Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1871-06-20


stead of gold o. silver, and bushel measure
of wood instead OF gold or silver, to ascertain
extension, weight, aud quantity. To :he OBJ
lection, then, that "fnreign eommeTua" inter
poses difficulty to the use of paper money
based on land, 1 quote the following arsu-
ment:
when the adoption of paper currency
within our own limits is Advocated. questions
arise concerning the adjustment of oar debts
with foreign nations. among whom GOLD and
silver is the only legal tender. Great enbar-
rlSsmcuts are apprehended because our paper
money would DOT be reoieved in payments of
debts contracted and payable abroad
The exports suG il. ports of the United
States are nearly equal probably our whole
exports do noiamoUnt TO more than twentieth
part, or five per cent. of the yearly production
of our labor. Certainly. fha disposal of five
per cent. of ouT productions is not a sufficient
reason for maintaining metal basis for our
currency, which must inevitably affect the
market vslUe. and disturb the regular and
just distribution among ourselves Of ninety.
hve per cent. of our productions The chief
object of currency is to effect the internal ex-
changes OF products with facility and justice
such one could not impair foreign trade. nor
Go injustice 10 other nations
The following illustrations will make it evi>
dent that the use Of papcr currency At home.
Instead oil disturbing foreign trade. would
greatly facilitate il. Trade between nations
Is carried on 10y individuals, and not by gov
ernments. The governments simply make the
laws, and fix the standard by which the value.
weight and quantity of the articles of trade
are To ho determined, as also the tariffs of
duties on imports and exports. Individuals,
then, export or import goods rs their interests
dictate, and receive for them the money in use
where the goods are sold. For instance. im-
Porters Of goods Tor the New York market,
take IN payment for their sales the money
current in the city. They do this when the
banks pay specie. They did the samvin 1887.
when the banks had suspended specie pay
ment. II they must remit the proceeds Of
the goods. they buy cotton, or other produce
for shipment aud sales abroad. or bills Of ex-
change. or specie. may best subserve their
interest. English exporters to New York re-
ceIve IN payment for their goods our current
money aud invest the money as they dcem most
profitable If we had none but paper money,
English exporters 10 New York would sell their
goods'or our paper money. buying with the pro
Ceeds our products, cotton, flour, tobacco or
bills of exchange on England or bullion
Or, they could ieud the motley here as they
now do. and purchase products fox shipment
to England with the interest. or rclDan the
interest. II our paper money would buy our
own cailcucs and broad cloths, ii certainly
would buy English calicocs aud broad cloths
IN our own market. There Is no reason why
We should provide currency to pay for the
products of foreign labor different !!om that
which pays for home labor.
If we import fifteen millions rlorc than we
export, this balance will draw interest against
Us until we can pay it in specie or products.
Ii State or United States stock be sent
abroad, and used to pay the debt, it is still
form OF credit for which we must pay the in
terest. There is certainly no greater necessity
for our GOTcrnmcu; TO provide ncaus for our
merchants to pay their debts to foreign mer-
chants in such cases. than to provide means
Tor Southern merchants to pay their debts TO
Eastern merchants, in cases OF partial failure
OF the cotton crop. When in any year South
crn merchants buy Of Eastern merchants more
goods than their crops will pay for. the latter
must wait Tor the next crop, mc.nwhile Tccciv-
ing interest on the aTJoUut due. II our Gov
ernment maintains a cUrreucy which 4 balance
OF imports over exports demanding = ship
ment "i specie, must necessarily icran.c and
subject debtors to ex'ravagaut rates Of interest,
this legal &C; must cause greater loss TO the
people than the i.iiarc nf the crops. which
would turn the balance Of trade against them.
The only embarrassment which could occur
in our foreign trade, from the use Of paper
money, would bc delays in payments when
the exports should exceed the imports: and
the occurrence even of this you'd he rendered
much les probable by the use Of paper money,
at a low rate OF interest, than it Is with our
banking system and high rates OF interest
The greater facilities afforded to production
would yearly save an immense amour; Of i'm
ports; and the difference ia the interest ac-
count between the United State and England
would save our people many millions OF dollars
every year.
If We had I sound paper currency. and did
not depend on gold and silver to make our in
ternaI exchanges, we could send all our gold
and silver coins out Of the country to adjust
our foreign balauces, without dcrangiug our
monetary atiIlrs, OF enabling foreign or native
capitalists to cmbaTrass the exchanges of our
products among ourselves. Ifwg have $50
UUO,UUu Of coins. We could ship them and
cancel the amour: Of our debt to England by
paying our Government and State bonds, and
thus save sJ,OOO,Oop, annually paid to the
foreign holders Of our bonds for the use Of
representative Of our oEn property.
With jus; monetary system. We should no
more depend upon a foreign nation for money
to Tepreseu, our own properly 10 our own
country than Tor the air We breathe When
We make our own property the basis of our
currency and furnish all the money re need
for the exchange of our own products among
ourselves, no foreign nation Will have power
to affect our money market. and deraage the
external exchanges Of our products more than
it could induce scarcity Of air, and thus dis
turb our breathing. No scarcity or abundance
of money in foreign nations would affect or
monetary system. Gold and silver coins
would be imported only to convert into u'en-
els aad ornaments. OF for re-exp"TtatIon.-
These metals could be eTerHeeded for money,
q q paper curreucy in this nation were prop.