The New York herald., 1869-01-13

| ness OF the country and It's currency and the
as they must fall upon the laboring masses. Bread
riots were not upfrequent; productive industry was
paralyzed the workshops ana mills were s,e Closed o
thus lost ia never reganed by rise In prices or
return to prosperity for It the peculiarity Of labor
says an eminent economist that It the only CON-
modify that pershes at the instant OF production,
and II not then put to use ~ lost forever.n Such
! government, shows have always followed the at
tempt to conduct the business OF the country upon
%dum d 70 be wsys but
which never can be converted into gold and silver
AN EXAMINATION INTO THE QUESTION.
| Let us now examine and see II we may know why,
with our currency upon supposed basis Of CONVEX
tiblty, experience has shown that 1t Is apparently
tain the business finances Of the country. Is 1t
not because in adopting the specie measure OF value
and instrument Of exchange we have bound our bus-
ness and finances hand and foot to the monarchs
and bankers Of Europef we nave adopted their
stanaard Of value wacn en- tney cOnsr0i as snelr WILL
for ours. whenever, from caprice or malignity, or
panic or war; or attempt to unsettle or restore the
they have seen 1T to lower or raise their price for
gold. then our currency based thereon, but ex-
proportion. Nay, more; having silver and gold
both as standards OF value, whenever the caprice
cs for SILVER IN pay@sn Or sse commoGss we
or any other nation import from the East, and
thereby raises it TO premium IN comparison with
god, then gold and silver go out, not at the
value fixed by us az but at the value at which
they taken simply as bullion. Gold u still fur-
ther depressed In value in comparison with silver,
which Is the sole standard Of the principal CONNER
cial countries OF Europe save England; II Is thus
drawn very rapidly to Europe 70 fl the vacuum
China, Japan and India. The extent OF this drain
RTa pce as COMPARED with god an and the consequent
necessary aow Of gold from those GOV countries tries
where It has fixed value az as compared with with
| gold is the standard Of value, may be seen
from data derived from the books OF the Orien-
asencs alone Ss sa@ Or Was nous
to Asia from England solely In 1855, and increased
sum nc Of sis 7Ss lis from the rest Of Europe and we
have $780, 729, eos as startling eflux IN silver only
from EnrSpe 70 the East assd u m 81 single S year OF more
that supply Europe and America To this must be
added quite one-tenth Of that amount in gold-say
5000 900. 1t Will be observed that half this
circulation Of Europe-say $50 900 ooo.and its place
specie ' to tn the s East ar are independent 81 that
shipped directly from America and are
Greater mnss ae Of e. n s Prosas 8
NJ s. 81 \ IL sssS seS
eight times during the he year 1885, and nine times il
bsnsrupey bank ana suspenson % in AN NoSa%Da 81 M
year. have taken this period for comparison as 1t
%c ou5 s q @ hna Of
land. This great drain still goes on. Is it wise,
therefore by legislative enactment to force return
sured, our productions exchanged and transported,
our wealth TO be distributed and our industries to be
uctuated not only by the interests and commerce Of
the Christian and civilized world but by the trade
and needs e the half civilized and oarbarous nations
GOLD Tns INSTRUMENT OF rYRANTs.
seSd lad Of tins a the srs o.
currency, admittedly the cheapest and most conve-
nlent Its value based not only upon the gold IN the
the national prosperity, emancpated from the con-
troll Of all other Nations, whether civilized or bar
enough to maintain every other OF their institutions
against the world, whose governments tney nave
OF their business transactions with each other nde
pendent Of kings the least or bankers, now the most
potent soveregns u the world; y one ne 2, sne ness
stand alone In our Industries and internal commerce
we have In institutions. ltcannot fall TO have
attracted attention that the only remedy for all evils
brought on by a currency convertible into specie
when distress Is upon the merchant, ruin upon the
manufacturer and disaster upon the banker; when
the banks OF the United States, Of England and Of
France could afford no aid has always been suspen-
or nann o the OF an
iDle paper currency II such currency s 80 potent
as remedy for all financial diseases which beset
nation, whether In peace or war. whether arising
from overtrading over speculation or over invest
ment why may 4 not be equally beneficial as liked
permanent ana stable circulating medium TO supply
The demands Of business and the necessities Of the
people.
CURRENCY.
The experiment Of an inconvertible currency has
been tried on the most extended scale and through
long PERIODS OF time and under the most trying cir
cunistance, and has never failed. In 1897 when the
British empire was threatened with rebellion In Ire
land, and was sustaining all Europe against the VIC
tories OF Bonaparte with Its subsidies OF gold, the
question came TO her great War Minister Pitt shall
overrnn all Europe and threaten Great Britain In the
East, shall the currency OF the empire De the In
convertible note OF the Bank of England9 he chose
the allied armies eliminating at Waterloo attest.
nncanJ and Of the world from mat SUNDAY morn n
ing. the 23d Of February. 1897, when the King him
SELL In council, ordered the suspension Of specie
payments till the 18TH OF June, 1916. lrredeemable
paper laid the foundation OF Englands manufac-
turing and commercial prosperity, supplied her
the seas, and procured the rod with which all the
armies OF Europe were paid, and for eighteen years
panic nor distress In answer to the objection that
Il Is necessary to have gold currency for foreign
trade quote Maciaren one OF the most philosopli-
Cal AZ well as accurate writers Of England, In his
History OF the Currency:"-
II Is remarkable hstno difficulty wss experienced by our
sy ss no rs ss, oa ~
ke or them = the bank y means Of which they mgh. ad
.nd len from The sasssiu.lon q paper Tor Eoa
.ssI ,s mint sss market rTSs q gold on an .ga.
pese have Ssss o. he currency ccnirossrsy,
| we remember our own war Of the rebellion, with
tSiAuck useC AAucs nave COlIc w III euu
In the beginning OF 1862 The banks had suspended,
and, like broken reeds, the government could no
longer lean upon them; business was paralyZed,
mcu and supplies could hardly be obtained, the ar
mies were unpaid and no decisive battle had been
fought when Congress passed the legal tender act OF
| 1st2 From that time business received new i'm
pulse, labor was employee, manufactures everywhere
sprung up, supplies were abundant, and although,
by great error the legal teuder note was not made
the money Of the government for oil purposes as IL
should have been yet crippled ~ it was It supplied
and paid our soldiers, pcnsioned che wounded, pro-
\ vided for the widow and orphan and produced q
| degree of prosperity heretofore unknown, which
has been maintained ever since, and during this pc
Rod Of six years financial panlcs and disasters were
unknown and unthought Uf until the insane attempt
| Of the banker and capitalist to force return 10
specie payments by contraction Of the currency.
During the year 1854 we exported more than one
hundred millions OF gold and silver, only thirt, i've
million dollars Of which came from San Francesca
and knew the fact from any effect it had ON
| the business Of the country. In any other year,
while our currency was upon specie basis the ex-