The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-12-18
Mr.. WALLACE P. eR00xs LECTURE.

The Currency Needs OF Commercial Ma
tionsl Paper Money interchangeable
with Government Bonds Advocated.
Association Hall was well filled last night on the
occasion OF lecture on the "Currency Needs OF
Commerce" by Mr.. Wallace p. Groom. Professor
J. X. H. Wilcox delivered the opening address,
saying that when the lecture was first announced
the late Horace Greeley, President OF the Liberal
Club, was expected 70 preside, but Providence had
directed 1t otherwise. He introduced Mr. E. II.
Holmes as Chairman.
Upon being introduced Mr.. Groom said 1T Ia
not too much to say that there is nothing else Of
o secular character Of so great Importance to the
masses as the securing OF healthy condition Of
the circulating medium for this Is the life blood Of
commerce. Money or currency is
AN INSTRUMENT OF COMMERCE.,
without which It would pe necessary to make all
distribution OF products through the old and ex-
ceedingy awkward system Of barter. Currency
does not in the slightest degree depend upon the
Intrinsic value Of the material Of which it is made
In fact 1t ought not to have any value Whatever
other than that OF . mortgage which our legal
tender to-day really is, covering every inch Of
ground and all property within the United states;
and 1t may also be said to be endorsed by every
man, woman and child, thus covering future earn.
ings. IT, then, we keep In mind that no legal
tender currency can be issued except by the gen.
MADE legal tender within its is boandaries
the declarations be printed gOld silver, copper
or paper, we shall not be liable to 60 far astray.
1t is claimed by some that government has no
right to
ISSUE PAPER MONEY;
that it Ii unconstitutional. Our Supreme Court
has decided that question, and most satisfactorily.
1t IL the bOunden duty OF Congress to coin money
t. e., to stamp 1t and ITO fix the value thereof
and with the least possible cost to the people.
The speaker here went on to show that GOLD was
merchandise, and not intrinsicay Of much value.
Chevalier in, 1S4S, estimated the entire amount
in the world at 3ooo,Ooo,oOO. The golden
advocates-the $780, coo 900 sought to be placed in
the Treasury as q permanent basis-wOuld make q
sold cubic block about the size Of the pedestal d
the Washington statue In Union square, and was
only valuable for decorative purposes, and to a
limited extent available as a poison In nndteytd
nsedfca. Five million persons We're thrown out OF
| employment by the panic OF 1867. The labor lost
| that year had value OF 81, 500 100000.
IN REGARD TO INTEREST
| supposing the outfit OF Columbus to have cost only
| $5,0OO the sum would II placed at interest at six
per cent amount by this time to more than the en-.
| tire money value of this Continent, together will
| have lived upon 1t. Again, Manhattan Island wal
sold about two hundred and fifty years ago for $24
Yet II that $24 could have been securely invested
| that seven per cent could have been annually I'D
! ded to the principal, the accumulation w0ult
exceed the present money value OF all the rea
I estate OF the city and county Of New York. TIT
| lecturer next proceeded to show how o Currenc.
| could be created using paper ~ medium, tha
! would meet all the demands OF commerce.
| The lecture was full OF interest ana profit, ant
the speaker was warmly applauded at the end.