New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-04-03
Mouey-Its Science.

ject in such method as pressing ayocations will
permit
For many years we have been studying the
subject-Money The result is, clear convic-
ton Of its difficulty, consciousness that we have
not reached q distinct appreciation OF the diff
iculties and the remedies required; certainty
that until the topic Money! is thoroughly under.
stood, no economic interest can be clearly com.
pretended, and that the public mind is quite in
the dark in relation to it.
In reply to your Remarks we observe Our
meaning in the remark, Experience furnishes
no sure and safe guide" wss-the experience Of
the Western States who have abandoned Usury
laws, Is undoubtedly a true experiences all the
evils alleged to have resulted from their aban-
donment have so resulted, and for them Usury
laws are essential; bat, in Great Britain, the ex.
perience is in the opposite direction; the repeal
OF the Usury laws in relation to commercial pa
.uerls deemed beneficial, and in New York, by
common consent, the Usury laws In relation to
such paper ere dead letter. Are their different
experiences the result Of differences In the con.
diton Of the communities or IL the difference
in the money! OF the two positions, what do
these experiences teach
You admit that there is no " Science Of Money
cistly what We affirm. A science which Is not
accepted as the rule Of action by society is not
properly science-is not effective.
You mistake us; we scout at nothing to us
IL would seem that fZedness was the essential
Quality of measure, ard q measure that would
''expand and contract would require q measure
70 determine the degree of it's contraction or ex'
pansion. And yet a measure of value and me-
dunn OF exchange--a money--is an essential ne
cessty of society. What you desire, and what
nee desire. is one which shall at all times and In
all places equitaby and with facility effect ex'
changes and determine the force Of pecuniary OBJ
legations; what that shall be ls me question: -
Gold. Corn, Labor Credit, requiring the delivery
of any of them on demand, have been suggested
We would not dogmatize, bat we speak with
confidence when we say, that OF these, Gold IL
the best of all substdnttUe things tor the purpose
Labor proper, is entirely indefinite, Intangible
Coin and Gold are concrete forms OF LABOR, ootn
valuable and liable 70 the fluctuations OF supply
and demand; the former has no advantage over
the latter, the latter has immense advantages
over the former compactness, divlsioillty, &c
Credit in all forms, necessarily partakes OF all
the characteristics Of that which Is It's basis All
our efforts will be in vain TO find among suostan
tive things a better measure Of value than Gold. Ii
we go out of the actual, and abandon the present
idea of measuring one value by another, tohere
shall we gol What ideal substitute for Gold can
be discov cred which shall meet the present rant
Of mdnkiRd-which shall set free the Industrial
energies of the race so that men shall not starye
in the midst of abundance, and Labor by millions
be wasted to preserve a few pence of Capital b
Remarks.
sB' is too ready at assertion to be safe
or effective canvasser of subject con-
fessedly so complex and difficult as this OF
Money and Usury. His matter of-course
averment that the Usury laws in relation
to commercial paper are dead letter." IS
directly in the teeth of the mc,,st notorious
facts, as we understand them. Bank dis.
counts, with scarcely an exception, are
made atthe legal rate of interest, and quite
often because ii is the legal rate-abolish
all Usury Laws, and great many notes
would go higher. Now if a poor man gets
= discount he pays but seven per cent. in
terest; but abolish the Usury Laws, and
we have no faith that this would be the
case. Nay: we do not believe it is no0
the case in England, in spite of BIS posi-
tive assertion.
B. shall not misrepresent US with i'm
punty on the subject of currency that
will benefcially expand and contract,
which we hold both desirable and attaina-
bic. He thinks our Currency would be
very uncertain measure;' we say his
would be far moro decentralization
so. Let US illustrate
We will assume that this Country had
Currency of Gsld exclusively and of ade-
qu&te volume.-say Three Hundred Mil
lions of Dollars. B. buys a house or farm
which he needs for $4,000, pays $4,000
thereon, and gives twelve-months' mort
gage for the balance. But while the mort
gage is maturing the Country imports
largely of goods, expecting to pay with its
Cotton, Grain, Tobacco, &c, but the crops
turn out light or the prices are very low
and there is balance of trade against as
of One Hundred Millions of Dollars, which
is paid in coin, reducing our Currency to
Two Hundred Millions. This of course
knocks down the money price of all COM
modities, real estate included, so that IS
house or farm is not worth the mortgage
upon it when the time of payment arrives.
Now almost every body needs money and
wants to sell property to obtain it, which
reduces money values lower and lower, A
great majority are in debt, embarrassed and
looking every wsy for money; thousands
on thousands are bankrupt. Yet all the
time, the bullionist contends, Money is a
fixed, uniform, equitable measure.
Now Let us sunpose the Currency were