, 1861-06-06
Specie aud Par Funds.

EQsLCIE AU1CEt..G AI3UEuFs
Most Of our business community fancy that we
are lcLceforth to have aspccie standard in buy
ing and selling. But the haste with which the
Ed95s 9 g. Sd 1as " sc enm
sud "1ar. .5unds' il thrir market quotations. H.
dicates m carly disappointment Of ! Is ho2e-
not been that Bank Notee universally dsnomi,n-
ted Currency snd always 4. larger or smaller at5-
count for hpecic) have been received IS o1r stand
I'D: sLd cous Idcred rs paf! Commencing n M to caN
II per cent, 1t has bncomc the interest of every
man holding 1t at east hia apparent inere=t :ttl
to hea e as to s pc9 ana pas .n It cysa as
and 10 and "a per cent. below the one only proper
standard Of commercial aues, viz: gold and sil-
yer than With there u none othsF given on earth.
enly ortnal 1t is onr only ttutlonal tender.
th.tc bank uotcR would promptly and regularly
hare been bought up hs ts brokers ut their prop:r
rate Of d:sce unit, and returacd to the banks :or
coin; The channels Of trade would have been kept
flied it real money. instead OF the mere dcccp-
tire promise If II; aud our State would MT now
I e lumentin;, the loss Of millions Of dollars BY
mea1is of The cheat Of ror pcper currency.
But to what purpose is the bitter experience OF
recent loss, IL our commercial newspapers are to
exert their influence in favor Of repl.iion Of the
experiment? Specie and slrctc onI5 Is. OF caa io,
the tIue PR, the world over. and to attempt to
suhet;tutc bar notes however good, is to ATTEMPT
to substitute q variable for CONSTANT quantity.
is we'll might the drygoods met chnnt u.c al India
rubber yard stick. II Indians OF Iowa bank notes
are par when &C. below Enit, are they above par
is sn,c a. have tecn our pas: losses. there is fa
tire .afety only in making specie our par, and per
si.tirg il calling It go; end that commercial cd!-
tor wLo dienifi's any bank notes whatever as pas
funds, il n5layin4 directly into the hands Of tie
bankers. Whose interest always is to lll the chan
ncls If trade with their notes. generally more OF
less 9epzeciated and put the s.d in their Golfers
AID to tie same ext. Mt precisely, 1oes he make
war, though 1nintehttf0ns'1s, 'pon the best utter
| ests OF the business community.
Tic only proper. Us the O. IT, safe, rnlc. il moi
only to call specie the sfaadord bnt 70 call 1t par
| ard to quotc exchange and all bank notes what
measured by this standard. Let all our ou5ines:
men, and especially the money and commercial
reporters of the newspapera, adopt and adhere tt
VIC are aga'n swampcd- To ta1k Of adopting
specie standard, and in the same breath speak .
bank nctcs werth less than specie as par is a.
| be guilty. The currency mongsrs ask the adpp
| tiun Of 70 other fa1lacy, in order to bring tn
| bneirsss community again under tleir feet. A
ent tizee Eet ali business men beware The dr
IL a11endy briDg kindled, (eCen By those who know
not what they are dofrg}. which, sooner OF later
is again to burn their fingers
| [The actual difference between specie and ban!
bills which will draw specie on presentation, !
10 small that il would not be worth while to max
any distinction In the sales made for them. 4
present, however, owing to the urgent demand ld
gold and the light supply, there is difference {
H@1 peg cent, aud this will probably continue tt
the market is less sensitive, or the supply Of gol
is sufficient to meet the demand; aud when sale
arc made 1oz gold at 16G1 per cent. below thos
made for exchange or currency, 1t Is or duty
report them accordingly. t'Par funds" or pa
currency" nre the terms BY which epecte-redoeu
ing r>ank bills arc krown.l