Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1873-01-21
Summit Point, Nov. 1lth, 1872.
N. Y. .MERcANTILE JOURNAL OFFICE, }

We cannot fully understand the length.
depth and breadth of that stupidity which
leads man to blindly worship gold, believing
that it has certain qualities, making it the
only true standard measure of values. And
all this in fact Of the fact that its market or
exchangeable value has deprecated fully one,
half within the last twenty-five years, and
more than nlne-tcnths since Columbus dis
covered America.
to ascertain for what uses, if any. gold Is
specially needed. Thus far, no one we have
asked has been able to suggest anything i'm
portant outside of the ornamental arts And
there Is little doubt that even in that direction
1T would soon be superseded by some other
metal, ii the relative market values were re-
versed. Certain it is. that while the intrinsic
value of gold is found upon examination to be
very small. it requires but litte space for
storage. Chcvalier. in 1913. estimated the
entire amount of gold known to the world in
bullion and ornaments, at S5, ,0O0, 600 900.
Estimates at the present time made by the
best authorities, put it at about the same
figure, not including Asia. y cubic foot of
pure gold weighs 1911 ounces, aud it is
said t" be worth about $500, 600. Therefore,
lo,VuU cubic feet is the total amount o! gold.
upon which so much dependence is placed bv
rency t" facilitate the operations Of commerce.
1t would only make a solid block 50 feet long
and so wide by / feet deep. All the gold
com and ornaments in the United States to>
day, 1t melted down. would not mike solid
cube OF 10 feet. The ..inaginn,y Golden
Calf wor-hipped by the specie pay ment,ad>
vocat"s, who are dcsirous to see an accu,pula-
ton of coin to the amount of say S25U. 900.
0UO in the United States Treasury, would not
make a solid cubic block of nine feet.
Why will the people blindly follow in the
footsteps of the barbarian in the uuwarranted
estimate unon the value of gold Coal and
Iron are infinitely more valuable to commerce
than this boasted metal Shall VIC not then
endeavor to produce in greater abundance,
such commodities as the people ncc@, and sell
our gold to less enlightened nations? To
worship or even regard such an idol with com
3!acency, we cannot consent; neither can we
admit that the prosperity Of the nation neces.
sarlly depends in the slightest degree upon its
existence.
In discussing the question, "Shou!d the
Currency be Tncreased?" the Dubuque Iowa)
1"fcGr"ph states the necessity for a currency
adjusted to the varying needs of the country.
and answers objections as follows:
VI his Is one Of tho questions of the day
ana fortunately 1t is not partisan question.
II currency were left to he regulated by the
laws of trade-the law of demand aud suuply
there would be no necessity 10 ask this ones
t'nn, nor for Congress pass any statute law
on the matter. 1t is jnst because Congress
has taken the place of the laws OF trade that
the currency is derangcd that the supply is
not equal to the demand, and that it becomes
question, should the currency De increased
1T seems to US to be plain, simple pro-
position. If the business of the country at
one time requires 100000, 600 to conduct it
with ease, and at another time the business of
the country is largely increased, it should fol-
low that the currency should be increased to
meet the increased demand of business
Why not? Because, says one, expanding the
currency will unsettle values In reply to
TINS, we say. expanding the currency will no
more Insettle values than it does to force
business to be done with an insufIicieucy of
currency. 1t is no more just or proper to
compel the farmer to sell his produce at low
price caused by the want of a sufficient amount
of circulating medium, than it is TO increase
prices to the purchaser, if such should he the
effect OF snficiency of currency. And so in
relation to all other divergent Interests. What
more right has Congress to force reduction
OF prices by limiting the amount of the circu
iatlnS medium, than it has to appreciate
prices oy expanding the currency to the de-
mands of business? Not as much for it is
the right and the duty of Congress to provide
currency adequate in every respect to the
warts of the country
''o'hcrs say It will defer specie payments if the
currency should be increa cd. Perhs ps it would
and perhaps not. It is theory tina The more paper
currency ls contracted the nearer it to being on
par with specie This s bat theory The best
test OF its being truth would be establish free
oahkng system with the requirement on the ba ks
to redeem their issues in specie. We ventnre 10
say that under a free banking system there would
be more paper currency in crcuia ton than there is
at present. and it would be redeemable in snecie
hesidee II such should be true in fact the theory
thatthe less paper money in circulation the nearer
II would be to be redeeinable in specie would he
found 10 be not welt founded. we do not Contend
that there should be paper money without limit.
nor that, il there should he more psner money i,
circulation than business required, it would be al
par with spece.'' 20
- Initiate the example of a locomotive