The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-04-17
OUR PAPER CURRENCY.


Treasury transmitting the address Of the Geneva
Chamber Of Commerce to the Congress Of the United
States presented in the House OF Representatives on
the 14th inst. and the address accompanying IT,
WASHINGTON, April Ia, 1883.
SIR take the liberty Of enclosing to YOU with
the request that you will submit to the House, q
copy OF an address of members Of the Chamber OF
Commerce of Geneva and number OF citizens to
the Congress Of the United States of America and
the chambers OF commerce OF their sister republic
/ am advised that some of the gentlemen who signed
the address are members OF the government Of the
canton Of Geneva and Of the Federal Congress OF
Switzerland, and they are all persons Of the highest
responsibility. The government and people OF
Switzerland sympathize sincerely with the govern
ment and loyal people OF the United States in the
of constitutional liberty and they are therefore,
perhaps, UNSUITABLE in expressing to Congress-
commerce, the interest which they feel in the adj
vancement and maintenance of our financial credit
have the honor to be- very c Respectfully ., your
Hon. SCHUYLER CoLFAx Speaker Of the House Of
Representatives.
TIE ADDRESS OF THE GENEVA CHAMBER OF COM
GENEVA March g. 1868.
Address of members Of the UhamDer OF Commerce or
Geneva and Il number Of citizens To the Congress
OF the United States OF America and the chambers
of commerce Of their sister republic:-
IL was with q true and sincere admiration that we
witnessed your heroic efforts and your energetic per-
severance applied to the realization OF great idea
OF an entirely moral interest-nanely, the abolition
OF slavery.
We have applauded the admirable proceedings of
your country, which did not hesitate moment after
the victory to exchange the instruments or deStruc-
ton for the implements OF peace. Unfortunately the
deep wounds given your prosperity by this Strug
gle have not been healed 80 promptly as we hoped.
Tie one lrst 10 be named and most perm cios Is
the adoption OF paper currency, which continues
its mischeis This might have been in the beginning
OF iperiOuS necessity, but by its continuation 1t be-
comes q widespread calamity; IL IS DleelIng wound
always open, which we hnplore you TO hoal-the
the better. The prosperity OF the whole COM
mercal world s intimately bound up with the pros
perity OF your great country.
We tSwiss) are strongly associated with your pros
pcrity by the wei as 10y the development
o. the interna iOnll exchanges, ana even more WIN
everything that interests yoI by the conformity OF
our political institutions and by tleir blessings oI
liberty, which both nations enjoy III the highest de-
gree. Allow us, on tie strength OF this brotherhood
of moral rs well rs Of material import to speak 10
yuu oil tnOse Interests concerning you as we under
We saw at the time with the greatest pleasure the
measures which authorized your Secretary of the
Treasury 10 withdraw every Inontn ccrtain amount
of greeubacis; but We noticed with deep regret that
alter The repeal OF tat faculty the question has been
raised OF Il new emission Oh $l4O,J0V,Oco OF paper
currency, destined 10 replace this very amount which
had been Withdrawn.
Would IL not appear as II by the new discoveries OF
gold mines providence had intended Ia 1urGish to
the civilized world sufficient precious metals 20 form
the basis OF their exchanges? Gold and silver in the
shape or money are the most energetic agents TO
prompt industrial and commercial actyity-t!iat is
TO say, labor on its development rests the devc-
opment OF humanity To keep In circulation PAPER
currency which iakcs the place of gold and silver IN
It's most important functions at tle same time Cnat
the productions OF the gold mines are abundant IL
an anomaly which shocks reason, ana which appears
almost ungrateiul TO Tie blessings Of Providence.
me emission OF paper money by any government IL
nothing else than heavy tax on the puOlc--a tax
which strikes at hazard and falls heaviest on those
least able to bear 1t. The evil II produces goes on
increasing from day to day, and the longer 1t lasts
the more disastrous are its consequences.
The depreciation OF paper currency imposed by
government can only lie compared 10 the alteration
OF com equal III its results ~ those acts committed
by despos of antiquity and of the middle ages, when
tney diminished the standard or the weight without
STANDARD or the weight To impose the acceptance OF
a paper dollar as the equivalent OF a gold dollar in
undermined proportion wben We have seen II
already 1uctuatiug since the termination Of
tue war from twenty-five to my per Centr
century TO the worst days OF history? What
are the consequences II the creation OF
paper currency III regard to The Justice morality
and pro perity oi people-paper currency, arbitra
rily imposed by Slater 1t Is an Ubiquitous tax put
on the creditor TO Inc pront Of the debtor IL de-
noralizes and leads 10 manGuyres which must cause
the liuctuaton OF this fictitious money. IL produces
bad influences and brings forth corruption by allure
ments OF Illicit GAIN which by degrees Will seem
quite natural. The people, unaware Of these cor
rupting influences, is always the ylctim while the
favored ones are the holders OF capital, who profit
solely by the gold premium, and the adyenurers OF
commerce and ol pOlltics-the one seeking but to
favor his specuatons. the other to gam false popu
larity Thus TO some The fall Of currency Is the rise
OF merchandise On which they have speculaied, aud
TO Others II Is gain Of some votes among those in
terested In the moral disorder. The gold SPECTATORS
"a wen a. all other SPECTATORS, suppose themselves
doing Legitimate business; but legitimate business
Is only such as produces or IL OF real benefit
kind; but these Spectators, what do they produce
! Nothing but ruin. They enrich themselves ut the
expense Of the real aborers In calling forth rise Ia
prices of the Decessarles of life whch does not COM
pcnsae Tor any higher wages they many DC able to
| obtain.
Nothing more unfortunate for the workingman
than to DC from time to time without any work at all,
particularly in a country where the products OF the
earth abound and where at the same time fictitious
high prices prevent him from beng able to obtain
thein The existence OF paper money blocks up the
sources Of labor instead OF promoting it, particularly
n the quantity OF such paper ~ out OF proportion TO
| the real wants vi a circulating medium In that case
| IL makes everything unstable anu insecure Ia the
| social and international relations.
The sovereign people oil the United states are the
masters of It's desinles How Is 1t that they tolerate
| Tits smartlny wound, OF which II would be an easy
thing 10 rid Itself. by what arful seductions have
certain Interested men been able 10 make the people
believe that IL Is 10 their advantage to have super
abundance OF fictitious money, winch drives from the
country the money which mas a real value and makes
| hnOW 10 Europe ana elsewhere where II Is over
| abundant
Brethren Of the United states, pray hear us; be-
lieve in the experience OF an old republican people,
who have never tolerated the existence. of any kind
OF paper money, while at various times great Powers
OF their neighbOrhood have used these means To al
| their empty Golfers; but che result has Invariably
! been bankruptcy. Pursue the road entered into 80
successfully by your able secretary OF the Finances,
and take care not to tolerate new emissions OF green
backs or any Kind OF paper money. Allow us To add
| the moral responsibility Of republican people N
| much more at stake than that OF people Governed
| by an absolute mOharchi they ought TO know that
they cannot put any body but themselves the dis
honor which would resul, nom breaking their en-
| gagenents; they ought 10 know that TO "A people "a
TO individuals the true means To establish their credit
and to give solid basis TO the confidence placed IN
| them Is to fulfil most scrupuiously every engage
| ment they may nave contracted; the real foun
| dalton OF every enduring social cdi1ce, OF
| every enviabe real prosperity. We have never
| doubted the loyalty OF she American people
! aud we have always defended them against the
attacks OF politicians. Politicians Know perfectly
well that to attack the good fath OF republicans Is
weapon rs terrible II Is uuloyal. You will nevei
surrender this weapon to those hostile to you and
your institutions, AMI surely you will not easily gave
| them preteXt to use IL against you. Endeav0r u
stop--the sooner the better-every cquivocal alarm
| on the subject OF rembursing some OF your loan:
otherwise than In gold; dc not allow your intention:
| on that mead 10 be doubted for a single moment
| Raise your credit to the minating point, where II
has BEEN and everything will after that be easy fol
You TO accomplishing favorable conversion OF your
debt az well as the return Of perfect order In youi
monetary AFFAIRS aud TO LABOR. Begin by tire restora
| ton of your credit and not by the reduction 0
L hn lliltl