New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-07-11
LETTERS FROM THE PEOPLE.
COLD THE NATURAL MONEY OF THE WORLD

COLD THE NATURAL MONEY OF THE WORLD
sTFps BY WHICH 1T CAME INTO UsE-oRlGlN VI inH
IDEA OF PAPER MoNEY-PAPER MERELY THE
MODERN EQUIVALENT OF DECEASED COIN
TO me Editor Of The Tribune
SIR: A consideration of the CAUSES '""' W.
10 the use Of the precious metals as uoueS, ""u
natural laws regulating their value may n''P ',
solution OF currency problem. IL - 80, ,o,o o,
pnhand but one must take weNestaonsAeu "''S "n'
,nc,D,o q, nolitical economy and work up 10 se''e
ient OF the questions OF to-day ..,
In the earliest forms Of commerce ana clViilzauou
There must have been certain division OF aoo ahont
d,gerent members OF one tribe ana among oihereut
tribes. for one man would surely have eXceHeo ID
making arrows another in fashioning utensils ana
onotber I'm hunting or in catching fish; so one tnoe
xyopla have been plaeed where the best wood grew
another where metal was most abundant, and another
where game or fish plentiful Each producer heeu
ing the production OF some other, barter was n'V
sty But this must have been very lncohVe"'eu' ,Vl
whoever had a surplus OF article must nav iau ~,
find a purchaser who happened TO nave u erll' a.
Gle Therefore, II any article had bten unN odi1m NJ
sired IL would have become klhd VI me- ,,sing
exchange Indeed we read accounts ol uiOo or are
skus as money. Certain quantities OF of
found skins OF animals belng wy mem which
lahor there can he no excessive supply OF tneuI n
is guarded against by general nave less than
q AR proportion Each skin may be divided nio 1ieg
or four PARTS for small change Again tnlS Rnu Ud
money has some dufasiiI1 an" Wv, disodv9ntages soon
boarded for future need But lts nshuNd Ia
1, "a
carving i'm weight for given skins possess dlleI
emit values account Of more or less beauty. 0S GId
may have been cured more skiliny hau ,61s
weather increases their usefulness ana value. Al tls
amounts to great variability very serious oDecIo 10
which may he added another Tue Hul'0u 'i'N' ' WAS
money NAV he boarded without loss. -, ,.oo
without considering all the different KINDS O laUey
that have been used, and are being used Dy saNds5
tribes including beads, shells and trlnkets Two
conclusions NAV be drawn Money u Thnse are
necessity and must possess certain qudues.
and varied that. so Jar as tnI h,onces y,z
IA md silt difference
mel being OF degree rather thah vi h!lt' ~ w."
answer the present purpose consider the more Nau
@he what then. are the good qualities OF goa US
Icanfy Was probably its first attraction; TINS ana us
macahllty gave prominent place m savage ot ana
rovery that 1t not liable TO rust Dut Moudu m m
its beauty under all circumstances 80 we nave an III
trinsc value which appreciated by al peoples
In the most natural manner this metal "as @aUp
money Being greatly ueslou ~. "a for it
other substances were given IN exchange i4' 1t.
Those persons who were prGydenS ,cS S"'e seemed
Iudcstructihe. When a man journeyed ne must nav
chosen take the article that possessed ,o S Tr
value the least bulk, oOth ior i1 0 oney
secretion time of danger The use OF goa az tiS
~ 1nUderfn Illness for the purpose. Whether buried
i'm the earth or under the or exposed TO the ar e
~ ''i "eIt i,rnHsition Further protection is
d"rded nv lis SPECIFIC gravity and its immunity from
Iii ,oTts and these NAV he fused without loss
II is found IN ali quarters of the globe, ana Wherever
fouud has the same value whether the color oe Ght
ar drE I'm accordance with its purity. Therefore, he
cause of its solitary combination OF good qualities EoIu
j. the natural money OF the worm. . ~ 1000.
Alter rulers lad assumed the right to coin money
th,r came into vogue idea that has been the curse
pf finance and has baukrupted many nations. IL was
"A s,mre mistake when people cOnfOunded the stamp on
h CON with the gold 1t contained, when they looked at
the sign OF value rather than the value Nse II one
hdd seen only gold ornaments the labor on when had
.dr tletn too valuable 10 use money and gold com
which bore the stamp OF Government, that person Sut
naturally have supposed most Of the value OF the com
10 nave been In the stamp Tho idea wa, taken adYau-
tacc of by rulers to increase their wealth by putting
while continuing the same stamp. The debased metal,
being made legal tender had 10 DC TAKEN ny Greu0Is
rxtcnt of the debasement ManytGOvernments have
tried this kind of cheating and there has always come
into operation curious haturl law; WHEN M MY ~
is but little understood, and Is continually ueneu IL
Is simply this Good and bad money cannot G''cuatu
together. for The bad VIII drlVe ou Tue eOou - "a,
may choose between two kinds OF money, he Wll paw
men VIII force INN 10 receive tne . 49, % NV ~
law Of land protecting the fraud, the people carr!
un. when the coins have been issued SLOWLY, tne
Old ones have been cnppea 10 a'oh nSisiSa i
tity Of pure gold III the new. LCt,s,a'o -
IIcyeut this. Clipped coins having 10 be weighed to
determine value have in time found their way to
es or has as bes@ ssaed Prices have
r,,{,', he sou,hl.Ice OF prosperity No labor
Grne Teouired Tor the production of gold less of it
must purchase less Of commodities tueS 700 beB u.
nrcc cxnort Of some commodities would take place and
raise Tie price of them the bullion paid Tor them Noud
so0n get To The mint and, increasing the vUuuG %
money would have effect IN increasing al prices
TINS advance would be IN direct proportion TO the
IN using such money. First, the tone OF morality Is
laWtrcd. people reason, "tuW easily Is wealth.
puaged by faud" Then. the fear of further deDase-
pen causes prices to uctuatc widely as rnmors are
started by speculative officers OF government. In
rasc OF financial distress immediate reet IS checked
for imported gold must 20 through Tue
mint to be mixed with alloy. or must De
gwen al less thau is far value. Upon going back To
good money prices must dccue adversely making up
Tor previous prosperity and the result OF the whole
experiment beng general arrangement OF all indus
Try. -.
All this has been written 10 little purpose unless mas
been shown that gold possessesa combination OF good
qaalucs found III any other substance. For many
reasons gold the natural money OF the world, ana mas
held its place during long against all attempts 10
eupplaut From the very nature OF Things THESE at
IcIyp's have resulted in disastrous failures. How
strange # is that Of time ready 10 make one
more rial never thinking that Overssued paper is but
ne modern counterfeit Of deDased coin! RADlA.
Ncc- York, June &c, 1874.