New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-04
LETTERS FROM THE PEOPLE
SPECIE AGAINST PAPER MONEY


Sss On the uiay and piopie,y 81 thss mode's'e Ana
pstsral use Of credit By which the farmer and me-
sAsste are assssei is their early struggles by osn' OF
ssSns,. u is one OF tie sefioas OBJ ectsehs 10 om
pepsp-money banking system that hss IN g'eH part
sstroJ ed that useful and nsssA form OF credit where
IA ipiyjausl cspAst eEt 10 the worthy ard i,ous-
tsSeus portion Of bis spare means, rot fjr sixty or
ssssy dsys but for one OF more years, betting t'e
sssSssl though % npsrsively savings OF honesf
hSpsry. Bat the nature Of papermouey banks com
ps thor. eredns WI lie they s,sOrb tho spare capita
q individuals 10 bestow On favor,ee or schemes OF
eb osn F?T these Tessons 10 sddti'n 70 al c'aers'
Asy decidedly iojariou. 10 farmers and neoaahes
fbe latter Argument, Of diverieg the sDs nvae's OF
Gsdk from their natural channels into great reservoirs
controlled By few m7so polsts' greeay OF gaN' hss'
70 be sure, les application 70 the speeie' OF currency
tAan 10 BAIls-those artificial giants os unTise esis
i.,,,. Stronger than their cresiors. mighty for
,sf s.d prone to IT, via Argus eyes, Briaresn arms,
sud Bsrcu can strerg b. capable and wisg TO destroy
ses only the Individual who stands in their path 70
.ssfi, but, when they deem it necessary, set OF DEF
sscs both legislative and Judicial power.
mslsI chaiy, bat intensely significant exhibition %
De bondage TO which they have reduced no. only the
working oass.s hut the corporate princes OF Industry
vas lstels eyen in al eOiot To the WOrkmsn OF the
Esyel.y W0ks," by President Horatio Allen, forbid
Sisg he d on, under penalty Of discharge, TO ask onr
Bsik nobility 20 pay its debts Inst noolhty, nH
FINE a. IL ofen the case with the grsndees Of other
fapoe Vas in q strait for money, or they probably
would not have imposed so select service on a
p,ehtabe customers but what lesson does II read 70
American Labor and Busloess
No IsgislatiOn, system Of economy can loLg or
spseeseiuy operate against law OF Datare no matter
hsv specous The htery or splendid the talents Oh n
Advoestss; therefore. previously % examining the
posnops and facts eddUos6 in the remarks or " Hard
Holsys" lat article, Oc. ~, I'll may be swell Orlsny
70 oosijder the subject of interest on money; Tor
hsye no foundation 10 nature the practice Of allowing
will entail mischief and misery, Ia proportion 10
CIR departure from sound principle.
Is viii DO plain to the rejecting mind, that usuiy
sarIot tafey be tolerated beyond the acusl increase
q money IN the community by coinage or Imports
tssn after deduetDg from these receipts such amounts
o. mar hsye beea irecorefsby 10 or convs rted TO
SsbeI uses than cOir. That Increase s PROBABLY not
more than per cent, though fer the purpose Of this
hlustranon, We may assume 1t 70 be per cent yet
par cent 10 the lowest rae legalizsd In any OF the
Mates While in some IL is high as TO- IL is easy to
zee the. The difference between and D per cent must
vessjf in an immense accumulation In few years,
even after fnbrsctpg tine enodei reductions o. Dans-
su>tcy ard that il must lead 70 poverty IN the masses
nd soranate W. ath for the few In this country We
stAve Of tae final crish for while by issuing new
pssmises for the differences Sometimes We emit more
bile Of credit than eQusiz.s the difference and then
vs have the prosperity caronoled By Presidents
8eeIetsries aaa Governors. II is q law OF n&fare,
however that every BUBBLE N LIST burst, whsther OF
ihe Am~iiesn Continental or Of The treno1 Assig
ever given TO credit"
I.fe,es. 10 sn ever or owing cancer whether we use
spece or pspr. Under the latter, loaded VITA inter-
- Of lie start the cf,isis rapid, widespread and de-
stsuctive Under the former with its more limited
usy the old ashioDed virtues OF prrd nee and econ
shy would be more extensively developed, aud Tor
mach longer period alleviate the ncursole evils OF in
taIest On money.
DeT for tbe claim the pau al increase Incident TO those
hpgs and it the Of mails prcs fer their labor
and The deterioration produced by time. And 30 with
tie loan Of fools their use gradually rendering them
uOtblsss. But money, 10 it's compound haracter OF
tool OF trade the measure OF valae, suffers no
IN plsyiog its part in 40 600 exehs nges or
settlements Of debt On the other and 1t is not cspk
he Of Increase like graio aninals-hence there IS
reason In rslure Nhg II should Claim usury, even a.
per cent, u och less g Z, or 10 per cent
We have been atxiOus 10 place before tbs people
the tue character OF nteres, on money or nsury NOT
b practically needed put that the subject should be
poadeso, tost they may cherish no unreasonable
txps ct4ti rs OF any reform that may stop short OF
sbolr bite istsres, on money. Although god and ell
"obAsgs ever invented by the wit Of man, ard are
the ,nly Iswfui money known 10 county, yet, a.
regards tie destructive element OF interest gold and
silver better than paper, chiefly because 1t 10 not
% 10 roll up tuch enormous aggregations OF debt
apen Gebt interest upop interest, with specie, as with
paper; and because the revusions uoder hard.
Deney currency could never be universal, nor the
ehesaiisn in the hands of the people deprecated
worthless, as 10 always the case in spfmoney re-
vukioLs. At the same time the huancisl punish
vssld be chiefly and more immediately visited upon
u hnssciA tsnsgressors, and not as nov, upon the
whole people, Innocent IS well 90 guilty.
Cereress has power 10 establish " uniform laws oa
"tse suh.ct Of bankruptcies throughout the United
~6tasss;" and while usury eIists, teere VIII sssys
- necessity for the relief which wise and ludeions
axsreise Of this power intended 70 confer. ID
q agnmtLt perhaps thai will not admit OF much dis
Duts that while Congress should not exercise doubth
dele gated powen, yet those clearly and disne
ly given should be used for the general benefit.
6sSce bankrupt Law should be SO institution ss per-
aazeIt the necessity tos Ais for it, amended from
time TO time a. wisdom and experience may dictate
b the Congressional power 70 "ooin money aud
regulate the value thereof taken with ths pf.hloi
ia Of the States ito cCin money or emit bills Of
ossoit." would properly bring the eniters Of paper
es<y, whether bankrupt or not to the bar Of justice
IL Rot The Of ihtsest in every Safe subject also
prepsry belonging to Congress IN regulating the
Talue Of money
In q well-wrtten editorial Of Tie Erening Post Of
this city Of Monday, Nov. =, the policy OF Congress
eAAisg bank notes Of eersain denomn ATOMS Is sdyo-
esseo, TO protect the Constitutional Currency. Inc
base Secretary Guthrie snd others hsve urged GnilT
nctien. But voald not suoh an sct, 80 far
- IN oct Of Congress do il, egaizs
Ne very things the Constitution prohibits
Ash they rot just as properly tax the Issues Of bogus
com CT "Hunhpgtoe' emissions Of bills Of credi,
TAsy are oil ALIKE unlawful We trust that Congress
Nh nasifest more regard for the oath they take TO
support the Constitution Of the United Ststes" Auy
eenAIupt oct Congress may pass, we devo itly hops
nil, when dsposipg Of the assets Of Q debtor make
provision hat the hcmettead Of such debtor Of rea
sonable szessd size rather than money vaius should
ysvsrp whether in city or country-shsn be reserved
toD execution except 10 cases where the purchase
money for 81 h homestead rot been pad-acc ord
ug with similar provision 10 the Is rs Of number
OF the Safes
In the tunbe down propensties Of this f.s, ag. let
90 preserve home for the dependent wife AID chill
lren Of the bankrupt debtor, that the rnisfortunes
af haa sf he hal