The New York herald., 1869-11-19

declared to be money, and the same authority that
coined aduterated aold has now coined paper.
The goid was adnterated by act OF Congress 10
keep IL IN the country for the benefit Of local trade.
The gold would not stay, ana now they have coined
paper and II does stay In our country, and makes
convenient anu firm currency, subject no outside
influences aud satisfactory to people, The price
OF gold has uctuated from par to $50 per cent While
our coined paper has not varied III estimated value
one per cent. our coined paper now meets the fe1-
milton OF money, Which our adulterated gold does not
Money Is deaned TO be that thing established py
law 10 be the redeemer of all things OF value, but
TO be redeemed by the auinorty that creates IT,
BY what shall 1t be redeemedf II is q necessity.
Money. according TO the intent OF It's creation, ID
redeemed by every one who legally receives II rom
another This Is the ony way TO keep IN circulation
the quantity needed for trade IL Is therefore, not
irredeeelnabe PAGER, any more than our aduiter.
ated coin Is irredeenable. Tbey were not made FOR
coanty nave Pretended s s 10 % haSs base called
specie payments. 1t has ever been deiusion anu
snare.
The banks put out credits i've times greater than
the amount or specie IN tneir vaults and when
moisy or iher creditors call Ior specie the banks UNI
f0rmy suspend, aud IN doing create bankruptcy
ana ruin throughout our country. specie payments
by banks have ever been actlon, aud therefore
The attempt 10 p pestabiish such fraudulent system
again should be opposed by oil honest men. rue
risk to the country under such systeia 10 hcreas
Ing every year. We are an enterprlsng ana pfogres
sWe people and nation. and therefore snail oe
always In debt, ana debtor nation or community
cannot retain gold, except on sunerance, because IL
belongs to the creditor. Our country Is drained on
all sides OF It's gold, aud the stream rom our great
FOUNTAIN tGhiHUrulh), sllCd Tue uuNcue VI sio
Chinese, sends more than half OF its yield OF gold
dust TO Asia, whence not one dollar has ever
been brought to this country me idea, therefore,
OF founding the credit OF great people In all she
departments or trade and industry upon such a
quc1sand bottom, which IL sure TO DO moved
by tho breath OF other nations less progressive
and enlightened than ourselves, Is an old fogy, one
horse idea, only worthy OF the old and encte nations
OF Europe, Asia and Africa, but totally unworthy OF
this enlightened age and nation Credit such az
ours represented IN our coned paper s the child OF
civilization. hope aud good government; while gold
IL the offspring oi barbarity dstrust anarchy wrong
and violence, over our ndutefated gold COIN we
have no control; but over our coined paper we nave
absolute power. because II remains wltnin our own
borders and we expect our borders TO extend over
this Continent and the Islands adjacent To us. we
must, therefore, conclude by saying that whether
gold be at discount or premium our coined paper
Is influenced BY II than 1t Is by the price OF
Hour pork or gram. All articles, gold Included are
affected In price by the supply or demand IN open
market. But our coined paper ~ not subject 70 TINS
law except far as the interest Tor Its use operates
upon 1t. AS as tins doctrine Shall DO fully ac-
cepted by Congress aud the people remedy for pro
sent evls can be created and applied Without delay.
JONATHAN OLDBuCk.