The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-16

1884, 72si,f0o 5,ssooos $4,000
Frsm this appears that most Of the gold imported
goes through the mint. The quantity Of native gold
coined is estimated $500 900 per annum. Here then
we have through which large amount Of
paper would issue. 10 average times it il estimated
there Of the precious metals lying dead
che nints. tits evident that by permitting the issue
the paper dollar for dollar these dspose that
would become utilized. This feature not contained
Ia any other proposition laid before and il OF
which will tend in great degree to make the demands
of trade regulate the quality of government paper
anoat notwithstanding the restrictions the deposites
Of individuals That restriction 10 that deposss shall
be received from individuals and certificates issued
therefor to the extent of ooe and the issues to
the public creditors restricted similar This
would make the issues 81, 900 oOo which sum would
probably be taken up in the travelling and exchange
operations of the country; when, trade required
I'm larger amount, the coin imported would have an
additional nducement And wy the mint The,
il generally profit attending the operation Of coin
ing under the present law the trans
port and delay This profit would be increased in the
removal of the latter item by the issue Of bills
ceipt of the,metals The demand for government
paper existed beyond the limitation Of the bill,
would operate to prevent the Of these bills upon
the treasury for government Dues Other money would
be paid in and paid out leaving the Issues of the
eminent paper to the public creditor always up to the
ni of the BILL Still there to be no good reason
for that limit it to be certain clog upon the free
movement Of the currency, without ering any 3D.
parent useful purpose. However, appears from the
above table Of coinage and from the Of the bill
government circulation perfect specie hasis >
dollar for dollar to the extent of 600 O00 may be
Issued in short time.
This paper currency forms addition to that which
would exist the circulating medium formed exclu-
svey Of the precious metals It should exclude all bor
rowing lending, in order that all the money efoat
may represent exclusively the actual exchange of
mcdhes, and that the Of values NAV not in.
crease faster than the commodities themselves In such
ease the prices will always depend upon the demand and
supply entirely, and will never rule 10 much above
those Of foreign countries to induce imports above
the real wants Of the community II il favorite arru
nent with the advocates Of high tariff that while we
purchase large quantities Of English goods England
will not" purchase products The falacy Of such
notions is by rsverng to the fact that in the year
1885,, when our imports large our merchants actu
ally found It to their advantoge instead sending Anne
rcan wheatt to ngand import wheat from thence to
this country because England would not buy
our groin, was it because the perncious of
che paper system had raised the prices of wheat 80 high
that here in exchange for SPECIE while our grs
neries were full For the same reason manufactu
red goa in great abundance the full tide Of the paper
currency having Aoated them over the bar raised py
tariff IN Aucuating currency this Is always the case
the tariff acts the specie basis and stimulates
always in advance Of the import 20 per cent tariff il
laid prices rise 80 cent ard foreign goods are sold
at still better profit than before, and still underse the
home manufactures because the cost Of production is
increased in the same proportion. The currency formed
the plan the fiscal agent Of Mr. Cushing precudes
ell such Interference Specie its basis well as that
Of the foreign countries consequently the of manu-.
features at home will be assured by the sgent
those OF foreign countries and while producers con
at home bear the ratio TO each other Il will
be impossible for foreign goods sell here at profit
The manufacturers will therefore be amply protected
without imposing any burden upon the many for the
hene6t of the few.