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

LADIES AND GENTLEMEN: propose to speak
you currency--on metallic currency and paper
currency lam sorry to say that IL is region and
jungle OF chaos and confusion of the darkest spots
Of all cultivated science. II has been debated In great
assemblies The parliameuts OF great nations have dis
cusSed Il. Writers Of great ability have treated OF it,
II has been made matter OF inerminable discussion,
and at this very hour. If want to have subject
from which everybody turns, this is it, The sound
frghtens them away. II you ever speak OF currency,
It is enough TO turn any one of 1t is
this unucky subject OF currency. A of great bril-
Nancy Of Oxford of great ability at the bar and who
Of the highest positions OF the Civil Service
Of England, always known for his ability. consider
able writer and political economist, once said 10 me
"As for currency it passes all my understanding"
Now II man OF that power that immense ability,
found IL impossible what is to become OF US What is
10 become OF great nations which must have currency,
and which must either prosper be victmzed accord
ins as their currency Is sound vicious What is
to become Of it What 1 answered 10 my dear
friend is the true solution. I said TO him
Is because you will not begin from the beginning
The disorder which raised here has all Its origin IN
this that every BODY thinks he knows something about
1t beforehand Everybody has made up his mind as to
the principle he means adopt, aud to 10 school and
learn from the beginning is what nobody on earth VIII
do Well the matter is that If pri0ri notions taken
up without examination are to be the staple OF your
thoughts then the disorder and the confusion and the
absolute want Of all realized knowledge is explained.
Try that method upon science try it upon the tides try
upon the Try It upon moral philosophy, try that
method upon metaphysics ana you nd that the puzzle
meut Of men Will b. just as great as it is here.
Gentlemen, must ask you TO begin from the begin
Mug, and must ask your indulgence in following the
thouy way, but s the clear way, step by STEP aud
am confident without the least pretenson vanity,
that you will think really easy subject marveously
easy IL you think OF the under which it hap
pens; but You must follow the only method OF all
science and all knowledge. Begin from the beginning.
Do you DO in tho arithmetic. Learn your mn'p lea
ton table, all when you known that four times dive
twenty, do NJ take up the priOri notion that
-four times five makes tEir;y-thrce.
Az INSTRUMENT OF EXCHANGE.
Here IS half sovereign which hold IN my hand.
That is a COMA piece OF currency. What Is Il 7 This
piece OF gold with marx upon 1t. what Is
that marki The arms OF the Qleen Victoria. Those
arms are put upon at the factory where it was made
the Royal Mint Of England; Did they put into this
alloy into 1t merely for tho purpose OF hardening IT, IN
order that the mark may not DO erased by constant
wear. Bat III England nothing Is charged Tor ihat
You tie Quantity returned to you IN coin that
"a a nnre niece of gold What on earth was this
little thing invented fort If it in Egypt, should
in nor cars TO use as ornaments know that this
the application OF it in great cites aud nations.
cart understand directly what cart Is. There are
two shafts, which Enthusiastically indicate horse; the
wheels indicate motion, and the body indicates
oapdcy 70 carry Weight ana know all about cart at
TIE very first sight
what IS tits c0ln fort I mast watch the people who
1t. find people buy It, They give their property
u, they don't II IN the OF
/ watch them closer, and perceive this man who has
given certain property for 1t Is very soon anxious to get
rid oft That IS the next wonderful thing about this
little coin. 1t is bought, and then the step is TO
eet rid OF ii quickly possible. 1t becomes. tAen.
FROM in Latin. Tnen buy 1t to ran,
ana not 10 stay with IN me- My next step IS:
has happened to met l have gained other goods. It
has had this wonderful eff sct upon have got rid
of a quantity OF goods in my hands which | did not
want, and have got into hands quantity OF goods
did want An then, see at once what II means the
operation finished nnd nave exchanged the goods
had for another set Of things There quality
in human nature which finds lts way into human So
ciet ana - thls we cannot make all our things for
ourselves. There must be division Of emplOyments
you will make shoes" Another says, II will make
coats third says Will make carts" And in
how Tae man is not going to give his horse for the
hat. That would not do at ALL "We" says the halter
something reasonable in that. The horse cost you
great length OF time IN care, plenty Of corn, plenty OF
some principle OF exchange" And then he discovers
that this htl!e thing which show to you is tool.
10 the last WORD say TO YOU wish you to look
change; and al the mess, and all the disorder and an
the utter confusion In this subject people viii not
submit grasp le idea that Tins thing was invented as
nothing else at all.
COMPARISON OF COST.
We have arrived at the place where the goods are
mace ana have got to be exchanged. Now III exchang-
Ing the Confederation that arises with every human
oelngs Ill am at the trouble Of making thing for
you you must compensate me. II there have been
number OF things used in it, Ihave burned nv Goals
If my stock Of leather is diminished ~ INV orass 81,
been eaten, then you must Compensate me tor ,hor,
and 1 must have something for my trouhle :, 7. :. -
highly skilled troube-the science OF the noc,o ~ is
science OF the lawyer-he will require great Al Ur tne
his trouble, II ordinary trouble, then ali thu ,or
mir ia hat he for
dents he has put into the thing andthat he sha, 49,
something. shall have the necessary reward for hiS
trouble Now, then, gentlemen, here the goods nn
one side and the other things the side no,n
mud out how much Is 70 be exchanged-how ono
for a given quantity Of the other. Gentlemen, knew
of no other conceivable process than by comparing how
much they cost " make, and then when you have 10y
The object OF thus first method is barter take my hat
aud you take your shoes and that begin barter
GUARANTEE IN EXCHANGE.
Why cannot two people sic down and directly try how
much 1t themi Because that would be intermnabe
Aud this brings the fundamental difficulties In
thanging II the latter wants shoes and the shoemaker
wants hat and he goes into the street, he calcu
hte how much 1t costs make EACH II the shoemaker
In no way IN want OF hat the poor halter may 20
anshod cold and SNOWY day with no snoes 10 his
eet and that peryadef the whole OF human life. Tue
sellers Of goods as rule do not want the goods which
she buyers have got 10 Offer and the moment trade or
commerce becomes large, It obvious that buyers
Aee dealers In goods are very small individual con