, 1861-05-29
CURRENCY.

Ao V4E %l4ti& A0ANNAAa NAf*AA~@~s+~--
stitutional freedom al over the cafth
CURRENCY.
Editors Chicago Tribune:
mind is directed 10 the discussion o1 any lm'
portant subject, 1t Is desirable oiten 70 leeur
IN those first principles which have been tho
h.s;. On which the institution under discus-
sion Is built. As the patriot, In examining
political questions, goes back to the period
when the foundations Of the national consu-
tuition wcrc laid for light and direction in the
path Of duty, so should those who attempt
to solve the eprezent financial trouble, be guld.
cd by the lights Of experience and tho unEarJ-
Ing and unerring results in the history Of the
past.
LAY It down Is truth which cannot DC
controverted, that no nation or community
has originated or sustained system ot 1ocon-
vertible paper money without aggEayating
and increasing the evils It was designed TO
remedy.
"Money Is simply an article OF value BY
Il reference to which tho value Of other things |
us fixed, and by the instrumentality Of which
athe interchange Of other commodities Is
"efected"
During many centuries gold and salVef nave
been the money Of tile commefclA nal1ons ol
the world. We find them more or less re- |
fe1red to BY MI the writers Of ancient history
Us then In use--as the medium Of exchange
And here allow me to say that the adoption of
these metals as The money OF tho world has
not grown up from any mystery connected
With them differing from any other property;
! but as the simple results Of convenience
| tested By long experience
| 4 distinguished gentleman, formerly Sec
retary Of tha Treasury, has asserted that
"Mouey is merely the representative Of prop
er1y." This is most pa1pahle error: money
Is in no sense the representative OF property,
but Is property itself. a thousand dollars N
| gold is Is much property as ta1m Falaea ~
that sum, or the same amount IN corn. IN
the progress Of events, with the increase ot
commerce and the accumulation OF wealth, II
Was found inconTenient to hold and transnlt
large amounts Of coin; aud the public Wants
called for and Instituted places Of deposit and
"naturally became separate and distinct
"busincss; and We find persons thus engaged
"among the Greeks, the Jews, the Romans,
"Egyptians and other Eastern nRt1onS; and
"probably among all who mnde any consider
table progress In commerce md wealth 1t
twas adopted rs distinct occupation"
For centuries the business Was followed al-
Y most exclusively by the Jews. Throughout
the whole Of Europe, in the cities Of Italy,
Spain, France, Britain, and the numerous
gtates Of the German Empire, they monopo-
1ized the business Of banking or dealing In
money.
As civilization advanced and the commerce
and wealth Of the nations increased, the busl.
ness became more important, and as laws be-
came more respected aud property more &C.
cure, the inducements became greater for the
establishment Of institutions Of public char,
aeter,
Among the earliest, If not the first, Of these
institutions. was TIE Bank of Venice, which
was established in the twelfth century. It WIS
government bank, and simply received de-
posits for which the state was responsible
These deposits were not Withdrawn. Init were
!, transferred from one to another On the books
of the bank. which answered Ill the PURPOSES
Of tie payment Of money. At later period
, the deposits we're allowed to be Withdrawn at
! the option Of the owner, The institution
, commanded the public confidence and contin.
ued to transact business for about SIX hundred
years, or until the dissolution of the Republic
Nueioue o.nef oAA@e "eie sate1 u:
) established by the various natsons OF Europe
generally connected with the transaction O
the nnh11c hnsiness. and A nlaces of denos;
s1o ruo4te ou0sD' =, 'Ae ~ f'1reo ~ a.po,1 1,,
r 1or the money OF Inc people !hese aeposlt
were considered as sacred trust, md although
occasionally Numbered bv invading armies
. +bov co1+;,nad ~ 1arfc1n, The 1nt;as n
4 tne5 eonHnuoe ~ " ps1.o .Ho uu14es ~
= which they we're Instituted, eenefaAy to tn
d satisfaction Of the people, for many genes
a ations.
N
+ When the oanks Of 1he VARIOUS nanons
}. Europe commenced the Issue Of paper money
- It WIS followed by those fluctuations In trad