New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-12-18
ON PAPER MONEY.

TO ~ Ifffo' az 1hs y. D. Ifib.ns
SIR: VIVA, necessity is there to pey interest on
United stties securities In coin
Coin Ia, little or no intrinsic value lion /, really
rtssis than COLA AID al paper money IA but the owl.
ie1cs q debt payable bearer not usce.iy nor 'lway'
b.s., e. ooln may bs receivable IN psymen, Of taxes
AID dls, AID the AID .g-s enough may come
IN s.. .s. thc Go'sruen' pays % oai sd wi therefore
need mo- cello With ch redeem Il, Il 20 hre
. wrong when You y the payment o. nicres, 10 United
states paper raou-y or>n. . bo,sosais.- sby'-
Yours CASH
Ansrp-The object and the eject Of paying
interest 10 coin or its absolute equivalent ere
10 girs those securities an absolute, inieSrneiibe
ralue. 4 security wherein the interest is pay
able in irrcdesmuble paper inevitably depreci-
ate. in value ms the paper in which 1t Is pay
able ia increased in amount. Tor instance:
We have now issued Two Hundred and Fifty
Millions of "greenbacks" nowhcr, rcdeemable
in coin, and they range from Thirty to thirty
lye per cent. below coin in market value;
double the amount without making new pro-
vision for their redemption, and they sill sink to
fifty per ceut.-that is, 50 that 500 in coin will
buy $50 IN "greenbscks," reducing TO that
extent tho value Of all fixed salaries, wages.
rents, interest on bonds, mortgages, debts pay
able, etc, etc, increasing tie price Of most
articles, and deraoging all tho operations Of
Business aud Industry.
Now we are not 80 simple as to regard or
rcprescnt this as so much clear loss. The
farmer who pays more for his Tea, Sugar,
Flows, Log.Chains, &C., &C., gets more ior
lis Corn, Pork, Butter, oats, &c, than he
would or could if the currency were kept
down 10 specie basis. There are undoubt-
cdly more people at work ia our City this
day, and fewer yainy seeking employment,
than IL We had 10 currency not directly re
Geeinable in coin. But the temporary stimulus
given to business by currency Initiation exactly
glass Of rum or tumbler OF punch-it il n
transient elation, TO be paid for by future col
lnpse aud headache. " Give strong drink to
him tlht is ready 10 perish" but do Mt try to
make him chop hundred cords Of wood on
tie strength OF apple toddy alone, or LIE viii
surely give ont before he can finish the job
Our couu;ry's trials aro very grave, aud we
must oil expect t. bear our part of them
Tie cost Of this terrible wnr IL lrghtiu; aud
icg can escape it. The business man who
comes out with half a. much property IA he
had At the beginning viii do well; the farmer
who is worth tlre,-iourtls at the end of the
war that a. vas ut the start may think him.
self lortunale. Al must suffer, all must lose,
from the millionaire 10 tho rag.pickcr; though
here and there one individual viii become sud.
denly rich while NIL the rest Of us are steadily
growing poor. II great earthquake were to
shaiter or vast food submerge all our sea-
board cities, some would doubtless profit
thereby but m immensely greater number
would DO impoverished and many beggared.
Dilutng the currency in order TO meet some
great public emergency il q very Old device.
Formerly kings and emperors, when very hard
up, would call IN the current coin and issue
new Of like amounts. but Of ten TO twenty per
cent. less actual value. Finally, James III. IN
Ireland coined brass guinees worth perhaps
half cent, but "good for" s. or thereabout.
so far as persons could be found to take tho
kings word for it. Need wo add that this
wns not very fart
So long % tho faith Of the United states