The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-05-07

Il. X. = II r n II
More Legal Tender Notes Needed.
70 THE EDITOR OF TIE HERALD.
ID . former paper ! have Attempted 10 show that
wealth 10 tho fruit Of productive labor, and there
FORE VIII not surprise you Say that labor not our
rency sihe standard OF valuo. Labor the producing
cause currency the exchanges Of the products
Of labor Currency need not contain intrinsic value, and
yet answer all the purposes Of trade End that
among traders bank notes that do not cost ten cents
each ako Tho place Of gold valued metal at twenty
dollars Indeed gold rarely used in country for
ordinary business II 10 an expensive medium OF e.
change and very nconveneut carrying through largo
transactions Nine hundred and ninety thousand dollars
IN the million Of mercantile and manufacturing business s
done without s agency and done safely aud cheap
or In well regulated business no gold ID needed.
the merchant at the West ships ten thousand bushels
Of grain or barrels Of nour 70 sell IN New York.
u sold hero for credit The individual
note y discounted and converted into bank credit. Tho
merchant buys goods and pays for them in private or
bank credit and thus long mutual confidence exists
no one wants gold. When. however, dstrust and
anarchy PREVAIL IN barbarous iawless countries
each one seeksto hold his possession articles Of nTn
value, and then gold becomes Of value than
other things, becaus, is by common consent exchange
abba for all other things
What wish 10 show is that labor Is tho standard OF
value and that money is by universal cnscn recognize cd
a. only useful in the exchange Of the oduct Of labor
The relative value Of each article as compared with
others very much governed by supply and demand"
and not BY the currency with which exchanges made
10 peaceful countries the spirit Of trade controls tho
demand for currency and renders II valuable. Where
therc no trade there not needed Therefore
II may be considered Law that trade governs
rcDcy, not currency trade. nj
Tho Of bank notes and gold is very limited in
country comparison with the volume Of private and
bank credit In tho retail business tue larger portion OF
currency used Among merchants manufacturers, bro
kers NC, not ono dollar in mhon Is required ASK
the merchant Of this city what the parson to
quantity between private notes and accounts his pos
session and his bank notes aud bank CREDITS
Trade throughout this Union the time when this
belion commenced safe that very small
amount u money Deeded Individual and bank drafts
were all that the business required. Tho
Of trade into New York, the great fountain
Of credit with Dnch certlnty tho streams united
into the ] have called your atten
ton TO the facts above stated for tho purpose Of contrast
ing The past with the preseat.
Since this war commenced we have found the trade
with the southern States up and thousands
most wealthy and successful traders made bankrupt The
OF trade 10 the North, AMI Wesl bean
much dmtressed by the embarrassments Of merchants,
mechanics and traders both here and elsewhere and The
THIS great disoT OF credit has limited business 70
a more cautious action, and demands many
. more generally known credit. TIE government has
become the great purchaser and Of The products
OF labor and the great employer and paymaster OF labor
ers II docs credit trade
but has brought out It's credit ry 70 The
persons II employs and the property II purchases. 10
pays out lis promises IN every part Of the unon, and
particularly in the places where the Of
a
q the continent thsse bills aie sent and millions
are bow IN The oceans aud rivers where onr naval and
land forces employe a. ei 1f
Never before has this country required tenth
the amount and volume OF currency aud wisely
ave Unngrese acted IN giving the obhenioEs Of tie
government w = csoyeaent shape. aud making them
craI tender in ali parts IL the rn,on lnp ,sur .ng
TT them universal and 81 nal credit. Never has
any o.hrr Nod o. credit carfney ro sAse1dsd :.
intended w. AID, Tho ID ects o tho government have
ocsp antGpased by the eonditon oi Tho county, iias
much IN the country enlarged vluDc 81
rency and tho c. the country demands uu'vcrsai
assisiauce and credu has thee ~, causes arc work
lng together for the Common gsd, The .Ncsi, North,
south aud fast have always and 10 ri cafren
cy Of caal value tnro gh country .nd uore
pecaily nj tie preseni De since the revenues IRON
taxss and ,nlsrts will nifc anpray larger amount
than the government hive issued anil put cIrcua,on
through tbe unVn And as the iax colec or required
u obt This egqt carer cv 10 payment OF pubic dues
mary of taxpayers ctnlpeiici great
sactIcr 10 obtain u, tneSs ibe vo'nins ~ greatly IA
creased
any suppose that rossse TO reach through
tax COLLECTORS 10 grh part oi the amount Of tie
thn iat or the dfsoy of currency shan nc equal
" ruc Thousand miDioder M WI ttraNNTu
may to Diorre,i fr' what have written that
Iuce. That any rules 70 the volume curfcncy
hefe'saore tave ap,i.taiou INC pfesent
distracted cdilioD OF an.ry. sna therefore that
thero precedent that vii properly guido w thus
cency
Ia urnscuiinp these facts ID ngaiio7s scll
that ~ 70 III sen and ~ less be- dsp sci 10 weigh
nsider tlem, az vaiue 10 comm aud
yel an convinced tbit sh2ud tcy pfovc 10 DO tue.
Tie d~fersioL ~ ia se liusi ca he subject q our
cu,rchcy lGstre succo Va our rrepc1t struggle
Ia my nexi J propose 10 lay do VI rule by which w,
prcyent, 10 a sysicmn u form. ia the
rency without after cring With the credit ana rsyment
81 the government. q n. IS.