The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-14
Wanted-Better Money and a
n More Solid Basis.
PAPER NOT A STANDARD VALUE
The Stock Market a Trife More
Steady---A Slight Rally.
GREENBACKS 81 CENTS AND 9 MILLS.
WALL STREET,

MONDAY, April l3-6 =. N.
Whenever you make paper money without In
1rinsic value legal tender gold will disappear
from circulation. whenever gold disappears public
credit Ia deprecated, and people begin TO dstrust
their government. The premium on coin ID the
measure OF their want OF faith Hence, IN the Ian
guage OF Mr.. Morton. "the greenback was curse
from the beginning.n What we want Is not paper
money but enterprise stimulated by better money.
We want, as laborers. pay for days work that
VIII not shrink in value. We want "mOney"
represented in Great Britain, Germany or
Trance that will as well mingle with the
smoney" represented in America, less the
price Of exchange, and engage in the development
OF our industries; for this is the currency that,
like water. will find Its level, ana always matntain
the highest standard that attaches to perfect
wealth. We want money that is not affected by
the stamp and number OF printing press or the
act OF Congress OF demagogues. Paper promises
cannot be standard OF value, though they may
bridge debt, cheat Iab0rer and NIL the pockets
OF gambler.
AN ENGLISH OPINION
London morning Journal OF recent date, dis
cussing our financial situation, uses the following
significant ianguage:-
There Ia large class OF spectators and Gold
Room operators whose interest is directly opposed
70 resumption; and the profound ignorance Of the
fh0strudtmentary principles OF economical science
which prevails in the United States enables those
interested parties 70 persuade the public that the
country is benefited by keeping up prices and
maintaining an abundance OF money in circua-
ton And thus we have the extraordinary spec
tacle OF both houses OF Congress combining TO
undo the progress made by the country since the
War towards gold payments No doubt the growth
OIL the Union III wealth and population Will, in the
course OF few years, once more bring
1t abreast OF the position IL now occupies, and
then the government will be able TO resume
specie payments without serious loss alter q
longer or shorter interval according the accu-
mutation OF wealth Is more OF less rapid. But
when this point is reached there will, OF course,
again arise cry Tor imitation, which VIII necessa
nly be once more gratfed, unless the economical
education OF the people Is very greatly improved,
and, still more unless the corruption which now
prevails is abated and the mode OF selecting men,
bers OF CONGRESS and Cabinet Ministers is entirely
changed. How, for example. can 1t be expected
that the financial interests OF the country Will be
attended to when they are ccntlded to men who
have never received q liberal education and whose
emily acquaintance with financial administration Is
SERVED from the management OF Snop IN c0un-
try town or some such similar occupation?
THE MONEY MARKET.
Money was steady to-day at per cent on call.
Discounts unchanged. Foreign exchange was
lower In the afternoon, and closed at 4S41 for
prime bankers sixty days. sterling and 4.ss for
demand. Greenbacks to-day were worth SO a 81
81 and mills
THE GOLD MARKET.
The sales of gold have been at ll354 1881, the
highest price or the day being l13%. The rates
paid Tor carrying were ana per cent.
npvv THE GOTn ExcU ANGE pANK