New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-13
TO PREVENT REPUTATION IN ANY FORM
SUGGESTION FOR TIE REPUBLICAN PARTY IL
THIS STATE.

TO PREVENT REPUTATION IN ANY FORM
A SUGGESTION FOR TIE REPUBLICAN PARTY ~
THIS STATE.
To the Editor OF The Tribune.
Sir: This country owes to the Republican party
the paper money now curren, in the United States.
This party inaugurated new financial era. ard
may be known in history as the party Of National
currency. as much OF union and abolition Il
indeed preserved the Union and freed the slave.
bat has left In uncertain condition the paper
money 1t called into being.
In the light OF history Republicans assumed a
great responsibility in creating this currency. and
they should regard II as solemn duty 70 place
paper money of the land under proper resua-
tons Never before did a paper money circulate
over vast a territory as the United states ex-
cep, in China. where (as Will be 50 ~ an ex-
perience Of 600 years with paper money Is fu! OF
admonition the Western world
For example the other day at the Philadelphia
Mint. upon opening vault. sealed in 1871 IL was
found that some gold had been abstracted Now
in China the Government used to purchase. at the
market price, payable in paper money. not only
silver. lust az the United States Treasury Is doing
under the sherman act but also gold jewels and
other costly objects. In the Flowery Kingdom the
last Of the precious metal. the last GEM the
last article OF value deposited Disappeared De
ing approprated By the Government or abstracteu
nv it's faithloss officials. and the notes issued IN
paymont were finally repudiated besides Time
alone can tell how long similar deposits IN ths
United States Treasury will remain intact. Arsu-
ing from analogy. the probability. however II Unit
they will gradually disappear. as they ala IN 'hiha
and more recently in Holland. Another tweed
might abstract a hundred millions in short order.
In regard to reputation. this country mas al
ready had as humiliating experience as 'hin"'
There. where National paper money clrcuat'h from
A. T. so ~. the chief characteristic was ma
bitual population. which caused is final d'sus"
The first century Of American paper money pc
ginning In 1850 was also o. repeated rep'hia-
tons closing with the reputation of Cont'neh'hi
bills by an act Of the lst Congress. passed III inc
city OF Ncw-Iork and approved hy 'r"slicht WASH
ington on the iih Of August, 49, when ProVld'i
for their redemption by funding them AT me rae
OF the dollar. that Is. Il hundred 'o'd'S
In bills for one dollar in bonds. Since the we're
not surrendered on such unfair terms. it was, "a
intended virtually population. Paying one cent on
tho dollar is In any case. repudiating - cents.
In 1890 II was admitted on all sides that rcpuiia-
ton had become habit so inveterate ana ih'orrIS'-
bic In America as seemed 10 forbid the Iur'her
issue of legal-tcnGcr paper money. Consequently
after that first century Of reputation. the United
STATES Government ceased issue notes for clrcu-
ls,ion. Thus. In America as In CHINA, the moment
arrived when reputation lei 10 the abahuohhe"t
Of national currency altogether Here our iore-
fathers dlstrusting themselves, deprived the couh-
try OF this important aid to business and finance
cans came into power under Lincoln In China tho
depryatioA has lasted much longer-nearly iw
year,. But National paper money Is very hkcN "'
be revived there some day by the party OF progress.
a. 1t Was here by the Republicans in lSl
SUPPOSE no Government note had ever been re-
rudiai.i IN America since the first Was issued by
Alas.achusett in iegr 1t is not difficult To imagine
this considering that throug aout almost this entire
period tho i.ank England. este bIishcd in 1894
has issued paper money without once rep"diauhE
a single hill. suppose. then no COLONIAL 'oh'-
mental or state bin u credit bank bill. whether
wildcat" or "rcd-dog." no shirrl'sier or toNei'
had oyer been rcpudated in America. 1t Is easy
to SEE. that under such circuinstpnce5 OF Implicit
confidence, and unbroken faith as to the circulat-
Ing medium. t.is country would have ehJoyeu
benefits and advantages which were miser"pY
Try. also to imasne the hi.tory that paper sr
money il going 70 MAKE for !'sclt in the o NIX
y a1y 'na; SsiS1s Su, r. s
niiinie Is In the United States needs no further
lo9[ h"n the ep Ero 5crrut@ Sy Rspu6can votes
in thc House OF Representaty"s On the IN v @r
at the ratio Of IL 10 which would a. a., ~ 90
mean some Transactions rcHTi'i,a9 IN M much
r.,",Iiation a. tho reputation = ., cents on a
rontinrutal dollar ball wa r"ph1iatiHh IN ","n, c
,,on owing To the general disturbing AMI
in part comp"nSatng Eject o. sich Tree 'o"''h'
on he
TvIen,lv the Republican party shouIl' ~
cnlld provii- against the pos@in" f'P,il'.'". -.
,tlv f,rfn ard any extent, even IN th' ''ily'
fnturr Of ~" paper money IT called INTO eNls.e''
TN n.v Consi.iiiiion Dee fran'd by inc 'oi,f
non M Albany. ~ lSsi to when d"IeE"..,S W." ~,
cbn..n N tho election in November Should NJ I.aSt
contain clause setting forth the f''puyl'Sai
e,nhodi-l In the Nations Endorsement OF .Na'i"u ~
hank notes That l. to sty. II shoulf 'otnpo' w
STATE To guarantee all state bank issues II W. 49,
h,v. them again. For this purp"S" IL NhouiIr ~"
hihit the reputation or refusal by IN" Stat' i'r"
ny If any bank bill or other cfculdtihN ""'c
~,,horiZnl 4, be ISSUED under tho laws OF the ,ldV.
'rhnn in time owing the Initiative propensity ot
l,wn,akcrs 4 lik" prohibition would u" iHs"tr,u IN
me constitutions 90 the oth". states anu "''ts ~
"a. 'niicl states Constitution. protecting M iS9urS
~ every Kind from reputation. Ana not piA
v'nuld his provision l." ultimately adopted from
and ia md OF this Republic. but also ny an tnr
o,b,r american republic and Canada. mat wouiu
rrohg HE abolish reputation from lf"hrlhs 7H"i'9
To- 'atc Horn :Or centuries To come -,
SuIlcient reasons could bc laid before IN" con.
siitIifionAl convention Of 1895 To Obtain an hI'n"n.
,,u,nimous vote IN favor II ahoiShng forever u!
The Empire state the reputation or REFUSAL py 1t
nf any issues authorized t. cir'uat" under us l"S'
linus securing the hillhold"r In every case rI-
ninly IL would bc good politics Tor the N,pupIIchh
uariy Ia stand In this election for IN" absolute Ito-
irrtion oc blhoilers ard 10 nominate d'irSa'rS
,l.dr.I TO adyocntc the con'tItutlohal coiiNeh-
lion this soand and ~ yet d.tiuclv"ly k'! ubiiCd"
doctrine. ''nn't ,.r,,bs, october