Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1861-04-11

A pamphlet upon "a New System of Pa
per Currency" by Lysander Spooner, pub
llshsd by A. Williams 4 Co., Boston, and
for sale by G. N. Lewis, 2s West SIKH
street, in this city, has been laid before Us.
Mr.. Spooner is an able writer, aud always
makes q strong case in favor of any scheme
of which he becomes the advocate. His
system consists, in short, of the issue Of
paper currency upon the basis of real estate
or mortgage security the difference between
il and other real estate orIState stock bank
ing plans, being IN matters Of detail which
do not strike us as very essential.
The simplest form Of bshking--if there
must be banks--is the best. Restraining
clauses, specie clauses, Penitentiary clauses
and regulations for security are, as expert
ence has shown, of little avail Th,re never
was plan for the security Of "a peper issue
that did not in the end prove its own unre-
liability. The more artificial the system the
more dsnGerousit proves upon trial, and the
more capable tits of being used by dishon-
est men for fraudulent purposes; and we do
not know of more ominous feature in a
plan for the issue of paper money, than that
the inventor is able to show, by process of
ratiocinatiOn that, in respect to security it
is infallible. 'a'.-s) ...sslg. g..5..
The only true money is gold and silver
coin. The only true medium of exchange
in matters Of trade is money, or its special
representative: paper which represents SO
much actual cash in some safe place of de-
posit-the transfer of which passes the title
| to the same. The people of the United
States annually pay an enormous tax for the
poor luxury of paper currency-the SYM
boil of commercial initiation and insecurity (;
aud, what is the strangest feature in the
whole affair, they seem all the more resolved
to continue, the less necessity there is for
the payment J-.a
1t is not probable that Mr.. Spooner, before
he sat down to write his pamphlet, thought
to inquire of himself; Where is the necessity
for a paper currency? And yet the question
is pertinent. We do not know of any such
necessity. The business of manufacturing
paper. money may be profitable, but it is SO
only to those who carry it on. 1t may be
interesting to them to knew how to make
the most upon their issues; and upon what
plan they can get and keep out the largest
quantity of promises upon the smallest basis
of gold and silver. But this is a matter only
for the manufacturer like books which
teach how to adulterate liquors, or to imi-
tate the precious with the base metals-not
for the people. ..,- i p,
A word upon the subject of security
Men have for ages busted themselves with
attempts to devise something to serve as
security-something so certain and we'll
guarded as to be beyond the reach Of
casualty; and have, in thousand instances,
declared themselves to have succeeded,
Time has, in every case, demonstrated the
unsoundness of their devices. The thing is
beyond human skill. Every few years there
occur periods when every thing but gold
and silver depreciates nor is there any
possible eontrivance by which depreciation
can be prevented. For purposes of cur
,rency, deprecated securities. are no securi-
ties. When they cease to be convertible,
there are, for the time being, as if they were
annihilated. The issues based upon them
become things, not of currency, but of mer-
chandise--of speculation. We may ration
ally believe that securities in a state of de-
probation will regain their value at some
future day; but this belief is not mercantile
| confidence. In fact, in q money point ot
view, there is no security but gold ant
silver; there can be no other; and all ap
plication of the term to any other element
| is fallacy-a deception.