The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1851-03-28
From the Toledo RspubIican.
THE LOSS lNsEPARABLE FROM
THE USE OF PAPER MONEY.

l
1.-THE LOSS iNSEPARABTE FROM
THE USE OF PAPER MONEY.
The New York Tsibune, in toyiew OF
a recent afslcIss in BIackwoodss Maga.
zine, on The subject Of the Cure ncy,
wherein the writer us much oyer,raies its
imporiapce,as Others have under-sa,ed il.
'Iexpresses much surprise that his views
shodld so neatly concspond with those Of
IP-ondhon, and other socialists.
II They advocate system Of paper
lmones, based on available properly Of
some kind, as substitute for the precious
}mesals.
I ito us il appearsgss strange as u does
ITO The Tribune, that those who differ SO
much iaiiheif objects, should he found %
larree upon such quesiions and we think
Line trlle explaraiiun is ihsts,he Socialists
haye entirely mistaken the proper means
oflrelievipg labor, and Internationally
advocaiedthe policy, which Of all others,
they have most 10 ~, is as demon,
siralle as the p.aincsi mathematical pro-
bIem, that loss must result from papef
currency taken at the value II calls for.
The necessity Of redemption and the
limited circulation Of such currency,
render This inevitable. 'sao
i + Ini,he larger exchanges Of properly,
\ business men will always prefer TO make
their own paper and cancel the sane,
when tho transactions upon which il is
based. are closed. 8
This is the natural, and, Of course, the
true way to do business. No one will
undertake an exchange business without
fair profit, whether in large or small sums.
The labor Of making The exchange must
be paid for, and by the person who holds
the bill. Neither socialist or tory can
invent any system by which this can be
avoided. Hence the passing Of piper
money Of any sort, for the value lis face
calls for, is fraud, and one one Of those
indirect means of drawing wealth from
she prodacer, the most dangerous, be-
cause the most difficult OF det c,ion.
The system Of Prondlon is in it's main
featuros. the free banking system Of
New York. AT present her bank paper
lis redeemable upon presentation; but so
4 great has been the loss in the City OF
i New York, resulting from It's deprecia-
,ion, that the commercial ncn Of tha, city
have, in self defe zee, been obliged to
organize an immense banking establish
meut for the purpose Of forciug redemp-
1 lions there the result Of which will pro-
badly be 10 drive tue greater part ~ the
paper currency TO other peints in and nu,
4 of shat State. This shows the gteai
difference in the value Of paper at and
away from The place at which il is re-
decmable. as4il amli ti'a@ oAF'h nsi
e. We respectfully ask some advocate Of
paper money TO point out any means by
which this loss can he avoided. The
possession of exchange able properly is
the great essential 10 the activity Of fcom.
merce; and gold is, OF all property, the
most readily exchanged. Its coinage.
which is mere government certificate
offs fneness and weight, by saving labor,
adds 10 its convenience, and enables Us
to exchange i, for other property without
loss. ard with grea, facility. Pr ~
We can rcsdity show that the laws Of
trade ensure us an ample supply Of this
currency, If we will moi foo'ishly under.
take 10 dispense with il. This we do by
our paper CURRENCY, or circulating bills
lof exchange, which, we hnvo shown
cannot lie used without loss. We're such
bills absolutely necessary from the scar
. city ofa convenient currency, having real
value, we have not the least doub, tina,
the same system upon which our ordinary
exchange business is conducted, would
in the end be the safest, as well as the
must convenient and economical. sr
None being deceived in the valne Of
paper, there could be no confusion in
trade, not more or less bills in circulation
than the wants Of commerce would
1require. ,ei 7so uss- 9l4tsssosea tsd
Free trade, which is sil,erbest regnla-
4 tor, by forcing redemprions at allpoinis
of circulation, would. compel the obser
vance of the same general nlcs in the
smaller that are now followed in the
large transactions. fortunately, ihowes
yer, we ore not wi,houta currency which
needs no redemption. Nature hos kindly
fornishcd us with a metal which, meets
the necessity that exists for property
readily exchanged insmaIl amounts, and
the labor of our countrymen on the
Pacific Coast, israpidly collecting it for
use 81 Ygfss si nG9agR Hwa 4
Then let us, instead of bailiing mp
artificial systems for tho purpose of dis !
pensing with il in our business, thank.
fully accept it as one Of the best gifts Of
Providence. lfs'aailia 8h4 4
I J5g4; & Nav YoHK, March 20, 1851.
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