New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-02-07
CURRENCY DEBssFMENT.

Some years ago Col Benton, perceiying that
Gold was very sparsely circulated among orr
people, concluded that il was valned too low in
our National Coinage, and therefore framed
bill diminishing the weight of our Gold Coins
so as to increase their coinage and discourage
their expectation. The project was popular,
and went through Congress like whirlwind,
and our gold coins issued since are worth one
fifteenth less than those previously struck,
which have of course been re-coined or other
wise withdrawn from circulation.
But, like the ghost-fearing, head-covering
sailor who cut several pieces off the head of
his blanket and sewed them on at the foot.
without at al protecting his feet by the oper-
alton, We find our difficulties only shifted, not
cured, by the Bentonian operation. Having
debased our Gold Coinage, we retain it without
difficulty; but now our SiIrer moves off to
foreign lands, and We miss this more than we
ever did the Gold Double Eagles, Eagles,
Halves and Quarters abound but there is a
vocful dearth of ShilliDgs and Sixpences. And
now we are about to cut another piece or the
top of our blanket by debssiDg our Silver Coin
age as We have already debased our God.
BY these two operations, we shall have de-
Quoted seven or eight per cent. from the
amount of every debt, every mortgage, &c,
and added as much TO the nominal value Of
property. But there are many debtors (the
Government included) 60 few creditors, aud
nobody but themselves cares for their inter-
etts What business have they to be richer
than their neighbours Don't every body cheat
them all the law will allow and some good
deal more
We have no doubt that it would be more
just and bcnefcent to restore our gold coinage
20 the old standard than to debase our silver
to the present gold standard But nobody
will venture TO urge so harsh a course for
debtors always consider themselves entitled to
pay the least possible sum, while creditors are
too glad to get anything. So the debasement
Of our silver coinage is inevitable Il is the
worlds trodden way-the same by which the
pound sterliDg-once implying pound of sill
yer, was gradually sunk TO little more than
a quarter of pound, while French here was
likewise reduced by successive debasements, to
l-72d gifts original amount.
We give way to this debssement as ineyita-
bic, but We protest against any further, and
We insist that Congress guard now against the
possibility Of further progress on this down.
ward path. Let it be now solemnly enacted
that gold is the national standard of value, and
that our present gold coinage shall neyermore
be debased nor interfered with. Let every
promise to pay imply so much gold as would
fulfill that promise according to cur present le-
gally established standards Then If silver be.
comes more or less plentiful let the silver coin
age be altered 10 conform to the fact, but let
the standard Of gold be unyarying evermore-
silver being used only as change encounters, and
never be legal tender for debt except for
sums below FIVE dollars If dollar means
anything in particular, it is high time for de-
cisve settlement as to precisely wha. il does
mean.