The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-25

x,vU al
and 100 parts alloy The standard Of British gold Is one
part alloy 10 every III but We have NO ooans which are
ad could BE- thar 1sr s
this measure was designed not only - make the legal
value Of the two equvsIsnt 70 their relative commercial
value but 70 bring gold Into moro general circulation
Neither object was secured tho mates Of value, OF ar
teen or sixteen 70 one became obsolete and gold
that q silver, were st exported IA order 70 retain p
the country any silver, which, being worth than
hn % rsdaos
weight OF the silver coinage and the half dollar In 1853
vas reduced from aocx grains to 1es grains and frac
once disappeared and eagles bearing dae prior 1897
beiug worth in proportion 70 the new eagles $40 90,
also disappeared The weight Of these in 1701 stand
ard gold, was 40 grains but In 1887 they were
duced to 25s grsins The debasemsnt OF our coinage,
egn coins beyond our power 10 debase have been OF
course permitted TO raed increased valuation
made lawful endsr in 1874 at 81 a. and IN is4a L was
raised TO 81 g. bong increase Of per cent
II Will DO seen from this recital that the standard OF tho
United Staes coinage 10 low, and the normal
dton OF exchange with most Other civilized nations Is
always against us. Exchange on London, when at not
over nine and half per cent ia really at psr When
onr paner money is promptly convertible into specie
is still moch below the par Of the countries with which
have the largest commercial transactions Our gold
coins received abroad according tho value we
stamp upon them but according to the amount OF pure
10 allow paper money remain deprecated below
tho standard OF specie as fixed by ourselves for any
period moro promoted than is now imperaiigely
necessary. Bank notes. when they made eauiya-
lent 70 the standard Of United States coin, viii he
mono too valuable. Tho second, third and fourth
diiuon money would not DO tolerated by Hahns.
mann. But the vauc of ANYTHING circulating as money
dmnishes both in proportion 10 is Abundance md in
proportion 70 the swlltness with which 1t chang hands
Holders OF what IL called money below the standard OF
the world always eager 10 part with ~; thew mover
hoard IT, They inv est IL either in something sod
or are happy to be rid Of Tor even such exavagsncss
ty would feel could not otherwise be Afforded The
A An people At all tines possess wo9drai facility
exaggera,es this national aptitude IN the United states
the same sum Of money probably changes hands twice
a. frequently as In England and Ia England three times
more Frequently than in France aud in France twice
frequently az in Spain and IA Spain five times
appear TO be Serbonan Dogs, where specie once
introduced never more comes 70 tho light IL
buy more labor there than elsewhere rreooversy
lostat nll events, TO modern commerce. Years ago
high authority laid IL down as an axiom 'Gven tho COM
pa,aiivo abundance OF money, ts market value will
vary the rnpdity Of The circulation. Given the
rapidity Of its circulation, the market value will
quantity and rapdty lis value Will vary tho economy
IN It's use II this be true almost any nation would
tho United States, because the rapdity Of circulation
elsewhere would DO generally far more sluggish. The
nominal increase Of values, has demora1sd the nation
Men quit work and bay property for rise,
We have escaped any ccmrnercal torpadoes but If wo
should be visited by such q calamity usual
aaenss Of wsm y TOO sna We are exposed 70
rency adds nothing to actual valucs Calling dollar
dollar and half only brings along the necessity for
marking up the price OF every exchangeabe commodity
corrrspondingfy II this were to DO done with mathe-
mscsl oSsctne-s nobody would be tho gailer or the
loser But our circumstance are peculiar. We know
and have faith that evey dollar Issued by the govern
mens will be actually redeemed aud paid, and probably
pohssis 70 invest gold in United states notes and hold
Thorn idle until redeemed for much loss than the
m s would gain much
present rate Of discount on legal tsnderA Notwth-
uputlv In fha nrcA 0f Nold M hlUba
now 3 ibis all PIP psrSsd sS oonsiesoa '' largely
controls tho rate Of discount II tho pubic
and the time Of specie resumption appear be uncersiu
postponed there is no power which could the
est a,tudea Let Congress become weak and vacil-
lanR and We should see our currency buoyant
power During the war; at whatever sacrifice OF present
comfort, the people back q US conducLed themselves
son BY an exhibition here OF . more contracted vision
when the light Is more sbundsnt Tho ratio between
gold and paper - nos .he true one Producing large
cheaper here than elsewhere BIT have depressed It
BY making COMMODITY which We are Obliged TO sell
readily than anything else. The government 70.
qlires gold TO be paid at tho Custom House,
Treasury. This is the innexibie and perpetnal
measure OF wants BeyondthIs neither government
nor people have any for IT, Banks have long since
removed II from their vaults II ia the cheapest thing
have 10 SELL So long ~ this continues we are main
ioreSs nations and 70 our owp Loss While j, continues
shall be tho subjects Of foreign pundr and the spoil
OF gold spscusior Every mans n Property a. tes
experience shows that excessive issues Of paper
money have been followed BY excessive importations
was over was not. until years iaior that England
resumed specfc psyments during which her material
cent strides In trade and eomInerce hear data sub
segment to this period When the bank note cifcuia-
in 1889 our imports reached The large sum Of
$lss o3s, having rsen from $40 s76e2o In 1890 AZ
sas ss .,ss os a cur o. qoce w'S
1861 toe imports 70 $500 800 l4l, having been no
more than Sis In 1860 Az the sane periods
OF specie and bullion exported WIS very large
The net imports Of foreign merchandise tho past year
WAIVED gold amounted 20 i7o46557 or which over
lion e, looss high prices vast amount Of cccn but
exchanged AZ once for dress goods These facts
would seem 70 show that the higher law OF trade and
commerce exercises rless rgor against those nations
which tolerate excessive circulation Of paper money
by the amount Of increased interest he com
ss ss' q IN: S ssS o. me
mont. with inconvsrtbls paper health IL impossible;
bu, with health could easily negotiate ~ loans for
lars Of national bank currency that would then be con-
veriibe being any per csrt moro than We bad Ia
But while ws arc bsfogsed with paper currency
deeraate In other paper currency, nad tnss NOT ~.
on-Congres win make lavish appropriations and the
expendtu Of the government viii Be unnecessarily
expanded IT every session far more than any loss 70 be
incurred the Of interest By funding the United
staies notea Al legislators No como 70 hold money
cheap Familiarity with millions has bred contenpt
for pary suna and II srdioe W shrink from
any proposal merely because the. lgares arc larger
than would have suhiccd Put 81 the day Of pap
rnent and count large sums trinss forgetting thM
each dollar Of every million viii cost OF
trymen the sweat Of hnrd dng,s work 10 the golden
moment for the party In power V turn I've attention
W the dry subject Of economy, and Mem the tide how
mig out from the Treasury, FOR tn day win approach
when our will not fell "a be reviewed by tau
payer. II We cannot reduce taxation largely, Ne
can DO much more by largely reducing spproprl-
etIons 1f prevent I'll RAIDS upon the Treasury, we
shall cnlitls ourselves 70 imI<ershabis gratitude
The committee rose, and the House, 81 FIVE O'Clock,
sdtcur1od. +