New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-11-25

duced What has become OF It all II there is no mora
work done, what has become Of It'll My answer is.
there is great deal work done There are many
more ships crossing the There are more travellers
along without gold. There is deal more travel ell, IN
England and there We cannot trayei wltnout Eo, ,
There are q deal more gold watches made, I0ckets,
chaus &c. That is where It has gone 20. Mind don't
Affirm one way or the other. Simply say see n'
Now we have got farthat tho use OF money is the
SUBSTITUTION double barter for single barter anu wo
now understand how that coin runs Is current y.
currency. When sell my cotton and get eoIu Ior ~
barter IL against lot of wheat a steam engine. No
is obliged TO give mo his goods for go Du. no Will
because the convenience is great, and nave s.o"u
You upon what principle the exchange IS mahe now
it follows from that-and It Is very serious nto
when considered Ia reference to paper-that Tue man
who sells Ills goods for coin is paid The goid IS PS
ment 1t is one COMMODITY given sd dHT op neot for
purposes Of art for those who use goi IN a9'en
o. @ nna .s t is Commodity worth the
goods took from them.
THE REAL USES OF COIN.
The next question ls how many kinds does the natoh
wanti AS many as wants for use. And now, gentle
men, here is very important question, what Is ths use
that this nation has for consi Let me tell you PLAINLY
te use It Is for It is for these transactions IN when
coin is used and for nothing else. II there IS great
deal OF ready money spent-inuch Fai'S Son viii
Ing n and the on the contrary. there
is great deal of banking and peoples they 40 10 &
glanG-pay all transactions with checks upon ther JAIN
era then little coin is wanted. Then want 10 impress
you that IN this respect Is JUST tg and INV that
number they win all be used and VIII repay me the cost
ana a great deal more. But If buy hundred pow5
there Will be no use for the surplus ninety, ana
they 60 under the shed. People thlnk COZ doi5 -
coin is the most useless thing the world what 10 the
Of goodness Is gold coin gooi lor wnen you ia
in cellars tho plowmsn puts his extra pows
the shed Here IS great principle PeoP1 IGIe
and where does 1t 60 Intl the cellar To be sure IL
viii buy things. but with the bankers is very nUc c
at your property Gold In England 10 the Bank 81
England Why does 1t 60 to tue Bank OF EnsIsnG ha
gold doing any good there Not Bit not Dit. Dis
Of use 10 America tnan what she wants England has
tbree four millions IN her cellars that hats Is
war there eD'' were fifty millions Of English
Suppose man OF standing we're to borrow ejOOOJo OF
the Bank Of England Would he go WIN cart anu h
would take il IN checks. Precisely the same with tha
of France. Very well now, We see there Is no goia
industry lie could lot be carried on except we MAKE
provision FOR exchanging ana II Is worm w1 " p 1
selling going. Aud will remember tnat II Is pny Us
tool that they to be- used. ana that u IS Ony as
tool that nation wants 10 use them and that II those
tools arc produced in greater aDulIance' tneh tney
must go into the celar-HObOiy wants them ihey can
not become cheaper because they do they 80 away 10
foreign countries. There Is an IDEA. Du don't III the
least believe 1t, that when country has too mucn
of these tools tho value OF gold siuks IN that
country, when an Old woman IN inc mdIAet mas Io9
OILY II es anu falls according to the best OF ny belief
In the whole market Of the whole commerci-l world not
in that OF any particular nation. MANY peop.o Ia
America seem to Thank That IN resuming specie pay
mens great difficulties would De met III Eet.ius sun
Gent gold from foreign countries AB nilIoh that
wants Tho tOOl-the value being the Same
in all cOuntres-.here never Will be any dim
oulties like tue cob and flow Of the tide Ihefc Is ~
dinlruItv in getting It, Ii any nation In the middle
81 the carth-f millions of people born IN full national
eTsfe sIae eo yyc 20 i be- No da but that gold
would be dcarer. Tho sovereign might be worth 80
shlings woald bo 10 greater sapply OF SOW
eregus, put there would be greater demand Aof tneIn
PAPER A SUBSTITUTE FOR GOLD
Nov have come TO paper Bless yon, could talk to
Won all night about coins, but must change 10 the
other part OF my subject. tApplluseJ Gold is ex-
pcn,ye and it wears and tears and 10 Is heavy, and
therefore people all anxious to get light III place
OF the heavy one hit be equally good and equally con
veuient. Now don't forget what We have done. We
have nothing but a tool and You Americans need
wanted for exchanging and for nothing else
at all nothing else at all. When give
use the gold; don't eat drink it, It Is current; II
gets away. what the gold Il to me, is the cost
maus SAYING 'Eon needn't ray me iO4liti t[us s
tain the PAPER is rs good a, gold in value then am
ready 70 give nay properly Tor H. Ana II AN ceTtn
paper can b. numbered and marked for large notcsi
al those things about 10 carry II, ana 1t ID very much
consider paper, when It is perfectly solvent. should
Tnttd: II WI, hold your metal for YOU and to who,
SeF GIfs G aa C T fs9 S"1 can es
bed At night / want 20 put my sol ia safe place;
Il IS Just rs convenient for me, for all practical
Pmposss' II it Is in a bank have only ,, got
ton r' COMPLETE Tic paper as;s as the eoi3 Il eaS-
bcs the seller Of the goods 10 20 into tho town and get
equal Quantity OF goods wth what he has already
Instance five pound note Knows he has only got 70 90
across the street ani there arc the overcgas waiting
for him. l. is just well. then There il certain
unanimous cling IN Ia action that somebody il 20
hold the gold, aud that the tckeis Will circulate equally
well; Tho wn1e OF tue tains depends GA the
selling such paper yOu bay and sell against
the metal not against The paper. We work by notes,
and just many notes arc PIT QUO by nations as they
Wantin these transactions. II notes put out,
what becomes Of tnem II is jus, ii with
eanS. Taey 50 down into cellar ana there are the
capital place. IL IS not IN my house. The
they are safe. Toe BADk OF Eagl land has sometimes
five millions Of these notes ald cannot lend them,
cannot sct them oar. Why's Because there is only
enough TO do that work which IS done by notes and the
gentlemen who make great borrowings and lendings
from to tine Bank Of and 10 1t by pieces OF paper
called bills ana cheeks WhicI are balanced one against
the other, anl 10 money passes In All convertible
notes it Is the same II is tool for specific use aud tho
currency to exchange that is faithfully and abo-
Iucly observed IL il nothing else but charging tool
PROPERTY PAID FOR PAPER.
Now come 10 an important fact which want TO lay
before you. In England they pay for the paper
idcntcay the same thing that they pay to the miner
for the metal. There ia no difference. That is point
in currency which has not received the attention lis
importance really deserves You have TO pay as much
property get hold OF the bank note as you pay 10 get
hold OF the sovereign. But there great difference 20
the nation When England buys the gold VI tho Iali-
fornian the Australian miner, away goes the
property OF England Her cotton goods her calicoe ner
iron rails have gone to California or Australia ana are
lost She got the metal In It's place ana u does
very serYiceable function. Bat STU spe lgse9 e io2
erty. But when she BUYS notes OF the Bank OF EnSanu
she gets tools good. The nation pays the same
but the property does lot Leave Tue e country,
The Bank OF England has al5,0Oo.0o0 lt mas
rnceiv prOperty from tho nation, ana