New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-29

THE BEST CURRENCY NE EYRE HdD'
"Our present currency is the best we have
" ever had. Under it our national prosperity
mas been greater than ever before. Our vol
e" ume of circulation has been less disturbed
"by violent and sudden changes than ever
"before.n Such is the tribute which Mr..
Opdyke paid few days ago to our inconver-
tible paper money. Yesterday he renewed
his protest against measures looking to the
speedy resumption of specie payments.
We propose to throw the light of some indls-
putable facts OH this question of the merits
of paper money. Money, as MIR. Opdyke well
knows, has two separate and distinct uses. Ii
serves as q measure, or standard OF value, and as
the instrument by which exchanges are effected.
When a man lends money he lends certain
value and justice requires that when payment
is made the creditor shall receive, as nearly
as NAV be, the same value which he lent.
But how is it under this best currency we have
sever had7n Did the man who in 1860 lent
fifty thousand dollars on bond and mortgage
and was repaid the same amount i'll dollars in
1866 obtain the same value which he lent
Did the man who borrowed fifty thousand dol
lars in 1865 and paid them back in 1873 return
the same value which he borrowed Can the
man who borrows or lends fifty thousand dol
lars now to be paid back five years hence make
any calculation of what dollars will represent
in 1871 Does it lie within the power of
mortal mind to tell what action this Congress
or the next one will take to affect the value
of the dollar7 Gold and silver, though not
perfect standards Of value, are still the best
that have yet been discovered If anything is
known, il there exists among men the smallest
atom of what is called knowledge, 1t is GER
tain that either gold. or silver, or "copper" or
iron, or corn as a measure OF value is
million times to be preferred to inconvertible
paper money. The paper experiment has been
tried over and over again, and the end has
always been a ruinOus failure.
We beg the reader to impress this truth on
his memory, that the function of money to
be measure of value is of the very essence
of its definition. Now nothing is better
known than that the greenbacks, if increased
in number, will become less valuable. 1t is
not ignorance simply, that sends up the cry
for more greenbacks. There is great deal
of accurate knowledge mixed up with that
ignorance, and guiding and directing 1t.
Here is a man with property worth at present
prices but $4,000, and with debts to the
amount of 100000. That man knows that
unless the price of his property can be worked
ND to 100000 he is insolvent. He knows
that fresh issue of greenbacks will
raise the price of his commodity il any
thing will, and that large issue cannot fail
to do it. Unless he is q man of more than
average integrity you will find in HIM an
earnest advocate of an expansion of the best
currency We ever had" Does not Mr.. OPP
dyke know that for this reason we live in
constant peril of initiation, and must Hive on
under the same cloud until the gold standard
is restoredi Which woud Mr.. 0pdyke prefer.
TO contract to deliver five years hence all
his property for its present value in
paper dollars, or to pay FIVE years hence an
equal number of paper dollars for another
property now equal in value to his Owni We
cannot say what his choice would be, but the
very fact that different men have decided
opinions on opposite sides shows that there
is q risk involved which no one but a
gambler would willingly take, and that the
"best currency we ever had" is one of the
worst measures of value that can be imagined
Scion. the Atbenian. when asked by CrUsus