New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-02-10

DO1tOu soNo VI
The Sarah Sands, Capt THosPsoS, for this
port, has now been nineteen days at sea.
Currency, lpterest and Laber-nr. henoEg's
new Work.
We trust we have already made clear the pro-
position which seems 70 us most essential IN Mr.
Kelogg's theory-nsmely, that the present iegai
TO say nothing Of the current iAegai) rates u IN
terest are entirely TOO high and tend to continual
absorption Of all the profits and most OF the pro
ducts Of Industry by the wealthy few entailing
dependence and restitution on the unportoned
maryland that the disparity both In numbers
and condition is Ia state OF settled prosperity,
continually increasing. This tendency may b.
somewhat counteracted by our laws Of lnheri-
lance. by msfortones and revulsions in business,
by the lethargy and extravaganza invited by Atio-
ence aud the energy, mental and physical, swak-
ened by Want; but 1t is stronger and more per
vading than them all. Let any Colony, Town,
County or State commence its civilized aud social
career with three-fourths Of its wealth possessed
by less than one fourth Of its peopie-which is Of
course the common case-and let the poor oonse-
quently become tributaries 10 the rich either as
borrowers, tenants or hirelings-three different
aspects Of essentially the same thing-and the ac-
emulation of interest whether at six or seven
per cent will far outstrip the increase OF property,
which can hardly exceed two per cent. thus con
tinuay incre asing the advantage of the fortunate
class and grinding down the large majority into a
deeper and more hopeless slavery. The imme-
date effect may be termed excessive interest, ex-
orbitsnt valuation OF property, high rents low
wages, dearth Of employment or what you please,
Dot the practical result is all the same.
How shall this overshadowing evil be remedied
Reduce the rate Of interest, of course. But how
Which one or which dozen Of the mice shall aftx
the bell to the cat concedIng the performance OF
the feat eminently desirable Mr.. Kellogg main
tains that it is clearly within the power OF the
community, the State, the People acting through
their constituted Authorities, 70 make money album
dant even at two per cent To effect this, he
urges the creation OF NATIoS.L SANITY FUND
or General Loan Office, with branches throughout
the Union, which shall loan to every who prof
fes ample and reliable security therefor the notes
OF the United States, not bearing interest re-
deemsble in specie, but redeemable on demand in
Safety Fund notes drawing interest in specie at
the rate of one per cent. The former, or Money
note, will be receivable for public dues and clrcu-
late as currency, resting on basis OF public faith
and on the securities pledged by the borrowers to
the extent Of double the amount Of their several
loans. Whenever the amount OF them In clrcula-
ton shall be excessive, they will be promptly con-
verted into interest bearing Stock. and rice
Hence will follow three consequences l. Money
always equal in quantity TO the actual wants Of
the community 2. Money always to be had by
those who can give good security for its repay
ment, and to the extent OF such security, at two
per cent. per annum and 3. any excess in the
volume OF the circulating medium convertible and
promptly converted into an interest bearing Stock,
and thus disappearing. To this we may add that
the Government, loaning largely at two per cent
and borrowing at one without interest, would
realize handsome addition to its revenues
Mr. Kellogg's general ideas of Money have al
ready been propounded and discussed through our
columns but We may barely glance at them here.
He holds that Money has purely Tor mainly a
Representative value-in other words, that an
ounce of coined gold will readily buy twenty bush
els OF Wheat or ten yards OF fair Broadcoth the
making Of two Coats, or the furniture of poor
mans kitchen. simply because mankind, for the
sake OF the ascertained convenience of some such
common solvent have agreed to affix TO so much
gold certain high value and to measure all other
property and values by this as a standard. 1t is
not denied that gold has certain intrinsic value,
founded on a conioint reckoning of the cost Of pro-
ducing or procuring 1t with it's uses in the Arts,
but it Is denied that this would secure it anything
like its present power current value but for the
consent Of mankind to receive it as the common
measure and representative of all other values
Whenever this consent is temporarily overborne
BY circumstances-as now In Caliiornis-god be
comes very ordinary commodity and fuctuates
in value more rapidly and widely than Wheat or
Cassimeros. The Eagle and the Bank Note are
alike Representatives and Measures OF value
Such are the fundamental ideas developed in
Labor and Other Capital, and very forcibly urged
as iumining the darkness OF the Social labyrinth
and indicating the way of escape thereirom. We
do not entirely agree with them but they merit
the grave attention of phllsnthroplsts and states
men. That extensive National issues ct Uni
form Paper Currency, based on ample pledges OF
Real Property, will yet be recognized as most
bcnehcent means of insurng employment to La
Dor and increasing the Reward thereof we have
little doubt But all things must hide their time,
The SroPPASE AT THE SuseuEHASSA.-We
like ooolness-in TACT we rather admire it-bui
there is such a thing OVERRIDING the sublime
The Philadelphia and Baltimore Railroad Compa
ny have put out of countenance sl iceberss except
those which appear to be situated on the hne Of
their operations 1t is now fully ten days since
their line of travel was broken and their regular
operations suspended by an ice food in the sus-
quehanas which carried away their ierry-eoat aud