The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-10-15
A HISTORY OF MONEY.
Hard Cash a Relic of Barbarism
and Monarchy.
STAMPED PAPER SAVED US.
Why Our FOrefathers Adopted Gold
as a Standard.
FRIGHTENED BY FRANCE,

The second lecture in the Finance, under
the auspices Board Of Trade delivered In the
large hall Of the Cooper Institute last evening by the
Hon. b. +. Butler There present the plat
form besides many others, Peter Cooper, Wallace z.
Groom William II. bennett Phny Freeman and
Mayor George Opdyke. The last named gentleman in
troduced the lecturer The purpose OF these lectures,
Mr. opdyke stated in his brief Introductory remarks
10 present contrasting views finance, that by
dspassionate consideration OF the topic the currency
problem may solved in the best way for all the in
involved. The lecturer cordially received
by audience numbering perhaps two thousand per-
sons, moderate proportion Of whom ladies' They
listened his address with interest," were pictured
notable financial disorders and their results ut home
and abroad, and while remedies were suggested that
IL is claimed will if adopted Tx the value of the dollar
and prevent future panics
THE ADDRESS.
General Buffers subject was Finance in its
wider interpretation-tho governments duty TO pro-
vide the people a stable and uniform medium Of ex-
change standard by which all value shall be meas
ured accessible all requiring its at the least
possible cost AS a measure of value he said, the vol
ume Of currency has effect; its for this purpose
having unit fixed fact the bareycorn,
the unit OF English measure, is the standard by which
distances are measured Suppose we had gold cur
rency would the addition OF $40 600 0oohe currency
rcserve-to the gold in the country derange vauesP
When gold was discovered that added to
currency in a single year without marked effect Tho
value OF the dollar should be as Interchangeable the
unit or weight or measurement, but this uniformity
should the convenience and protection only OF
the community making their bargains reference to
It. Exchange OF products between the subjects of diff
erent nations always partake of the nature
OF barter than OF bargain and SALE in reference to fixed
standard OF value currency the money of one ma
tion is the money OF another Not long ago our
Treasury supposed To be exhibiting its financial skill
coming trade dollar and having thus by this inge-
.uious device, depleted our country of silver
FOR CHINESE,
Congress required the Secretary of the Treasury by
sell bonds of five per cent interest to replace
sufficient OF the silver that we have THUG rid ourselves
OF be issued a substitute for fractional
rsncy. amounting quite $40 10000 Thus we are to
pay annually, for thirty years least-the time the
bonds run-s2 oOo 600 interest raised by taxes
10 supply ourselves with silver the shape o. small
COINS which nobody desires to use, in place of our
fractional currency, the most convenient medium Of
exchange for petty transactions ever known. and
the least expensive, as the whole cost OF
furnishing it Is not equal to the loss by
abrasion OF silver coin and the destruction OF
she paper Is Of loss but gain to the governments
Heretofore civilized nations had sought to establish
currency for their citizens only. At time in
Its existence every nation has had standard OF values
The ancient Greeks took the OK; the Spartan and Ar
can iron tho Roman first the sheep then brass, then
copper Arabian the horse and the camel and the
Indian the elephant and shells. Indeed each nation
took for standard OF value that which 1t priced the
most In later times gold and silver, being the most
OF tho metals and most difficult OF production,
therefore presenting form OF wealth most easily
accumulated garnered in the Golfers OF the rulers
kings than any other adopted tho material for
their standard Of value, which value they claimed and
have always exercised between themselves and their
subjects their greatest prerogave to fix, by an i'm
press OF their image or superscripton thereon. But
gold is not a universal standard Of value. In 1857
three and half ounces OF silver would purchase
ounce of gold Japan when took sixteen ounces for
such purchase in America That IN years the valuo
Of silver changed greatly IN comparison with other
products and services easily be illustrated The
good Samaritan, when he left the wounded man at the
tavern, left penny for his keep for days, with tho
promise that when he returned his protege had
any he would pay the difference II any one
doubts that silver has decreased in value since then let
him offer leave his wounded friend ut the Fifth Ave
nue. or Windsor and deposit penny for his keep In
founding q government for themselves our patriotic
fathers carefully eliminated from its framework
EVERY ATTRIBUTE MONARCHY
and aristocracy one; they retained, whether for
good or evil the precious metals stamped with the
Kings image as the standard by which TO measure
the property and industry OF the new Republic IT
gricvous fault" and grevousy have their chill
dren answered H. Great, wise and good men, we mar
vel that they much but they saw not all
thngs.n Because Of their ENGRAVING upon our nsti
buttons this element OF Kingly power we their de-
scendants, and our business and our property, nay
almost our existence a nation have been placed at
abe mercy OF ne moneyed Powers OF the Garth In
l7T6 we could not achieve our independence
until emancpated ourselves from the money
OF kings In 1891 could not save the life
OF the nation from rebellion, until threw overheard
the money OF the bankers the money kings Of the
world and established a currency for ourselves
values for our people, and put gold and silver
where they belong, as part Of The production OF our
industrial would 20 back To Continental money;
would have been secured II Continental money
had been used against the capitalists, as
sage was adopted for Tea against the merchants
the precious metals their money TO bring
themselves into connection with the great family Of
nationa They determined 10 bear with such endurance
a. they might the l0es disaster and ruin which the
adoption such standard OF value at once entaed upon
The country, for u Is worthy Of observation that us
hardship was so great produce a serious rebellion
and outbreak against the law lShays Rebellion 10 Mas
sachusettsl IN what was then AZ now inc mos. cuti-
country they we're probably deferred from
changing their system seeing these evils because Of
they were IN alliance which Is held up BY the bull
lonists a conclusive argument IN iAvor q specie
much less weigh, how than might well have had
then, when our fathers had "a present contemplation
he use, in revolutionary France, Of
nANDATs
~ substitute Tor gold and sivcr-a currency which
almost 81 once became yaiueess although nominaiiy
based upon what - reCkoned among the most de-
siraOe OF possessions the lands u the nation These
forms Of security tho holder evidence u right
70 Guy Or locate upon poron ~ the coBnacatod lands
sfpresls and mobiles called he national domain
The value " Aud consists OF Two essentials
title and productveness, and the asslgyaf made
10 assurance u title 70 the holder Be-
sides u was land warrant ana NOT
currency Our currency canGot be sand 20 have de-
preciated because our land warrants sell al half the
government price Of land.
Besides, looking back upon that time u u dlfcut 10
why the French paper money then ~ valua-
BILE as any other human Possession il france whether
gold silver land, hnb ~ lic neither was worth an
hours purchase Tho legislator Of today was lie
criminal OF to-morr0w the Judge " to-day was the
culprit Of tomorrow, the knife " the gulOtine ike
abe rain OF heaven Tell alike the Just aud the unjust
Canddly considered then this period aud It's system
could not DO pointed a warning example ia
finance. In 1861, when the war had scarcely begun,
aud money needed only 70 purchase supplies aud