Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1874-12-08
[From the New Haren union. !

[Trom the New Haven Union.l
In your issue of the 9Th of October. inst.
find a letter of Harace H. Day, of New York.
headed professor Bonamv Price. &c. which
should be read and well poudered by the whole
country, and which canuot fail to be fully
appreciated by every true currency and labor
reGormcr thrust the letter will be extensive
ly reproduced in tie press of the country 1t
condences in a single column grand amount
OF solid political economy, genuine philan>
thropy. and world wide stateSnanShip. His
political economy embraces fully the unau>
swerabe dctum and sound sentiment Of Wal-
lace p. Groom, Of the New York Mercantile
Journal, that ''such paper moncy tokens
scowid he n'"ch nearer perfSct measures of
c"I"e than gol1 ana sHcer crer haze Lccn or
cren can be- and that ''!Ae mse oF goH or
Ofhcr merchandise as money IS Il GGJhuriSnl
W"tcOr'hy of The age" while, at the same time.
it makes that grand utterance applicable to
the interchangcs and commerce of nations.
and in its warm philanthropy and cosmopol>
itan statesmauship would establish Justice and
''set judgement in the earth" by freeing
mankind from that fmancial shIre,.y that, in
all the annals of time, has been lis curse, and
despot. and tyrant
Having said this much of the effect and
beniticcnce of Mr.. Days plan, not only for
domestic but international exchanges. it will
be proper to express it in his own wor!s apd
As laid down by him in letter of October $.
addressed to Mr.. Bonamy Price and not as
yet answered. 1t (Mr. Days plon) looks go
the practicability of e>taE!isbin,, system
which will accommodate in,crn,,;onaI
changes without the r-e or ip,orvo,,io, ~
gold or silver or of rnv s,J.,,,,,,.c ,rJ:L :, :.
possible flr one nation yo D,o,,n.y;-e ,r,,
another, looking on the broad basis of fr,tc,,
nity aud an cuua! advantage to cach and all
''Its outline is, simply. to sbandon cold or
bullion TO the category of yaIu.Llc cor,n,odi.
ties Let each nation issua f,,5 itself The 3 Ga,
100 per cent iDtcrchan"csble bonds accord
ing to the system set forth in ,he Indiana
platform, bearing in all eases and in all coun
tries the rate of interest, m; higher than ,hc
average annual increase of wealth say ,brcc
per cent, and thus make the medium ot ex.
change of uniform ysIue-or rate Of interest.
Z legal tender for everything in thc cor,,,ry
issuing it. Then, in cFscti,., t,sao aud ali.
iu-tirg balances, these interest hcar;n. ch,i.
cations Of the government will snr,Iv rho
place Of gold" And NOW simDIv cno,;r,
Mr.. DAYS answer to the only and cyc1 70.
curing objection of the buIIionists and con.
trac,ioni-t.. to wit: inF,,ion and ovoT,rod;nr
/ will proceed to sustain his mastcrJy and nm
answcrable reD,cTy for pop;cs. ho,L ,t homo
and abroad. bv the authority of one Of Enc.
lands greatest philosonher- John Lockc and
also facts, furnished bY one Of her most cmi.
nent bankers. r II. Inrlis paIur,vn oF rho
hollowness and insecurity of her whole bank
ing system, which. Thomas J,fFnrsn, saw. in
his letters to Eures. has bccn most npCor-
tunetc!y "copie,F' in this country To the
objection Of overtradinr, Mr. DAYS answer is
as follows 'I ask how, under such system
could there he disastrous overtrndino7 Evarv
naticn would hsvc the mower to measure i,s
ucirhhor. and the country which had no nro
duct to exchange conii got none of its olliy,.
tions abroad. nor coutroi their v,lue =, home
as measuring instr1mcnt,litv fnr coumo5.
tiles. and therefore must so adinst tho oman.
ti;y as to benefit equally all classes"
With this logic of Mr.. Dav in srnnort oF
his plsn. | come now. as nromisod ,horn 70
the authoritses of Locke ,ni P,Igr,vc IN su,,
port of Mr. Dav, and, as I conlJ not better
it by any statement of nv own. will rive
the philosophy of Locke and tho facts of P,l
grave. as they have been s,,,cI ,,d com.
mcnted upon in the DnTy Ercpjv1 7cIc,ronb
Philadelnhia. ArriI 90 1874 hr +b,t 49,
and able financial writer Hcrrv C,roy RID
He writes as follows:
Writing about the year 1901 Jnbn 7 ocLo
the great philosopher used these rens'TTLs sbIo !
words :-.If then" said he che ~ :, = ~
yer The then currencyl of Epsls
sufficient to answer the yalue.of5
moving in trade amongst us. 49,
must do it" Here. in one sente,,st-
the true end Fundamental dociTins
etury sc.cnce-the laws of which siisrp 81
more SIMPLICITY in them than is made ltosa,s
rcar by those financial writer's ,rbos. In.ix,,
object would seem to he to tb-ov sand in,otbo
ewes of their readers and students
U0no;I1 hororo- fa, ,l,o e ...,.