New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-11

.. Proof of the Depreciati0n of Bank Notes.
and "A Reply to Mr. BOsanquets Observa-
"tons on the Report of tho Bullion Commit
tee :" Mr.. Bosanquet being one OF tho Bout
wells of that day. From the latter pamphlet
we make tho following extract, which con-
tains refutation of the Boutwell, theory of
the balance of trade in its strongest form
"At a moment" says Mr.. Bosapquet when wo were
compelled to receive corn, from our enemy and to
pay for bringing IT, Mr. Ricardo Tolls IA thatt the
exports OF bullion and merchandise III payment OF tho
corn we may import resolves itself enrey into ques
ton OF interest and that give coin In exchange for
goods 1t be from choice not necessity "hie pro
viding against famine he tells us that we should not
import moro goods than We export unless We had re-
dundancy OF currency"
"Mr Bosanquet speaks az II inc nauoh oohechvely'
as one body imported corn ana exported god ana tat
II was compelled by hunger so to do not rejecting tna
the importation OF corn, even unuer inc case supposed
IA the act of individuals aud governed by the same mo-
,ycs all otber branches OF trade. What Ia the degree
~ comDuision which ia employed to make us receive
corn from our encmyi suppose no other than the
want OF that commodity which makes u an advantage
ou article to ,nport but If be voluntary. it most
certainly Is aud not compulsory bargain betw"e
two nations do still maintain that gold would not even
II famine ragged among be given to France in exchange
for CORD unless the expectation OF gold attended
corn in England for more gold than he obliged to
rive for the purchase OF It, Would Mr. Bosanquet,
would any merchant he knows import corn for gold on
any other termsl II importer would how could tho
corn be introduced INTO the country unless gold
other commodity cheaper herei As Tar as those
two commodities concerned do not these transac-
tons as certainly indicate that gold IL dearer IN France
as that corn Is dearor IN Englandf Bullion will not be
xported unless we have previously impOrtedt for such
purpose or unless from circumstances in inter
nal circulation il has been rendered cheap and less usfd
10 u.s."
Mr.. Boutwell, and those who reason as he
does. forget that gold is no longer the money
of this country. Deducting the National and
private boards, fifty mlilionsIi is large esti-
mate for the quantity needed for all active
purposes. Any excess above tho amount re-
ouired Immediately causes the value to
SILK, Just as an over supply OF apples
or pig iron, causes the market price
of those commodities to fall. just rs infal-
libby as a lower value of wheat or cotton in
the United States than i'll the rest of the world,
causes those articles to be exported, SO does a
lower value of gold cause gold to be exported,
and the "balaucc of trade" is no more con-
suited in the one case than IN tho other.
Whenever gold is restored to its proper func-
ton by the creation of moro paper money.
Yet we arc represented as Oppressors and
taskmasters, and held up to execration
as Shylocks! We may have pointed out the
guileloss simplicity of Butler, the consistency
of Morton, and tho intellectually of Logan,
but our friends have rushed no bills through
the Senate and House in such haste that they
had no time TO discover what they meant.
We have not played the insolcnt aggressor in
this conflict. Indeed, when we look back
over the nine years which separate Us from
the close of the war; and when we see
the strong support which science and
honesty receive everywhere outside of the
House of Representatives and Senate, (where
we are beaten in numbers alOne,) we confess
with shame that we have to reproach our
selves with c0wardly inaction. We have not
been aggressive enough. We have suffered
ourselves to be deludcd with the dulcet prom
ises of platforms and empty resolutions for
the support of the public credit; with super
abundant revenues aud demoralzing pros
perity. To be denounced at this late day as
invaders by the Goths and Vandals of inila-
ton il really not to be endured without
protest.