The New York herald., 1869-05-26
ainistered BY the directors Of the

oircula, on Is administered BY the directors Of the
Bank o. ~ General Butlers plan consists in substi
tuting Tor the l. sper fractional currency now IN CIR
culation in the copper or some cheap metal
The experience OF Vstria during the last twensy
years entirely conh ms Sne % u t sr
bits, but the attempt of the Nuonists made In l5os
and 1859 to drive them awW ~ s,ss shs ner s -
STANDARD sbs M nneness sgnaiy Iae $40 ana on which
asegnorage OF twentythree per ,en' " as ,o.,on,
nave never even at the worst Oh time STen,v cana
back TO us from South Germany in great Qenty ann az
the worse for wear In such plenty came l'ey oack ~
as 70 enable the government to commence LUG 10
trement or the paper bits. However. as these Isiy
coins were struck nine years before the dec'nia.
system was introduced into Austria, the governments
are now Issuing some new dimes and double dimes
OF 1865 ana 1859 date, aloyed to the extent recon-
liable to be exported and helping the lS43 coins
to replace the gradually retired paper After the
paper bits are Withdrawn the coins OF 1s49 VIII IN
their turn doubtless be retired in favor OF the 1888
impression.
CONCLUSION.
Austrian and Hungarian statesmen have agreed TO
slet well alone" in the currency situation. Ting
community is either. as the moderate bullionist
would say s.growng up to specie paymenis'' or. as
the anti-bulliOnst would lain hope, growing out OF
ali desire to return to them Since tue reconciliation
with Hungary there is no part the civilized world
which has made greater strides In material progress
saan this empire ne @ In raGe Sel ,h oer u s
day, here everything Is instinct with life and pro-
gress Capital Is plentiful and conident .s optnl-
great pith and moment lose the name of actlono as
the result Of high pressure rate OF discount
The Bourses of Vienna and Pesth are in good aye,
In madcap humor. The Turkish Minister OF Pubic
roaas constructed, wends his way not
to Paris nor to London but to an,Ia,ss vIsnna.
are timid and discouraged, while In Vienna they are
courageous aud sanguine lt follows Ina. Will
% LABOR is In great demand and wen remuneratsd las
the world goes Wnen the working classes are IA
full work the consumption o. the ,n 5c. ,bis n
instance. Such are the fruits OF two ana hai
years. trial OF the present system
The only plausible objection that is made to q cur
rency which Is representative Of taxation and based
on the credit of the nation Is that it is Liable to great
er fluctuations OF value than gold and silver coins.
On this point also Austro- hungarian practice may
be consulted with advantage. Inc railroad and tels
ternationa money scale and then adapt these prices
to the legal tender or national money by adding 70
the silver prices the current premium. The premium
charged is fixed once q month, and the reader Of
Austrian or Hunaarian Journals WIN on .he nrs, o.
thing like the following tenor:-
The premium addition (agio=uscAty) the Kaserin Elisa
bette Western Railroad for the month of February ioos wn
Thus while the silver or international prices re-
main unchanged, the paper or national prices are
adjusted to metallic standard once month, ana
In this way the advantage OF the greater hxty which
In normal times metallic system has Is enjoyed
cSeap aau ID pentl and Stable inconvert5e paper cur.
rency affords. respectfully recommend the pfac'
tce OF the Austrian railroad and telegraph com.
panies to the consideration OF all those who ara
really ncommoded by the fluctuations OF inconvert:
ible paper money, though at the same time contend
that this outcry is in the main fictitious one got.
ten up by the bullionsts TO throw dust in the eyes
OF the people, In that under its cover tney may
be permitted to contract at pleasure.
With the expression Of hope that the Forty-flrst
Congress Will open its mind TO light on this subJecs
from all quarters and especially VIII seek 10 giean
wisdom from the accumulated experience OF the
Old World, now subjoin the two appendices 70
which have often referred in the course OF the con-
| munlcatlon:-
APPENDIX /.
| THE NOTE CIRCULATION or THE PRIVILEGED BANK
OF AUSTRIA FROM DECEMBER 81, 1S47, 10 DEcEM.
BER 81, 1858.