, 1874-05-08

but one kind. eWo hnyo recognized It "a nation.
al currency. We have Ind con0tonon in IT, IA
haa performed ita o!1lco Of exchanging proporty.
not not s vo a0S ono " i botsr aS 'f0f W. se so so
thought, nor novor oarod. wl,etlor this money
could bo, or ovor would be, redoemod in mil
70 raire that question on IT. is only to lmpar It,
Some spoGk cf our nationh currcncy es tir-
roloomable." dony It. It liz rodeomahlo III pron-
orty, and always will DO as long as The Goyorpp-
nicnt will invest 1t with Tho powor to paydeh,,aud
nay ta1es, All that gtvcs such valuo to (oid Is.
rcncy. :rnko from II its currency properties, and
leave VIII 1t only its nctaI propertlos. and poo
Tlo Would teEuso TO ro1eom 1t with property, aud
hence It's price would fall amazingly.
= trend OF mine bought ticket at q railroad.
man: I asked him how much ho paid for
It. His reply was. IA dollar mud auartor."
says !, you havo been choated.. That
piece Of paatoboa55d H.o5 is not worth moro than
it performed Its office. It waa accepted as pay
for carrying him upon tho cars to the placo he
desired to Co.. AS well might that rnan olatm
that railroat~tickets should havo intriuaio ynluo,
Just rs we'll, should hayo intrlnBlo ya1uc.
Money made OF paper is choapor than wheu
mado Of gold. It moods no argument to prove
that the cheaper NO can produce m articls
Of o1., n necessity tho greater is tho bonont
The time was when many people refused e
believe in this now:gonernlty-a accepted fact.
Why should NO apply this princiulo to oyary-
thing olao. and refuse to apply it in tho produc.
tion OF money!
Some pcoplo want to resume spocic.psyucus,
Why? $50 that tho grccnbaclts may Go worth
their faco in gold," ia tho answer. will we ho
any botter of whom that shall DO tho case
Mont we DO worse Of Won't We bo placing al1
papor? 1. for ono, nm opposed to % spscio.ra. :e re-
sumption now, hcncoforth and forovor moro.
Tho system OF papcr-money upon specie -basld
always haa boon fran1ght With evil. and, in ita
very nature, over will ho.
Those who hold to tho opinions haye herein
Eot forth aro sometimes called ropudiationinte.
Whatever others may bo, I'm not d rcpudation-
iat. am in favor Of glying value for value. It
ca, sx 10 dens 4 without speco. resumption just as
comforts Of this life would not bo diminished
ono 10th II all tho gold coinotl into money now
In this country were to melt into liquid, and thcn
evaporate into thin mir, aud mover another dollar
bo coined or imported into tho country.
But it IS urged that VIC must hnyo apecie as
standard Of va!uo, By which gil othor yaluou
shall be measured. Although this view Of tho
cass 10 often asserted and rotoratod, nm not
able to discern in it oven small reaaon why
spoclo should DO the basis OF money.
think that tho cost Of production is the
measure OF vauo. For convenience, we deucribo
that measure by the words "conts,'" dimes"
'".dollars," 30. Products generally bear 1ela-
1Sen ge value 5.,t to each o.h0r 81 For iostanee
hare bought potstoou for 2s cents 4 bushol.
The cost OF production being tho measure Of
value, when ! con buy wheat for 81 bushol,
shall expect to ,buy, potatoes for Is cents a
vii b. 80 cheap tbat p nun ~1l see sss s Moo0s
bushol for his wheat Worry we'll; then / shall
expect to get my potatoes for $25 buahcl. Or,
II million Of dollars il asked aud paid for
busIol OF wheat, ! shall expect to got my pots
Will bear the. carne relative value to onc6
othor, whether We pay for them i'll gold-money
or papor-monoy. but, If ue should ou1aw spo-
money. as 0 medium Of exchange. with tic vol
'ume Of currency pEut!ent1y regulated by Govern
mont, thoro would bo no material change in
prices, as now expraGHcd by dollars, dimes, and
cents. There are 50 many things Of established
and unyasyins price, that without somo cause
main unchanged; and, as prices aro regulated by
tho cost Of production, and products bear rel
atlvo value to each other, there would ba moro
cauaeB operating to. keep tho measure Of prico
would be to ini'atc prices to largdr Dguros.
For Instance, salarics arc fixed at stated sums,
aud arc not changed without great PRESSURE
Newspapers aud periodicals will boar a great
ot1AlA ptl0lQ ku4 LGIl1la CulQTGQt TA1tfoau
and other large corporations have fixed salaries
md tlxod 1atea, which are no. changed as tho
prico OF commodities are changed. Eggs, but
ter, corn, wheat, and many other things. vary in
price from day to day, or from woc!t to week.
But re have not got far away from tho Hau,a old
standard Of prices, as oxprosrod by dollars aud
ccnts, which prevailed forty years ago. We are,
however, gradually raising our figures, o7on
with gold as tho standard. Tho reason Of this
is because We have organized gold As the
Rf ny1 and In linn, Il %1l
III compared with gold, nnd prices inflated ao-
cordlngly. But nbollsh tue gold-atandard, and
there will then be no cauae operating to change
theterms by which nc express values OF prices.
And, oven il there, should be change that
change would not burt us any, II it was not
sudden or violent. It Ia whom we hayo TWO or
three kinds of money that thoaa changoa in
prices take place, aud they often come in sud-
don and violent form, and cause suffering md
financial ?, r ruin to many people. 4 change from
ernnsent, and no other currency recognized or
tolerated by tho Government will remove
possible cause Of panics and iudatod prices,
and settle US down upon safe and pormanont
Eut how aha!l tho Government Issue its money
and regulate its volume? proposed . plan in
the article to which haya alludod, and which
was the subject Of some comment by luz
TRIBUNE, which here reproduce:
Money ahould DO nuppl!cd to the people tnat IN pro-
portion to their wants aud noce1stics with no arbf-
trnry limit. We thorotoro favor ths plan Of the Gov
erumsn: loaning to the people, rcaeaate security
worth onbo the a1aoaut ill Tho money they want at
per cent Interest, with tho privilege 81 returning 1t
10 tho Government 1t any time aud atopping the
interest. THUS, 4 there should be rcduiilaney at
cu,rcnry at any tne, that it vas not worth per
cen. interest," It would bo found flowing back to tho
Government. II money should bccoma scarce, there
woulll always bo sourco Of supply at per cent
There could 10 no panics, no fluctuations, under =
system Of this kind. Tho interest could be zed at
., 1. or5 per eeut, as wisdom or experience might
dictate.
am still moro than ever fayorahIy impressed
with this plan. Homo hare said it would raieo
an army Of officers to execute tho plan. Do they
consider what an army wo alo now supporting,
who are ongaged In loan1ng money to theIr
naighbor. st enormous rates Of interent7 do
not bolioye TINT it would increaso the lumber Of
officials to any great c1tons. mn satiahed that
one n,an, regulated By law, would do moro ser-
rice in this line, at Reasonable SALARY, than ton
meu ara now doing at enormous salarioa. It
ID an attribute Of tic Goyornment to
provide its subjects with q currency
which shall be legal-tendcr for dobts aud 10.
coi,able for taxes. AB ths matter uow stands,
re arc paving from 12 to 1G per cent interest