The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-01
JONATHAN slususx 70 TINE CLIMBER OF COMMERCE.

10 THE EDITOR or TIE HuRAID:->
The report OF the Chamber Of Commerce contains
other theoretical points NOT sustained by facts TO which
wish 70 call their attention II says that the Trea-
sury should redeem the legal tender in gold" What
Is the legal tsnderi II ID money. What IL money! II
il that thing which shall b declared money BY Con.
gross The consultation says 'Consrsn shall coin
money ana nx the value thereof" The legal power
conferred is in "nxng the value" Metals have been
coined and the gold has bsen alleged to the extent Of
nine per cent and Congress- has snxed its value" II
Is was pure gold, for home currency, and bound
to accept IL q pure COLA in our business. Now, il Con-
grsss alloy nine per eenfthv can alloy ninety
per cent; therefore they CD coin paper and nx the
value thereof The oonsituion right OF Congress
'scoin paper appears 70 b Aonciusive. repeat wha
u money It u that thilg which legally pays or re-
deems al debts bat b no A and Of iiss subject fol
redemption EvsEy = 6oend TO take money in pay.
ment Of debt and thsEsfoss u s redeemed, in the way
money should - redeemed every hour. II ID the high.
est credit and most valuable Of al things in trade and
can be redeemed by nothing 90 valuable. Money il
created for the benefit OF trade and the convenience
the people, and not for TIE purpose Of government
Ioan the government may pay OF loan.
but IL would hardly answer for government
TO sxsinguish money Has u ever been .
subject Of complaint thet our alleged "coined
gold has not been rsds(nsd by government Mr..
Conkling said she regarded miracle Of history
that with The enormous inniion Of our currency gold
did not rise 70 higher prsnum than that heretofore
reached This " - much Of miracle 70 Mr. Conklng
a the tsar IN the syss Of imags 10 its worshppers
and for the same rsasonnehsr understand the subject
they contemplate the only rule by which to determine
whsthsr money ID too plenty too the rate Of
interest paid for II in the markst-ths great law Of
.ssupply and demand" There can be no other rule
When interest u low money Ii abundant; whom high n
IL scarce. Who can tell how much money will b re-
quired BY the people for business purposes ysar
Did government ever attempt 70 limit the supply Of
alleged gold coiuf
what win contraction enscss It viii NOT bring gold
back from Europe unless ws destroy the credit and bas
ness Of importsa win Increase the rate Of interest
on money until trade will NOT bear 20 heavy charge
and then trade must cease with the bankruptcy Of
dsbton Have the acts Of the Treasury reduced the
prss Of exchange golds IL mot gold and exchange
bought the price before the curtamsnts
has mot reduced the price OF gold what has II done
II has mot worked such miracle but has done
what the Law Of supply and demand always does-r has
greatly advanced the Of interest Interest now %
high - very ssnsiby 10 Affect the prosperity Of the
country. This embarrassment can do no good 10 any
interest," but may destroy all II 20 small destruction
Of osr money followed By stringent money market
what viii bs our condition whom the screws have made
few turns morss Who will benefit by high rates Of nss
rssi Who injured by its II aesar that whoever
may be benefited, nothing bat injury bsfall the
producers and consumers How have We opened UP
the grost West built railroads. cities. developed mnes
promoted manufactures and trader Not without money
not with gold Il has been done BY credit united credit
under good laws Trade Is not only useful IL Is
csssiy and trade should have all the facilities trade
afford 10 pay for You traders and live by trade and
some Of you want free TRACE; why then try cripple
trade by high INTEREST,"
noticed that Western gentleman largely interested
In railroad stock united in the cry for specie pay ments
suppose possible TO return to the par OF exchange and
gold TO- morrow what would be the eject upon railroads.
Far OF exchange and gold would reduce the price OF all
crportabls produce forty per cent barrel OF -FOUR
now worth $40 70 export, would then be reduced 70
20 50 Can the farmer and miller afford 70 pay the
rate OF freight railroads and sell their -four at
10 so in this MARKET II they cannot thsn the railroads
must greatly reduce thor charges for freight carry
none Either win greatly damage the stockhoider But
II 10 this you add high interest and close money mar
kst the railroad companies may get back TO the point
thew were al In 1890 The action you have taken gen.
een reminds OF the epitaph In an English church.
ward uwas we'll wanted TO be better took physic and
here am" We are all we'll tho currency is well, why
"'A-s JONATHAN oLDBUCK