New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-04-07

unless that of tho other falls. In this case we
see that the value Of IN OK has risen when
reckoned in sheep, and tho value OF sheep has
fallen when counted in oxen. But how is 1t
with regard to money! Considering these
three things alone, oxen, sheep. and money,
the money value of tho OK will have risen,
and that of the sheep will not necessarily have
changed. Tho value of money, expressed in
sheep, will remain as before, while counted in
oxen it will have fallen. But we must not
forget that the cause Of all these changed
relations is the change in the supply of oxen.
If money has fallen in value with respect
to oxen, it has not altered with respect to other
things.
Even more than for the sake OF their con-
venence gold and silver have been taken for
use as money because the supply OF them is
not subject to sudden increase or decrease
All the gold and silver mined in year is but
little in comparison with that already existing
in the world. reduction of the value OF
gold-mcaning an increase in the average Of
the prices of all other things, giving to each
the effect in determining the average which is
due to its relative importlnce-is admitted by
all economists to be thing which requires
scores Of years to become perceptib.c. with
reference to no single thing, indeed, is the
value of gold always tho same. The price OF
labor rises and falls from one year to another
The relations of commodities to each other
and to money are continually changing
Nevertheless the changes in tao prices OF
things which arise from causes other than
changes in the value of money itself are
not as sweeping and pernic;ous as those which
arise from making paper promises substitute
for gold and silver, constituting them legal
tender for debts and increasing tho quantity
Of them 10 meet the neccssitc, Of tie Govern
mcnt or the clamor Of unfortunate spectators.
And the reason is quite plain. IL for any cause
the gold MONEY OF any country becomes
dear. that is to SAY, tho gods OF that
country become cheap, some other nation,
more fortunately situated with regard to gold
and silver, will by taose goods and prevent
them from becoming very cheap. We have been
suffering for years from JAS tho opposite dis
order. Our gold money las been made cheap
by sappanting it with paper promises. Our
goods, rechOned il value by gold, have be-
come DEAR The nations with which we carry
on commerce have taken, first our gold, next our
bonds, and, last of ali, Our goods. Hence, also,
and imports, amounting to moro than thou
sand million dollars a year, and the values OF
a much greater amount OF products produced
and consumed among ourselves, but neverthe-
less regulated in price by international trade,
arc all made. to turn OIL fluctuations In
the gold value of our paper money. IL
the paper money price Of gold rises, the ex-
porter profits and the importer, who has to buy
gold to pay for his goods, sustains loss. If
the paper price Of gold falls, equally capricious
profits and losses are distributed among tho
trading community.
The evils we hivo de3cribed are the least
that belong to such poor slams as we use for
money. 1t is in the power of Congress at any
time, by legslatng as they tried to legislate
last year on the legal tender and bank
note circulation, to upset tho values Of every
thing. Every one recognizes the benefits OF
credit and the advantages of being able to
borrow. But why should any one lend when
he is not sure that the dollar he is to receive
back will bo worth One-half the ono he lent
The intoxicating power of paper money is ex-
hansted when one set of creditors has been
served in this way. They will afterward
prefer to spend their money themselves. Our
correspondent can see that when the quantity
of apples increases, their value sinks 1t IS
tho same with paper money.
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