The New York herald., 1873-12-07

real cause is seldom put; common sense principles
First, let see how the case stands in reality
The mixed currency OF specie ana bank notes is
limited to the quantity OF specie which can be re-
tanned in the country, and this quantity has been
determined in part by the demand which foreign
countries can create for the specie. There Is In
the nature OF things no certainty or uniformity or
elasticity, because the United states cannot con.
troll the quantity. Again, this system can never
AFFORD the quantity OF circulating medium neces.
sary to conduct the business OF the country and
the deficiency Is made up by credit. This credit Ia
AND Mites naaaS On ~ snsce a .a cro az .ns Tpesie
great evil, and should and can be done away with.
When the failure OF Jay Cooke Co. took place.
besides the $500 600 Of currency In the country
aud the Sl35 100000 OF gold and silver, there was
ten times as much credit, which being suddenly
destroyed produced the panic, with all It's ponder
trated in the daily business, OF merchants, mann
iacturers and importers in their ledger accounts
these bills receivable and payable four months six
months, eight and twelve months and here, too,
comes in the usurer, the SPECTATOR ana money
which seems TO be perpetuated for his special ad-
vantage. and rot TO meet the necessities OF all that
active and industrious class WHO put IN operation
all the machinery OF industry and commerce.
When we see that this insufficient and ridiculous
system has no solid application to more than one
tenth OF the wants OF the people, necessiates the
establishment of q general credit system to sup
ply the other nine-tentns, and that the stability
OF theao nine-tenths may be disturbed by breath,
q war at home or abroad an election, or BY other
disturbing causes, the absolute necessity OF the
Inauguration OF common sense plan such as ad-
voc3ted by labor lefoTmers is clear.
The astute employees OF the usurious classes
make their special pleas, G our presses and
magazines with illogical and ridiculous arguments.
They tell us that core the war the whole amount
OF gold and silver was but f20o0,o00 or s3,G0o0 900,
which could In tliuea Of general prosperity and
peace support circulation OF two or three times
more In bills OF banks; that the quantity now Is
greater than 1t was then, and argue that such
system Is the only one atooether the best; that 1t
assmlates the currency to the worlds standard
(monarchy advocates the system, Ii perpetuates
monarchy and aids the lew to rob the IN any that
1T Is altogether tie best and only system; that
every other is imitation, ana that by prudence and
ceaslng to overtrade the nation VIII get back TO q
solid bottom, ana that we may hope at an early
day to get back to specie payments,r &c.
These PAID scrlbblers advocates for SPECTATORS
and us'lers, seem TO think the people oil fools TO
be handled as so much chah in che winnow, and
pass Without reason or argument this common
sense idea, which viii give to the people OF the
country practical control Of their own business.
Money, to facilitate exchange OF real values, is
simply tool TO work with, and the people have a
right 70 all the tools they can use II is ridiculous
10 prdte about iniatiOn, the stop thief cry.n
Under the true system, there never can be too
mucn money. Our true policy ~ nation Is 70
stimulate production, aud, II possible over pro.
ducrlon, compelling us 10 nnd foreign market,
and thus turn the balance oil trade In favor OF our
own country These considerations seem never
to enter Into the discussion OF those paid scrib-
blers, whose first and only purpose would seem TO