New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-12-10
NR. sTEyENs,s FINANCE.

or less. because governments have agreed to
make Gold and Silver legal tender Tor the
payment of debts. The opposite school. whereto
we adhere, along with most thinkers ard writers
on the subject insists that the re!ne o. Goa
and Slssr inhere IN The acreage amount 81 LABOR
required to produce or to duplicate them, and that
all substitute or alternative media OF exchange
are more or less. valuable according to the
feasibility and certainty of their conversion into
actual specified values. The power to 'coln
money is an attribute Of sovereignty; but it Is
only in narrow, special sense that any govern
ment, however absolute, can regulate the
value thereof Its power Of regulation Is
declaratory. rather than creative: 1t can say
that SO much Gold is the equivalent
of so much Silver; but, even in this it must
conform to existing facts, or il will ailront that
scriptural precept which says: A false
balance Is all abomination to the Lord. When
our Federal Government was established
the relative values of Gold and Silver were
about fifteen TO one, and.Our coinage was regu-
lated accordingly. But Gold gradually grew
relatively scarce, through the revolutionary dis
ruptiOn of industry in Spanish America, and
therefore increased in relative value, until 1t
became worth, as to Silver. fully sixteen to one;
hence our Gold coin disappeared, was exported
or melted down, until Congress was constrained
10 diminish the amount of Gold in each eagle or
fraction of one thereafter coined. so as to
regulate the nominal by conforming it to the
real value Of the metal. And now, if the Silver
mines of Nevada should proves as productive rs
they promise, with no corresponding increase in
the production of Gold, the relative value Of the
latter metal would again appreciate, and Con.
sress would have to conform our coinage to the
fact, or our Gold coin would again disappear;
since debts ara and will be paid with the small.
est quantum of property or actual value that
will legally discharge them.
Congress has power to coin money 80 had
the kings who in all ages have been driven by
necessity TO debase the coinage OF their realms.
James ii. of England, when reigning over Ire
land only, issued brass guineas, which were Tin
effeet) promises to pay whenever he should be
able. The idea was that these would DO re-
placed by golden guineas whenever the King
should come to his own again They had thus
q value proportional to his chance or prospect
of recovering bis lost kingdoms. Fanatic 10y.
atty might insist that they were as good as
any guiDeas, but Commerce could Mt SEQ It.
He who should have asked tho RothsclLlds and
Hopes Of that day TO receive them at their nomi'
nal value would have met with refusals moro or
less courteous, but alike decided.
Congress might declare every paving-stone
or brckbat a dollar, and thus enable the in.
debted to discharge rapidly and easily their SOW
eraI obligations. For time, under tho inilu-
ence of such legislation, paying.stones and
brickbats would maintain certain currency
value, aside from and above that based on their
intrinsic qualities. But let Congress proceed TO
enact that psving-stone or brickbat should be
the legal and actual equivalent Of an ounce OF
silver OF apennywoight of gold, and undertake to
prohibit and punish all exchanges Or purchases
! which should contravcne this equation, and
it would throw all trade into confusion and an
arcby without achieving any counterbalancing
good. The laws Of the universe utterly refuse
to be subordinated to the acts of Congress; q
product which has cost thousand days labor
will not be exchanged for or held Of equal value
with something that may be picked up in two
hours by the side Of almost any country road.
Legislation may impair the value Of Gold, BY OBJ
structing lis exchange for other products or
values; it cannot make a cart.load Of paving
stones the actual, enduring equivalent Of cart.
load Of Wheat or of Wool in any region where
paving. stones are superabundant.
Are We pottering over the ABB Cs Of Finance'
Certainly. but how avoid itwhen our statesmen
and financial authorities have not yet mastered
even these With great respect fox the abili.
gess declaring paper dollar the equivalent Of
gold dollar is a transparent and mischievous
absurdty. 1t may be such equivalent; fit il,
il needs no statute to bolster it, but will take
ample care of itself. A bank dollar surely re-
deenable in coin at every bank counter or bro.
ker's Office Is dollar, practically and bonef.
Gently. Any paper dollar is worth more or less
according to the facility and readiness where.
with It may be converted and tho cash value Of
that into which it Is convertible. Any legiSa-
ton which declares nothing to be something or
forbids water to run down hill may be potent
for incidental mischief, but can never achieve
its declared end.
Let rs consider the case Of q miner who has
spent tho year 1864 prospecting and dclying
$780, A. = ~ln~A ~ tha RroIv Agourt aim and