The sun. [volume] (New York [N.Y.]) 1833-1916, 1862-02-25


Th,re Il a * eat ds.i written in g'lA'.cr %
the depreciation q to currency a. rosult Of
! the susTt.,i'n e ,ps 10 Payments b. tn Csc
VI DO -ot covos ,ic Shyi, Grovrd o. areu.
ment Ihu,a ei'er.at .su,d ~ barking
hoa e IN li..,e- a,rost. l. T., tall in:erSt tor
gcre'd dis'iit u'ion, bl,sr,s ttit tbo lsg., too.
| der G iusc ~il have tAo "n,caa-s--' cnect 20 pet
| Up tho rr'co e e.I. tn, is utterly falls
ciots. Tho r,i.s or E1.i rty TIA simu'tsne-
| On Is with ttofiot :lst tls bills ,rs ms'o Ia.
gal tendon, bat i viii he either b'o,uss Ms
the notes are il too scat ,uFrly tjr tic par
poe, Of paying Govofnuoat Eyes " lscspss
II d continued and sstiyo c,rs' for gold, ant
no SIM " b,causs ihs co,.s 60 a.'do legally
elutl TO cold It's i 'cua' n -s'r rates it, notion
D., re'st,roo % 'ae B,l. u Trplt-i dam; /
the It,rgh wat shgv.r., ;l-t c,r,ite-,A /
t..s then tc,i. ',ro IN 'hs pii-oE CDl1 Test
Wa, L. Ju-Af. tho fart ~ not n3..rs' tbs
cuirr,y was ;aNs- TT because Csd
was i-aispeGeib', 'or :..5 il-ss military
.r,ra,iors on tbs oout.so.t ana fof sul-
, -ii.cs paid 10y Ins.aat t. the Goyorinanta
Ia l,aLue against Franco. EIar yc.r inimsnsS
-un.s were required 20 fl tho military chs,,s
a marching armies arc ulicl, whom paid out,
= vas h aided Wy the reoplo of tbs dsturhOd dis
- tricts. Tho supplies cf gold ri that .iulo woro
- limited, and ihocoastAn; dom.ui ct IN uSIim't-
| ID ptico. carried " tho rate Of It IN L7g)snd.
4, IN subtcqusnt year., the celebrated n. 81
Rutus,ulr, whom otoro ths COMMITTEES Of
~ rulaunort, said tbs, var IuAys msdo an i'm
p,rnu, change in the pr.oO Of gold because il
-, must be hd Icy Le.sorontl ~ any price
80 | England uud,rtoo to tupF'y Dor sllios WITH thu
- | i nj Ia n
wonder that its value ro,s, t. . 5oAS5 quit
~ apart f. en- that Of mabiDg pare. , Legal tio5oT
y , Ihe paper Of tho Bank Of England WsS move
-. puzzled to excess, ard Uo..d 7ot Of .t1sf hsv,
c,i caused a rss in gold In fses Of tho fact ,hA
w.. commerce and industry ware very active. Il
the United States, at p'ossnt thers is sbu7
4. dar CO Of coin, and no special demand for /
H. whatever, except that caused by speculGtio.
49, based upon such theories as that OF tbs ciT;uls
alluded to, and which croaki about the sTi-
srising from 1.-TWO standards.
Up 10 1852, the country slHays bad ss FiAno
~, still has, two standards, gold ant silver sr
Iii when g,ld began 10 flow IL in Ibu .-1cs irou
California, under fears tna. Il would dFrse|dfa
r the United States abolished the silver standard
80 and Holland tho gold standard. The latte
country adhered to silver under The mpressio
, n. | that IL would rise as compared 10 gold, an
~ | therefore benefit tho morod or creditor clasI
.v. both nations were disappointed gold has cor
"a tinued 10 pour 10, TO the extent Of COO mi
,h lions from Australia ard Califlrnia in ton year
Co., but there il no porceptible change in the rel
-, tive value Of gold to silver. Why B,cau
-, simultaneously with the gold discoveries Il
progress Of affairs in India was such as TO eau
w" an active demand for silver for that countr
and the quantity sent thther rery nearly e9ud
p0a The ,ch,Ie supply Of gold which has poured in
the vacuum caused by ire Withdrawal Of silv
from the East. Hence there has boon no app
rent change in the value Of the metals.
In the loyal states there il 1925, 000, 600
''' specie in baLk and circulation, and there a
| $50, 900, 600 Of bank notes circulating side
side with geld. To make the latter legal &c
No der, the quantities being IN iiptained would 1
'NN' leprsciato them neither would g1vernmC
notes to the same extent doprcciate. Tue d,
ger il not in making them legal tender, but
regleciing to pay them by taxes, and in
creasing the quantities to gtea. excess.
This lies the real difficulty. Tho notes ii
80. PENDED upon entirely will DO runous, but v
,''o" I've usetul If confined in amount to tho sum
- tho taxes levied.
Shest | l. H. s,,,,, sorso ,bo r,vr,ent If int,res,
! that - i,t,,, IA.
forces - 80 -. b., ,,,,,,ion IL ,osroIv l.,
iJn- in, ~, a;r Nj, g., ,r,n,yo Of the Comm
west ,oo n, Wa, and N.or. in tho Committee
], and, ,bo Wbolo poin,oa out the evil, Of having
= the J,s, If creditors in coin ard another in ptr
can't. Isn't h. 1il not 90 10 the bottom of tho mat
and show that the whole argument res ed
much "N""C'.' - '""' N'g, Wv :
h they >o'N NV ~ ''''' ~" NV ' ~
Su,es many "
, rr | .g.nnIc Iobb,l.t.,A Corr, rslon