, 1861-07-29
TFI n
The Currency Question.
Editors of the Chicago Tribune:

der well its teachings.
The currency Question.
Editors OF the Chicago Tribune:
Common Sense is qualitative, Without doHot-
signature on the currency question, In your issue
Of the 10th INST, possesses the commodity Of The
bs t. nEs tasp
s01r againet all paper money not sensible. Mhere
may be various opinions about that, but II the
truth were known and the subject understood By
the public, there would be but one opinion as to
your good eease In that matter.
In nothing is the handiwork Of ths arch enemy
OF mankind more clearly manifest than In the
In the financial branch Of that science. Il Is IN
tested with words and terms plainly designed not
to convey bnt to 5f ideas "Psper money!
words Of financial science were restored to their
pure meaning, the system Of debt banking, with
and long tails, and deposits II that are no dcpos
its, would be swept from the face Of the earth.
cannot be made Of paHeF, fof the simple reason
money Is a continued suspension of payment; It
lisa debt ard nothing else. Money "a not merely
also, and as such is valuable and In demand
throughout the commercial community. Debt ia
Rs9g S dsstn hs # t not S9?T t.
utility, credit and character depend entirely upon
the value and wealth iu possession. or believed to
be In possession, Of the pronlisor, which he may
mand where liz reputation Is Unknown; ; It Is IN
i n gid 70 1sasn that there is qne monetary n
Etitution in your city acting on knowledge ofthe
one standpoint for the value OF money Il tie city
sagnea G T9nst co..
II it adheres to the principle Of material vaue 4s1
grains to the OUNCE and egains to the dollar Of
gold, acknowledging nothing ior money that is not
nnhnfiffAa
standard nneIcss, it viii be ipowcrial Ia influence
nap Rs2f' g. 5 a$anst a heffi n5das su3ag 3p e.
tion always leading Fl that direction, which is not
! perceived because It is not understood,
cuf1ent baE bs, bat Is ganSTene tn tSa ar
,Junds, valued at 100: cents TO the dollar, that
develops itself to the careful observer in the
tows outward, local prices are high, men grow,
conceitcd over their possessions, counting them at
more than their worth; business Is called good
without any beneficial approximation to conEum~
ere. simply taxing laboE with high prices in the
support Of uEc1e=s trading, rathe! hindcring than
ihe jobbefs salcs arc good ali IN credit; no prices
he higher md hold M ., on to @ their grain while
advances On their products until the city ware
louses are overloaded and break down. Then we
heor great deal q no markets abroad for grain
aIdprovislons, and zee great deal of tinc markets
abroad for our money tlout rejecting th.t the
foreigner must take our money when 1t Ia cheaper
than onr merchandise, and as consumers we arc
mailing paper pricea ior his commodities re mus.
pay AID be mast accept in solid money. All this
which looks go fine IL deDTseiatscn continual d.
s1lHS n TIE yalne Of mone me5s aaa Of
the bsnEs reach the INIT q thcif eSpsaRfvs Po
cr. ard can stand no further draln ofspectq when
rui @ tebtors, and throw the whole business of Il.
country into confusion. Yet our currency contin
nes At Par, c9%mandiag 100 cents on the dollar q
volume ofcurrency sinks IN v.lue the exact amount
Of the fiction Of monsy adled.to it IN bank loans
and losc the money to foreigners in the inflated
During business experience Of forty years.
y and carefully that he routine is as familiar t
what is to happen when he finds tho banks In ere,
the remotest district adding their promises TO th
currency aiter exchange On LoadoP b, has risen +
The common sense'' OF fyour'Drresgonaent doe:
not this, for he hopes to sec the United State
+ ss euss @es Of
FOR circulating medium. 1fSeeretary Chase doe
this thing, he Is not tho economist he ought to be
return to plague thc Inventor continually; It woni
cripple the Government resources instead Of aid
Ing Them, and he might as well plunge 80 much Q
the Atlantic Ocean. Ii he iasnes Treasury Note
payable at stipulated time and bearing suficleu
, Interest, they will serve for the Investment c
As 70 Tic apr cheatien 81 drising the trade 8
per cent. Or an, per cent tho bills of tho Stat
bya higher and better law than any such paltry
= = sideration. II fifty cents will bay az much !
Chicago as one hundred cents in st: l.onie wh
goods there? St. Louis would bc . desert If
aud dpRpFa9isbs IN hG yaqs Hn,
n IN fnfF 4 f7rf
Z hui it tis possible fuF St. Lons to fall tenpoEasil
). and frequently behind Chicago in this regard, IN
1his shs ~i if she s:cates loeal earts1t
:: Chicago will 1raw hcr trade and command hi
eapitsl The dollar g1es, ~ an LII tIE eiStibls at
= words, money socs IS where it It has t1e most vain
by law as unchapgcahlc as the laS Of g grayit
tion, a,a business goes with It. It Is quite II
= possible to hare too little currency, because tt
fees there ie Of currency In relation to market
bic commodities The greater is tbs value Of none,
and the slightest deficiency Is constant aitra
= tion 10 money and trade.:
+. It H. however, eaeily possible to have too mu'
ehieaso is 10 l make dsbi 2'enty Thia Is didt
means cf supply. It Is not too little nonev in
lation to commodities, but in relation to debt, a
the more debt currency there il crcatedto supp
| tress: it Is an uHwholesomc condition Ut thing
Loarable capital is the deficiency IN this case, a
!, rot merely money, and IL is deficient because
|
y Increase Of debt, not OF business. This Is t
sc1t Of deficiency which exists in California a
maintains tho rnte Of Interest at ~ and 8 r
cent. per month; where money is the cheapest q
p!cntfest commodity in the market, alwa
- running away because Of its cheapncss and mai
5, raj excess. Some people like this sort Of busfne
| do not. Iprefer much capital. little debt. ant
low rate <f Interest; there is then no danger
Insolvency, whichis so common in California, Z
Of q scarcity Of money.
Produce commodities and you iucrcaso the raj
"a of money and sttrect it; produce money and ;
81 depreciate the value Of money and repel It. VT
Il, YOU attract commodities. The former Is the ro
10 wealth and happiness the latter leads to dt
and difficulty ard d3mpoyerish1ncnt.
s. hone "Common Sense" will see. comm
- sense in this doctrine, and avoid the advocacy
any policy, local OF national, having tendency
Boston, july r, 1861. *>
ea 1ilLwAuKEE.-7he Sentinel Of, this morn
'" says:
1--WE hare nothing new TO report with regard
the money market mere. Excnange was sold fl
he II by all the banks yesterday at per cent, 6
10 was rather weak at that buyers In some 1nstan
e. | being able to supply Themselves ontetde Ct
efs Buying rates were 6 q cent. for Buffalo and
na y New sYork exchange. Gold was. little eca.
liz | and in the afternoon could not be purchased
Cd less than 3191 q cent aboyethe price ot e1chan
de. To arrive, 1t WAS Altered freely at 8GSH cent
UncuTIent Wisconsin money has advanced