New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-08
TREASURER SPINNER ON THE FINANCES

Spinner says:
You say that in letter written by me speak Of ire.
deemabe paper, and You go on anu say ~ , e rpo
has been issued by onr Government That Is lre9Sema
bic l-surely you cannot mean the 'greehDacKsi
have handled several millions OF them, ana nave yet 10
SEQ the first that has not been redeemed at sgh
They were issued evidences NJ dcDt 10 SOLDIERS anu
others and materials given to the people, ana
they redeemed continually IN the SAINT eonl ~ va
had issued gold pieces instead OF paper service Wouu
have TO redeem the gold and the end Is the same LABOR
for labor Is the real TRANSACTION ana money oi N Wo
ever kind r. only the agent that gives 10 each
Acknowledgement OF now mch lapor Is uuc ILL.,, ~ nm,
When give You golden doar i0r paper u",I; ,o
YOU not rs hungry before the exchange or redemption,
as you call t2 BY giving Your dollar ana W ge'ing na
breakfast your money Is redeemed How Mty' ny tne
service OF the landlord and his servants now, nave
tins TO say: "Hyodeehd6e paper" mas, among pDlc",
economists, ana among colnmerGlai men Us s wen,
fixed conventional meaning WEBSTER ucHucs, wv wv
word irredeemable mot subject TO DC pAia az
the nominal vlue, as noie or bil OF ihuep'cdnS sn
especially Of paper currency when deprecated hnu
Worcester defines by saying mot To ne plI aeeoius
to the nominal value, ms an lIltdeenape ptlet1 W.
rency" You to think and so argue, thai drp,-
ciacd paper currency can he exchanged az some rue LOT
commodities; that therefore, II Is ltueeSu ,g III ~
aginc no rnkcr political hercsy than such Dehti;
does not follow that because you can receive somrtis
IN exchange for paper money therefore u IS Hreutea
BILE This would not he true. strictly, even paper monty
had the same purchasing power as the melaHic hohey.
unless the paper dollars could purchase Cod collars ou
nch less Is ii true in the case Of the greenbacks OF
which 81 will rot AT this time purchase hiee g9d uo's,
You VIII no doubt rccOcct that ut tme duflhS the
Rebellion 500 OF these greerbacks could be bought tcr
less than $50 in gold. Had the Rebellion been continued
years longer 1t would nave iurhshcu an argument
against your theory potent than ythg iiat can
be written lie is wise man that learns even by Ms own
experience. The history oil the i'ussian oS'y'"o,,
that fell rapidly from ono to four Ior one
in silver is no doubt familiar 10 You
How the French "assgncts although all tho coHhsceu
Iropcrty of France pledged Tor their redemption
fell from bad 10 until after little time they De
came OF no cOumci ci1l value. How the ,Inanu
followed, the redemption OF which was based upon
specific property which the owner OF TINS hihu Oh re
decuablc paper conid az his option NJ any uhe it9ueI
10 his own possession and use ON depostLg the valued
amount IN these 'nandatcs ana ye now these WOO pe
periencc Has the history OF Continental money anu
The lesson that II teaches been SO soon foreoen
speak Of dollar being redeemed WIN Drtlhthst. ",V
Kind OF breakfast would Continental dollar have pur
chased at the Gloss Of the war OF the Reyouiion or
any umo siucei Old soldiers VINO recSl'eu t t
kind OF "rcdeomable money" for their services
in tho field, have assured me- time and again,
bay breakfast. Cali you this redemption Con
iederate states money j. another APT Has'al3n VI ,c
fasy OF the principle that paper hohtF Is 'o P
sentative for labor that Is due This too was aiu OUT
redeemed Would 1t have lost It's value u had heen
gold instead Of paperi There are lew boxes lui Oh s
possibly the whole batch might buy such breakfast as
yon had ia Your eye bni believe ne, dsi s y Won" ot
would redeem a smell Of breakfast NJ u Washington
hotel II used TO be said OF this KIND Of redecmahe cur
that persons az Richmond carried IL Ia market IN ther
maei baskets and brought the articles purchased homo
According to your theory, and your use OF the term:
this too was redemption coin" this too has "A liked
meaning. Webster defined 1t as a piece OF metal on
which certain characters stamped making II legally
current as money" Worcester Is" piece OF metal bear
or hard money rs gold or silver" Can there be
a greater pervcrsion OF terms than TO call labor
transaction" Woll perhaps 1t is 30; but then
il Is very announcement ICON" 10 carr about IN ohoS
beeches pockets When this theory shall he carried INTO
practice the wit and huInor Of the stories 81 the woman
That advertised that she took Ia rhhc~dshHg! aud 81
creditor 10 redeem IL Ia his potato paich, replied. " S"u
want your potatoes dug. Jeleh en- 0" VIII nave Loot
seriously herein lies all your trouble. days labor u
no doubt good standard 81 value. nut then &" the "oHGJ
flf tIt a
modify has been. aud always VIII be, an sueraDie Oh
lection TO u s 9nSy 1r ba. fsed and
fail again. 10 r. therefore necessary li' hu ioPi.
sentative labor should be worth tho labor II coss to
produce H. No people, however. savage have
failed 10 make that discovery, hud nave ueTc
fore fixed upon something having real value a.
the equivalent OF labor. The Wild Af1can ueg,o used
Cyprca" shells the "cOWry answering 10 our guld
and The InonctoT silver So too. the savage Amer
icaI Ind liam used wampum' for the purpose thn
colored cylindrical pieces Of manufactured thc passing
nj double the value az tie white CIVILIZED nations
early rcsorted medium OF exchange Tor labor ana lia
products that at the same time scarce Valuable ahd
80 compact n 20 be easy Of transportation. Gold and
silver admirably answered all these requirements Then
too both these metals have an intrinsic Inherent Yaluo
I'm CONNIE rec entirely independent that that may
stamped upon coin made from them; and that value,
happily, Is Just the thing that you ~ strcnuouSy contend
for-l e., labor; for, ~ theory. they, are worth
but. in practice. It has been found that as
labor pays better than digging for the precious metals
This is fortunate for prevents over production and
thus keeps the volume In circulation steady For these
reasons they the standard Of all other values aud
are therefore preferred by an enlightened commercial
people, as a circulating medium. to everything else
Wherever this kind Of money In use, sudden conIrac
lions aud expansions OF the circulating medium are d
cult and commercial revu,ons and consequent failures
seldom occur This reasonably true OF countries whose
people use In part paper currency bnscd upon ana ~
an times redoemabe convertible into gold or silver AT
par AT the option Of the holder But not with rre
deeuablc paper currency Ike ours On this, commerce
nor any other industrial pursuit can place any reliance
To-day 1t contracted aud all saable commodities be-
cheap Tomorrow. II Is expanded ana all these be
dear The issuers OF paper money, and especially
Of TTguceInuDlc
"Open aud shut They can make money scarce aud buy
then they can mako il abundant and sell and every
body but themselves, and especially your laborng man,
suffers
now and these msiortunes have not befallen True.
but mainly due the fact that theory has not
been adoptcd The calamites have been avoided because
all business have believed and still believe that
there will DC speedy return 10 the safe harDOr OF re.
tbe Tinted states has not deprecated 10 lower point is
in great degree due 10 the fact that the Government
receives 1t IN payment OF ~ dues 70 H. eqtoms alone
dues about equal TO the whole amount Oi us elreua
lion. These reasons have, OF ate Kept the price OF
greenbacs up TO average OF rs cents on tho dollar
the value Of which Is fixed by the Constitution. But for
these aud other Incidental causes these paper Issues
IT. TsS Fs Of s ad ana a gone Se s
Of the petty States OF Germany, 10 II sham and
make beiiere money Believing your premises to be
wrong, cannot follow you through the long argument
that you have ingcnOusly based upon them. IL Is
true, you put many propositions that are worth tho
serious thought OF POLITICIANS and statesmen, now
that the whole subject OF finance and political econ
oIny is up for considerations adjustment. and dis
position. / confess that 1 do not know how
To meet man In argument who denounceA gold being
- nuisance aud who asserts that We would DO better
of a nation al we would only throw the gold we
have got Into the sea 10 prevent importation beyond
what could pay for by barter" and who urges that
we must throw gold out OF circulation. and keep
the list OF merchandise to deal with foreigners You
doubt, honestly and firmly believe your theory to DO
correct and that 1t would prove true In practice To
II Is manifest that there IL but way for the
travel In safety and that is on the road that leads most
straight forward and direct 10 the permanent
/ ton OF specie payments. Very respectfully, yours
r. l.. SPINNER.
Walter Waldle, esq, Birmingham Burlington County