New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-09-28
Total Sept l. 1865. 81 SIS $50
Circulating exclusive Of cou) Dec l. 1879 1855 7s6sS

Circulating medium exclusive OF con) Dec L. 1851 'ooo'ooS
Contraction from Sept 1855 Dec 1873 sss
The above amount circulating medium thus con
tracted was placed into bonds bearing per cent IN.
terest per annum 10 gold which ~ great measure mi
ness and is manifesty tue cause 81 the crash wnicn
commenced In October ts7l and eliminated IN Septem.
ber 1879 causing the ruin OF thousands upon thousands
Twentyone hundred millions Of dollars of circulating
medium IN 1865 gave "a wonderful impetus 10 business,
and enabled the people 10 pay enormous amounts Oh
taxation Inc amount OF cMcuang az ihe osa ~
a very destructive "ctyll war;" which prosperous
times would doubtless have continued but for tae
fearful contraction OF nearly 10000 OF circulating
medium in less than nine years -, 80 g..
tbe contract to pay of the SEQ and io4o bonds
overdue, and those improperly Issued ~ heu lnsIeV,
in coin and par Treasury notes, the country may DO
Instantly restored to prosperity and by making silver
and greenDacks" full legal tenders It Will produce
immediate specie circulation and Obvlate any necessity
for locking up gold silver and Treasury notes IN re-
redeem the promissory notes OF banks OF ISSUE
apv necessity for specie basis" ana specie pay
lnents" which can be produced with the Nat9na
bank currency in existence Moreover ron Ine JAIL
produced evident that at leas s25OOOooOO OF par
money necessary TO make business prosperous anu
make business men independent OF oahels anu 0 v
shayers as they should be- and Will also save W over
s6OOOOO Of taxation to pay the interest on the feueF
debt, which may be paid on.
The proposed system money and finance is ~ accord
ance with the system laid down by Thomas Jefferson on
the gath Of June. 1913, In letter To ms sonas Eppes
which may he found IN the 4th volume OF JeHSi Son
published correspondence Inc Hon ugosr n; Sa
very unusty been denounced by speculative capltal-
enlisted in their service as the ofguatOr
of this system of money and finance, but an examine
ton Of letter VIII show tnat u was pr0pOsSu "
Thomas Jefferson, the Sage OF Monticello ana millions
of ciTjzens have adopted his views this subject
Mttticy Penn, Aug H. 1874 ""' DNi'DLh'
FIN order TO show the wide variance between Mr.
Brinde's ideas of the nature OF money and the
principles which determine its value, and those
commonly accepted, we reproduce from works Oh
standard authority few opinions on the subject
which may be considered as resting on as nrm
basis as the law of gravity or the elementary prin-
cples of any of the sciences.-EdI
Money is a commodity, and its value Is determined
like that of other commodities. temporarily by demand
and supply, permanently ana on tue average W coSoi
production. John Stuart Mill.
It's of the essence OF money possess intrinsic value
-[Wliam Huskisson.
silver is the instrument and measure Of commerce In
all the civilized and trading parts OF the world Nls
the instrument of by its intrinsic value Tho
intrinsic value of silver, considered as money is that
estimate which consent has placed on It, where
by il is made equivalent to all other things ana cohse-
ouently is the universal barter exchange, which men
give and receive for other things they would purchase
or part with valuable considerations and thus as
the wise man tells money answers all thngs-lJoDn
Locke.
Money is an instrument which. in buying and selling
serves measure, aud Is III ITSELF an eQui'a.ehI
Michel Chevalier
Gold and silye,. ike other commodities, have in
trinsic value which is not arbitrary, but is dependent
on their scarcity the quantity OF labor bestowed IN pro-
curing them and the value of the capital employed LII
the mines which produce them.-GDayd Ricardo.
The value of all freely produced commodities. whose
quantity may be increased proportlonally to the de-
mand, is in no degree dependent upon tho qualities
they possess, but wholly the cost of their produc
tion or on the labor and capital required to produce
them and bring them market. Gold is not more val
liable than lead because OF its greater briancy
durability, or ductty, but because faf
greater outlay is required TO produce guam
tity OF gold than Is required to produce TINS
same quantity of either of these metals Inc
distinction between the utility and cdiue OF commods
ties is fundamental importance, aud must never ba
lost sight Of Those who in treating Of such subjects
oonfound qualities essentially different need not ex'
pect arrive except by the merest accident at any
sound conclusion. Though gold in its native or unma
ufactured state had been infinitely more useful than
really is still it is plain that II the labor required to
obtain 1t had the at present. this greater
utility would have added nothing whatever its value.
III. r. McCuloch.
Though paper money has intrinsic value, yet by
limiting quantity its value In exchange is "a great as
an equal denomination OF coin, or o. bullion III that COIN
-[Ricardo
That an increase OF the quantity OF money raises
prices and dminution lowers them, is the most ele
mentary proposition IN the theory Of currency, and
without it we should have key to any OF the others
Mill This proposition is subject OF course, TO many
qualifications The effect OF the panic year ago caused
prices to fall. Tie subsequent imitation OF the Legal
tender circulation from 56000oo TO sSs2Oo00OO has not
caused them to rise again, and had the legal tender cir
cuation been contracted TO s3OOOO0O they would TO
moral certainty. have gone lower. The value OF
currency depends not alone Its quantity but on the
rapdty with which It circuales. The circulation Of
the currency now owing to the state of feeling among
those it, extremely sluggish. The s9OoOOOO OF
legal tender notes by banks OF this city In
excess OF that held the date last year is, IN
effect so much unkinded fuel for speculation and 10
would be positive benefit If 1t could be Withdrawn by
the Government aud destroyed for good.-Edl