Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-30

NUISANCE?
Since it has been closed, the question
arises In the minds Of millions of people
throughout the country, whether the New
YORK Gold room should not remain perm
anenily Closed. Whether or not IL was eyer
authorized by any competent authority, or
whether il is not voluntary ASSOCIATION Of
gamblers, we have never been able 10 fnd
out precisely. But of one thing we are
absolutely certain, and that is, that it is no
longer necessary, but isa nuisance, and as
such, should be suppressed and con-
tinued closedi for all time. II it had
any other than voluntary creation,
whatever that authority was, should
take from It its powers-and if 1t never
had any such creation it should be emascu.
lated Of all further power, either for good
or evil, by the public voice of the country.
Whether or not it has chartered existence
it has been nuisance for years. Il has
transcribed every power that ought right
fully ct any time to have belonged to it. 1t
has fxed and is fixing daily the value Of
coin 10 this country. True It DIES not fix
the absolute value Of go many pennyweights
OF coin, but it assumes to fix the price
which shall be paid for coin in paper, which
paper the Government has declared legal
tender, in all transactions between its citi-
zens, and in all transactions between itself
aud its citizens, except the payment of i'm
port dues. CE v
The constitution wisely restricted the
right to coin money and to fix the value
thereof to Congress. This provision of the
constitution was intended to inhibit any
other power from fxiug any other higher or
lower standard to the measure ofexchange-
able value than that fixed and declared by
Congress. 1t is well known that, except in
foreig0 commercial intercourse, there is and
can be no reasonable necessity for allowing
or recognising difference of value between
a dollar in gold and paper dollar declared
by government to be legal tender among
its citizens. As money, paper dollar is
sued by government and declared to be the
ola dollar in exchangeable |
value, is intrinsically worth precisely the
same as gold or silver dollar coined |
By the government, and stamped |
aud declared to be 9of the
value of dollar. Every transaction which
makes difference in value between the
government god dollar and the govern
ment paper dollar, takes the coinage out of
she hands OF the government, destroys the
coinage principle which attaches to it and
makes it merchandise, and subject of il
egal, unconstitutional and vicious specula-
ion. 1t might be that person contracting
o pay q certsin amount on certain day,
n gold coin, and not having the coin, to
ave his credit, would pay 8 premium in
PAPER 10 obtain the gold; but that is not
he case in the Gold Room in New York.
There, it is sheer, open, notorious gambling.
" gold is scld for delivery OF bought for
leliyeIy. The sales are each and all bet,
wager on what the gamblers may fix the
rice at on a future day. Why should the
government allow this pernicious state of
hiDgs? Who is to be benefited by il?
Vino has specie coin to buy or sell
or delivery, and for the legitimate de-
hands of trade and commerce? Within |
ur own country few indeed; because, as
mong ourselves the government has es. |
ablished, 50 to speak, a coinage of paper,
nth which we discharge our debts and
ave debts discharged.
The entire scheme of buying and sell {
Is in the New York Gold Room, and ev-
~ imitation of it by every broker in the /.
mits Of the Union is an invasion of the '
xclusiv6 powers Of government, and is c
ositive injury 10 the public at large. 1t
equally detrimental to The parties TO the =
lle, since for every winner there is q s
ser, just as is the case in every other '
lme of hazard.
Let the New York Gold Room be for :
yer closed. c