The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-17


u ed. There has been in actual circulation
$ times, currency to the amount of more tina
! six hundred millions of dollars since 1861
y while the circulation has at no time fallen bi
low four hundred millions, not counting th
I enormous sums which have been locked up o.
speculation, and the still larger sums whic
= distrustful holders keep in bank month afte
month and year after year.
Money has hidden away since the panic
but ready to reappear when safe investment
| and lucrative speculations are offered Ii
any event we imagine that gold checks and banl
notes redeemable in gold must Of necessit.
form very large part Of our circulation
When paper becomes equivalent to gold w
know very we'll that paper will be preferred
in all large transactions. Gold in kegs, bagl
and boxes will lie still in safes and vaults from
month to month and from Year to year, while
its ownership will change thousand times
through the always redesmable and con.
vertible paper which represents its value, and
could draw it out into daylight and actual
circulation at any hour.
l
gold at the will of the holder is practically the
same as gold, and often much more conve-
nient. The promise of gold has the value OF
gold always when the promisee is absolutely
certain that the promise will be fulfilled
Upon the supposition that redeemable pa
per must form large part-more than half
of our future specie paying circulation and
currency, we may assume that not more than
three hundred millions in actual coinage
would be at any time required.
The year 1879 is fixed for the resumption
of specie payments, or for that glorious
epoch when nominal paper dollar and
real gold dollar will buy just as much and the
same in any market in the Republic. Before
that date the amount of new American coin
age ought to reach fully two hundred and
fifty millions of dollars. There will be shown
for time disposition to hoard and lock up
the gold, but this will correct itself as soon as
it is seen that the people will be satisfied with
none but the true currency. The rule tina.
the cheap currency always drives out the dear
and costly, will not hold in this case, simply
because the cheap currency will cease to have
any fixed value. The government will pro-
vide for the redemption of its greenbacks
and it will compel the national banks to do
the same
Any imaginary difficulty will be obviated
in still another way. Whether gold be scarce |
or plenty the people at the era of resumption, |
if not long before, will buy and sell at gold |
prices. Then if paper still circulates it will |
be valued, received and paid at gold rates and |
not at the nominal rates printed on the paper
In other terms paper will be demonetized |
and the changeable, deceptive. usurping sham
will be dethroned to give place to the true
sovereign and ruler of all commerce and ex-
change, imperial gold.
We hope the days are numbered in which
Dur great and venerable government shall try
% make anything but gold coin legal tender
or payment of debt. We hope the Senate
md Congress of the American Republic of
epublics may never again assume to make
money dear or cheap, scarce or plenty; and we
most sincerely hope that in any future emer-
,ency of war or danger there will never more
20 resort to the shallow expedient of paper
money, delusive curse, strength in the be-
inning but weakness in the end.
Gen. James Pollock, Superintendent of I
he United States Mint at Philadelphia, fur ,
fishes evidence of the esteem in which coined
METALS have been held in all historic times.
lie describes the Mint Cabinet, or collection =
4 coins of all countries and in every age, 4
rom which it will appear that at all times a
nd everywhere the divers races of mankind
ave employed coined precious metals for the G
of their business. He writes: .
The mint cabinet of coins and medals con. i,
inns about 1850 pieces; these pieces and the t,
arious ores OF precious metals, etc.. cost over Il
IL OO0. The Oldest pieces here or anywhere "
re about b. G. 700, and nearly all ancient Ia
nd modern nations since that date are repre-
,nted in cur collection. 6,
The oldest silver coin is the tetradrachm of =
lgina, an island of the Grecian archipelago, &c
NJ B. G. The Oldest gold coin we have is la
le daric of Darius of Persia, $40 B. c. The OF
rest gold coin is that OF Arsinoe, Queen of =;
gypt, B. c. $50, wife of Ptolemy Philadel-
aus, and niece Of Alexander the Great; in. W
insic value, SIT 20, but would command in d.
e market sum equal to our silver dollar of
'O4, or the gold Immunis Columbia, New .,
ork colonial coin, or the New York doub-
on, either of which would command from 10
800 to $1,000 The rarest silver coin is the a
ekel of Simon Maccabeus, LAG B. G. We m
I'VE frequently been offered $500 for it. N
hen follow the gold coins of Nero and julius ~
esar, with the heads Of these emperors dis sa
lguishing them from the most of their coin hl
e, which had Cupid Minerva or the ele- ar
liant upon them.
The widows mite" or Septa, is the rarest VIZ
the base metal coins, at or before the In
uor's time. We have also bronze coin, tn
out the size of our cent issued by the free M;
y of Philadelphia, in Asia Minor, two -
ousand years ago, and larger bronze coin oo
Cleopatra, with her profile likeness stamped of
ION it, the clearly defined and striking feat tn
es plainly indicating the mental power and Ia,
rec of character of that remarkable woman.
The rarest and most valued by numisma-
is, or our own base coinsi the Washington CT
nt of 1892, naked bust; then follow, in the ho