New-York tribune., 1841-09-10
For The New York Tribune
q 1ecoro of EOents
Connected WITH THE HISTORY OF THE U. STATES,
,e,-r as ACCOMPANYING DESIGNED ELuciDATE
THEIR FINANCIAL Ass GENERAL Policy
NO. V.


r,or,s in 1895 TO the Of nearly 1870 millions Of
a an excess the exports for this year OF more than
81 millions OF dollars
Tbs mports of specie in 1888 followed by imports
I83s 10 the amount Of 1872 millions, the
pots for the year gilmore than al millions of dollars.
By the suspension of 1887 large amount OF Custom
House bonds lay these together with the Bonds of 1888
we're extended g. and II months thus the receipts into the
Treasury in 1888 found to be but eleven and halt mil
lion dollars In 1899 these suspended bonds fell due and
met the and months bonds and cash payments othe year
Tins making two years payments fall into the
1888 and the result equally disastrous BY the specie
mportations 1888 the Banks stimulated and their cir
catcn again extended and they again suspended south of
New York.
st further effect produced by the passage of the
Gold Bill for exactly the proportion us the standard
value lowered the quantity OF metal composing the
coin reduced exactly the proportion was every article
in the community nominay increased in value. The eagle
coined prior August 1894 is worth Ten Dollars and two
thirds e dollar being 6s per cent above the value OF the
present from this evident that the who abors
M Ten dollars week. and paid gold actually receives
two thirds of dollar less for hi. weeks labor than he did
prior the Passage this other words tie abourer
yhois paid dollar day for his abour in gold receives no
than he did prior this at 933 cents perday
This is generally but establish the truth o the pc
on suppose Congress instead of reducing tha gold g
per cent had reduced half and stamped the metal
.aaed in half eagle Ten Dollars, andthe 'neal contan-
ed quarter eagle five dollars and the ether coin
the same proportion; evident that the paid
dollar after such change would receive more than If he
hd been paid fifty prior the acn And is It not ev
that the who owed thousand dollars at the
sage of the would pay it with enc half the quantity OF
metal after the acl
This operation has been well understood by Governments
for ages and was before the general use Of Banks of
the by which they relieved themselves from debt
England resered such IN 1000. Prior to this
date pound sterling was exactly what its imports
one pound of sterling suer At this the pound
ling was divided into 62 parts. 90 Of which parts called
pound sterling by law Ii has since been divided into 66
parts. This in modern phrase would be called paying 6>
3d. the pound exactly what the British Government did
BY these and the every dollar subject TO the
operation of British law relieved and at the rate
every creditor suffered loss.
The French and of the other nations of Europe still
further deprecated their coin went so lar as TO
leather 1t should be here remarked that there is vast
difference between coming the precious metals and coming
stamping leather paper and vast difference between
leather paper and paper issue evidence oi
debt Paper eridence Of debt entities the holder to
the of coin specified the face OF the bill Simply
coming stamping paper imparts value TO It, any more
than coming stamping the mparts value TO 1t winch
does For instance law may be enacted by which
piece OF leather piece OF paper stamped IN certain
way, legal dollar All the value transferred TO the in-
ddua receiving such leather paper Just what Is CON
aned in the material composing it, and nothing more 1t Is
hence evident that large ct such coins would be re-
Quise purchase barrel Of flour, any ether arce-
Those who from the of money had imbibed the lmpres-
sion that the OF coming stamping impaired some value
might deceived past ages have been but the
thinking portion cf the community would view such bits oil
leather paper no how beautifully cxecuted) simply
toys of no whatever note on demand issued by
responsible individual corporation promising an ounce OF
silver would be very different thing there no
law fixing the weight OF and demand prom
sins pay Spanish miled dollar American c-lned
silver dollar would be very different from piece OF paper
piece of leather simp stamped silver CONS are a
ough the stamp was affixed by the powerful Govern
The stamp has nothing do with the valus
OF the material which the impress is given 1t simply
Cert6es the holder the quantity contained IN IT. Ih''
DONE the community decide tor themselves the vaue 10 oe
attached to
To the truth of this let the Government for instance
take of paper and ounce 81 Iesther ana an
ounce Of. lsad, and ot copper and an ounce
ot srer and an Of gold and impress each one OF
them exactly AS the Eagle is now impressed hsw would
stand the relative value with the community, and which
would they estimate the valuable and which the least
No one Is at a loss TO decide. The two hrs would be
worth as much as refuse paper or refuse leather 'e
third would ne worth fraction over penny ana the
fourth would be worth abou, three cents and the fifth
thing over an American dollar the sixth would be worth
sNtees times as much as the of silver.
But again the operation of the Gold bill which
propose ts view abroad
In Great Britain Gold is their legal tender and the gold
the standard by which all exchanges of property
erned, silver ip England article of merchandise like
copper lead or iron
In France different Valuation the metals renders the
Silver the standard by which exchanges Of property
governed with them.
In the gnited States both gold and silver are used as
ssaadard hence should the gold be withdrawn we have the
silver the silver withdrawn, To the gold
The English cannot do this and the operation By
Withdrawing from England her gold, she suddenly de-
pved OF that by which exchanges of property govern
ed and that which the law recognised tender pay
debts Alarm the part of bsth the Banks and
the Government the natural consequence and
10 vigorous the part OF the Bank OF Lns!and
followed They first refused discount certain descriptions
OF American paper This refusal theirpar: TO afford their
usual facilities again reacted upon the United States and
haStened the suspension 1887 This connected Wit" ih'
events OF 1885 AID 1885, ncluded in which is the Grea
IN enacted by Parlisn,ert Gold Only shout