The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-06-06

| in the reign Of Elizabeth, that silver, then being
the standard of value, received that determinate
weight which il maintained without variation, and
with constant retusals 10 alter 1t, until l7l6, when
| gold was substituted for silver the exclusive
| standard of value. The standard OF silver observed
until ZIG was liked about the year 1907, hut IN 1l1
the value Of a guinea was determined TO be 2is:,
and for certain period both gold and silver constr
| tuted the standard OF value. In the year MA,
/ however, it was enacted that no contract should
be discharged in silver tor any sum more than f25,
and, consequently, gold became substantially the
| measure OF value IN this country, and II continued
TO be the measure OF value legally and practically
! until 1887, when that fatal measure, called
| the Bank Restriction Act (hear, hear,) for re-
moving restriction, and permitting parties to issue
money at discretion, without being convertible into
coin, received the sanction OF the Legislature, and
| disturbed not only the practice but the theories
and notions of men respecting the standard OF ac-
| count. Clear, hear.) From 1877 until $50 public
attention was not much directed TO this important
subject; but in 1910, men of sagacity obs Ived that
/ the exchanges had been for considerable period
| unfavorabe to this country; that they were more
unfavorable than could be accounted tor by what
called the balance OF trade In the monetary trans
actions OF the country, and invited public attention
| to the subject A committee was, therefore, APP
pointed, and considered the subject, and opinions
| then novel were stated by them-namely, that
pound meant, in fact, nothing else than definite
quantity OF the precious metals and that those who,
IN their issues OF paper, PROMISED to pay pound;
ought, in tact, to pay 1t. CLEAR, hear) Ihat
| House of Commons we've not convinced by the ar.
gumens used in favor OF it. The prevailing opinion Of
! the pubic-their minds having been disturbed by
those novel views which h d prevailed since 1877
was, that it was a nio.nentary deiuslon, mere
speculation Of political economists, and that some
thing else was sgnlfied by apound than definite
weight Of precious metal; Those who contested
| who agreed with him, were asked to specify what,
in their opinions, the true definition of a pound
was and must say they had the fairness, In short
and definite sentences by which, at least, you were
able to comprehend their meaning, though not the
thing sgnfed, to state what, in their opinion, The
money OF account which was nOmnally pound
did represent 1t will show how, much mems
minds were confused aud perverted from truth on
| which the light of demonstration has beep shed to
select one or two of their definitions OF a pound
| sterling. Writers who stand high In public oPin-
| ion gave these definitions OF pound and must
say, singular as they are, admire them more than
the writer's Of the present day, who publish inter-
minabe pamphlets, containing their doctrines on
the currency but never a9G yS%d glimpse
| terry However, the writer's | am now speaking
of adopted more honest course of proceeding -
One of them said-"A pound may be defined TO
be sense Of valne in reference TO the currency,
as compared to commodities" Uaughter.) An
other, writer who professed to have exhausted
his faculties in considering the question, dissatisfied
with the former definitions, and thinking the pub
lc had right to something more definite and tan
gible, stated there Is standard, and unit must
be found TO make it that unit Is the interest OF
E33 g. Sd. at three per cent-Uaughte)-or one
is money Of account (Renewed laughter.l !
will only trouble the House with one more deini-
ton, which is this" the standard is neither gold
| nor silver, but something set up IN the lmagln.
alton to be regulated by public opinion" cloud
laushter) 1t was supposed 1t that lime that the
doctrines promulgated by the bullion committee
were the visionary speculations OF theorists, and
were unknown IN the former monetary systems OF
this country But this was not the case as Will be
found on reference to every writer OF eminence be.
fore 1907 Mr. Locke, William Petty. and others,
who had never been familiar with an nconyertlble
paper currency, arrived at precisely the same con-
| illusions Take the opinion OF Mr. Harris, an ofl-
Ger OF the mint, and most eminent writer on this
subject. Mr.. Harris, writing more than century
before the appointment of the bullion committee
says:-' In all countries there is established "a Ger
tain standard, both 10 weight and hneness OF the
several species of those coins In England the sill
yer monies are to contain Ill parts OF fine silver
| and parts of alloy-that is, the pound troy win
lis contains ii or. pennyweights OF fine silver
and Is pennyweights OF alloy and of pounG
troy OF this standard silver our money pound con
ans 2o62 parts-that Is TO- say, pound OF this SIT
, continued invariabie ever since the 43d Ellz by
the standard of money is always meant the guam
thy of pure, fine metal contained IN given sum
In England accounts are kept by the pound ster
ling which is certain quantity of fine silver, ap
pointed by law for standard " He was wrltin:
at time when silver was the standard in England
t"Aii payments abroad are regulated by the course
of exchange and that is founded upon the inriHsi,
! value, and not on the mere names OF coins. ,
Thus this gentleman, writing $50 years ago, anticl
pated the discussions now going on, and laid dowr
the true principles with respect to the measure Q
value. And he went on to say, We may break
!. the public faith here, and cura the long-estab
lisbed measure of property, but foreigners viii
make ample allowance for what we may do; and
however, we may rob or cheat one another
will secure themselves, and make an ad
vantage Of our discredn, by bringing thu
, exchange against us beyond the par" Thu
this gentleman, writing $50 years ago, anti
cipated the discussions now going on, and iait
down the true principles respecting the measure o
value. He said also, 90 We may alter it if WI
please in our dominions, we may break public
lath if we like, but foreigners will make ample
, allowance for whatever we may do in that way
and however we may rob cheat one another
will secure themselves, and make an advantage o
) our dishonesty, by bringing the exchanges agains
! u.s." In that simple sentence, written l50 year
!. theory of the measure value (hesr, hear); and
wish it might now be considered that these ee
; mentary truths were fully established. (IIenr
, hesr) But it has been my duty, as far as possible
feeling as do the deep Importance OF this subject
to read the different publications which have ap
peared on this subject; and am perfectly con
vnced that there Is not IN the public minr
in this country general and .pervading agree
ment as to what constitutes the true measure
Of value. | may suppose that men give gooc
proof OF their sincerity when they publish oc
tavo volumes (hear and laughter.) Well here
is a specimen OF the whole OF these publications
out it is most complete proof that this great truth
which TO many of us appears to be established o.,
the same evidence a proposition in Euclid, is al
this day and hour utterly denied by many persons
Here is book published on the 18th OF January in
the present year at Birmingham, (aughter) and
more than one person processes to be concerned in
its publication. Now, wish to do justice to al
parties, and say at once that do not believe that
at any other town than birmingham this publica-
on could have appeared CHEERS and laughter)
and moreover, that do not believe il Is in the
power of any one person to write so much nonst nse
in any one volume Genewed aughter;l ltpurporis
to be the production OF "Gemini," and states ex-
pressy in the preface, II is right TO mention tina,
although some Of the great principles which we
have brought forward have been stated to be the
principles of the Birmingham economists, we are
by no means DESTROYS to have it understood thai
III 10 Rirmlngham alone must be conceded the hnnnl