, 1874-12-17
Disastrous Results Of the Pro-
cedure.
4 Change In the Financial Sentiment
Of Southern Illinois.
Tho Currency us II Standard or
nTensllro OF Values.
NoT York Gossip..-A Plan for Rcsumr-
tion.--1'riglltcning Aspect Of
tho Question.


Prof. Prico's Opinion Of Kelley.
AN EXPERIMENT IN CilEArEN1ya MONEY.
To the Edstor Of Tho chicaUo Tribune:
Stu: Au extract or two from Tho history Of the
currency Of England during tho reign OF Edward
VI. might tnat now DO very instructive mud
protitnblo reading, If our very progressive and
enlightened Btntcsnlop, of Scpntur Morton'a
sort, Ind not destroyed tho application Of lis-
tory altogothor. Wo arc beginning to learn from
those gentlemen TINT tho experience Of tho
t'worn- out and offoto monarclics Of Europe " iB
Of no sort Of ,lBo to the u bird OF Freedom" ca
pccia!ly when ho wants TO soar.
porhape, If you haro this letter set up Eo1nc-
whore among the scrn,onB III your papor, 1t may
not come to bo rcal by my Of thoso persons To
whom historical experience ard old truths muy
bring oirouse.
shall only ask you to print two or three very
brief extracts; bnt, IT you will refer to Volume
v. Froudo's History OF England. you will find u
good many striking facts, showing how apt oheap
money IL 10
GET OUT OF JOINT
and fail to work wien 1t is most needed.
From 1541 to 1861, tho inilationiats practicctl
up to tho best light they lad upon the silver
currency, by tho occasional addition of little
more orass, n ponnYworth OF 50 at d time, to tho
coined shilling. This appeared to 10 necessary
to auabo them to keep up NTH prices. and. aa
pricoB always outrun the debasoment Of tho coin,
D cla,norous crow was alway8 insisting upon fur
tler iasucs of the currency for tho rclief of tho
industrial inturasto,-fncitieA for moving tho
crops.
After corn and cattle had risen from six to ton
ttmcs tho former prices, many people Atil aaid
there must DO moro currency to Induce move
mont OF tho cropB. "Tl,o bascnoes OF tho coin
was no objection; il 1t wcro all brass. or Of
leather indead, aud had Tho gonuiue stamp and
guaranty Of tlle Crown upon 1t. aud n,cn bc
compelled by law to takc 1t (iegal-tcnderl, thcro
could bo no fault in It," Dcsides it wnB vary
safe curroncy, iuasmuch as it could not bo car-
ried away aud spent III Flanders, whore tic gold
had atready Gonc.
In 1850 tho English Mint, to rolloya the Horc1y-
increasing want. 'wuB sot to
MAKING TWO s,lIL11SdS OUT OF ONE:
and orders wcro aont out for all tho plate renlnir-
ing in tho churches to be brought to tho Treas
ury, mud all tho ch1rch-plate III tho Tower waa
brought to tho great ccss-pool.
I" 10 conceal,this fraud, or to preyout tho nat
urai consequences Of it upon prices, thu magis-
tIAtIH hGlo QIAetiA Sf143 hAIAD " pAD44144 u
scalc of priuus at whicl farmers wcro to dispose
Of their produce. II they would not sell. tho
conBtables ware to entor into poaHossion, to sur
voy their yards, thoir cattlo.sheds, and their
dairies, aud to goll for them ut oficnl prlceA.
"trhe Council quailel boforo the howl Of in-
lgnation which roso over tie country when
force Yna tlreatcncd anil, in few weckH, thoy
woro compelled to confess their error md to
permit articles Of food to bo sold ne buyer and
eclleF could Agrco."
Sir John atnson, writing to Cecil, said: ina
turo will hayo her courac. aud mover slall you
drive her to consent that
a rESSYwonrn nE SOLD ron rAHrn1sa."
-hfoHtle's England, Vot. o, p. 2G0.
The Increased amount pf currency not only
had now less purchasing power. but it obviously
| fostcred aud ripenod corruption AMI extrava-
eancs among tho langers-on Of the Council"
! in1olcnce and yico anoug tho ,nidtllo classes,
and nlHery and want 10 urtiHnnB and laborcrs."
In d sormon Which Bishop Latituor preached
IN 1850, before tho Hing and Council lo akotchod
| tho condition of England, ,-t Whero protligacy
waa no longer hold crime, bnt something to 10
| laughed at; where tue law was 10 weak that
nnitiec could gontlaMen be colnpoltedt to do thuir
duty NJ land downers, nor tho people DO kept from
| rebellion; Hhero afarico sccnled to be tho only
| epirit TO which men any longer acknowledged
obedience, and tho officers Of the Government
! They augment their fortunes aud grow rich
no money"
Tho lnisernb'e fruits OF this policy zironed
| more fully in ireland; and tho reports OF Grown
officers from that part OF tho realm are vory full
mud convincing cyidenco Of t!,e ,ya'ne Of III.
laton when permitted to run its full COURSE.
| Sir James Crofts, Lord Deputy, to apncase a
general camor, mud BY consent of tho King, is:
nod call III 1867. for n,coti,E OF people of
dublin. Cork, Limerick, Waterford. mud Drog,
hella to know tile CAUSES Of tho dcart1l III corr,
u.d cattle, aud how tile samo may bo renacaioa.'
| It bcens this meeting was well attended, and
| much temperate and Intelligent discussion wat
had. poiutlng In tho language Of tlls reports. te
| this CONCLUSION: Therefore, thAt prices lad
rircn with bad monoy. Whether It were better
that money should bo scarco O. plenty, thoJ
| would not venture to sny; only,
| IT MUST DE rUnE.
| " Thpy1nllst trailo iu such money as lad gottet
tho estimation Of the world anl that estimation
| cnuld not DO changed by one 1ikto corner Of IT,
| That, il the currency could not honestly bo 70.
desired thai 1t Should he Immediately called
| down TO its mnrlsct~yaluo."
"At this time, Buys Sir James Crofts, ''the
measure corn that waa wont to bo ut ~ to :is
and In 5nrch, 1861, at liz I'd, WAS aold iu March,
1864, for :}0s. 4 COW that Ind boon worth Gs Sd
sold for 40a. Every Lord caused Ills people to
rota!n tlo!r victuals within tlo country. 1r
many cities, schools wcre slut up; servants
! Noro turned away from tho cont OF maintaining
them urtisanH aud tradosnlen would tako III
moro apprentices nnd, at last, tho markets Nert
closed. Tlloso who before hud bought littlo a
high prices could no" buy nothing at euy price
| The Countryueu SO suspected tho m0NoY tlG1
thoy would not take 1t OH my tcrms.
land now they do collect ali tho e,,ormitfcH tia
liayo grown III 40 many years, go that tl!oro ia
among tl,om such hatred, such wrotcllodneaH
upon tlo poor mon and artiticcrs, that all tho
crafts must decay and tho towns Turn to ruin.
nnl all things le ii common, or eau!. live by 9th
or'A spoil.'-Ftpudes kagi0nd, Fot. 8, =. 400.
Northumberland, chief advisor OF tho King
replied to theyo roportH in II nlaunor mixed will
devotion which tho llov Or. Kittredgo coult
not 'ail to arEloy,e; lle spld "Ti.e leglaniu:'
haye their foundation upon Cad; mid, thure
fore. tho Christian religion must bo planted ant
restored. The fayorors and promoters thorno
must bo esteemed md cherished, aud tho Lin
dorers diamaycd. Noxt, the lara OF tho realn
should be Lottes obeyed. mud tllo Kinga roveuau
no
coin was impossible, and tho calling down oDJcc
tiohabsu. Vot. s, y. BOD:
Whoever chooses to follow the history OF tlli
experiment III Hntering currency will tihl tim