New-York tribune., 1875-08-07
IS MONEY \ sIGN7

SOME STANCE MOTIONS II REGARD TO CURRENCY.
TO the EdifOr of The Tribune.
SIR: Your proyelbial libcrality in throwing
ouen your columns both sides OF ControveHcd le'-
ton cannot bo too bghy commended therefore feel
confident thai Won will allow me add few lines to The
communication of " Cumberland" On Money" to which
YOU so fully replied in TRIBUNE OF yesterday per-
hans nm fortunately a1ec with "Cumbcrland" that
coin f. nl0y, such moi because has value In the
mini o. the taker equal 20 thai with which he parts
until he chooses TO designate the precise form ard
quality OF the article IN which he VIII demand recon-
pcnsc but because such demand viii BE honored by
fho-e who have such article FOR sale" I0u say tbs
polion tlat money IA sim las been The
pa,ont OF more theoretical error ard pracIrcl
inius..e thnn any other fillaoy in pocal economy
Why. the fa s. money i'mast be-thc representative
or sign Of that value in q ds, m'1cande' lands, and
teucmenis wnc. II repre- cls. Currency, however i
uo, c lnootod point IGrec with those who advocate
an increase of the volume OF the currency Not Wild
eat baui notc-pcrhaps good and sound perhaps not
bat dollars promises the word Ought Ia be cNpuneed
from these certificate, OF ndcbtednc- lFcause they
are doli1-s pr s-lc-al tenders. ROW TIE Government
y O00 bond would he cITcncy-cnweut FOR sio02-pro
yidei II did not airy other INGREDIENTS Of value w it
besides the Government indebtedness to the bcaief
of 81 600. Il carries on is lace, in addition
thereto tie certificate that tle Government win allow
llc investment 40 rrial ar ili est or a hin"f "i
yCarc aid tie l0ngcr tho period tOr Nh"h Hc Govern
in,ut .ert.ae Dat it win retain the Investment ana rs
nr iitcr.5t the -r'-ll l5 Nltt
Then again. a the tine Of on ing IL a.clri l" aon 70
icre,t las probably accrued tl.tcn rnoeIng necessary
q calculation Thereof. H. word l. dor5 n,t bent ne
course OF the w ne which IT. lcc inporS and 10 more.
Now we are all %. the ilci that many pIoYuent
man Is the owner Oi ini.ol States co'pou bona 81
~ 900. lie knows tlat II j. genuine bond.
He las detached and collected lis coupons oi
interest as t.oy icll due. lie is In WANT -
currency. lie is not disposed - pait WltG ms
particular good bond AZ any price. Nobody else Knows
ihat 10 pD-ess it. II - ci Ic3 dc1si Ieso ~ mlc
ht feels great .decc. Why snoll e not DE- able g
lfdyc that bond with say Assistant Treasurer, obtain
at ~ 900 in currency thereon, ana De ahc ~ any
tian ~ regain his bond on dCuMnl, the Assistant
Treasurer drachiug for the United states coupon Tor
each six months or fraction thereof that the same may
Ierin ON dcpo,it with him. Would this not caus, al n-
err sc OF elastic currency Ii would issue when con
TRACTION pressed would contract its II when too re-
dundant VINO would he hart D. II! The Government
would have out a quantity Of noanicr 4 paying paper
insteid interest hearing paper; and the one would be
conveniently current wl.n VHntcd whereas the bond
nfOrs no facility n all unless nas plenty Oi thcnt0
ylrdgc and IS willing 20 trust Wall-S. broker FOR an
| advance thereon W. C. IL W.
Nccl York, July 81 1879.
This correspondent is in total darkness to what
money is, whence its value comes, and what that
value il. Since ne lives in New-York we beg that he
VIII step into tho Astor Library and read the article
Money in the Encyclopedia Britannica. Why does
he reject all that science has to teach this subject
and substitute his crude fancieS for the results OF the
hard study of six generations Of men who have given
! their whole lives to these Investigations ?-Edl