, 1874-01-19

I
variable measure Of yuluo should bc always ro-
iccotl elnco 1t altera, ut 1oaet may alter, tho
tor1na OF MI contracts mnde OH it jnBt aB vnrl-
ab1e yar1-stlok or variable gall:n might a'ter
tho terms OF any contract made in torma Of It,
dopcciay alt contracts to DO made In Tho fltt,ro.
II party agroes to deliver thousand yards
Of cloth ton yoara honco, or hundred thousand
l1si,olH Of wheat, and in tho meantime tile yard
expands to twico it's length, or tho bushol to
twice its yotumo ho delivers twice as muoh cloth
rs ho contracted for, or twice AZ mich wheat.
II ohor moasuro contracts to half 1tB folnlor d.
mengloua, he delivers on1yh Of what llo agrood
to dcivor, and unjuntly dopriveB the othor party
Of one-half bis duo. And so 1t ta ii tho dollar
loses half its valuo; and with ovory Intuition It
1oses part OF itH valuo, purchasing power,
aooner OF 1ator. No dry-goods merchant would |
tlream Of making all contracts for his mcrclIau-
disc on o variable scalo on a moasaro TINT might
expand at any timo botweon the making Of d
contract and It's performance. Nor would a
los1er In grain think very highly Of a busllol
which might Increase or diminish ut any momont
Yot, strange to say, dry~goods merchants, and
grain-dealors, and all othor classes Of the COM
munity, aro apparently willing to mako a1l con-
| tracts Oh measure Of value whoso dimonsona.
a1tor year, no ono eau with certainty predict.
Now, Hpeclo currency, or q currency baBed
on specie. is the natural currency Of tho world,
precisely because 1t cannot vary, save in an i'm
porcoptibo degree. An inconyertiblo PAPER
currency Is the very worst, for the rea-
son that It Ia not liable to yary. spo-
clio eau increase only aB human labor
incroasoa 1t. 1t cannot contract, because gold
aud silver aro the most durable Of metals. Alon
will not labor to increase tho amount Of specie,
unless 1t ia found rcmunorattvo to do ao,-ro-
munorativo in cloth, meat, aud broad. Tho
supply OF speco regulatoA itself. Whom tho do
mand incroasoa mining will become paying
business, and gold mines will be worked. Whom
tho demand ia satisfied mining will cease to
pay. mud tile gold mines will not DO worked
until 1t pays to work them again. Should there
be too much specie, its valud will full, it will he
melted, aud manufactured into plate Of orna-
meuts. Since tho world began. thoro has boon
nut ono considerable luctuation in tho yalue of
Bpccio,-thRt oecagioned by tho discovery Of
tho American mines. From all Of which 1t ia
apparent that money, to bo safe measure
Of value, must have intrinsic value; TINT
it must DO more than name, just
as bustel or yard is moro than a name,
aud that the less Government has to do with
it, beyond coming 1t and nssaylng 1t, tho better.
study Of tho history Of money confirms all
this. It shows:
!. Tint oil kinds Of natural money ever used
by man, whether cattle, coon-ahnH, tobacco
silver, or goa possessed intrinsic value.
2. That money is NOT naturally nor necessarily
a subject Of governmental concern.
8. That when Government dooa not Interfere
the boat medium Of exchange attainable will bt
adopted.
4. That money is, In its own nature, com
modify Which is only auothor way Of aa7ing thai
real money possesses intrinsic value.
Tue HISTORY Of paper monoy confirms all tha
: we have said Of its dangers. Tho Kings Of tht
Middle Ages are blamed for debasing the coin o
their Kingdoms. What Is au inconvertible pape,
| but the tebasing Of tho coin carried to the ex
I | trome7 Paper money has hitherto boen ena.stet
, ! by Governments only a. d temporary expeaient
There are those in this country who would MAKE
, ! an inconyortib1s currency permanent institu
| ton. This ID aA The moro to DO }amented, a.
paper currency is difficult enough ut my time Il
bo gotten rid Of Even in countries where tn
universal desi1e WAS to Do AWAY with 1t, it held It
I | own for yeara-in Russia II years, in Denmar
l Tn Amor rfai t,oa haa Aoir f},oH
T.. Years. War; in China 1t was used from l260
1850; In England from 1707-1822.
y That 9oyerument il powerleRs to prevent it
, | depreciation ia attssted by the history Of a
: paper currencies that have eyer been. The Rus
? sian paper roublo had depreciatea Is per cent bs
fore resumption was effected. The French %
a Iaignets depreciated to nothing. Our own Cor
I'll tinontal money became worthless. Itis certainl
{ passing strange that, in view Of the undoubte
I dangers OF IN lrrotleemablo currency, and OF tt
i, demonstrated foot that only in specie curronc.
n or currency based on specie, is our salyatic
:. from these dangers there should be found (
o many who would lail even an addition to Il
h present amount Of our currenoy-a currency d
a ready depreclatea-as q blessing.
Or tho adyocatos OF an luoonvertible current
d it may be truly said that they look neith
r boforo nor behind them. They arc neith
! priori nor posseriori philosopher
4 They live in sublime ignorance Of Il
4, experience Of the past aud sublime noedessneE
q Of tho interests Of tho futuse They discourse c
j.. tho currency question with all the authority
= inspired auanciera, having special revelation
n the mysterieB Of money. They tire not to UT
# financial fallacoB which tue history Of cur1en
n ! rcfutca, which fact and thaory alike expos
8 Thoy soem to think, many OF thom, that t
n question OF Al inconyertihle currency WAS nov
If thought Of until within tho last few years th
r. science has nothing to say about it,-at les
q nothing which they care to hear.
J., 1t ia impossible to oxasgorate the importan
j. Of the ourre1cy question. On its right eoluti
tr depends tile fortune of every citizen Of t