The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-04


ealssA y Is an Indispensable agent In trade between
mensanam and In tominsrcs bstweeu nations: the
* hansn ssery sx bat great Is Is IL mower and
srFDu* - ~ 70 the progress OF the race 10 liza
ten snd rsEsemsas, there ars limits beyond which us
eA~i1ine>& A. certain amount Is required for facilitate
ins exchanges aud determining vslues The exact
snseunt roo fsd canao of be accurately deter
maed tas the o. deficiency OF money in coun-
wy ssys pretty accurately indicated by tie cond-
hen q r. ndus'r and trade Ia all countries there is
lass - mech mehcy needed will encourage enterprise
siss sniaosment % labor, and furnish the means
- : ready snssangs o. property. and no more
ths snesai required for shese purposes the fact viii
eerpne apfasrns Nv decline u industry. advance
wi this " ne ease ~ten an srredeemabie currency
tetrnes thr standard Of value hy being made a legal
sssset Co.'S. hslnT the circulating medium q the
weird ruws ifem one corgtry 10 another In obedience
% ths ss " tfale ~heh prevents " from becoming
esywhsre, Ter any ecnssdegabs period, excessive 10
anovnt whsn ths law = not interisrsd with by iegsa
tea the Of excessive ncy corrected by
the lac Mer An Increase u money beyond what Is
srpssisnes, az oaly lraass prices, bat dninlshes
Aoers ana CON, consequences. nows from tho coun-
~ ~ whrh the exists % somo other where labor
- nare active and prices are lover 10 low back again
wesn tAs osT ~ country and the cain b. another
pFodaee the natural fssas Industry and produc.
bot shs greet sgimulafor 81 Industry aud enterprise
The sane b. said 81 convertible pepper currency,
whch ~ being co0vertibs will not for any consdeTa
BE period 10 excessive: bat rarely II ever Of
an neNrNeripe currency which "a necessarily local,
aNW B3Nf1 GNx tN 70 - ircpryerflbie II N
excessive snd b. beins excessive ana inconverlbs
a. 0uctastAng ANA utcsfan IN sue The only possible
esesesieh = his rs would he fond IN the Limitation
81 he em0snt In circulation what might sb utey
CARED IN The Gay sui Of TIE public
rsyenaes ~ msttsr What Laws may b enacted s,vo
unlsss limited shove stated si~sys 10 appreciated
carrsncy. TIE attempt 10 give value paper promises
rsss Sss rs -. 80 been rss s :, oss
nscas. ana generally with the ssms injurious " not
Nnx. 6sf.cl NJ
hsse coat naed % issue until prevented by Ne utter
worhle.snssS There may 10 no danger that ,nis vii
sl@sys BE- greani for spprshsnsion long
iredeemahs zas csgreclsisd regarded
necssnary 20 retire ~hoat great arrangement or To-
ctaats uusinesA fncoEs rlIbe and Deprecated law
il agreeable tecauss plenstaI because i
iudes W TIE creatinn % sYpsFent wealth II Is demon.
allz,1s ~ tssaar:sns ne public mind Win disnon.
Ia ire Tinted STATES adv thfee-o'd dang The
War, bal tbs advance manly the resals Of the In
dcaed ~ deprsc The purchasing power Of the
money IN rcnlasion diminished IN that s
volume increased. lie farmer, for example,
cevei g sbuss lor ID. wheat ba sEceps fsr Toe pay
meat 81 debts these tnFre dollars OF ~
value y = ~ Ian one resr -. es'oss sss suspssssn
o. properly aud Of labor The advance. excspt far
. u was the result % an increased demand vas
Tong A. tbs cause srss; bus The advantages
Y
positive add tasl No man sappc~ss that his own
wealth tho wesIth ~ the u increased ~
the PAPER crcaiailoa . ne uai,sa s.alss shssi 10
doubled dane The aes year aud the pvces OF prcpas
should be hkewio souhed would = BE- IMAGINED that
" tito Ianer currency shoaA. during the psrcd
b. reduced ny cent, and prices Of property should
valoe o. prop ry would thus dsc,nss In tbs one case
tho value Of the currency would be redurei prcyor
ton 10 hs increase 20 amount In he other the cur
Weul9 be increased tRluR q .ten
10 amount The increase % decrease ~ prices wvaid
no couiicrseins causes nsersensa. - me nA,nfN 70
wsie real values remained rnchsnged.
Tho United States notes we're mnde legal tender and
WAS neces AIRY 10 secure their currency ~ rolerens
70 the nrt debates Of coasr - upon thc sulieci viii
themselves the sreand Of necessity. No one who
okc 10 favor 81 he fsvored uron rfsncirs.
sequences nigh, rsvn nom a. But sne government
was in peril. Tbs emergency VAS pressing. necessity
seemed 20 sanction departure from -cund principles o
nnance " not from tie letter ~ the cnnxtltufinn ant
vortlblo currency became TIE axfa money of
tho country. Waite 'he acson % Congress. 40 sstor
izng toe issue there notes, seemed n~c~ssAry % TIE
time undsuhsedls approved hy large majority
OF Inc peopa there caa nos ~ me 81 exrsf ebee
advocated ths measure as necessity peFs wsli ioanae
Had they not heen made le1s tenes, tns amount ~
rational des, woail eouisss. have rssn ssnaress q
mil Ions OF dollar less than "a Tse assus w0sd have
Green .Igsd sssss ne r"s % ssss ben
really more drrrrc Aled ~ DOT ~ ng made awful
n'anfcst NV nsins ,na,ss IssTi no1sv fhav bac~ms
the lea OF Substitute for the
.Tos ~ and osnserea no as.. u 'rc hsss
by statute legal tender. they Of course popular
with those Who hal debts 20 psy or property 20 cell.
Of property, Supplying tho means for speculation AID
for creating arsieai ans delanve prosperity. y
evidence az The wisdom a Congress that tas
Issue was stopped before The bad become o.
ously deprecated, ard the business ~ The eouutry
involved 10 inextricmnle dscuiise. Bat, ssiho an
the issue OF these notes limited, and We thus
caped the disasters winch would have over
whemei the country without saea limitation, " cas
hardly b. doubted that The fesogt q tasn was ms
fortune II this means Of raising money haf not been
adopted. bcnis would nave undoap oily beea soid o.
heavy discount. but tho ssct nat they we're thus ssa
~hou, debasing the crrg ucy would have Induced
greater economy In the of toe proceeds, While me
discount on the scarcely exceeded the
actual depreciation Of the below the standard
As LONG notes could 10 sued ami bones con ee sold
at premium or =, Jar Tor what the ssiaie made
money there VAS constant temptation 20 liberal II nj
Unnecessary, expenditures Had the specie standard
been maintained and bonds been sold II discount Tor
real money, there would have been economy IN NJ
the branches Of the public service which urf0rtunsesy
not witnessed and the country would have escaped
nat onai Law, which Ion viosis with lmpuny,
the that makes gold and silver tho only true meas
OF value The financial evils under which the coun
try las been suffering for some years past % say
nothing or tho dangers which loom up IN tie future
are 10 great degree 70 DC traced 2 TIC direct issues sy
legal attributes OF money.
Upon the dcmorAzing influences Of an inconvertibls
government currency II 10 not necessary 10 enlarge
They forced upon attention by every days OBJ
servatlon, and cannot be blind TO them II We would
The government is virtually repudiatng ~ own oeisa-
lions by failing TO redeem It's notes according 70 their
tenor. These notes payable 70 bearer 90 demand
dollars, and not one Of them - being % paid n Rot
to be expected that people wall b more honest than
the government under which they live. and while tho
Of the United States refuses ~ par ~ notes
according 10 their tenor least long fails 70
make proper effort 10 do practically aches q the
people the doctrine OF rep 1dia,ion.
The general financial legislation ana the adminssra
ton Of the finances during the reflect the highest
credit upon Congress and the disngu shed gentlemen
then at the head OF tho Treasury DepsrmcnA They
havc commanded the admiration Of intelligent and TN.
partial At home and abroad. In speaking thus
plainly OF tho lesal tender notes the secretary must so
therefore, be understood indugng In The language OF
criticism. Hs object h neither criticse nor 20 Spc.
denim what has been DONE but 10 express HE decided
conviction OF the danger Of rerstit'on or psrpessa-
ton Of what experience has shown 70 have been 10 .
single but important matter unfortunate legislation,
II the views thus presented correct there csh be
no question that there still an or paper money
H. shx nYsxn