The New York herald., 1869-12-16
HE CURRE vCY.
Tho Most Important Qucstsos Before tho
Country.

G0Ictry.
II TIE EDITOR OF TIE HgRALD:-
Me propose TO consider the arguments IN favor OF
malnNaininy our national currency and OF making II
Tor All tims the only paper moaeyu OF Sue natioa
We nave already shown there are no bs ter rea
sons In favor OF uaklng the national bank currency
the only paper money tnan the circumstance OF lta
accidental origin, ond tho prescription OF time,
which may be peadei IN favor OF most OF the .timo
honored' vices and abuses OF society," Tic accident
OF our civil war has however, gwen us circulating
medium which. we propose TO demonstrate, meets
all the essential objects, uses ana advantages OF
paper currency, while 1t is free from al the evils
which nave been found to attend that OF bank notes
We start with the first and universally recognized
princple, that the duty OF coning money and Of
regulating the value thereof Is properly ana righty
lodged IN the sovereign power OF the State. This Is
aproposlton that no is likely 10 dispute. 1t Is
one OF the highest and most important functions of
government, which it would be dangerous to cntrust
10 any individual or corporation VINO might desire
possess the privilege. Now the same reasons which
to support The theory and practice OF placing the
power solely In the executive OF the State apply with
equal force TO the principles involved In the issue
and man agement or paper money convertible into
gold. Although our paper ia at resent rredeemabe
at par on demand by of its supcrahu ance,
there are but lew men OF influence Ia the country
who 90 not take the ground that we must In ono
way or another. get back to q specie basis or
TO resumption OF specie payments We,
therefore treat tue subject In reference to
such condition OF things, and take the ground that
the issuing OF that description OF currency. which
we have designated in former articles rs paper
money! OF right belongs 20 the sovereign power OF
the nation or state Money OF whatever kin1, con
Germs the whole people, and the experience OF two
centuries has shown that ts issue IN any iorm can
not be entrusted With advantage 10 private corpora
tlons or individuals The allegation that the issue
and management 81 national currency opens the
door Tor iraua or party aouse applies with exactly
tAe same Iofce 10 the coinage aud nanagemenJ Of
gold and siver currency. Wlen our currency snail
becomc convertible on demand into coli, tnere eau
pe no sDadow on pretence Tor urging such weak
argument. We therefore, CLAIM lG ,tS arSt prInci-
pie. and as the natural right of the people 70 Daye
aad possess the sole and exclusive power TO issue.
through iner nauonai organization. both the god
ana silver money ana the paper money founded there
ON for tie purpose OF econonzing the former aud
stimulating INDUSTRY ana commerce. The reasons
in support ol this claim or right are first because no
corporation or individual can offer the same security
Is the state, winch represents the whole property OF
tie nation; secondly, because the important adVan-
tages resulting from the issue ana circulation or
paper money should enure to the whole people and
not 10 those Wao already possess large amount OF
accumulated capital.
Let US briefly consider the first proposition
security. PUBIC conn lence IN Inc ABILITY or the
promisor Constitutes tue hrst element TO tue success
OF u paper circulation, and this Is founded on tue
security guaranteed by he ssuer. II the government
oilers the highest order OF secaiity. then II Is mani
lest that government currency wii command TINS
nrsE element necessary TO maintain paper
circulation. If on the otner hand l,6oo
or LOO national banks winch Senator sum
ner aad otners propose to increase indefinitely,
possess individually and collectively higher order
oi security then tneir notes should taae precedence
over the national notes But the experience OF tnis
country ever smee the issue oi our sreenoaea cur
rency has been most unequyocally manifested from
Maine TO the Gull oI Mexico ana from ocean 10 ocean.
No legislation can alter tAis circumstance, because
IL Is ieanded on positive principle or law oil nature,
which Is higher than the laws Of Congress or OF
parlamenls. rhe national bank currency is better
and SAFER thau the OLD and fraudulent system whlch
IL superseded because 1t derives certain amount or
security fro,h TIE government bonds deposited with
tue Comptroller oi tue Currency. But these noaus.
being securities o long Cato, are held generally as
Investments ana are subject To vide ranges OF due
taatiun IN tneir market value in ames OF monetary
panics, and tue stockholders form only very small
portion OF The community. Ca the p.her hand the
government represents The resources oi the wloe
nation.
Pubic confidence If the result Of certain qualities,
such resources good alth ana good iuana cement.
IL IS OBVIOUS that the guarantee OF tle nation Tor
these elements oI credit must DC superior
to THAT OF any bank OF any number OF banks. We
assert that this Is pflucipe or law OF nature, which,
lake all other moral laws That relate TO society Is the
result OF the constitution of the human minu, which
accepts tle proposition that the whole Is greater
than parG without dispute. Then, ON tne ground
Of greater security ana as commanding higher
order oI confidence and credit, tue national cur
reucy should be made tho only paper money" Of
tie country.
Tue next proposition tnat the whole people shonld
possess the whole henent arising from paper Cir
cuianon Is one founded, equally with the nrst. on
principles OF natural justice. III, as we all know.
there Is a great advantage accruing to those
whom the State twfon2fuiy, as we contendl
coners tue priyIege OF issuing paper money, then
tnat advantage enules ut right To all the memper5 OF
society. When senator Sumner and his adherents
propose 10 grant 10 an inaennite number OF private
corporations advantages worth forty millions
year they simply outrage the rights OF the people.
They propose TO give away rights founded on well
defined laws OF nature, and tax the community for
the advantage oil the few Tue proposal 10 retire
Our greenback currency and TO substitute In iLs
pace equal amount Of bank paper belongs 10 the
Old and oppressive system OF legislation which pre-
vailed Il century ago IN most European countries.
IL is papable and manifest Design 10 increase
ana perpetuate an unjust monopoly. Inc cry
Tor 'iree banking vita wnicn the PROPOSE
ton Is accompanied is simply device
10 cneat the pubic ont OF its righ Is.
The parties who this cry do not mean any cn
nUmper of national banks md OF tine bank currency
to extent OF the suppressed greennack currency
We ara in favor Of free banking. but not OF tho
"iree' issue OF indefinite amount OF bank cur
rency. Let the already existing $500, 100000 VI
national bank notes be suppressed and their place
flied by an equal amount of national notes. fnen
let everybody and every corporation possessing
funds have perfect freedom end equality IN bank
Ing precisely everybody has the right 10 trade
ioiiew the BUSINESS Of merchant. lnts II the only
true method OF establishing ''froe Danslng.n lt Is
the system partially eXlsting in England, where
most of the JOINT stock banks aud all the private
BANKERS bank on Rank of England notes aud specie.
Treasury Po.icy--rhc Mistake.