, 1869-12-22

be.rd Wsh nc r mste ia equal a sds si. r;.rS "a
y wurk carlire and latr; TO- cut Cd my sur la1alt~
lever BOOK s ~ 'Ir.Iy: o aIand ~ W sfssa Sa.
hnu.e to felauis ascsins slnees and travel
n ,hs .beys s:,.,smeot.: shth came lI:.,s hard
- q ane r. :. .sa q E s
;;9 s9rs bs II E s e. ~sp nj .'S Sn .Es
Rt.s o + hut n .s s charity
. ptsCussI0N OF NKAKn1Ee.
We come cex; to the Consideration III the ren1-
edles which the situation Of Affairs IN Respect to
t1aoe, cemmerot, and indrssry, tA above de-
3s,de nlnor corsherR1oos. the chief Clements Of
disturbance are 70 be lonnd IN tie present cand..
tion OF the c2rrcucJ. and uf the natoaa} tax. ion
seE.i Ii mainly % be expected.
ESRRKNcY.
Ihs phases o. oplhlen IN fe2afd ferne cou7ee TO
be taSfn tn fcAp peot 10 thls AGENCY, Rts no uuet-
Gus Ecd dlscordane as 10 render IT desirable t. ~
back 10 fundamental principles. aud csdekvur 10
reseh ssmc selerd aRreeuent as 10 ae nature sf
0riyia4t Es< Of Aonry-Currency has its ORIGIN
IN the division Of labor. No nan can supply a;,
course 70 Others and thelrs 10 hI,r. excnanee Of
products beelnA The Original method Of excnsnee
susnst H5 ,ns oay Desse q e one
extent. Wien society 10 In t'a rlfest and E,oss
primary condition. Some other method cf e5-
,aststS'e sa1y beea%s en- ~, nssssy q
moneI-snAt +. Of come common medium fpr
which MI the products OF. labor should b.. cx-
changed. and which Itself snould 10 turn be free!y
exchanged for all or any Of similar pr0du1t', Re.
cane matter OF oIRtrat necessity and ar,o,aae-
o19 Invention, as much 20 as the adop'f,n o.
clothing, the nae OF nfs. or the construction OF
shelter;
to any correct ideas on this huesci, Ihs, money
Is means to an end; that end The exchange Of
con Modlt1es, md not al end IN ITSELF.
lt IS an Instrument to eject speetdc purpose:
mi r.
It Is laboTsa-1ng Dachine. as n1rca 70 as snln
Of steam, engine; and far as The t.es eiopmeut
ol tfaoe. manufactures, and coma,tsce Il con-
celEeo, Is nore en1cacfOus in the aavtpE Of S13or
1nan any other fu1chine which can be 1ctut.oQed
Us utility, therefore. 70 society, iEe maj Of nav
solely to The work 1t performs; and, a. Is uus of
any ctnef tool CT Instrument no more Is wanted
Q! tnis tnan Is simply sufficient TO perform tue
,ntn r,ala a~o eosa or tso splnA!ss aFs bsuush:
toe evident rrect Will ha thu. ore Viii Iore III
n ,ne tine ard ne Other ;ic lille: or that both viii
pe 60, but onlY for portion VI the time IN
either case; and s6 fas aa the WORK 10 be per-
formed Is cotceEnel, the two witt have hut Iae
value OF the one previously existing The same
Law Lods llue OF currency as Ae Instrument, <uh
the exception that wnere an amount lasrpr than .
u necessary 10 perform tho required work is called
unconscious, OF society and Industry Is diretei TO
tie single end of preventing any portioa OF It
lergth u time. But tue empio,mere Of thr cur
rPnc5 thus Increased eau only he eirecte,, by tn
cffasirg the rI1ce OF the Whole no4ty Of comMyll-
KS KS "a n,e 1etmag ne spheeis o. ssae aoI
cusIeneJ can he employed 70 perform the service
for which Nssei amoout formerly au,rlcesl
RELATION OF CERREKcr TO TRADE
u 3 Connnn falacv that the inc:ease OF
iroEeJ Wit! Of tteell IncEtase uate Hut what IL
tfEde: Trade 10 simply the exchange OF COM
iDodities already exstiug, according u the wasts
oI An Ofehnizel soc!etf+ An ipcrG asc Uf currency
neither ncrrases she ae1ount OF commodities 10
be exchanged nor ADDS antthlrg to The hes.rao.c-
cess Of exchange. II there Is nny more trade
antf an Increase OF currency, it csn oniy he that
ihs s: ssns @ con Taoat,es are heng exchanged morn
stlsicK srecnlst!Dn and perhspA lerancemeut Of
truust!y. In Short, the only OBJECT OF exchange
~ an y 70 carseS The commodity from tue pru-
urcef 10 the CONSUMER. To pass 1t through ua-
pecesssry hands u simply 10 ulultIoly the expan-
ses aud ptouta with whlcn II Is charged, aaa to
divert az untlue proporoa OF tie :a.1,r aud capi-
tai OF the country TO the vurk ul dlttriuton.f
Now thus Is TIE exact cua.i:.rn OF the United
states At the preseDt time. The cusreecy his
Ceen increased 10 the Danntr We have AuppoSed.
ara has found employ nenr In the increase OF
pF1ees ard the multiplication Of exchanges: au,l
charges Is one Of ic chief causes IT lie d,s:nrn-
atce 0! the 1fade and tnoustYr OF the country.
tor Nhsch remedy Ii believed to have become
AAoukr oP cCRREscy REQCIs1rE
.oI hat u constahtlJ al:ssed ard proof IN sup
more currency as present IN the country than u
fsqalsite TO DO tue ous.oess OF the corntry. This
u strictly Erue There Is NO more currency tnau
upon the present scale OF prices, and with the
multiplicity Of exchanges Which the ret,uu :ancy
OF the currency ltse!f has Induced. And what Is
more, there neser Will he II The present volume
OF tae currency were to beincrease,lln accordance
With the demand OF economist. CT d Ce:sa.u
school, even to the extent OF two-to!,i, the reIa-
tue coEcitlcn of anaiss wouia remain fhc same
prices hAvaDctnG and exchanges nuIstp!ytnx SUI
nccnsiy TO absorb a. excess that m,gn. b. au-
1t should ntso be borne IN m!uu tha: irret]eema-
nle paper currency Is not mcD"y IN tts true sen.e
tnasnuGh a. II reprc'euts money to the exact e1-
tent 10 which It eau purchase u be exchanged Tor
coir, and no morr. Nov, II this premise Is cor
rect, follows that although Inc Leai.tature nay
authorize tie issue If any amount cf is7eueena.
Bile paper. It will not By 70 dong add one prunJ 10
the amount Of real money IN circulation. On the
oiEer hand. the nsfura. eEect OF 81 excessive
the aruouut Of real money in Circulating NJ c,r-
a:1nR Through speculation, artificial aud abnormal
utee io1 capltals nhtch, under o:her nna healthy
condlaors would Ept be presented, or a. Ieast U0s
10 the eane extent; and also hJ creating as1fclal
and aeroimal prices wh:ch netss,ttale the use
IN ct1ec. this exchange Of an equal amount of
e1mHOdltea ueIce the explsnhtlon Of what 10
tic uiany, seems enttEels para1Dx:caf. VIZ: Tint
at the pres time when tie volume Of the c:1cu-
lattnR nedium has exresieocetl 90 large an iu-
Ened sascs. Gat 10 alI osnst eoua;rss ' ca1ss ~
Win An if1edeeuah1e paper currency. that The
rates Of Interest stc slxay1 the 1nosi advanced
When there fs the afe es, ABSOLUTE aHp1iur OF cur
EencJ IL Circulation
ExcEss OF me rREsKSr ccRXKscr.
That ne present volume Of currency Is IN ex-
cess II proved: I. By the tndieputabis tac. that
the general scs.e OF the prices 1t domestic CON-
lnodEles. III measured By the cotnmon htal1arI OF
Nv ,setelnatlona! eomNetce greatlS 10 excess uF
k1e prices q DINER c0ubtf!e9. AID out Of all nat
nod'iies IN tho Uni,ed States before the wax. Tue
ns,nea oI strra hi ea saat tnls great advance III
degree to The depreciation OF gold, owing
~, ~ ,,n ~ tp.Issseu p!cuaeIoo, enfirrlf xlh-
san, ~, ~ ss proved hy TIC
Nv, .aat ~ ShsEha,on Of ine phees ol some
snII q nc leaa'hE coz Enohl!les eeast III on the
LSEocn MhlAet t'hee 1850 SHOWS lhat, whatever
aa;aLee 40 .si n Pt'ces lIeeu5 Of lecuy attributed
cnlnn aen naeGen rs maximum bct<een the
pe!1eos Of ~: ana asSt AID 5aat Ence 1861 there
nas eeen, ac she o. me sasar articles.
eseRuy a@a seaulst occHEe N Prices tSet At-
r. nHA.! ...-
lhe exeess q, lte present cu'rercy y also
proved ~ zoe tGttoek iast tEai the amount Of cur
durlf me s-4-. c77at Year. c,c.t,!et4bIJ more
than l. ofo1d although IT,. ircrease ot
same Time bas bccu b general arrren;cnt ~ ssr1
trucn erEa;er pfcror ion. anJ. alIhHnvh A. M
iornes date tpe amo1tt Of cure: in circuis:in,
was unt Iiu,:eG h1 anr s.,fon. ,e!nn ,,at,,
The creation Of bapss 1r tas lsue Of nsnrr reslIa
OF nurulna.ly reseeu anIe il snecie. Fufthsrmnrr'
lie tenatrcr Of ali conErrctai na.toas II ra@nns.
ecopcny IL the Use ri ctrrenCr Tss rircT,,aTin1
medium re,er aiyaLctE IN ina san,. IntIn S,S
tie excs auccs which i t,Yies IL raYTs m IN ~
State cf Srg York. il the len s.srs iron, 1:sn IN
Isfp me r,,,faj ~ tarE 49,. .oas ia -. ,.rt ~
InArh an,i ,tt,rnrn.s X nn- cn.t. tsnrrg1,s ~
nfr rerr. am snerte ~, ner ',tIt y ~
X,nn sne,rase5 rny i, neF crn: rnr sTnsn.tf,,
n rhis ms, n,rern1 .s ,hat w. I , i
niter FcnT nne.rai a,nes;,en1s bou yrpu;n sAau
tnc n,sce of naoe mix IN ,Snmsssc e4rnas saAe"
,hn rresen. rair1o ~ -anur :, .oas ~ M.orLk
eJ ths irrres.e ~ Hr,r ~ ~ ~ ssIa.u uuattt.
of thc rsnntrT nnia nuM 1, .me rs eopaen1
" Jfemeye ali feoun,Eer n 1atS Il aaa =, ~
t., 80 - LIS y Aa1 &C EE.