight line or the wisdom Of the Ten Command
| mcnts-I should decline. And what is there IN
the domain Of political economy which has been
more surely established by the experience Of
| civilized nations than the imperative necessity
of some standard Of value through which exchanges
| OF commodities can take place, and by which TIE
| value Of different commodities can br estimated?
| But the need OF q common medium is no nor"
clearly established, by experience, by observation
| by deductive and indnctve reasoning, than Is The
fact that gold and silver are Of all commodities
| the best adapted for practical use in supplying
| this need. Ii is also a well established fact thu;
| the exchange OF commodities will and must t"k'
! rac' the basis Of intrinsic value. A. estimates
! ny thc persons making the exchanges. II
| farmer. in ls64 owned horse that he regarded
| Us worth 800 in gold he would not have rN-
changed him either forSloo in green
backs nor for sheep worth only 500 in grecnbacl's
| lie would have insisted upon enough sheep or
enough 2reenbacks to equal in vane. according 10
] his own Judgment Of the worth OF sheep aad the
| probab ility Of the payment of greenbacks) 500
in gold.
| There was not a day during tho war of the Re
| bellipn during which 4 man could not convert
| his grcenbaclis into gold if lie would accept the
discount, which, account Of the uncertainty
| OF their payment, deemed inst by the average
| Judgment of the business men OF the United
| States
| Is il possible thar Mr. Sherman imagincs that
he has succeeded in stating even theoretically
| how monetary system could BE- established with
out a money Of circulation having intrinsic value
rc-cemablc IN something having intrinsic value,
or receivable in place OF something having intrinsic
! value? Understand do not say that you cannot
| have money %. account with no coin or concrete
| unit of value which is equal 10 the unit Of
| count. But what do say is. that Mr. Sherman
| has by no nI"aus succeeded in recommending
| Theoretically monetary system which would con
! sist solely OF irrcdcrmablc nOnconvertiblc paper
| hills. We should not De confused by tn fact
| that limited amount t.: paper money issued b"
| the Government and made receivable for taxes
or debts due the Government on equal terms
| with coin could bc circulated al nearly quite
| It's face Valuc.
| SHERMhN's GREAT STOCK" SCHEME.
! BAT Mr.. 81 Yman has kindly furnished with
| an illustration which eucidates his theory Here
| il is:
| What seems TO puzzle Mr. Iiorr most Is how 90 ut
tach the power TO represent value 70 that which has
less value or 10 value. As theorizlng does not
| to impress his mind viii try homcly but common
| Illustration 10 set forth the idea
| suppose that have a county government rs
but without the roads. buildings. bridge. echoohou-"-.
ETC., that county should have. We also fUvc peg
| DE brought IN 10 different Occupatipns. We have
labor and materials enough 10 do work with. but
difficulties alisc. only part Of ihe people are bnild
and il is hard a,,igh to each citizen his or her
proportion Of The wori But there 4, secretary ~ a."
| trea Ury who has thought. lie appears upon ia"
with paper. pen and ink, r,rd authority to act
| as tho county's agent.
At the end Of the first days work man appear
who had dug nj trench for II basement wall for Il
County House ard presents his claim against --
| County. The secretary takes little paper and be
| gins 10 write a county certificate
49, County stock.