, 1870-09-10
cuRRENCY And FINANCE.
short Cr1tBe1am on MIR. lngersnl1ss
yIeNvEs

A Short Cf14bE1AL21 OGA 411$ 4AACENNANN
Views.
From ne Etpz,a ztunscript.
PIoRrA, Aug. 80
Ediiof Of thf 1ranscript: -
Gold carries with it an intrinsic value equal
to the cost Of mining. and preparing it for
circulation Us money. and since the commer~
cial world has, by common consent and law,
declared It to BE- money, and thereby creating
. universal denaaud for it, its Intrinsic worth
becomes inevitably fixed. -.
Municipal authority may refuse to impar to
It = iegl-tender property, but its inherent
value IL as permanent md f1nnorAb1e through
ont the commercial world as the hills.
When the exports Of commercial nation
exct ed her inporta, che will roceiva the bal
ance in cab, and il this state Of trade con-
tiuues for many years money will bocone very
abundant-
P1ices Of her articles Of con,meres cannot
adSanca 20 a. to eugross the constantly &C
c1uing redundancy, because foreign markets.
will not submit to force, except from the te1a-
tive supply ind demAnd of tha commodities
themselves. The worlds gold viii bny at the
worlds gold pricea. Its costs and the value
wll not yield. The product Of day's labor
viii exchange for the product OF days labor
in eouething else, and on no other terms.
The nation that has accumulated IN over
share Of the precious metals, Husk place her
interest very low, in order TO stimulate new
enterprises, or she must sesk customers
abroad, Hhere money ia wanted 1t higher
rates.
sucl are some Of the laws Of money and
trade, and their practical workings may be OBJ
ecryh in some of the European statea,
especially England.
II ihe exports Of a commercial nation are
less! !han her imports, she will lose her gold
nina supply the amount.
II she now resorts to uncontrpverh be legal
ten3er paper for currency, another sys:n.n OF
laYe, will control her domestic market laws
as detle and uncertain as public conf.
depce that impaxts to it Its only value. itself
containing no intrinsic yalue it becomes ae1i-
lii to the utmost degree, will yield to any
fo:ce or circumstance. Itself being nothing,
representing feeling only, it becomes capricious
inlhe e1treme. It will wheedle I nation INTO
imaginary wealth and Independence, and At
the unlucky tu1n Of battle, when fnAucial
diIappear forever.
1t cannot derress prices below gold prices,
| fcr foreign markets Will protect them 1t that
point, but viii carry them aa far above Is its
ipsreased volume viii sustain. Forty
trilars PER copitd will circulate Is
stnngency, and st the same rate Of interest in
the transaction Of the yearly bunnoss rs will
] haIf that amount, the only difference will be
| tAat ten dollars ID borrowed or paid where five
dclars answered before. Invariably al the
| money Ruet be employed In dung al the bus
uee Of all the money, be its volume great or
email. No redundancy can ever be named or
thought of except as relative to gold prices.
| And yet it Is very good fsif-wetthet money
when kept within some definite limits and pub.
| lie confidence and general prosperity prevails,
but when tba elements begin to gather and
men lose confidence in each other, such money
begins to waTer and suddenly it is gone to re.
turn no more, aud gold is again looked upon
as truly The precious metal.
It's practical workings may be observed in
French assigna.s. american a Co. Continents nssa,
financial aspect In the United Ststes-
The above must not be construed as against
| the return Of Mr. 1ngeraon to Congress, out
rather ~ against the present policy Of tht
government IN The increase Of the present cir
cu1ation. We're I to denounce every mat
h.ve to turn monk and Life in a care. A mare
difference Of opinion on = eiugle fnancia
item toea not, In my estimation, unfit gen
teman for public confidence.
Mr. ngeisoll has history that Is already
written and cannot be forgotten;
threatened y e esaSgasRiotins Sa2Ri slavery instead
liberty for lta cornerstone. aud the Demo
cratic party, whose leaders had for somo tim
been g.o.ing wiekedeF a. tesy grew Sldss
sat still, spel1-bound and dumb 1t the loss
their n1sused power.
NJ. Ipgcrsol wss one Of the first that brok
,hat tesdIy silence, and With scorcs Of other
from every stump in Illinois pleaded th
cause Of liberty and union for tho whole .
felt hia native patriotism rise to the war pitcl
fexcept those 80 completely fossiiized ~ to b
| past fecoyery.) And certainly Mr- 1uEersolli