, 1861-11-08

tok1aph circulate u money. Some OF tne
oriental nahons refuse gold and accept
nothing but silver for money, but there isa
gradual change going On in India and
China in favor Of gold. The fact that
they do not generally take gold in e2--i
change for their products docs not alter
the fact that the two metals ever have
been and still are the only universal cur-
reucy. The clements which have given
them this exclusive merit are theic intrin-
sic value and their scarcity. Their intrinsic
value consists in their durability, aud their
utility in the arts. To these qualities also
should he added the ease with which they
may be subdiyided and shaped into
coins, and the extreme difficulty OF
c3u,,terfeit:ng tlcm. 3loncy cannot oe
mace Of iron, because, though durable and
useful, il is not scarce Money cannot be
made Of pearls and diamonds because,
though durable and scarce, they are not
particularly useful. and they cannot be
sunliyldet1, coined, and stamped. Money
cannot be made Of paper because, though
useful, it is neither durable nor scarce,
The cnly value which can be given to It's
al ideal value, consisting i'll the supposed
wealth and integrity Of the man or COM
rany Of nlsn, whose names are written
urcn it. The gold or silver dollar requires
DO anazs's signature 10 Z iyc it value ard
currency. Il goes forth on lis ONE inertia,
and It's circulation is not limited to tee
rc1:11lar belief in any man's solvsucy. The
| paper collar signifies merely that the ma
ker vr siguer oace5 one hundred ccnis TO the
| pn,=o:, who helds i: :5r Tie time ;,eiSy, sad
it Eas credit and passes for money only
sn.opg those wl.o l.clisye suat the maker
is able to pay tue Gebt il gold Or
silver on dcna1d. Paper first be-
| gan 10 circulate as n1oney in tic
Seventeenth century, when the Bank OF
Hamburg issued limited number Of GET
t;Gcatzs Ct deposit, based upon fine silver
| in rars-l;e issue being limited strictly to
the amount Of silver deposited, and the
Bank realizing its profits from 4 charge OF
cre-llalf of orc Fer cezt. for the satt
ise1rirg G! TIC funds lniF;1staA t.
lis care. The firs: 1eeor::ed issue o
bank ,gc.es based upon debt and generous
confidence was maize about Tic beginning
Il the eighteenth ca11a1yr by tie Eaak q
Epa1,nd. 1.he idea upon which ii wa:
based, d,=erycs % be considered. Th'
English Government Civilian III WAS en-
eaee:i in i war with France, ;snd Ws
slowly prosecuting tie siege OF lSs.ns''1
The Government WAS II sucA G. strait fo
m5hey thai il was paying i1lteIes: at ii
! rate Ct ifrz.n 20 to 40 pcr cent. Mr. WI
: Ism Patterson, q SeoIc;a visionary, VII
c Afterwards planned the D.;rieE expedi&lo1
: in witch he snd ell his associates lost the
: lyes and property, conceived the ide
: cf :. national bank which should loan i
specie, (capital, Or deposits, or both)
r the Government at ne2 cent. per arnur
; and in return have the privilege Of issuif
: nstes under Government sanction. TO fill Il
5 vacuum in the circulating medium. II
IL end, fer which the bank WIS institute
G was secured. The GoycEbmen5 cbtain
8. tie money 10 prosecute the siege Of Mann
; but before two years had expired t
J. notes Of the bank were twenty pee ce
il. / 1,sf1-y 7,ar