New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-04

tngush themselves II net by loud thunder IN .no
negative, NJ least by the most fespeotapo anu
II must DO borne 10 mind that experience does not
differ from that OF other countries which have ieu 10
force incOnyertioe paper into circulation rs suDsu-
ute for money the plunge Is easy ana the si, %
cult: and H. on this grave but hackneyed SUBJECT my
treatment should lack freshness my excuse " ' a
among all the arguments that have been presenter or
the maintenance Of the flood with which We are nun
dated, hardly can be reoognized tnat Was h, ~
@ canDuanee of the suspension Of Bank of En-
gland during and after the war WIN Napo,eoht tbey
though they may be esteemed veteran arguments my
are rged and badly battered and ought long SINGS
TO have been mustered out OF service IN oosb
at the will of The holder not money and VIII not S e
Wherever you SEQ this IL oueDments Of
Europe cannot by nero power force Paper, 1gs{
n5S a. attempt Ras msn
government OF the people whose PROUD H
nav of its national debt. descent from THIS n,gn
standard nowhere else erected would AZ Guy" sno nomi
mine some share Of public confidence Lower ,n9 me real
value OF American Craftsmanship PAPER 9 b sonva
lent OF coin. and not because power mas oeen i'o
II mas BEEN claimed thar ourpaper has not appreciated
but that gold has risen in value me sane os hut
said Of the French Tbe thng was said upon
the report Of the British Bullion Commit,ee III ioi
precation Of bank notos was denied, ana tno uePaS
- human nature was deplored. because II could not re-
st temptation 10 give 70 per cent oro 'ol ob1v
imed that gold has risen in value, when is motto.
ous that Extraordinary influx from the Pacific coast
IFS value and an equal augmentation Of the prices OF all
other Aud yet this influx OF more pienti-
standard OF other nations now brings lQ oil maSkets
large percentage above the paper money made by the
Sished by unredeemed pledges Of public faith Our
promises engraved fasehoods-engraVed upon every
note Ultimate security is always more or less doubtful
when present payment Is denied Gold IN hand is worth
more than the promises Of the nation.
touching our paper currency that they deny any
and We would insist though brayed in mortar. that
creased amount of business They even deny the use
funess of any coin or reserve TO MAINTAIN at par paper
circulation Admitting the increase OF business, anu
that a larger volume may bo required than was re-
quired years ago, 1t does not follow that the prese9t
be only sweed By adueratiOn IN bulk aud not III in
trinsic value; aud 1T may be questionable. also whether
well by The increased idy OF circulation as by tho
new facilities OF hanknG 6y bills OF exchange, ana by
More than IS per cent OF all moneyed transactions are
now adjusted By such instrumentaliles Great Britain
with its Bank OF England where the exchanges OF the
world press for daily settlement has only s2l5000OO OF
paper circulation, less than onehd OF the amount
we using. We trlumphantly asked, with Joke
tna meyer grows sae whether tue people are not sl
ready to receive legaltender notes, ana whether
there not many who are anxious for moref These
sage questioners appear incapable OF perceyng the Oh
doubled or trebled to-day, tho same state OF facts
would arise and pursue us tomorrow Double or treble
the amount OF currency would then be required all held
by the same hands TO do The amount OF business;
would sl pass at some rate OF discount or other and
there would stu be some poor divers. with ther nun
| ger wholly unappeased, crying for more.
After all the real fest OF OF paper currency
standard. Any argument with those who deny this
proposition would be useless as would be an attempt
10 teach class OF gorllas tho multiple alton table. But
OF such depreciation there can DO no doubt It's daly
visible III ali financial transactions. The Government
recognizes 1t BY refusing currency Tor customs anu Dy
! selling lts gold for premium The perpetual now OF
| gold abroad-un tue recent panic locked up large
amount OF greenbacks-haS been perpetual advertise
| ment OF depreciation
Here aud there manufacturer, seeing thatimporters
with nexeusable Obtuseness their heads into the
sand shut their own condition out of sight, and assume
that eprecated currency is additional tarh pro-
lection serving TO increase their profits aud fortunes
imported must necessarily be less than can 10 pro-
duced for at home The promdm on gold, therefore is
lost by the American Manufacturer on larger
expenditure Of capital than that required by the i'm
potT ana 1s anyhUg which cam be proaby
sent abroad Mt once refutes the assumption Grain,
there were protective advantages, could have
tain the worst feares present monetary system
by which 10 make Larger IoTunSs ous Of the m'ounes
n redundant paper currency. not convertible into
coin, the source OF ali good. according to some
enlightened commercial nations but no nation ever
seeks it voluntarily anu all make willing sacrifices to
avoid 1t. Ii comes as calamity. No sophlstry can
make it anything else Short a. we may be OF store OF
81 car on aa ar y a ADD dime to
power and by its constant INCONSISTENCY its
propensity to change, &c shpwrocks many undertakings
which, with sound currency, might have been sue
cessful
American people, whose prosperity We all SOCK tn ee-
vate, that viii not be met with suitable and prompt
know that paper money, not convertible into coin at
the will OF the holder radically wrong. They would
1.-THE load Of yesterday left behind" They do not like
to follow in the PERCEPTIONS and downward road OF the
heads and talk Of financial contortlons people.
ae to that in
world, and to be able once more 10 see and handle
tmb
any weldevlsed measure OF Congress looking " the
ultim ate restoration OF sound currency
Al the last session Of Congress made law to
watch with scrupulous nicely tho weight OF our gold
coins, and. If reduced by natural abrasion below
tender is to cease and the Government only 30 re-
ceve them at the Cusomhouse according TO valuation
by weight aud such found one-haIf Of one per
cent below the standard in the possession OF the GOV
@lnns I0 was right but why this CONSCIENTIOUS
anxiety debssed oon and utter disregard OF de-
interests Of the Government alone, guarding IL against
the loss Of even one-ball OF gram OF gold in double
people whose only currency Of paper must be accepted
IT. q loss often more than 100 times greateri
With special aplltudes, conspicuous even In our CO.
lonal age for engaging IN the commerce OF the world
but so the ss" waste ons
energe, IN the vain attempt TO compete VIII PAPER
against the hard money OF the World we might as Wei
sword OF iathi Already our foreign carrying trade.
reeoyeed during the domination Of deprecated cur
rency. What further degradation Of our mercantile ma
yenur0rs aud pr0De to cast their bread upon the
waters but those who now o. own American ships
are forlorD hope aud quite the v6hdf6 must Do
hazardous. The coins of tho ancient republic Oh
Venice were once curront from Iceland to Cahay but
where outside own limits United States notes
current Why. 6ir che king Of the Mosquitoes would
decline them with shrug. Colored beads he might
accept but colored paper Yet the inconvertiDe
back Is all that rs left 10 prop the great com
OF our modern repubhca commerce that has too
long folded Its wings and sought the subnity of repcse
in idle harbors Certainly too many OF ships stand
STILL" but do not see the salvation Of tho Lord"
Producing more Of the precious metals than any othor
nation yet for long years and more, while the con.
sumption of the country offered dear market for
else gold has had the door slammed In It's
face and neither found home uor the best market 10