The New York herald., 1870-02-22
"GOLD IS CASH"
Secretary Boutwels Financial Wife-Mra Ten
ME G. ClaAin as q Financieress-Paper
Money Worthless Common
Currency for the World

me following communication from member Of
the rrm OF woodruff, Ciadin 4 Co., recently estab-
llsned on Broad street rs the protegees OF Commo-
dore Vanderbilt win. perhaps interest the bulls and
bears OF that classic locality
NEW YORK, Feb. 10, 1870.
To THE EDITOR or THE HERALD
Since the firm OF Woodruff Claim h Co. appeared
In Broad street have often been asked, ''What are
your financial OpnlOnsrn This query 30 often put,
with ali apparent frankness and ingenuousness, is
pretty nearly as pOlnIed an The same aD0ut the
weather would be, and very nearly, II not quite as
susceptible OF clear elucldaton. For one just ap.
pearng In the financial centre OF the United states
opinions 30 changeable rs the weather would suR-
gest may be deemed rather Indefinite II not really
the subject Is viewed as other subjects are wnen an
analysis ls sought, That The variableness Of
the financial condition very nearly keeps pace pace
with that OF the weather. ana very closely resembles
It, except IN this:-Ihat the elevations ana dcpics-
sons 81 its temperature, while being equally suDect
70 rapid nuctuations, are slil moe disastrous III
their results. sudden variableness Uf The weather
may give many severe "c0lds," from which tney
heavy potati0ns OF ''Isay malt" But sudden
variation In the financial temperature Is sure u lay
out'' many, especially among those whose "mar ar,
Of the mercury induced by the movements 0l the
Polar ''pears.n The dificulty is that when "lald
out. IN TINS manner no resort 10 isay sn ,rs
competent to restoration, although t is 80 ire
Quenty tried.
But when we inquire seriously about the weather
we fin all Its changes follow adequate producing
causes. For tnstance:-ff In mId-Winter very wdfH
day occurs " Is certain that the cold and heavier
atmosphere surrounding the warm belt VIII lusi IN
and dlspiace II. Does the financial weather obey
similar awsY TO DISCUSS this question so that the
conclusions arrived at snail possess any permanent
merit requires that all antecedents and present
roundIngs shan be thoroughly examined, that
nothing may escape observation tnat may nave
/ nave read all the speeches, articles and edito-
rails ON the state OF the nnances, and the more
forced TO the conclusion that none Can decide when
"doctors' disagree. The number Of solutions pre-
Bented and remedies proposed completely bewilderS
one, unused 10 relying on others Opinions ana puts
the question home for seii-soiution.
II l read the Tribune thoughtessly am sure Sec
retary Boutwcll's policy IS correct; II read the
Times IN the same manner am equally convinced.
though through dlferent process; II read the
HERALD and think OF specie payments only, am
positive its course VIII soonest reach them; II read
the WOrtd and forget the HERALD, am certain lts
oil wrong tnat's being done, but that 10 spite Of
tnat the same result will be attained; bu: when |
think oI them all am forced TO the conclusion tnat
they all right, and that the desideratnm will be
reached al the sooner that they all work Tor II In
different channels
For myself have at least one decided financial
opinion and that H. that gold Is cash. and as conse
independent Of everything and every body. even that
most terrible parsonage, Public Opinion, and that
dividuai, Mrs. Grumpy, who insinuates herself
into your confidence so unwittingly with her In
Deeds" and her ''You don't say's.n Besides casa
forms very large umbrella, covers musltlide OF
-, sins was about to say, but Will qualify that
most unpopular, not to say unphllosophcal word,
the sowing Of wild Oats.n l said that had ohe
opinion--tnat gold ID cash. At the same time
IL SO, aud that there are several other
commodities that might with equal propriety De
called the same. Strictly speaking, god lH nothing
but Of the products OF the earth raised into Its
present position OF potent importance oy no prnci
pie OF law or justice None be tney ever SO poorly
Informed, will assert that there Is gold enough In
the word 70 predicate It's exchanges upon ana TO
move [s products; and 80 long as there Is not there
Is radical fault in the position 1t occupies.
not only futile but impossible 1or any permanent ad
vuntage for 80 long as one dollar or paper repre-
sents one dollar OF gold no benefit Is attained but
Oh the contrary an actual loss ID incurred In
the expense attending Its manufacture and
vending. When two, three or more dollars
Of paper represent but one Of gold, the
representation Is not complete and however
much argument may be brought forward TO prove
the advantages OF such representation tnere IS no
getting around the fact that when you attempt to
pay Tie two or more dollars with the one they re-
present diicalty Is at once reached, aud this dln
Guilty the one all countries III All times have con-
tended with and never yet conquered
1t may SAID that this Is a simple idea, known to
all. Very True. All comprehensive ideas are sSple
But why, beng so wei, known, has not some eli-
cient remedy Tor the difficuty been before this dis
covered, The reason ls ths:-Th ou2h the original
TACT is apparent the variety or CHANNELS operates
lnronpn. which make up the sum total OF results.
utterly beyond tue control OF any one person
nation. Hence q philosophlc presentation Of Its
operations would be TOO voluminous TO be appre-
cated and LOO comprehensive to be understood IN
all It's bearings
Ihave also another decided opinion, and that is
that there ID only one perfect solution Tor financial
diflicuiIles-t0 something standard of value
that shall be just representative OF the yearly av
erage Of the total products or the whole world and
which shall bo the accepted common currency OF
the wOrd.
after to elucldate some OF the general bearings the
principle would have upon the present condition VI
the country and to present what seems TO me TO be
legitimate deductions therelron which should be
used as present expedlents Tor relief.
TENNlE c. CLAFLIN.