New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-07
A sELF-REGULArING CURRENCY.

IT, nt Edsor Of The ". j. Tri6gaS
SIR: me seventeen years ago invented cur.
rercy re- us.or and cent 1t to The Journal of Com
merce to be pateIted but unfortunately for the public
its merits were not discovered by that paper and
notice was taken of my communication. Shortly az
hrward, however, editorial appeared in that jour
nal containing Of my ideas, in language that had
a startling resemblance to my own. The regulator,
however, which deemed all that vas important in my
article was rot noticed.
Now again, when the whole community are looking
upon the present commercial chaos with agony and
despair am emboder ed to push forth my banting in
quest of patert Fortunately, am subscriber to,
and reader and admher OF the great TRIBUNE now,
az 20 hope for better luck.
All &C mit that the present credit system is lament
ably defective floating US in one endless, unerring
routd Of gradusl expansion and certain aud rulnous
explosion. Like the sospbubbles which children
sport WITH begins with almost nothing for it's basis
grows msre and more beautiful as i. enlyges, and
finally bursts into nothing, leaving us 10 dip anew aid
send off bubble after bubble, each to share the fate OF
it's iusrous predecessors This all see, ana seem 70
regard as an Inevitable ncessty-a kind Of manifest
deftipy. lfremecy there may be for the e,i none
seem 70 perceive it. But this is certain, that ii We de
rot ADOPT tome radically new plan, we are doomed
period csy to be plunged Into this same vortex OF ruin
What then sball be done1 believe that there 10
remedy. E-ah, there is the difficulty. II Tue
TRIBUNE would but patent my machine, aud Congress
auth oiize its use am stup,c that cannot see no
il could fail to give the most stable currency that
ever eIisted-s currency incapable OF bankruptcy
suppression, or Overe expansion TO wing on as steadily
and calmly as the motion Of cotton factory under tn
guidance Of its regulator. 49,,
Treasury Department to issue bus Of credit like
to put the face forward-yes bills OF credit to
all ho may be viking to receive them OF every de-
nomination from the dollar up aloDg-not redeemable
at all in gold and silver hut receivable in payment Of
Government dues. That's the whole OF 1t. How sim
ple-perhsps in more senses than one. But would
like 70 have some Of your wise ones point out the
weak psrt OF this machine.
future practice OF oui Government is Ia, boon, and
ever will be unconstitutional. 1t does now, always
has and ever will issue bills # credit. LIS bonds,
Iotes, and drafts nothing el.e. And they do aud
ere designed to constitute portion OF our currency
Congress- has power expressly given TO lay and collect
tsxes, &C., to borrow money, regulate commerce. es.
tsblish armies and nsvies, carry on war, &c all OF
which m plies the receipt and disbursement OF funds:
1t has power also to make all laws necessary and
proper for carrying into execution the aforesaid ex-
press powers. And surely nothing could be more ne.
csssary ard proper than good circulating medium OF
e1chsrge-to Wit sound paper money. Furthermore,
Congress has already adopted and is now using this
yery machine in miniature and it is found TO work adj
mirably. l alude to Post Office stamps. They are
rcibirg but bills Of credit-psper money-issued to
all Who want Them not redeemable 10 specie but only
receivable for Post. Office dues. What these small
bills are to the Post Office Department similar large
bills would be TO the Treasury Department. The one
is a gre at convenience to the public in small way
the other would be an inestimable, and may say
an urhoped-for blessing TO tho public in large way.
With gold and silver at one standard OF value, our
OILY lawful tender, and national currency OF paper
norey after the aforesaid model there could certainly
be 70 overt psnsion SUSPENSION no panic 90 far
A. his paper wsuld be concerned and 80 great would
be lie stesdying irfuerce that outsde baking would
be comparatively safe and Of minor influence Tor ms
chief II they should Suspend or col apse entirely
The great machine with the whole national revenue at
bottom would stin move On in still undsturbed grand
eur. Whenever there should be tendency to an eI,
cess OF these bills In circulation that tendency would
At tber inward Gov would be steady, the balance
weu!d be quietly ard speedily adjusted. ATLANTA.