New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-10-21
TIE CURRENCY.

Durgi lnueeO, ne mas bet'leQ so mucn tnat
the floor under him has sunk q foot.
TIE CURRENCY.
Speech of tho Hon. b. r. Butler Before
the Now York Board Of Trade.
The second lecture in the course on
finance, under the auspices of the Board OF
Trade, was delivered in the large hall of
the Cooper Institute last evening by the
Hon. b. +. Butler. There were present on
the platform, besides many others. Peter
Cooper, Wallace P. Groom, William H,
bennett, Pliny Freeman and ex-Mayor
Opdyke. The last named gentleman intro
duced the lecturer. The purpose of these
lectures, Mr.. Opdyke stated in his brief
Introductory remarks, is to present con
trasting views on finance, SO that by dis
passionate consideration of the topic the
currency problem may be solved in the
best way for all the interests involved. The
lecturer was cordially received by an au-
dience numbering perhaps 1000 persona, a
moderate proportion Of whom were ladies.
They listened to his address with interest,
as were pictured notable financial disorders
and their results at home and abroad, and
while remedies were suggested that, it is
claimed, will, if adopted, nix the value of
the dollar and prevent future panics.
its wider interpretatiOn-the governments
duty to provide the people stable and
uniform medium of exchange and a stand
ard by which all value shall be measured,
and accessible to all requiring its use at the
least possible cost. As a measure of value,
he said, the volume of currency has no
effect; its use for this purpose consists in
having its unit a fixed fact, as the barley
corn, the unit of English measure, is the
standard by which distances are measured.
Suppose we had gold currency, would the
addition of $4,000. O0O-the currency
reserve-to the gold in the coun-
try derange valuesl When gold was
discovered that amount was added
to the currency in single year without
marked effect. The value of dollar should
be as Interchangeable as the unit of weight or
measurement, but this uniformity should
exist for the convenience and protection
only of the community making their bar
gains in reference to it. Exchange of pro-
ducts between the subjects Of different
nations must always partake more of the
nature of barter than of bargain and sale,
in reference to a fixed standard OF value or
currency, as the money of one nation is
never the money of another. Not long
ago your treasury was supposed to be ex-
hibiting its financial skill coming a
trade dollar; aud having thus by this
ingenious device depleted our country
OF silver for the benefit of the Chinese Con-
gress has required the Secretary of the
Treasury to sell our bonds at five per cent
interest to replace sufficient OF the silver
that we have thus rid ourselves of, to be
issued as substitute for our fractional cur.
rency, amounting to quite $40 ,000.000 Thus
we have to pay annually, tor thirty years
at least-the time the bonds have 10 run
$4,000 900 interest, raised by taxes, to sup
ply ourselves with silver in the shape Of
small coins, which nobody desires to use, in
place OF our fractional currency, the NEST
transactions ever known, and the least ex-
pensive; as the whole cost of furnishing it
Is not equal to the loss by wear and
abrasion ut silver coin, and the destruction
of paper is of no loss but gain to, the gov
eminent. Heretofore civilized nations had
sought to establish currency for their
own citizens only. At some time in its ex-
istenoe every ma ZION has had standard of
values. The ancient Greeks took the OK;
the Spartan and African iron; the Roman
first the sheep, then brass, then copper; the
Arabian the horse and the camel, and the
Indian the elephant and shells. Indeed,
each nation took for it's standard of value
that which it priced the most. Ia later
times gold and silver, being the most scarce
Of the metal and most difficult of produc-
tion, therefore presenting q form of wealth
most easily accumulated and garnered in
the Golfers of the rulers or kings than any
other, were adopted as the material for
their standard OF value, which value they
claimed and have always exercised, as be.
tween themselves and their subjects, as
their greatest prerOgstive to fix, by an
impress of their image or superscription
thereon. But gold is not universal
standard of value. In 1867 three and half
ounces of silver would purchase an ounce Of
gold IN Japan, when it took sixteen ounces
for such purchase in America. That in
years the value of silver changed greatly in
comparison with other products and SER
Woes can easily be illustrated. The good
Samaritan, when he left the wounded man
at the tavern, left penny for his keep for
days, with the promise that when he re-
turned, If his prOtege had spent any more,
he would pay the difference. Ii any one
doubts that silver has decreased in value
since then, let him offer to leave his wound
ed friend ut the Fifth Avenue or Windsor,
and deposit penny for his keep. In found
ing government for themselves our pa.
triOtio fathers carefully eliminated from its
and aristocracy save one-they retained,
whether Tor good or evil, the precious metals
stamped with the kings image as the stand
ard by which to measure the property and
industry of the new republic. "It was a
grievous fault" and grievOusly have their
children answered IT, Great, wise and
good men, we marvel that they saw
so much; "but they saw not all
things" Because of their migrating upon
our institutions this one element Of kingly
power we, their descendants, and our bust
ness and property, nay. almost our exist
enoe as nation, have been placed at the
mercy of the moneyed powers of the earth.
In l776 we could not achieve our indepen
dence until we emancipated ourselves from
the money kings. In 1861 We could not
save the life of the nation from rebellion
until We threw overheard the mOaey of the
bankers, now the money kings of the world,
and established currency for ourselves to
measure values for our people and put gold
and silver where they belong, ss part Of the
production Of our industries. would not
90 back to continental money; but what
bullionist would say ONT, Independence
would have been secured If continental
money had not been used against the CAPT
tslist, As sage was adopted for tea against
the merchants The founders of the repub
Iic doubtless adopted the precieas metals as
their money % bring themselves into CON-
nection with the great family Of nations.
They determined to bear with such en-
durance ~ they might, the loss, disaster
and ruin which the adoption ef suoh
standard Of value ut once entsiled upon the