New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-02
there It should stop Bankers and merchants arc simply
agentA for the exchange of commodtes, and as such

moi for their own consumption sale and
thus they may conduct their operations IDreye
failure through She various degrees OF SUBDIVISION unG
the actual consumer Is reached through the retail
dealer Here tho point reached where credit Is oa
pernlcious and should be avoided Ihe promises issued
hy the consumer whether 1t be the Government or the
sb0rer not from their nature currency, am hny
and los PINT Ibis Il what our Government did when
in the stress OF war il issued its promises against prop
grcen%a"k. fruitful source OF al. our This in
creased the currency beyond itS natural limits was
There was more currency than there property for
IL 10 represent and
THERE WAS DEPRECIATION.
Lstns not waste time to chronicle the now familiar
effec,s Of deprecated and rrcdeemablc currency IL
is awavs IN excess This excess stimulates extrava-
gance and specuaton There Il constant temptation TO
hp rI of currency whose value "a uncertain. Use IL
now il i, worth somethng retain 1t until tomorrow 1t
may DO worth nothing Aud SO inc spirit OF inc gam
bier enters into the heart Of the na.on aud, after on
frayagance comes speculation. crime, AMI material
ruin TO chronicle what OF this moral and material rum
ia general I do not pause | pass this, to show
that the worst evils Of an uhsonu currency IAN uFon
The harm Of wrong legislation in finance, as in taxa
ton falls aud rests last upon them A. direct con
seacnce % deprecated money prices huciuale 80 he
nan VINO nvs cannot tell for what he Will sell, or what
las money will be worth when ne sets MS pay AE5JleI
tins uncertainty the ric VINO sells can insure MIN
self nv adding percentage 70 hs pre- Inc poar UNI
who bays buys to consume, not 10 hSl again. anu pays
this percentage ont Of his poverty Ihe Ich man a,u
70 the ur,ce OF his commodities the premium gold at
each rise anC by continual eGchhhEes ajusts OF Suits
The naS bil Oht lilbI 10
his laboI-and does not Know we hourIy. uaii i U
weekly rise OF gold; and does me- he cannot uaIIy'
hourly, weekly, or even monthly a.d ~ 10 hS WIS.,
He cannot readily make new contracts ior MS laDor,
and unfortunately Il Is the Only eohtact no can eve,
make. 30 tue premium on Sod ie"cheS Ills wages '''
Certainly, then. an
IRRRDREMABLg CURRENCY rs NOT P0R THE POOR
MAN.
II for the benefit OF any il for the rich man and
for the speculator. The rich the man, the more
desperate tho specuaor the more easily he avoids the
losses the moro certainly hr profits by the fluctuations.
Increase The number and yagiety Of transactions and
YOU increase the opporune TO ADJUST or shift the bur-
len, If a tiucfIating currency The poor man, has
nothing To- Sell but his labor and who everything 10
buylOl ing, food hing hnds h iDoi RECEIVING oh
tbe premilIn on gold This is bad for him at one end
and n is equally pad at the other for for his support
lie pays. In each case, something beyond the premium
And Tins brings MS 10 the general principle tnat the
premium on gold does not accurately measure the ad
vance OF prices except IN those artce' that We export
In all other articles, prices n3e DeyOnd me god pre-
mum and his rise is due 20 the percentage added on
each exchange to insure the seller against subsequent
depreciation Of the money in which he shall be paid
commo which pass directly from producer 10 Gus
toner, and greatest IN hOse non are subjected 70 most
he pays gold Tho Chinese as yet arc not intcl
gent enough TO accept the best currency the word ever
saw When the tea IL In his warehOlse-frcleht duties
and exchange all paid-he likes inc price lie adus 10
cost the usual percentage OF pI0ht anG inc premium on
gold but he does not stop here lie sells on tme ana
before the time expires gold may rise two or three per
cent lie does not think II VIII rise 80 much; but IL may
ana, ne secs 10 IfbpIiCtS IN iuhhihE ii'n -
S Mr. loves I|ae' p tea into Cnicaso at a Cost
of three per cent above the premium on
gold and when my friend from Kansas stopped over last
November. and bought his family Ghosts to send to
WyandOtte, the Chicago merchant said: This NJ. C.
will not remit before the 9Th OF next month; by that
time some OF the Sh 100000 VIII be out, ana the
pr "a o 49, sS per cent SSf 10 s aans
So when this tea reaches the little grangers at Wyan
Goe though g9d = up o e 10 er cS1 n r. @d
lper cent added by tue Chicago JOOper' 30 IN any
article especially Manufactured articles, where the
materials have passed through many bands, we shall
have the price naturally raised lar ABOVE the sOIu pre-
MUM. And this Is
WHY THE FARMER THE WESTERN FARMER SUFFERS
more from deprecated currency than any one else
except the poor man who has only his labor to sell
Whyi Because the Western farmer gets for his produce
only the price OF the foreign market They raise and
sell cotton pork beef wheat, cheese The price
OF these in NewYOrk is always tie price in Liverpool,
less the price OF transportation IL must De So IL the
price in Liverpool should export. or raise
The nome price. If the price in Liverpool were less we
shOud cease carry IL there and the surplus accumu
lating in NewYOrk would force the NewYOrk price
down to the Liverpool level TINS IS the theory and
this is the fact. tnat Liverpool hhs the price OF our
farm products. But say the friends OF an rredeem-
gels the benefit the premium how then is he hrt 7"
Ho is hurt because the depreciation OF our currency
does not measure the increase in the prices OF the
mobiles he buys Say gold is no. say 10 marks the de-
probation OF our dollar, and ihe farmer gets gold
It usedq No. rent. cothing, 1000 Tools, Horses tea
coffee all have advanced beyond the gold premium, ana
nave seen the reason Each dealer added percent
age guard against che loss OF au uncertain currency
And what Is the
RESULT TO TIE FhRMERi
He gets for his produce. paper money, what he got
before the war, plus the premium on gold but every
thing buys he buys at advance greater than the
premium. Wheat in Chicago before the was 81 10
per bushe good sugar cents per pound. Now IN the
market. wheat brings 81 Is, and the same sugar
n6d The nrce Of the sugar shows The premium OF gold
plus ADVANCE OF IL percent Tue Importer ana obber
have not only charged the premium on gold to the
sumer they have also taken from him an extravagant
rate for shielding them from further loss. 80 here the
the fascinating currency was source or wealth to he
rich trader source of poverty the farmer and con-
sumer. All the manufacturers and merchants have
made themselves their own insurers They have charged
the premiums, winch they themselves hxed and the
labOrer and the farmer have had TO pay Them
II is the worst Of the farmers that his bushel
of wheat shall not bring him as much sugar, as many
hooks before II costs him, alas! more TO grow 1t.
Ho pays for land for service for tools for horses
And yet the perpetuaiOu Of financial system which
robs the aborer and the farmer to Ill the Golfers Of the
merchant end the Spectator is policy urged by those
who pretend to he the enemies OF the rich and the
In the name then, of the laborer who consumes and
the farmer who produces whose welfare is the welfare
Of ts country and whose welfare Is sapped by dis
honest currency give US currency which has god for
Its basis THIS inuCn at least VIC can no. we cannot do
all; We cannot cure
ALL THE EVILS OF THE FINANCIAL WORLD
Men will sill fall panics will still Dlasti Indianapolis
will still want money: corn raised too far from market
win still the disappointed husbandman; railroad
robbers will again drive their fourth hands, the wicked
Will flourish tine good Will pine; Lazarus will lie
outside; Dives will feast inSide-in word Will
stll be human whatever currency triumphs But with
"A redeemabe currency We can make fewer failures.
fewer the panics, fower the Lazarnses, fewer the
Dyesea less the suffering, less the vice. Yes admit
with t-even with an honest currency
WE SHALL STILL HAVE PANICs.
world which does its business credit basis cannot
escape them; and this basis is one which grows wider
as the world grows older
The demands credit must increase, for the world
does not contain money enough to effect its business
and credit in OF it's multform shap pes must continue
to be the principal instrument OF exchange Only in
rude barbarism does money discharge all the functions
of exchange and civilization increases the business
of the world credit by BILL by note. by check, by book
account, are forced into greater exercise