New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-02-08
,m,h,ment, either through Currency Er-

Empty ment, either through CoHoncy bA-
mansion or any other incident. Here 10
an Issue involving not opinions bat facts.
If the natural first effect Of Protection. in
opening new sources Of Employment in tho erec-
ton of Factories. the construction OF Machinery
and the fabrication Of Iron. Cloth. &C., wss
spes Oily counterscted through the effects st Cur
rency Expansion, you can easily poiat '' 70 'se
evidence that such was tie case. Bat you chna'.
do it-simply because the facts are toe reverse u
your quiet assumption. Vicious Iar'ns' in''ns
TO excessive Importation. have reQea'edy de-
ranged and deprecated our Currency; tsno'("
xou .ssume) the existence and expansion OF Paper
Nancy which have fulfilled our Protective
Tariffs.
Mr.. Cooper quotes Washington m authority for
the assertion that as you pour Paper Money into
"tbe volume of Circulating Medium, just 10 that
proportion will everything 10 the country rise"
But why Poper Money, Mr.. Cooper Don't you
know that this, SO far as true at all. is true OF
all Money whatever Can you ce ignorant that
the production Of gold in Calfofnis has increased
the price of land in Massachusetts, of -four 10
Chicago, Of lots in New. York Your argument,
if good for anything, proves gold mines a curse
o. well az Banks Of Issue. You prove,
not that there should be no Paper Money,
but that there should be 40 other than
Paper; for of this Government can cOa.roi the
volume and adjust the expansion Of the Circulat-
ing Medium to the gradual iucresse OF Popula-
ton aud Business, while nothing of the sort is
possible 30 long as Currency is based On or mos
suytd by Gold. Any careless stroke of a miners
pick may open placer, whencs Gold mag be taken
by buckets full, thus inevitably increasing the
nominal value of all property, reducing the real
loans and mortgages, and enabling every DEBTOR
" TO LAY his debt with shadow instead Of q
" substapce." Dothink little more deeply, Mr..
Cooper
But you are wreng, Mr. Cooper and Wash
pQton was wrong if be made the broad assertion
you attribute to him. "Ersry thing does not
rise in price ain exact proportion" with the e1-
papsion of a Paper Currency. Here is THE
| TRIBUNE, which kept expanding with the eIpan-
sion of our Paper Currency until there was not
and never in the wide world had been, so large
and costly journal sold for two cents copy
and vet we lived, and bad little over. But BY
and by the Paper Currency" began seriously to
contract, under the outward flow of Specie from
our ports; and Low, instead of being enabled to
cheaper our paper in any way as the Currency
contracted, we were imperstively compelled to
make it dearer-tbat is, 10 give less paper and
reading for & given amount of money-and 80
with the Press generally. Some journals raised
their prices; Others retrencled their e1pendi-
lures frankly, as We did; many more at
tanned the came end in a covert man
ner; but all that were conducted on the
principle of giving the largest possible return
for the price charged, had to reach the end in
some way. So the Railroads, or most of then.
have raised their charges for freight ana passage
as the Currency has been contracted; and the
same result of Contraction is to be traced 10
many other quarters. In short, "There are more
"thiDgs in heaven and earth, Peter, than are
"dreamt of in your philo.ophy; and if you live
and observe few years longer, we trust you will
opprehepd some of them.