The New York herald., 1867-01-29
loHAIRAs utnsucxs woRDs OF SORENESS 70 TIVE MEN
iN.E sN BERS Of CONGRESS-
TO THE yprroR or THE HERALD.

specie payments by contracting the currency. Yoi viii
remember that since gold ~as selling 81 so the Sec
retary has more than doubled currency; and IN the
face Of his making currency rapidly the price OF goa
has gradually fallen 10 1885, more than hfy per cent
win the Secretary tell how he bring down gold 70
par by contraction, when IL falls 50 rapidly oy expan
sion This is plain practical question that demands
clear and mathematical answer II expansion brings
down gold hy per cent how much will contraction bring
II DOWN. Will the Ts,bsne, the New York Times or Err
press answer this question for tho sccretarys
The Secretary and Commissioner Wells say 'gold and
silver a standard Of value" Is this trues Does
not every trader know that supply and demand 10 the
standard Of value in market overts II there are
cattle in the market than there purchasers,
does butcher know that price Of beef must
fal and every article that subject OF purchase
and sale among traders. When article must be sold
it is worth to the seller what II win bring II farmer
wants and cannot swap away steer horse
for the cow then he must sell his steer horse and
COW. Here the use Of money is manifested II is no
sstandard Of value" but convenient means TO assist
in the exchange OF property.
But, says the Secretary, i've have irredeemable
paper curaency.' Is this trues We have nothing in
circulation but money. Is money redeemabiet Why,
1t is the redeemer Of all pecuniary obligations and
not subject for special redemption. But our legal
tender, being money by act OF Congress- redeemed in
the way intended every hour in the day My creditor
is bound TO take 1t from me in pa, ment Of my debt
and he thus edeems from me; and So in all business
transactions each buyer and seller is constantly redeem
ing legal tender II is because Congress has
coined paper, it coins gold and fixed its value that
It rs money. Gold Is made money by Congress- and so
Is paper. II Congress shall declare any other thing
money, and "fx Its value" it viii be money
The Secrctarysdo not speak truly when he says our
anol kss .y1 10 sc
neither praci cally Theoretically true.
The Secretary SAYS the'e is too much money In the
country Is this true9 When money abundant it is
very cheap; when scarce 1t is very dear This is the
only standard Does any complain of having too
much II he has there plenty Of men who
will give good productive property for it. Money
pays interest; therefore will hold unless he
make more than per cent out OF its Make
money and 1t will be high. This will benefit the
money lender, who Is non-produceE Make money
plenty and you benefit the money borrower who is the
industrious producer Who, then, will complain Of an
easy money market but the nonproducIng money
lenderf Is the money lender that the Secretary
vors9
The Secretary says that great evils have been pro-
duced by the high prices which foreign exchange has
brought upon our country" Is this true?
When the late war commenced the Western States
indebted New York more than fifty million that
not collectable--since 1867 Railroad stocks and
bonds inconvertbe and of value the holders
amounting to than five hundred millions.
Tho prices of all Western products were SO
low that but little could be brought to market As
prices advanced as to pay profit to our farmers
the railroads and with freight and
travel The roads enabled to pay on their debts
and mako dividends, which gave.s cash value to all
their bonds and socks while the proceeds Of the produce
enabled the merchants OF the West pay Ae indcbtsd
ness 10 New York. and these payments and this In
creased value railroad securities enabled our mer
chans to stand up under their great the south
and subscribe largely TO the loans Of government If
these great benefits besides making farmers rich
part OF the evils which the Secretary In high
prces it is very apparent that the great West win
agree with him.
The Secretary says that our new coined money which
call legal tender has advanced prcea Is this true
What raised the price OF four pork &C., in the wss
| when the commencedi Was II not the demand 70
government uses Did currence put up tho prcef D,
not the increased demand enable the farmers OF tn
great wes to 30. high prices for their produce through
G sss sy.nsol period q pnr ~sr' Does the sscrsar!
aoBbain or bsk prosperity and wish % check u b!
cuftailipg thdf nsans Of producing and selling Th
lshnrss u thScounuyWsss ssnt from she West ana thu
curailed proAhcton They sent soldiers W th,
| South, and thus became destroyers and consumsrs
During ths war and since have imported than
We exported, and thus up debt in Europe and
great demand sprang up IN ports for oil
portable articles So that the balance price Of
change high that exporters able to pay
SIC for q barrel OF -four in New York and send 1t to
Liverpool and sell 1t there for 81, and make money by
the transaction, adding the present rate Of exchange
Thus the rate Of exchange Europe has governed the
prices OF all cxporable articles and has thus kept up the
prices which now rule in our markets hen exchange
shall be at par (which is 109) the shipper will not be
able pay more than 80 -four that he soils in LIVER.
pool for 81 Therefore with the decline In the price Of
exchange will be decline in the price OF all kinds Of
produce that is being exported. Is this true?
Every who gives his check pay for a bill
Europe knows that tho prices OF all exportable articles
including gold and fall with the price OF exchange
Since government coined paper and liked its value
have used gold for banking mercantile purposes
II has been given MP to commerce and now ranks
among exrortabe products II is produced By our
iaboripg population the rate Of nearly eighty mi
lions per annun. More than sixty millions OF this
gold has been sent The last year to Europe with
cotton, four srain pork, beef &c, aud when these
articles shipped tho merchant draws his bills Of
change against the products, and sells his bills to the
importer who remits TO pay for his purchases ThGs
gold control prices here than any other
article exported has because the importer win pay for
bill Of exchange; drawn by responsible banker, the
same price whether the bill is made by shipment Of
cotton, pork flour, &c, gold When, therefore, the
importing merchant shall decrease his purchases Of bills
OF exchange by ccasing import sand exchange shall
exceed the demand then will drop down TO par; then
the balance Of trade will turn in our favor and bring
back gold thon the current from mines will meet
the return current from Europe. and SubTrcasury
and banks win be surfeited with IT, When this time
arrives which now close upon us who but the sccrc
tay would prefer the ponderous gold TO convenient
legal tnder
JONATHAN OLDBUCK, No. az Wall street
REPORTED ATTACK or UNITED STATES TROOPS By INDIANS.
Nrv Op,rAxa Ian % Ie97