The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-04-30
The Senate Currency mn.

TO TIiR EDITOR THE HERALD.
Exchanging value was one Of the most ,ApNr,ant
qualities OF precious metals, fitting them for cur
rency and the great difficulty which the cenye
nicnce OF using two of them for coins en- Ais is their
comparative value. change in that oil either de-
ranges the whole system.
Fortunately, adopted silver as ,sar standard of
comparison; and tho silver dola z, containing a
hxed nunber Of grains OF pure sy err NJ the unit OF
our currency, and consequently tina urine standard
OF value. In Great Britain the sovereign is the
unit, and gold the standard. Every cein we have is
traction or multiple of this ono every legal and
commercial value is expressed in dollars.
uoN was formerly as nearly constant in value as
silver, and we adopted it for coinage (rather IN
necessarily solong as we clung oroentnue 80 cling,
70 our wretched banking systcm) Our last law
the subject declared il to be worth sixteen times
much as silver, slightly adding 10 its true value in
the world in order to retain it in the country lat
sfe expense of our silver, and thus 70 struggle
against the bank-note curroncy.)
In consequence of late extraordinary discoveries
sot uncombined gold upon the surface the earth in
california, tho cost Of tho labor of its production
mas hlen, and gold has in consequence scnsibly
fallen In value More recent discoveries in Australia
and the progress of its chcGpcr production there, in
California and elsewhere, give iafalhble indications
OF its continuance steadily to deprsciate, with the
SLOW moving adjustment 'cd values'in the commerce
Of the world.
While this arbitrary law remsins in force, aad
our coin are made in accordance, it binds us at
home; and, in consequence, silver leaves us for a
legal comparison to gold.
II the of gold, as coin, is to be ut present
continued and encouraged, wha. shall be the remedy
Of this arrangement in standard values one which
shall prevent arrangement oil our entire CONNER
cial system
Is it to NEEDLE with tho value and price of silver
when it srcally unchanged, and when this fact adds
to its Importance our legel and real standard
This bill apparcrtiy appreciates silver in value to
retain it in the country when its already too great
value, for its legal relation to gold, drives it frem
the country. This absurdity and puzzle is thus
explained The bill striving in fact to keep up
the value of gold, does nos practically -except by
debasng the eOin--aMer the value of silver; but
does alter our unit of valuation, our standard,
to which, and by which, all values are now
compared; it leaves the name dollar" but
makes the thing reduced amount of precious metal;
not coniessedy -butit attempts to leave abstrac
ton for our standard of valuation, combining the
coinage to halves and other fractions of dollar ;
but this will prove nugatory. IL is dcbasing
coin, and would lose us silver as n standard II not
as acurrency, at tho moment when, as such, it is
most valuable; and this it seems to anticipate for
the new coin is not to be legal tender above five
dollars it will Danish the Mexican and Spanish
dollars Gas it declares two halves less than wholc)
will retain thcmonly to be recoincd and dcbased
Practically then, the bill depreciatea the dollar
to keep silver in circulation with gold, at its ict
tious valuation; and prices must rise. 1t will I'M
justly change the relations of debtors and creditors
injure MI holders Of stocks ard securitesthe re-
ceivers Of salaries aRd wages of labor; will cause
rise in the prices of ell imporatons, to our loss and
the gain of foreigners.
Gold has unquestionably lost in value as n cur
rency, more than in intrinsic value; and so long
rs this last is evidently unsettled must continue
to use It as currency only as necessity. It's
coinage at the old valuation should certainly be dis
continued; its present true commercial value
pared to silver should be declared and the depre-
ciated (and true) value of the existing coins, be
legalizcd accordingly.
But until its value in the market Of the world be
settled IL is questionable whether it would be
good policy to strike heavier coins of the same
value as the present tbut only for fear of the con-
fusion of another changc).
1t is to be hoped that Congress will pause before
it hampers with the soundness of currency, or
alters the standard of valuations matter of such
universal and vital interest. p. 5. G.. C.