The morning call., 1892-12-17
WORK TO BE DONE.
FairChild Talks to the
RefOrmers.
RETAIN A SOUND CURRENCY.
Cleveiand's Former Secretary Thinks
the Government Has Not Power
to Create Legal Tender.
Special to THE MORNING CALL.

BOSTON, Mass. Dec. 16.-The annual
dinner of the New England Tariff Reform
League was held at the American House
this evening. The president of the club.
Henry H. Pierce, was the presiding officer.
The speakers were Hon. Charles S. Fair
child. Secretary OF the Treasury under
Cleveland; Hon. Harvey NJ. Sheppard,
Josiah Quincy and William B. Rice.
The first speaker of the evening was
Fairchild, who said, in part "Those in
favor OF tariff reform still have a duty to
perform. Our business friends ask fer
stability in business, but they have built up
an artificial system whereby the business
OF this country has been held up
above the natural conditions. Instead of
seeking to do the thing requisite 10 the
maintenance of this system they have
sought to divert the minds of the people in
every possible way from the consideration
OF the true subject. They formed the habit
OF contributing vast sums Of money
to buy elections 1t is useless to deny
that the Democrats are equally guilty
with the Republicans in these attempts to
corrupt elections. But within the last few
years business men have contributed of the
gains which came to them. as it was sup-
posed through the Government for the
hardly concealed purpose of buying cleo
uons. These eontributings of substance un-
dermine the foundations of society.
I'VE have before us very grave ques-
uon, which Involves proteetionism. govern
mentalism and paternalsm. and that is our
currency system.
ut is the common belief that the Govern
ment has mysterious power to infuse
value into substance otherwise valueless.
n Q6I 70 sha
which Is already substance by put
ting it in the form of bank bill or coined
money and calling it legal-teDder money.
don't think there is any power in the
Government to give value to anything by
adding legal tender quality to it.
During war, in this country,
with the same volume of greenbacks,
the same volume of business and the
same amount of antecedent debt which
could be paid with that money. it would
vary enormously between morning and
afternoon. The legal tender quality has
not var ed; the need for money not varied;
the population not varied. the business has
not varied. What had varied was the average
Deilef oil the American people as to the ul-
innate redeemabiliiy of the promise to pay
Ihat IS The reason money has been so
varied and the legal tender quality has been
so utterly powerless to retain the value of
1t. When the United States is no longer
able to fulfill its promise to make
good that credit. then money must stand on
It's owu foundation and its foundation must
be the value of the silver bullion in the
world. There is no more statesmanship,
there IS no more sense in depriying the
American people of one of the most useful
devices of modern times because some one
may sometimes lose by 1t than there is In
deprislng them OF other forms of CONNER
elai credit. In lace OF the vast usefulness
OF a good banknote circulation which
will pass from hand to hand readily,
but Is not legal tender, l say it is utter
imbecility for the American people to lie
down and say that they cannot do that and
that they won't do it.