, 1875-11-13

"olH n'0lfluuai or Sthte-lhcUfpofhteu tonl-
pany can meet tho wants for sounl and uni
vorssl circulating mod!un,; aud that, to avoid
TINT i4nnto disrust which haB heretofore At
saclied and must continue to attach. to any but
currency backed by tho cntlro nation, let us
now begin tho now oTdor OF things by conlnu-
Ing tho gIoe,back and national currency for
ever Ra onr circulating medium aid let tho
people individually, Congress- and the constituted
autl'oritlcs, oil cultivate economy, honesty,
Alil confidence in ourselves and ono aunther-
tho Government retiring, from tImc 10 time, all
redundant circulation III a gold-bearing boud, 60
that tue nation, hhying tho confltlcuco OF nll,
will be able to res,ln'e aud maintain specio-paY-
menta on reasonable and proper o1nount for
current circulation 0enving a part, II necessary,
a. lcgai.sender, utter tho plan Of tho Bank Of
EnElaud), as eooH I'd tho elasticity of unr poopio
and tLo prosperity Of onr various purauits will
justify. NH.
PAPER VS.. METALLIC CURRENCY.
Te the E,litar af The Ch,ea0o Tribune:
CHtcAuo, Nov. t1.-Somo yenrs ago, tue writer
spent hi1 months In tho City Of h1e1ico. At that
time there WAS no money but gold aud Bi1yer, n
recent panic having closed mp what few banks
existed In the country. There waa little bnei-
ness or improvement Of any sott. aud few manu-
facsures, e1cept In the way Of cotton aud paper
fabrics. Tho tariff prohibited the importation Of
somo goods, while 1t was almost p1ohibitory OIL
all artfclea Which would compete with bone
manufactures For Instance, the importer Of
printlug-paror PAID tho Cussom-IIouse at Vora
Cruz eA per rearn,-nbout tho cost Of tho
paper at tho port whence 1t was Slipped.
Tic same duty-1O0 per cent-vas charged on
sugar, Coffee rico, msize, cotton-cloth. and many
Other articles. Tobacco, playinR-cards, and aomo
other articles. wore a Government monopoly and
their importation cuIolned. And yet Mox,eo
vas cheap country to live in. dollar mould
L. 1juAvn t,HjF
good hotel twice rs long. Fruit wne abundant
and cheap. and few coppera would supply one
with all tho lu1urios Of tho tropics.
IaylEE OCCASION TO nso Hon,e change. went
to bank to Got donbloon exchanged into
silver coins Tho real difference between guild
but the banker handed me eighteen silver dol
lars, Weighing moro tlan pound. At this rate,
apeEson would mood . pnck-mulo to carrg fow
tllnllsand dollars. Tho large premium on gold
was owing to ita smaller bulk and greater con-
yeniopco. train Of wsgons and = guard Of
cavalry wero used to convey money and from tho
seanort towns. Mexico MAJ then, and IL now, Pre-.
olninontly spocio country.-her own mines pro-
ducing tue precious metals; hor soil oyory
nocosaary IN tho WAY Of grain, fruit, aud vine;
while cattle and sheep are raiaod almoBt free of
expense OF care. Aoxico IL substantially self
sustaining country. which any country can bo by
turning ita back to the comforts of modern
civilization. With better local Government to
insure domestic tranquility, hloxico. .wonld DO
fur more inviting country than South Carolina.
With climate e1nable and reasonably aalu-
brious, except near tho coaBt, nn infusion Ut
Northern anarEv, froe schools, aud Htable Gov
ornsnunt, would mako our siHtcr- -Isepublic fit
land to live in.
But how would our own county conduct It's
complex Misunderstanding With a metallic curren-
cy? The exchange OF Nom York alone eunlo-
times amounts to mora In d single day ($i0D,-
0U0, 010l tll1u the money transactions Of oil the
cit1as Of Muxico In week. Still, the1e ara those
who think NO ought to have no money but coin.
Our business Gun bo dVarfod to such d narrow
Just itself to tho volume of its CIR
culatinE n,odtum. whether that medium he
500. 600 OF coin or 800, ,UG0, 900 OF papor.
After Tho panic Of 1887 had oithor destroyed or
driven from oiron'asion the 9ank-curroacy, we
bad precious lttlo money left excspt coin, mud
that largely composed of silver. As tho volume
Of buBlnoss bud contracted equally With the cur
rcucy. tners Was no apparent uae for any moro
monoy:. As business gradually revived, in
Increased their cIroalstion.. until the elu-
covory Of gold In California, In 1913, star-
tied tue world, md filed tho avenues Of
trado With golden tide OF prosperity, culn,inat.
ing IN tile panic OF 1867. which waa not cauaed
gland WAS quito aS much afflicted Oh our own
country. rrlor to 1850. coin in Europe rAtea
four nf silver to ono OF gold. Since then, ma
tiona with on actiyo comtnerco have been able
gold. The otroct Of this great addition to the
world'n trBdo and inGuBtrles--exp panding them
lnudted fold-las compelled tho creator Use Of
bila OF exchange aud paper r-noney.
ln this country, III Particular. spread ovcr such
an cxtonded territory, an exclusive metallic cir
cula!ion would be- almply Impossible. Aside
from being bulky and unrAfo to carry in large
Bmou0ts, 1t would ba very expensive. AK our
bankcrB about this item Of expense; they will
toll you that the wear-and-tear aud "cllpping"
Of cotn-eyen uhen used, as now. as an artlole
Of mercAandine-aycnoln no lnconsidorablo matter. II
IN aottyo une the less would not bo less than ~
per cont per annHm, l., wlieh d In 400 QUO, 600.
dead loss to the publtc. because tho dovorn-
ment receives coin by actual weight only. In
fact, this process Of Weighing coin would DO
adopted BY the banks ~ . protection ngainst
"cliqplng and "tilting," and the many deyices
OF thmpanbg with coin.
There ars Htill greAter obBeaclea to tho adop-
tton Of mctallo currency, avon If 1t wore prac-
ttcable, soue Of which must OCCUR to every
thinking mind Int, aside from isa nttor i'm.
tsons, tho introduction OF an exclusive natalie
money at this late day wo1tld bo the resumption
OF ; barbarlo custom, looking back
s0a to As. soxo for ii. tho it ns would & n50s'ss, ay
ing up that subllmo idea Of Faith IN Man, on
which, more than anything else, dopends tho
credit and busiucss Of Tho civilized world.
II ts time this question OF money we're sat-
boon tho subjeot Of nearly ~ much discussion.
Each nation studies II from its own standpoint. |
Tho Great Republic need not lock abroad Tor |
onco OF hundred yeara behind her. Aud;
IL we would improve on this century Of financial
experience, no must establish tho following |
principles
First-That supplying the circulating medium
of the country ia psorog4stvo OF sovereignty |
loo important to be LETT to tho caprice Or waasa
ot individuals, or to the cup1dIsy OF lntolest OF
Two or three thousand banks.
Set,ond-TAxt legislation. however we'll intend |
I'd, has ever failed to mate oank-eur1enoy at
rhsn nost needed, It sulkiiy disappears. At iii /
timos unreliable, Ii not unsafe. its volume aud |
yaIuo are, il private hands. constant threat to
IDS stability and safety OF the buainsss OF tho |
country. r. q. U.
A FINANCIAL C0NuMDRuM,
70 tn Eduvr Of TAs Chieago Iriouns:
MICHIGAN. Nov, 11.-your late articles In rc-
;. Han In hpacf6-uayments AMI TIM tehtor cIsaa