New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-29
Wuhr Is MONEY!

braggadocio of what the West thinks, and re-
Qures, and demands, with regard to the Cur
rency-all of it in the interest of expansion
and infatiOn-that we quote with sincere
pleasure the following from The Ohio State
Journal. It's essential doctrine used to be
claimed as Jacksonian Democracy, but it is in
fact what all sound thinkers and intelligent
writer's on Currency are agreed in. We be-
lieve in Paper Money; but that always used 10
mean paper convertible into coin at the will OF
the holder. Counterfeit money is quite another
thing; Paper that calls for dollars that are
never forthcoming is-not counterfeit exactly;
but then neither is it the genuine article.
However, let us hear The Ohio State journal:
MONEY. +-i
We have passed through not one but series ofreVou
ops within five years The political and the social revo
lutions all have beheld financial or monetary reVou
ton scarcely less complete, all are now beholdng. IL
we have not gagged or realized the swftness and the
force OF the currents because we ourselves have oeeh
swept along with the stream and have not enjoyed tns'
Neutrality-suspicious. OF observations fixed position on
shore. Before inquire whence we have come ana
whittier we tending is desirable TO know Where anu
what ia that haven Of safety and perpetual security from
financial storms which ought 10 seek. good mari
ner knows precisely where the port IS for which he set
out and although no may be compelled by adverse WINDS
or tempesuousweather to lie at anchor or to tack ABOUT
he never turns the PROV Of his ship directly from the
port he desires tOareach.
In our endeayors to reach that financial stability which
rests on basis "a firm the earth we stand on ana
which depends for its continuance on unchangeaoe
natural laws we must inquire what money 49, What
IA that form Of value which possesses not specho out
universal purchasing power-a power 10 buy all thhgs
from all persons at all times What Il that medium OF
exchange and Of value which constitutes the
best currency
The object OF money or Of circulating medium OF any
kind Is to facilitate exchanges It found that trade or
commerce could not carried TO any extent by means
OF barter alone by exchanging one specific aee lot
another hence different countries sought Tor some
common medium OF exchange, and salt was adopted
In Abyssina, stamped bark In China nails IN ocotshd'
and tobacco In Virginia These seem absurd expedehts
supply want universally felt Dut they were oot'ei
than nothing at all
That money or currency best which most facilitates
the transaction OF busness-whch serves as the oesf
medium OF exchange. IL should act as ubrleatnS OIL
not only keep the wheel OF exchange IN motion, pu'
10 increase the number OF it's revolutions II should be
the impartial agent fairly mediang between those VINO
are ready 10 render services each othergaugng the
relative values OF service and Of each article OF ex
change should be portable divsbe durable not 100
bulky for the ready Transmission Of large values ana not
so destuctble TO cause It's value 10 disappear ny
frequent use.
il aunifom standa I'd and steady measure OF value
All currency ia bad lust the extent that lacks this
quality Why this fundamental point Il not more as
cussed and better understood. is to US mystery Is
evident that IL purchasing cloth py the yaru
from manufacturer whose yardstick possessed suoh
pocuar powers OF contraction and expansion that 1t was
IS inches one week 81 another aud the next could
do business with little certainty OF profit or Satisfaction
10 ourselves II the farmer contracts To sell his wheat ior
81 per bushe and is informed one day that bushe "a 50
pounds another that CO. and on another that Is
GO pounds IL is evident that he knows very little about
what hcIzsI7getting for his crop. And yet, in this
matter OF currency, forget that are allowing pre-
csey the same Estate oftthingstoexst every year We
agree OdayIto pay for certain service, one thousand
dollars, six months hence We may be obliged TO pay
what equivalent eleven hundred OF todays dollars
or possibly only nine hundred Until the expiration OF
the six months we cannot tell whether we have made
profitable ruinous bargain We agree TO pay GER
tain rent; whether have made good or bad con
tract will depend the state OF the currency when pay
day comes. Every purchase, every loan OF money
every sale Of goods Of produce, every agree
ment entered into, every exchange or CONNER
cal transaction, is Immediately and Directly
affected by the condition Of the currency that
is its value compared with the true standard OF value
gold ABhe paper ,dollar, not the gold dollar Is the
measure supposedmeasure oyaue It Is perfectly OBJ
yious that nothing and determines the value
OF nothHg with accuracy for its own value - ever Vat
able. What sort or standard value al othet
ues is that which is itself constantly changing yard
is yard an inch aninch. bat dollar IS not dolar-t
may be sixty eight cents day and seyenytwo cents
the next and seventy the next slip OF paper contain
ing a promise 10 pay dollar whether that promise Is
made by a government. bank. or an individual is as
unfit standard OF measure OF value which to trans
net all business as the government bark OF the Chinese
or the stamped leather Carhagnians 1t as IN
suited 20 fulfil tho object for which money was
invented as the surveyors chain would be to answer its
purpose whose links made OF India Rubber liable
to indefinite expansion and contraction Now, the crcu
lating medium which have used during almost two
years OF peace which be made the very best TO
facilitate the exchange, is still subject 10 variations IN
amount and in value. Sudden contractlons as well as
expansions OF tho currency unsettle values cause
those fluctuations In prices which derange business and
make uncertain ali enterprises and commercial transae
lions.
There Is but remedy for this uncertainty and this
perpetual variation In the sO-called measure OF value
and that remedy Is specie basis for our paper
currency when paper dollar is at all times redeema
bic In CON- and equivalent TO coin, Will be as little
variable In value as gold Gold has for centuries been
accepted by all civilized nations as tho least variable
measure and best known standard OF value When the
Government and the National Banks commence specie
payments the bright days OF the redeemed Republic VIII
begin To have secured National currency is the great
financial achievement Of history To secure an inter
national currency will be the browning glory.
|
Senator Reverdy Johnson has INDUCED IN
long pamphlet, the main position OF which is
.bat tbo r;oht ~ suffro pe il not n natural but