New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-01-21
THE MONETARY QUESTION:
To ne Editor Of The Tribune.

| To The Editor or inc IfIOWe'
SIR: This country has just emerged from
desperate struggle with gigantic Rebellion To put
down that Rebellion 1t required billions OF dollars worth
of property the shape Of material, &c hatprop
erty was all destroyed and consequently clear loss
TO the country That loss together with the great dram
upon our agricultural mechanical, and manufacturing
labor consequent upon the transfer OF 80 many men Gu
gagged in those pursuits to the army has greatly mpover
shed the country and left her with heaNy puI just
| which must be paid
When the Rebellion broke out, the country was not in
condition to pay cash what she needed to crush the
Rebellion 1t necessary therefore, that she shOuu
go into debt give out her obligations In the shape OF
bonds, geenbacks &C. evidences OF her Indebtedness
with the weight Of these obligations. which must press
upon US for years 1t is vain suppose that we can live
in the same e1trayagant manner az that Ill when we
lived before the war or that there should be no failures
have done in times past or that 1t Is within the power
of Congress Igsiate good times We are simply suiier
Ing from exhaustion and IL will take years OF patience
economy energy and industry to place us where le ne
relieve us; for they would only increase our debt ana
bring about repetition OF the inconvenience heIy eHpe
renced in the redemption by the Government OF
OF them per month The country not suffering for the
want OF greenbacks bmbeeduse ce hare too many Of sg
than any other Teastabsh general prosperity upon
safe aud firm footing is an early resumption OF seee Pay
,nents And TO avoid expansions and eontractl3ns anu
consequently future commercial disasters, oahkruply
and ruin. should. as speeday as possible ashoy Me
0ueiaTu system For the sake OF convenience however,
the should be locked up In places OF safety ana
checks of various denominations, aud o me erdct amount
should be issued for circnatIon ana the com 80
ted should never be paid out except on ts rstupn M
checks for the same amount CON having tne 'le
trnc value that other products OF LABOR nave Is pecu
liarly fitted for standard OF value -. all, ,,oro
But shall be told that with no money put CON- lnere
would not enough To do the business OF the country
when consider that com In strictly scletnc Ssne
l. not property, nor representative oi pUpey, ,or
mere thing means used In changing le ue W PIypci
~ we shall sec that i0r az , nps Is lust as much
money siIoen hundred millions, or any greater amour"
n You coin one sixteenth OF tun OF gold into one dollar
pieces and one ~ silver into pieces OF the same SZe
YOU will have Just sixteen times as much OF the nNer
money you viii OF the goa; ana yet the gnu VIZ y
lust as mucho change the title 10 just as nuch properly
as the silver will That Il, while one piece OF tn1 goiu
coin will change the title TO DAY Lpor u VIII INA
sixteen pieces OF the SILVER Inns may NC r nait
down a. "A sound fundamental principe ln nav
inst in proportiOn as you increase or DIMINISH inc
standard value. DO you make IT necessary 10 use more
erfy From this, IL follows that any given amount OF
money whether IL be gold, silver or paper or mixture
teen times q thousand times as much would IN Tue
curgus 1t required two horses ana cart TO hau
as much money would change the title TO horse that
wv Mou nm ice ~ rho hest Fat OK m the London
market wac only four shlngs; the best miIch cow one
smiling the best mutton sheep fourpenee ana tne pest
precisely the then now. Yet now by reason OF
an Increased standard Of value II taxes 20 times rs .ueh
10 change the title Of any Of them NJ IL qua men ~ We
were 10 issue more OF greenbacks, We "Ouiu
enjoy the full fuon Of the same luxurant money mar
The mater OK ppi1e Is snirev nominal II you
any other Kind of money, large the head OF PIN
and can buy bushel OF wheat with tho same piece OF
money IL Is lust well II you had To use piece a.
large the OF your hat or, II II were paper
Team Of IT, =, - ....,-
system they at rant stability Of rdues But TINS deSIt
bic condition certainly cannot be obtaned 80 lons ~ W.
mix M paper promises with our monetary system WIN
such system always subject TO expansions anu
contractons now large amount OF wna I've we e1
then very little ana hard times. Property boue on
pdt I'm rood times for 500 and is sold under ham
IA, hard inn
will be maintained IN any country under sys
tenn of paper money. The desire 10 make money wihot
ihar T. 40 GREAT that those authorized to issue paper
money promises will send abroad such mood OF them as
will give n fictitious value TO everything. ana, conse
ouently a fictitious prosperity. which results III over
trading and final bankruptcy aud rum - ,..
With the gold and silver We now have, We can cnange
the title 20 much property We can with all ne green
backs and National bank currency we now have ana
all could issue In forty years Inc increase OF sou
and silver from our mines and from foreign countries
will no doubt keep pace with the increase or population
and production ana thus Keep prices more III, on
year with another, than could possibly Dc u0he ny
paper minis, II they were restricted to that end
The wants Of men, In this refined age OF the world
being very numerous 1t Is Impossible Tor any one 10 pro
those wants OF the particular articles when one man
produces. he has enough to supply himself aug hhuleS
others and, he cannot make direct exchanges WIN
who produce what he wants, the Intervention oil
medium Of eIehanSe Become necessary. such
distribution Is made every year; ana he question rs
money one wear while the very next year. IN dong the
same thing he is reduced to bankruptcy mat such
1
"a reason fort No proposition can be clearer 10 my d
than that monetary system were COIN eNeusNey'
the distribution whether there was much OF niue Po
dueed coud he made well one year rs another Win
ou dc riment TO the merchant any one else suppose
rho merchant buys worth OF goods or other COM
modte on credit four months ana AT the emu OF -FOUR
months he horrows the amount from bank In com, or
coin checks and pays the goods he bought ana sup
nose that In the time 1t be ascertaned that he
irons of or great staples going to be so short that
there will be nothing 10 export the question whether
the bank would again, under these circumstances 10
aid him in his work OF distribution hOan MN SO0O
more upon undoubted security or course she would,
smnv because she would lose the interest by Keeping
ms money in her vault That being the case, how could
there be panic and how any failuret Upon the con-
trary money wOuld be plentiful than was Deore
Al does large one But how would the matter stand In
case your monetary system were yitlaed, ana greatly
Inflated vii paper promises aud suppose III that cseho
merchant bofrows 0O0 and with 1t pays for the goods
he bough and at the end OF four months returns the
money TO the bank and then after 10 ascertalned tha
the whole country will be poor In consequence OF short
crops he again applies 10 the bank for $1,000 with which
20 discharge another obligation no has incurred In his
work OF distribution will the bank let him have III or
course she will not; for the simple that II she
does her promises will Immediately return upon her for
specie. and force her suspension M,
The banking system presents singular anomaly. Inc
banks 100000 900 from the people giving out their
notes as evidences OF their Indebtedness and them when
they suddenly demand and take in their gationsthat
H. when they pay their debts-thy break the whole
country When you adopt greenbrk or any other rag
money system continue IL forever, you
change II, break the whole country Not so with coin
monetary system Com may STAND uniedeeneu forever
Nith0ut detriment BULLION.