New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-01-25
The following Is the estimate Of NJ Chevalier, Ju
1866 (see Journal des Ec0nOiaistesJ;

than for the years for which given the returns
a paper currency, that gold must have rremediably
fallen in intrinsic value 1t has become cheap ny It's
silver mines Of Potos IN 15l5 is again stamping itself
upon history There Is G mo Pfesf F0F s
us on account Of the annual addition when mas Deen ana
N be made y the general stock So OF sO ana S'f IN
We keep up minis and assay offices at great expense
S aIa Ra 9 by the Country Of ali we have
coined In other words thFeefouths or more pas elt tne
pstfiO;m 70 cSin, and It changes its aIegianceas did
the co9 OF other nations IN past ages though forbid Dy
sYy connable The following table shows the work Of
our mints and assay offices since first established;
Silver coinage is................. l36351,s12 SO
Copper coinage s.......''.......'.'' o'oSoSo4Y Y
Total 424,OS7 so
Where Most Of has disappeared, rated az the
value Of the pure metal c9ntanea ana nov % Nodes de
OF reducing the standard value Of money Congress began
declared that Of LOCO parts 300 should be Of pure metal
and 100 parts alloy The STANDARD OF brtsh gola H ono
sBSyed s eS One p pa To na every W TO- At that time
gold could DO prOftably exported than silver ana
& Fur w wSs aiGg 6Gi h S relative
value but TO bring gold into more general circulation
S to one soon became obsolete and gold coins although
the standard was prosey placed below 5at Oh sH eG
silver, which, being worth more than It's lega[tender
value bore premium and was sold as eol9modity
coinage and the halfdoar in 1853 reduced from 2O
grains to m grains and fractional parts to the same pro
bearing date prior to 1887 being worth In proportion 70
the new eagles $40 CO. also disappeared the weight OF
hesen i7gl standard gold was go grains, but in 1887
they reduced to 25S grains The deDasemet OF our
FOREIGN coins beyond our power debase, have been Of
course permitted to be rated at an increased valuation
made lawful tender in 1874 at "a A. and in 1912 1t
raised to a sl-being an increase Of oye99 per cent
II will be from this recital that the standard OF the
United States coinage very low and the normal condl
ton Of exchange Win most 0r %ben NJ no
over % per cent really at par When our paper money
Is promptly convertible Into specie 1t Is still much below
the par Of De countries with which have the largest
commercial transactions. Our gold coins are received
abroad not according 10 the value VIC stamp upon them,
but according the amount opure gold they contain 1t
would SEN sMG S% tSc ag% Gd peSe ~
fixed by ourselves for any period more prorcted than IL
now imperatvey necessary Bank notes when they are
will he none too valuable The second, third and fourth
dution OF money would not be tolerated by even Hahne
dimnishes both in proportion 70 its abundance and in
proportion to swftness with which it changes hands
Holders Of what is called money below the standard OF
the world are always eager to part Win it they ne N
or are happy TO be rid OF 1t for such exrayaganees
as they would feel could otherwise be afforded The
American people all times possess wonderful facility
Tor barga-making and an abundance of paper money
exaggerates this national aptitude In the United states
the same OF money, probably, changes hand twice
es frequently as I'm England and I'm England three
times more frequently than In France and IN France
TSs 1 more 9freSeny than Russia or Turkey
China and India appear to be Serbonan bOgs, Where
specie once introduced never moro comes 10 the
light II goes and stays there perhaps because IT viii
buy labor there than esewhere Is irrecoYeraDY
lost at an events TO modern commerce Years ago nigh
authority laid II down rs an axiom Given the SOinpar
tive abundance OF money, its market value viii vary ms
the rapidity Of the circulation Given the raPdy oIs
circulation the market value viii vary as us compaId-
m yaine viii vary as the economy IN lis use" II this be
true, almost any nation would feel the evils OF ieuuh
tic rnpid of circulation elsewhere would DC generally
far more sluggish The effects OF an inflated currency
| HnT1g
demoralzed the nation Men quit work ana BUY p95p s
jew IN Boston, who had heard Of some persons who
made fortunes by falling shut up his store, although
ing he had failed Toward night he reopened his
store, and said that he had failed ever since
II the spectators would go back to their proper
TONS Ike the jew It would be all very WE'LL but they viii
become desperate Haste to be rich fires the BRAIN and
he who has elephant or no fancy stocks ready to water
and dispose OF 10 green friends il fossil OF bygOne age
Even the unsopiscated representatives OF the rufal
population attracted by tho history Of some lucky city
gambler OR "god operator" the polite do can it, rush
toward towns and cities eager FOR sudden wealth. and are
ready suly character for an unsued equpage, bcey
ing fbe splendors OF an establishment may conceal
shabby soul. The urban population every where gain in
rents arc abuousy dear but the cholera retad
their Hotels filled, Notwithstanding members Of
Atlantic and spend the vacation In Europe rather than
risk fourmonhs reckoning with an American landlord
Wise men and gobbledup fools. Afewm9y gain what
Masses trained 10 legitimate business and 20 honest la
boz are daily growing poGST pOeHGT Te S1Ty e
Of those who seem 90 fly TO fortune on the expanded
and all who follow kindred work in some honest
calling; AZ least we may dry up the rom Eeh
cant fact that great Of financial distress have
occurred Just 40 the moment when we nave had the max
imum amount Of paper money hnau0n ana MN Meh I've we
were at profound peace with all the world Inc BANK
note circulation Of the United States from January 1890
TO January 1881 rose from sol TO s49ssO ana
then came the financial collapse from which the country
did not for more than 1--WE years, or until 1873
when the bank circulation had been reduced to
barrassment was experienced throughout the country
At this time the bank note circulation had swollen tothe
highest point then known-S24, 77s22. An eXces
sye Of the circulation OF paper would seem almost as
surely TO presage storm In the financial world rs the
sudden sinking Of the mercury In the barometer
denotes violent change In the atmCspherical world
Under such circumstances the skiul mariner VIII TRIM
his weather the rough dangers he may be
called upon TO pass through While tho war ragged we had
fearful riskstTetching every rag OF SAIL with onr
admras dashed 10 the masthead, and came off victorious
Now, with all craft safely in harbor 1t would be dis
graceful 20 sink by Insisting upon carrying full sail
instead Of throwing an anchor or by negectng TO trim
the ship with proper ballast after being uladen Thus
far have escaped any commercial tornadOes but IL we
should be visited by such caamy-the usual sequence
OF war Is too obvious that we are exposed 10 scene
thing OF unrecOrded severity Any Of currency
adds nothing TO actual values Calling dollar dollar
and half only brings along the necessity for marking up
the price Of every exclangeabe commodity correspond
ingly III this TO be done with mathematical
nobody would be the gamer or the loser But our
circumstances peculiar. We know and have faith that
every dollar issued by tho Government will be actually
redeemed and paid and probably within five years. SO
that any afford on this hypothesis 10 invest gold
In United States notes and hOdthem idle until redeemed
for much less than even the present premium ON
gold, and would probably gain much moro than six
per cent Interest according even 70 the present rate OF
present initiation OF paper ought naturally to carry the
price OF gold much higher than IL now is, this all
If the public faith this point should undergo change
and the time Of peceTesumpton appear to be uncertain
or postponed there no power which could prevent the
premium on gold from bounding 10 Of its highest