New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-01-13

the metals not the most ntrnseays , usei ~ ttaoment
heaufIfu bnt the most scarce and dif1cnt Oh
no The masses ~ the people, thus arbitrarily ahs
OF value and equivalent ao Recsnse of their
capablities of bens 30 converted into equyaenS
power the so-called precious metas ~, came falsely 10
after by all men in such degree that sneI
he deemed IN have special intrinsic value III % ,b
equal to the elgy Of value stanpeu we're established
S tbs % Tor themselves the worth and potency OF
these antagonized as and eGualIy
THE slammed yalue upon the more common Gnu 70
useful metals generally distributed among tne frde
be used by them instruments Oh ,h OK the most
valuable OF the peoples possessions, was Iue bnt
pieces brass iron, ntnpsicay OF . ceonsderabe
thus made the equivalent Of comparatively 'sad the
wealth go Rome for more than five centuries uSeu r
eflgy OF the sheep pecus, impressed upo" nerinia
for currency thereby ,n s'in Wealth nth were after
ward designated throughout the World that finely
now admitted by all political economists in' e. ~
engraved printing upon paper. fixing its value Is quo
best of possible substitutes for coined 3rie than
cuation, and cheaper as currency ioE ru,ned that
gold itself 1t may, therefore, be saely ass nncadin
had the arts and education been suhcien'y of me-
the reclan and Roman republics the n9ng Le nnnfsr
people would have been such paper instead S Of
and nconvenent metals NOT H rae by ypes
these free Commonwealth became deterloraou ~ h
and luxury yielding their liberties TO tyrahts e.ca ~
choice usurpaon did god anq syer .nu nd dearss
adjuncs OF despotic power In al Jus FORMS aa @
obtain place and scope to do their appropriate anu
failing work the ensavement Oh Tue apT Ui eau thrg
his sheathed into the scale OF the couhterolss
Romes DEGRADATION the beam wax noS d trnkes Of the
money but by the ornaments anu ma 3eitber "a cod
richer OF her citizens. for she naa leitner , gon
|
Twelve centuries afterward when the ieudsl systen
dividing Europe Just then emerging from the dark ages
nar dukes barons and bishops control OF the
liberties of the impoverished people eacI - S
prerogative right 10 fix his value To peces OF eo anu
silver and the same to change and debae at MS VIII ny
which his serfs must measure Their possos anu pay
has ever been the bandaid OF despotsm the prop OF
acknowledgements supporterlo thrones the nphodea
privileges and pretentions OF ariso3rats have always
been sustained In rampng down the rights aevouis
masses. Through all time the possession OF money las
given power to the few TO enslave the labor OF te h
tSe the badge Of serVit4de OF all peoples
king tyrant. To deny this at one time was Hea1on
hold d Of the the words a Of our ord might Dc
liver him into the power ana authority 81 sns sSme uo
Cesar or moi But he perceived their craftness alu
a wsys te%pt G S s SaS III rs sgns
Cnsars And he said unto them, RENDER therefore mo
G 5S, the Sat 'nn S e And 6sy al h
swer" Our patriot fathers founding government lot
themselves on this continent, carefully eliminated from
s framework every attribute Of monarchy AMI aGst0c
racy the divine right OF kings patents OF noohV IL,
of one man TO another-eyery of the devices Of King
craft oppression with which the people are goVepe9
by eass-a they retained, whether Tor 900
or evil the precious metals stamped with the Kings
image the standard by which to measure the propl
fault and grieyousy have their children answered It,
Great WISE and good men, we marvel that they lohaW
so much but they not all things" IL IL easy TO un-
derstand what determined them in this exceptional adop
ton OF gold and silver, which we're the monarchleal
standards OF value They had Just emerged from war
for liberty during which they mad seen their paper sub
sttue that standard rendered quite yauess ana use
less because made convertible aud redeemabe IN gold
and silver only where gold and silver were impossible to
be had. But the Continental currency wanted every
thing which could give IL value Issued Dy an agge.a
ton or glomeraon rather OF states just struggling
for existence trying an experiment OF government IN
new world which OF their best people more than
doubted would be failure and end In anarchy Without
checks and guards against eoafsey engaDsd
easy OF forgery degraded by c0unterels Dy ther ele
mics so that It difficult to distinguish the genuine
from the false. the only wonder Is that such currency
| war OF Independence. An infant country without
commerce or article or export save almost only
that which was drawn from the sea-. without
manufactures. with every necessary, not to say
from the soil. the founders OF the Republic might
| well have been tempted TO bring themselves lno
connection with the great family OF nations oy adopting
their money the precious metals Dy whlch al the co
mereia ntercOurse Of the nations OF the earth was
tn carried and to bear with such endurance as they
ght the loss. disaster ana ruin when inc aaopuon OF
standard Of value at once entaed upon the country
great TO produce serious rebellion and outbreak
against the Law In what then as now the most cult
That the evils attending the inauguration OF their none
ary system did p s po SaT fathers tS e ss
sub ect OF surprise for they had in almost present
temptation the action Of revolutionary France In issuing
the dssignats and dHddtS substitute Tor gold and
siver-a currency which almost at once became value
among men the most desirable OF POSSESSIONS tie lands
of the nation. The failure Of the french expert
lment OF the issue OF substitute f0 money not
Convertible into gold and silver has evp since been
faithfully held M by every one who arls that is the
law OF necessity that gold and silver only be money
las example and warning against attempting TO violate
that law, and conclusive evidence OF the npossi6llty
OF doing without the inevitable depreciation and RUIN
of the finances of any people, however stable rc pow
Ierful united productive, and prosperous who should
venture 10 have currency OF lneir own Nor II strange
that such the impression that the French financial
system made upon the founders OF our Republic. Co
temprares can weigh and determine. with such
preclrun those who come after them may do, the
causes and effects q governmental action They might
NOT then see as we now that there were TWO causes
which made the assigndts aud manddts OF the French
revolution inevitably valueless Both tnese forms OF
security the evidence 10 the holder OF rgh t0buy
or locate upon portion OF the conscated lands or the
mobiles aud priests Of France. called by the
revolutionary Government the national domain
Now, the value Of land TO him who claims
the ownership ia composed OF two essential clements
pcoductiyeness and title without title tho productive
value OF land Is Of little worth to the claimant and the
OF title exactly what the asSndt did not
a. we do It's dcuit to see WHY the French paper
money not then valuable any other human pos
session in France, whether gold, silver, limb, or lfe
neither worth an hours purchase The legislator OF
to-day the criminal OF tomorrow the judge OF to-
day the cuprt Of tomorrow the knife OF the guo,
like the rain OF Heaven, fell alike the just and
the unjust. lie who at moment held the dSsigi'at
claiming title to tho conhseated estates at the next had
his estate conhscated with the Gssidis which he
held. Candidly and Justly considered, can 1t be said
that fair argument ought TO DO drawn TO maintain
that all substitutes for gold and silver money must
be worthless because tho paper money OF France
Every student OF tie history OF our country will rene
Der that while at the organization OF the Government the
standard OF value ~ law was goa ana SILVER YET IN ac
the currency Of the United States was even at that period
engraved paper presumed 10 be- bat not convertible AT
the will Of the holder into con for OF tho acts OF the
First Congress was to establish Bank OF the United
States to what inconyertiDe currency, which,
as the act reads Twill be productive Of considerable adj
yantages 10 trade and industry in general ne STOCK
paid for fourth In gold and three fourths Ia
the public debt OF the United States thus making at that
early day the public debt the basis OF three fonrs NJ
least the currency OF the United States Another pro-
vision which Will claim attention Ia that the notes
were To DO receivable In all payments TO the united
States, thus giving bills value that legal tenders
have. Another provision or the bank charter de-
serving attention that while might Issue sloVOV
Of circulation IL go into operation when $780,
OO0 four per only gold and silver OF Its capital
had been paid H. thus establishing the principle that It's
notes all OF which circulated money were never 70 be
gold silver But for its