The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-03
The Penny Nuisance.
TO THE EDITOR or THE uKRALp.

Now that the smoke has cleared'awsy from w
thousand battle fields Of the rebellion and the prospects
of the perpctuity Of tho government good, gold
and silver have deprecated from their inflated value Of
year ago, and have brought down with them the values
Of domestic a well foreign goods and produce Tho
decline In foreign imports and domestic goods has not
been great has been anticipated nasmueh prices
do not and cannot decline in degree commensurate
with the decline In gold Those who have imported and
ordered goods from foreign countries at the high rates
of exchange which have recently prevailed are not will
ing 10 put down their prices until such time they
shall have had an opportunity to close out all goods
bought or ordered and RENTED for at said high rates
This true with the importer also true with the obber
and retailer and therefore, the people have been disap
pointed In their expectations OF fall In the prices Of
goods commsnsurate with the fall in tho price of gold.
But the fan in gold has brought down the prices Of
goods notwithstanding, and has emped the Golfers Of
those shylocks q pennies, which they have been hoard
ing up the expectation Of getting an exorbant pre-
MUM This is well far all such misers are con-
cerned but has entaed serious burden already upon
manufacturers and dealers In certain lines Of business
which IA irksomc indeed; and gold gradually falls and
the pennies boarded for three years out from barrel
and box In which they have been corrodnR, into tho
sunlight. the burden viii be greatly increased The
discount pennies before the war was Ave per cent
Under the present state Of the penny market almost
And il Impossible 70 dispose Of Thorn at that rate
Of discount When, then, the price OF gold shall
come down TO hundred per cent the discount on
pennies will be greater by far; and u safe TO assert
that those who under the obligation OF taking them
for their merchandise, will nnd utterly impossible to
dispose Of them any price. For in the first place,
they are not legal tender in any large amounts In tho
place they more numerous than the leaves OF
the the sands upon the shore and In the
third place th.r intrinsic value 10 far below their nominal
value We presume, from comparison Of their size
with the size Of those good old pennies which used 70
one half cent piece. II they have no more value than
this s II not safe 70 say that they will not command
hfy per cent Of their nominal value when gold comes
down 70 par, and when they all come out from their
hiding places Into the avenues OF trade.
What could have induced the government 10 90 on
ooning them in large Quantities when every one
full well that % long ~ the premium on gold ruled
30 high they would never come into circulaeon, u
| hard 10 conceive rome say the government made
money by II; but what right has the government "a
isf And what right has Il 70 saddle heavy burden
upon the people when lee duty 10 70 protect them from
| any unnscessary burdensf =
There are two ways suggested by which this burden
may be overcome. The one n for the government V
establish space Of redemption for them In this city OF
Are compelled receive them In large quantities. and
giving them out 70 those any there be- who need them
In the Transaction Of their business This would rende
necessary great expense the part Of the government
for counting kc, which would render " impractcahle
The second, and 70 more feas bic plan % for th'
svsulssInn until such time they reduced "
volume which The demands Of trade viii justify. Tn
plan II hous for their redemption would b. good,
hey ere nos again put into circulation Let such
house be sslAblshed IN this city, or ~ any convenen
psst whws Aess Ssesivns iArss susnuuss o. psnn's