New-York daily tribune., 1857-10-20
THE CONSTITUTIONAL CURRENCY.

THE CONSTITUTIONAL CURRENCY.
- 1As Edsso, Of TAs NJ " Ty1s.A
SiR There is one feature distinguishing The TRBUsE
which has often challenged my sdmiration-toat is toe
opportunity allowed to antagonists 10 defend them
selves. You strike and very hard, too, some
tiues--but will "hear." After knocking the Hard
Money men at on their backs in last Fndsys paper,
doubtess yoa will allow US to offer our reasons for de-
saing TO occupy the recumben poston you left us in.
h ny Juvenile days, while within the rstaudom Of
Sssbury Ely this city remember being put through
uAs American Preceptor," and being much edited
Ay Dr. Frankin's story of "P.ying too dear for the
whistler" and also Of finding in the back part Of
ny "Websters Spelling. Book" among " Poor Rich
AIDS" maIms there recorded for the benefit OF young
America of that day. " He who goes onowing, goes
seryewing." Now, firmly believing, if Franklin were
kvirg, he would admit paying vastly too dear
for paper money whistles and paper money, bs it
remembered having enlisted and made that vast army
Of borrowers who 20 Borrowing from one shaving
ahop 10 another, l think the signature, "Frankhn,"
was very appropriate to article advocating cur
rensy that pays debts not merely promises to pay
them.
IL not The TRIBUNE too sweeping in it's decsrsnon
that Ben. Franklin was early and eyers champion OF
"Psper Cunency-that through this cOnUiet'0H he
"rese from poverty and obscurity to competency and
"dktnctioI T. Ii is many years since read his auto
kogrsphy but es near as i can remember, the psper
nsnsy be advocated was a very different thing from
the psper money Of our day 1t contemplated an issue
- notes by Government in payment Of its expenses,
and receivable for and other dues the profits of
- arrangement to benefit the public reasury but no
discounts expansions and contrscions, the source Of
Tie monetary evils we are now wrihng under. Late
n hfe he remarks substantially, have since been
ssavnced that the system might be carried to excess
md be productive Of infinite miscbef 10 these days
sf Dead Rsbbitism, such branch Of power night
lad TO dangerous temptations, when we fad even
pisus secretary of Bible society becoming forty
thousaDd dollar defaulter.
General jackson deserves the gratitude of his
country for Withdrawing the financial interest of the
Government from the United States Bank though
sgsee with you he was wrong in adopting the S;ate
Pst-Baak system He excusable, perhaps, when
- consider the sort Of Democrats who mainly sur
rounded him. and that il would have been impossible
lor him to conquer both the United Slater Bank
spd the State banks at once. Many of the Generals
chief Democratic supporters were like VIM. L.. Marcy
and the Albany Regency, who could mortgage the
S4ste for Elk millions of dollars, and rush the bill
through the forms of Legislation in two dsys to save
ear iDsOlvent banks, before the people in different
pars Of the State could demonstrate or express an
sripon on the subject Cambreleng wrote at that
tne Nay, 1887, to Albany, coDfdentally it was said,
" that having the banks on the hip" thorough re-
lp1n should be instituted; bat he was ostraczed for
4 The General performed brave aud patriotic ser
vice for the nation then; and the times now demand OF
- TO separate our State from all connection with un'
constitutional issuers Of " bills of credit"
l. The fret paragraph OF The TRIBUsEs ooec-
lions 10 specie currency admits that II there were
paper money there would be no revulsions like tn
present; but surely the opposing supp0siuons accom-
psnyng that admission apply as forcioiy against paper
IL The second paragraph asserts that il we pro-
hbit banks Of ISSUE and do not at the same time pro-
bib the putting forth and receiving OF promises 10
BAY We shall accomplish nought but mischief. This
assertion sufficiently met by the fact that the law
governing National Treasury requires receipts snd
payments TO be exclusively in gold ard silver,
without syllable in regard to promises to pay; yet
sAe action Of that law iDsesd of having been mschiev-
sss has saved the country from immense losses, )udg
ise rom all former experience, while that Treasury
new afordbg the only substantial relief that has been
sAnihisered,h the present oIis:. Inc Dsarapgs %
paper specie, unless it be assumed that we cannot
command specie enough for a medium Of exchange.
HAT s not true, however, nor is it pretended Wnat
r criterion i PdtS pf the working of new system You
have tried and dislike the "truck and doker sys.
tenn; but that must have been under the reign OF
paper money. From the nature OF the case IL 10 MOI
likely that sort Of trade would flourish 30 well under
kbor, to which your remarks seem intended to apply
even now considerable amount of specie is used
$50 long credit shall be permitted to exist you
observe, I'VE consider bank notes payable In specie
poeited in the States strong box the very best form
of 1t the wit Of man hss yet devised or discovered
We'll, is not that just the kind Of currency We have
sSw Has not brought the business ness community
pr month has been paid on good paper In
lx1 We thought II enormous to offer per cent per
4onth on q small note of Harper o. Brothers, and
aasd In getting 1t shaved at that yet they weashered
HAT storm.
A,pecis currency would doubtless prevent such a
Acntous bosted, runOus system OF credit es is now
sweeping hundreds Of thousands into bankruptcy and
nn. ana why, then, shall 1t not be preferred 70 a
canency OF promises that has rendered all business
Lottery or gambling speculation in which failure is the
rsle and success the exception
III. is Inc taird paragraph seems to deny that low
pnces VIII stuect customers, nstaucng India, Ireland
ana lWkey. But these cases do not prove tina.
hsao money and cheap labor are the causes Of
those countries failing TO compete successfully
outweigh the advantages of Low prices. The
character OF the people, both in Inds and
TnIkey their political, civil aBd religious institu-
tims advancement In agriculture arts aud sciences;
the natural productions of the couutly, and every
thing bearing On the smoust and character of their
exchange able commodities, must be taken into con-
alteration not merely the fact of their using honest
ncnsy which panic-nakers cannot cry Gown nor bank
spt culstors make plentiful or scarce 10 suit their
interest. Cheapness of articles alone, at the places
of production, is not Of course, sufficient 20 cause
trade; il is but element out Of several equally i'm
portant 10 sustain traffic. Trade must bs alec more
er ess reciprocal to be continued for any
period. Therefore, as TBE TRIBUNE has repeatedly
observed II we had not continually sent fresh parcels
Of debts bonds of every kind to make up the bal,
anees of trade against us, our paper money would
have brought on the crisis years before California
Aeppsd In TO stave of the evil day snll longer 10
th view il would have been wiser Tor taoee wac wsn
veil 70 American industry 10 have stirred up the issrs
Of the Briish fundmongers concerning reoadiatsoz so
fhst they would not have touched an Amercs sn oond