New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-25
FINANCE AND ITS LAWS.


possessed, among other exalted and semi-divine
attributes, the power of making money. I'm
conscious that Gold and Silver became uni
versal measure of value ard medium of OK
change or payment not at all by reason Of the
fiat of any monarch nor of all mOnarchs put
together, but because in them the results OF
many days labor was found concentrated into
very small bulk of substances which time,
heat cold, moisture, oxygen did not waste
nor sensibly injure-which defed pressure and
rough handling and could scarcely and but
very slowly be worn away by trituration or
rubbing against anything whatever-and which
combines utility with beauty in such degree as
to render them objects of universal and I'M
failing desire. If all the kings on earth had
conspired to assign to Lead or Chalk or Flint
the value and the functions Of Gold, they
would have simply and mischieyously demon
strated thcr own ignorance, impotence and
folly. SO long as they confined themselves TO
ascertaining by careful assay the precise rela-
tive value Of different quantities or parcels OF
the Precious Metals and dividing them into
convenient pieces or counters, each of them
having it's value plainly inscribed or stamped
on its surface, they rendered to Industry and
Trade an inestimable seryice-one that largely
contributed to protect Honesty and Thrift
against the speciOus wies and midi
Gus false pretelses of schemiDg knayery.
But the very first hour in which n ruler saw
fit TO place on piece Of metal stamp indi-
eating quantity or value therein which was
not actual but conyentiona-n0t that which he
believed, but that which he wished others TO
believe the true one-he was guilty Of pervert-
ing a high public trust into means of filling
his own coners-of taking advantage of the
confidence naturally reposed in a monarchs
integrity ard truth to perpetrate dirty fraud,
calculated TO uDhiDge society and destroy popu
lar faith in all integrity whatever. And the
smaller the Jebasement the greater and more
iusidious the fraud. When fugitive James H.,
hunted from England by universal acclamation,
set TO coming brass guineas by thousands in
ireland. he did a bad and foolish thing, as was
TO be expected from him, but il could hardly
be- called knavish one. Whoever took them
must have known that oil their value, beyond
a iarthing or So each, was derived from the
royal image and superscripton, and must
have received them accordingly. He did moi
for a moment ina CINE that they would pass for
golden guincas on the Rlalto or at the Bank OF
Amsterdam. Al best, he must have regarded
them as the tokens or bonds Of royal forced
loan dictated by an imperlous necessity, and
likely TO be redeemed "when the King shall
" como to his own again Bat the MEDIEVAL
monarch who quietly sent 10 bis mint oil thu
good coin be could lay bis hands on and recast
il into bright new pieces Of standard sizc and
weight, but containing ZONE ten or fifteen per
cent. Of unproclalmed base metal, was 50
nearly a gigantic swindIer, counicr,iicr, or
whatever kindred designation you may choose
to apply to the lal,e conner. that sovereign
power alone could screen bim from the prison
be 40 richly dessryed
So with regard to all manner Of Paper Is
sues The convenience, the utility, the bcueii
cence, of true Paper Money, are too papable
10 need eucidaiiOn. As coined mOLey effected
IN enormous saving OF time and trouble in es-
tmatng values and making payments, 20 Paper
Money effects still further saving in the
same direction. When every trade involved
difficult determination OF the weight fncness
and purity of the gold or silver offered in pay
ment for other products, three or four pur-
chases and payments might well consume To-
borious day; with all these points settled be-
lorehand under the seal of mutually recognized
Authority, ten times SO many trades may be
made IN like time with equal ease. But when,
instead Of bowIug and sweating under Il heavy
bag of coin, whence the consideration for each
purchase must be told out dollar By dollar, the
Duyer simply hands gu, billets inscribed with thou
sands, hundreds and tens of dollars, paying the
fractions only in coin, or DIETER sull) gives
check ON his banker for the precise amount
OF each purchase, which check is taken us cash
by the sellers banker and quietly passed to his
credit, the perfection OF economy IN time, labor
and expense would seem TO have been attained,
in Currency worthy of and honorable to
Christian Civilization, wherein, although knaves
unhnppily continue, the immense majority OF
business operations are conducted on basis
of integrity ind undoubted good lnlih.
But the one Indispensable condition OF oil
healthy trade and steadily prosperous industry
is q practical uniformity in the medium of ex-
changes or payments The quantity OF coin, or
even of currency, in no country bears any con-
siderable proportion to the aggregate OF its eI-
changes of values, nor is the amount Of gold
and silver in a country any measure OF It's