The New York herald., 1869-12-10
THE CURRENCY, The MOST IMPORTANT
QUESTION BEFORE the COUNTRY.
TO THE EDITOR OF THE HERALD:-

TO THE EDITOR OF THE HERALD:-
Now that the question Of reconstructlng the nation
on durable basis draws near its solution, one OF
no less importance to the present and future wei
fare of the country presents Itself for prompt and
earnest consideration That question is how to
deal with our paper currency. This description Of
currency is the creature, AM has now become the
necessity Of modern civilization. Civilized society
can no more do without paper currency than 1t
can dispense with the steam engine the railway or
tue electric telegraph. The principles and uses OF
these have been wrought out by the patent labor
aud research Of men or exalted genius; but paper
money has been the motive power that has set
all the vast machinery involved In operation. Hence
every man VINO mas studied the subject from
scientific as well as practical point OF view viii
IL s Que " nst class national importance, and
suCn demands the most careful and dlspassIonat9
Iuyesligaton " our national iesislatOrs
.ne Wlsuulu vi re,.u.iiS our natlonal currency
vi retiiiis or cancepills te nati0ll Dauk
rencg evcIy uay bei.g reoo. Dy Glasses vi
nitonai Dallas themselves. General Garnelu, the
cnaifiiian % sae nvuse ,olinbtee on baiinina anu
CURRENCY, To WuI;n Ls question As properly IeieIaue,
HAS caDuidiy confessed ms cOnVersiOn SINCE last
aeesuu, W the views ioiis ano unhvilny uuvucated
Dy Gu.o Jouiniii. Ine afeuincnL used Ny those wlo
iaytr inc rc,renept national c.rcu atioh and
the substitution OI nuLlonal BANK notes Therefor
tnat lne .oinler Was war measure, forced on the
cuuatry Dy necessity, auu ougll 10 be uspeusea
C8ase ana many otDer ulstns staLes.
tike lnis posnion, DuS none oi tuIs ciass VI
Opponents nave Uucreu single sound reason Iii sup
pofs Vi I.is assunip.on, wnich sIanus as u n,eie
u utuni Jltiaea--a siipe unsupported decaratlun.
III. tue otuer hann, Tue most powerful ana un-
oDsa erauIe reasons nave been ureu III iAv0r ot
upyoste poiicy. As we question Wall PROBABLY
engage the eaiiy at.enuon oi congress, we propose
70 cU..suer II III all bearings, TO lay ueioie
our readers suIn a summary vi tile origin. alu
deyelopueut of paper currency ana Of the prin-
cipes wnicn govern H. rs Mli convince every canuId
ana unpIised man III Gne country that Inc views
We nave coutenued Tor are lishL
Before catering INTO the mcfits or so great ques-
ton we mili pose ot tue unlueanlug asses tivn
tnat the national currency siouiu pe rcteu BECAUSE
was the creature oi Necessity At tllne When the
nation IuyOived IN a lie ana death strusge.
Now, 1t by no mealis ioows tnat a measure auupiea
~ time OF war, and justified on the grounds OF
cessity may not be Aood aud blphly beneficial IN
time oi peace. Necessity sad De tGe uf
lnVcntlUu, and wnetner the necessity oiIphiate IN
tDe eAigencles OF war or Ia 'plping Tunes o. peace"
tnu mefiss o her progeny must be weighed by the
same standard and tested Ny the same rules oi
dence.
~ Is only since the commencement Of the present
century that banking ana currency embracing the
uses ana cremation oi money ana paper currency
nave been tieated as a science, tnat Is
Ueinx governed Dy certain delermlnate princl-
pies aeuucIbie iron known ana Uniform
results. IINe nducUve sciences II Is founded on
The praclica experience ol mankind. Ihat Is, wnen
We uud that history cstaDsncs the act tnat certain
cnccts invarauly oLow certain causes or certain
deunite pUbcy with as much exactuess rs the de-
mons tfations oi the socaeu exact sciences,n or
mathematics clam TINS as scientific solution OF
the questions Involved. Though much has been
regular and scicnnnc solution u the money question
Ii must sun In many respects be regaroed as want
inu IN system aud as beng IN It's infancy. Great
pri,ain ana France nave produced many able and
some very denonsLratve writers on money and cur
rency, dered according TO sceHtinc principles.
In yh.s respect we have but hltle 10 boast o. Tut
N barely possible that the prominence which the
soblec has assumed tins country Will wipe out
shls reproacn. The great desderatum o the present