New-York daily tribune., 1858-02-03
TIE COMMERCIAL REVULSION

Inc severe C0mInerchI heVulslOn Ol loo' was re-
garded by many calculated to give dea:h-blow to
Paper Money and Banks Of Issue. Thus far, we see
little evidence that these anticpations will be realized
On the contrary the Presidents Message and the ac
compsnyipg Treasury Report content themselves with
vague and wordy depreciation of irredeemable Bank
Notes, and wind up with call for Treasury Issue
of Twenty Millions of Paper which is neither Loan
payable at a certain future day nor a Currency re-
deemable demand, but an issue of Government
ShDplasters receivable in payments to the Treasury,
and redeemabe at some future period. Of course,
the Government which thus proposes to relieve its
own pecuniary needs by heavy issue of iredeem-
able paper cannot afford to make any other than
sham attack on other ssuers Of prsmissory money.
The Messages of several Democratic Governors, the
proceedings Of sundry Legislatures, already demon
strate that there is to be serious, no extermlnang
warfare on Paper Money; while the relaxation OF
pressure the cessation OF panic, which followed the
Suspension of Specie Payments is papably increasing
the band of earne ct thinkers who ask, "Why should
the currency Of the country be redeemabe IN Specie
alone ?" In other words, "Why should Industry be
paralyzed, Business arrested, Property be rendered
valueless, Laborers deprived of employment and
Debtors ruined, because the currency cannot at once
be converted into coin Suppose this currency did no
pretend TO be convertible into coin but were other
wise secured and kept uniform in value, would not that
be better for the country We do not say that any
large number yet see how thscould be effected but
the experience of our late Suspension has clearly
shown that the solvency of Banks and the worth oi
their issues do not depend the ability of the former
to give coin for the latter at moments warning that
the conviction is extending that the circulation could
be secured from undue expansion and consequent de-
probation otherwise than by the specie touchstone,
would save tens of thousands Of aborers from deness
and famine and thousands oftraders from bankruptcy
and pecuniary ruin.
One of the most earnest and cesr-sighted Of modern
Radicals who has dared and suffered in either hem
sphere for the upraissg of the unfortunate classes has
lust issued pamphlet designed to show that our pres
ent Currency system rests on two fundamental false
hoods-that namely, of the convertibity Of all Bank
Notes into coin at the pleasure of the holder aud that
Of the like convenibiity of Bank Deposits. lie con-
tends that what needed is to replace these fasehoods
by truths-to let Bank Circulation rest as it practically
now does on Public Securities for its sovency, and be
redeenabe in them but not in coin; and to have Bank
Deposits payable, those of Savings Banks now are,
on months notice or thereabout-they being usually
cashed on demand but giving the Banks the night to
thirty days notice in case Of panic or run. lie sums
| up as follows:
"God and silver are real necessity as measure
Of value in such times the period Of our own Revo-
luton and the great Revolution in France. When the
emission of Government paper was such as TO over.
whelm the nations credit of course its value sunk to
any indefinite fraction of its face When to ths was
superadded the Machiavellian policy of England in
forging alike our Continental paper and the French
Assignats when the respective countries America and
France) were OveTun with those forgeres IT became
impossible for the genuine paper TO be distinguished
from the spurious, and then those securities ceased 10
have any value at all.
"Ipder circumstances like these there could per.
baps be no regulator found but the precious metals
Those circumstances have long passed away, and with
them has passed the necessity which they created Our
National and many OF our State securities, not only
are good their face in gold but they are better,
more valuable than go1 even say ten or twenty per
per cent Gold is no longer superior TO- ana no longer
regulates our public credit. Our public credit regu
| laies the value Of go1-commsnds hundred aud
twenty golden dollars y present themselves as only
equal 10 one hundred dollars Of National or State
stocks. And thus see that even the presence OF
gold in its solid reality cannot measure dollar for dol
lar with our public stocks. Thus see that the dol
lar of public credit sworh more will buy more goods
of any kind, than it's rival of gold. Who fears that
| our public credit will go down Let that man object
'ols as basis Of our circulating medium.
is true that during the war with Mexico, our ma
onai securities deprecated TO eighty cents on the dol
ar bul dld this depression from any intrinsic
falling OF in the securities Was the credit OF this
nation really worth than this, or did the de-
probation spring from the short ghtedness OF those
who mstook passing cloud for permanent obscu
| ration of the sun Those men will not be caught
| winking again. The rebound from 80 TO 100 ha
| struck common sense into the thickest skull among
| them.
| "The securities Of our State and natioul Tn,
pledge Of the kOIe material wealth of the communit,
| 10 make good fractional oblg alton Doub. them
and do ali We can TO dshonor them ye profound casu
stsr and when You have done 60, go 10 Enslaud anc
see her credi: unchanged by the crashing in tn.
/ -. -onimnned by the eWeepiDO m India
Go 20 France and zee her credit emerging from ~.
ttund4r and smoke Of al her recent revolutions. Go
Cont. mpats those facts and then come back aud IT.
] 10 cry down the credit Of ana'i'n whore resource