New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-29


States in 1850 at ssisoOo.OOo. he SAYS, "wts.,
70 the free population of twentv.
ono-haif millions, gave $11 40 beadn wa, 'a
has kreedOm or Slavery TO do with ner o msa'
estimate OF currency The total ponu,ss"e
including The slaves, was thirty-ope and nS
hall millions, and tho ratio would tLeroh, =
reduced to $40 per head--stil further ;,as y"
ing our deficiency relatively 10 P,onoa''
England i"hco and
Mr. Walker admits that coin curreror
'he animal interest on its amount. But he for
gets tLat TINS Is only the annual cost of mar,
tanning it after it has been produced W..
10, beside this, it's cost Of prodnction r.,s'
scnted by the principal Of its amount 10
therefore, orr present volume of currency co.
S12O,OOOOOO, were contracted 10 ia actnal yo,n,
Ia gold. or S3S8, 100000, the cost of sneb a on.
rency in gold would be the primary outl,,, :,
labor necessary TO produce it (amonntin, 80 ~
entire principally and the annual inferes, ,vh;.s
at per cent, would DO 527, 100000. II i a;fF
cult against such a fact 70 argue that . oo;.
currency Is cheaper than paper one. Indooa
Mr.. Walker himself, in commenting ON n,
French currency, which IS nearly all in snec;o
says: ''
1T is precisely because The French people are 80 x
ing In activity IN social exchanges that they asofh sns
an cn"fnOus anu "hNeiul currency. They behind
the Angl0saxoD races IN commercial usages and ~
peciaiy slow 10 adopt those substitutes fOr money by -
use Of which EDgland and tho United States have sns
fled and cheapcned their business This fact Is Doh "a
United and deplofcd by The best French writer's
Horn, In hIs article ON money In TIE Diolo,uaiys ~
POqu Lays great stress upon the wasteiulness Of ibs
French people in employing large ~ The pfe
cious metals do business which, other conntr,es Il
a
80 Al competent persons agree be gays I'm pronounc
Ink the vast quantity VI the precious metals ABSORBED by
the circulation AZ anything bot AN advantage 70 ths
country This wastcful absorption exists IN Prshes
because the country has not yet learned 70 that per-
house. &c which In England 20 keep The circs
ton down 10 certain limit l might quote Chcvanef
and many other eminent writer's 20 tho same point All
OF them recognize te principle that the circulation Ia 40
much unprodueiive wealth. and that tho amount Of
money which nation employs should be limedto what
Is absolutely necessary 70 maae its exchanges without
friction; and that 20 employ than This Is 20 keep
Idle portion OF tho public wealth which ought N DO pro
duCtWe."
That an author may consistently believe OF
his 18th page that currency four-ffths Of
which is specie, like that OF France, is for thai
reason wasteiul" and a heavy burden on Tho
industry of the country, and yet on his 21st
page believe that the United States ought 10
be confined tO a currency entirely OF specie
l. e.. One-lfth more wasteful and burdensome
! than that OF France, seems passing strange.
Yet we really do not see that this inconsis-
tency is sufficiently marvellous TO justify the
Government in printing il merely as marvel
What we need il not CT Tency consisting
wholly or even largely OF specie, but one re-.
deemabIe in specie. This depends less on ths
quantity of specie used in connection with il
than on the adequacy of the securities whct
sustain its credit