New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-01-29

Whit Inn Of Iron Merely given ltan-
,,,y 81 head Iator-noi the labor of machinery;
and nhue labor in America IA worth, say one
H.. dav. while in England It is worth but
h.ua dollar-and while capital with Us is worth
,iv rer cent per annum, while in England II Is
worth but ,hree--ii IS not possible tina, Iron,
which is constituted Of hand labor and capital
can be sold in both positions AZ the same price.
There IS in this matter some occult Influence
which ESCAPES the observation Of boh parties
the discovery and comprehension Of which viii
settle the whole matter, and enable hoia TO sec
the truth, which now neither discovers
We say hat this influence Is 10 the rtrraey OF
money Of the two parties 10 the exchange You
both assume that the currency il he Two posi-
tons. England and America, are the equivalents
Of each o,her-,hat they are equa. to each DINER
in their indication Of value This we deny, ami
auece that the real relation Is as two to one
nearly-that the English measure OF value is
double the length Of ours; and that, N every eX-
change effected by these measures, they get from
rs two values for every one they give. This, OF
course. is a ruinous system Of exchanges for us
and this fact will account for all the dlthcu.us'
| the case. We proceed to illustrate and estab'
lish our position.
Gold ie os,,7Sed 20 he tho measure Of value
that by a comparison with which, in both posi-
tons. the value. that Is the relation Of supply and
domard. in other things, IS determined. This,
we alege, is false assumption gold IN neither
posi,ion is the true measure Of value, but IN
both. CreJlit-,he issues Of Banks their promises
TO deliver gold on demands the real measure
| If then these promises exist as the active cur
rercv in both positions, in equal numbers and
in equal relations to the values to be exchanged
then. and not Otherwise. the cunencies are
equivalents.
No proposition in mathematics IS more certain
than that If a community, A. has gwen num-
Der and value OF exchanges 10 be effected, and
TO accomplish them, uses one thousand units OF
| currency, while community b, having the
| same number and value Of exchanges TO be e.
lected, uses fco thousand similar units, then.
while the rahc of any exchange IN the two posi-
tons Is the same, the number Of units by which
this value is expires sed will be double In B. BY
increasing the number Of units Of our currency,
we do not increase their aggregate value, or the
value OF commodities, but only the number OF
The urits by which the value Is expressed. And
further, If the two communities exchange with
each other, then units OF currency being in
denomination the same, the community VIII
GAIN in every interchange, unless the difference
in the aam,er of the units Of currency is &C
| counted for precisely as If their measure OF
| length or weight were aosuaaty the same.
though reilly different. and 10 computation Of
the difference was made IN adjusting the ex-
change.
1t is impossible, by any knowledge We pos
sess Of the number and value Of the exchanges
10 be effected and the number of the units OF
| currency In use in England and America TO de-
tcrmine, by statistics and with certainty, whether
there Is the difference which we allege IN the
| two cuuencles. The truth OF our position can
! only be established inferenually but this IN
'srential evidence VIII amount to o oortsinty, If
we find that our theory C0TTr-s5fr-fs 10 the fac1s
of experience, and enables us TO discover ana
| arrange the laws which govern the interchange
of nations Our theory, II true, viii enable US
TO construct a science If currency, desideratum
in al economic Investigations, and to determine
| the question of " Free Trade and Protection.
which has SO long cen matter OF controversy.
II Is a fact that gold, which with US, wteH
,6ined, is money is being constantly exported TO
| Europe we do not export our money proper
lut we do EXPORT gold as a commodity, and that
commodity might without cost, ZEE converted
INTO money; vet we export il, notwithstanding
the isct tnai the price o. its use-inieTest-is IN
America double what II Is in Europe. Would
this occurif tie cuTences OF Europe and Amer
lea were the equivalents Of each other
II is more profitable for rs to export gold than
| IN, .t a.
our supply OF corn IS ample, and our ability 10
produce /, immense, yet We ship gold 1t is
idle to say we do this by compulsion, that the
importation OF iron compels us to ship gold
Why gold more than corn Ii the iron would
not sell in America at profit upon its cost,
after paying duty to our Government, and the
gold would not sell in Europe with profit upon
us cost, the Interchange would not occur. Gold
must then be cheap IN America. Can this be
true ii eoldin Europe and America are equiya.
lent
Ia gold Were really the measure OF value IN
both positions, then It would indicate value
equally IN both, aud commodities would be
cheapest where they were, as compared with
consumption most abundant, since value is the
relation OF supply and demoud Now il viii not
be pretended that IN Europe. where armies,
navies placemen and psupers consume 50 large
a share oil the products Of industry, and where
the accumulation OF wealth and population are
comparatively SLOW, that there commodities are
more abundant than IN America where though
individual consumption is greater, still the &C.
euHula,on of wealth and population arc much
more rapid. Wealth can only accumu ate where
! communities cDrnraral ,,.,tt,
arc S'unaan'' because wealth can only Increase
! ny me eommunlry's tcr5earng 10 consume the
! products Of ITS industry America should then