New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-08-03
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Il The empiric asserts that all disease j
occasioned by what he calls ;mpurity
. the blood, and presents you with pillul
; which will purify the circulation and s.
restore health. The empiric will no
allow you to reason and say the blood i
Ffths1essis~vf psthesagisas astise npo'
nutsiment introduced intosthe stomach
converted into chyme, taken up by ab
sorbents, poured through the subclavio1
3 into the heart, forced by muscular expan
sion of that organ into the lungs, aeratet
, | and thrown into the circulation. Now
whether the blood derives its impurities
: | from the stomach, the mesenterics, or the
lungs; whether the alleged yitiation of the
circulation arises from the functional de.
neeaent Of o1s Or other efthe Organs 70
which its production is due does not come
within the scope Of the empific to deter
mine. He presents his pill box and tells
you that within that little receptacle lies
the removal of all disease.
The financial empiric has The same
bold ASSERTION about the circulation. He
attributes the So me wonderful virtue to
his specific, and abuses the patient with
the same voluble absurdity because he
will not swallow his specific with absolute
faith IN its virtues. And yet the currency
depends upon as many controlling Incl
dents as the circulation of the blood, and
| We are inclined to believe that the com
mercial health of . community depends
upon these and other incidents quite as
much as upon either the purity or volume
Of the circulation.
Mr.. Peter Cooper in recent letter
mentions ''the tide of immigration which
is now leaving our shores" as having been
turned from us by recent determination
of Congress to resume specie payment in
1879. We can. not really see how those |
emigrants who are engaged in farming |
should quit the United States when the |
price of grain is even better than it has
been for some years past, or why such
portion as may be mechanics should,
from dread of less currency, quit our
workshops for those of Europe. If ten
dollars currency at q discount Of fifteen
per cant will buy forty-fve and half
pounds of Spanish hides at specie valua-
top, then the same ten dollars appre-
ciated to specie par would purchase OF the
same price fifty pounds of the same ar
ticlar As the purchasing power Of money
is known to const itute its standard Of
value in proportion as the currency ap-
proaches the universal par of specie its
power of purchase increases in the same
legree. We cannot imagine how, then,
he mechanic of leather and. by the same
Of iron or other material can
70 driven from. this country by the ap-
Of the currency - gold par.
More espec tally when the immigration to
he United States continued under the
:feat depreciation of our currency during
nd after the war.
In reviving and ap plying theories Of an {
arlier period, we donot think our finan- t
iers appreciate sufficiently the diminished |
gency of eirc ulation in effectiDg the ex- q
hanges of value. It was once the case {
hat these exch anges were represented ek- S
lusively by cure ncy. 1t Was once necas- i
ary that currency should accumulate in 4
[ ividual hands or in bank to conduct '
he local exchange Of the exports or i'm n
orts of she country. It must have been t
}, we. suppose, when the United States a
ank was demanded, tina: the deposits Of O
,e government revenues should SO con- O
situte the basis of domestic exchange and I
national currency as to enable the peo- s
lie to transfer values from one place to a
mother within the country. This neces- Fl
ty for currency co ntinues now in the in "
rior. The planter must have on hand s.
arrency to pay his laborers, the merchant 8
ust have currency vherewith to pur- b
,ase goods or bills Of exchange. The I,
ops of corn and cotton are moved b
1 produce bills Of exchange drawn
,ainst shipme nts Of these crops. n
hese bills may be paid TO the h
rmes in currency, and II the currency :,
, insufficient at the place Of negotia- b
on, it is brought by express. Paid out ;,
locality this imported currency soon 6,
ads its WY back into. the banks, and h
ay be RENTED again to the great GEN. -
e from which it has been drawn. In :,
@ great centres themselves the use Of n
lrrency is limited by the system of w
INK credits and the Clearing House. h
e can imagine a credit taken in bank to NJ
e amount Of 100000, in which there is =,
It ? currency note exhibited. The NJ
eek Of one merchant is passed 10 the | a
edit Of another, and several millions Of 10
lily business y transacted Of the 70
eariAg House by cancellation Of Off a,
checks while the balance Of few n,
ousand dollars is paid by checks alone O,
ID without the sight Of notes or specie. ae
9. may assume the currency in very Ii
und Numbers at five OF six hundred II
illions, but We must admit that the o,
mestte inter change Of value among the q
ople Of the United States amount an IN
ally to five or six thousand millions of q,
liars. Itts true that a dollar in circula. in
N may represent great many dollars in
its yearly service, yet it remains that a,
q auancv 0f hillx ~ eychanco ord |