New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-09
THE BASIS OF THE PRESENT CURRENCY.

TIE BASIS OF THE PRESENT CURRENCY.
THE TAXABLE PROPERTY OF THE NAToN-IABoR
OF THE PEopIE-HOw TIE CURRENCY HAS
BEEN DEPRECATED.
To the EdttOr Of The TribHne.
SIR: What is the basis of the purchasing
power of present currencyf Not gold that IS e'-
dent Yet this paper money of ours is worth more than
81 pound" Whyl recent writer in TIE TRIBUNE
tells why Our present currency in fact founded on all
the taxable property OF the nation including the capacity
of its inhabitants to labor But ne is partly right and
partly wrong suggesting that If Congress understood
this il would lead to wanton prodisality OF tins I'M
mcnse treasure. He is right for we see that III fact,
Congress has yielded the temptation. and been wan
tonlv prodgal Of treasure. IL is wrong for tbs
tendency checked by the tact that those VINO abuse
their trust punished in various ways; ana that the
control Of the Government our property IS limited
by our willingness to pay taxes But now IL IL mat
our present currency is worth very much more than the
same weight OF papeTrags and yet Is not quite equal 10
so many dollars in gold; and, at times, has ndctu-
ated considerably from this stIniardf The pif-
chasing power OF any kind OF currency Is reg
uatcd partly by its average cost Accordingly
our currency is deprecated first, by allowing
TO any person. from the President to hod-carrer, WHO
docs work paid for from the Treasury than the
same grade work is fairly worth 1t would he well II
the members OF Congress understood that by conhiVhg
AT ANYTHING this sort they dcnrcciatinS the cur
rcncy with which they themselves are paid Secondly,
persons who have given to our Government little or
nothing to get possession o; great quantities of it, or TO
avoid paving wha; is due By its noble work in exposing
such frauds. THE TRIBUNE is doing much ID increase the
real value OF present currency.
Ali will admit that would lie well if paper currency
cou! be made equal in purchasing power to our gold
coin; but no who understands any thing about busi
ness would maintain that all business transactions shOud
involve the actual handling of gold. The market value
OF gold il simply Thermometer used in estimating the
market values OF other things. II is evident enough that
the greater part OF business must be transacted Ivy means
of paper, based property of various Kinds. AS
Revcrdy johnson says able letter IN the number OF
TIE TRIBUNE which alluson has already been made.
Volv little god would in fact DC nceOd 20 keep the car
T4 t hasd Sn it at sdEd r Will TN me h os
chaugcable. Tn difficulty is that our Government GSes
mrc ,ora than il can nay in gold While yOd ana live;
wlteycr delays The Discharge OF the principal OF TINS dc.
makes spesie payment rnore distant; Accot1'hSH,
specie payment viii be not prOuolel pui rel-Tue H
every purchase hCaIlilG OF gold and silver ny Inc
basis OF noniieresi bearing currency co,l am iIvg,
cam interest. 4 hundred pounds OF gold VIII not
scented by his gold bea, interest Accordingly, every
day hat Government holds dollar of gold which could
besed in reducing the Principal Of our debt. is putting Oh
We ma, !i,p D Cannp 9nr G iycrn,cnt nov give rs a
CHASING power TO gold and vtr Certainly it can, and.
as amd KgTe Of ro 1o dn viii BE- cci far the uro
But win be necessary strictly to observe such rules as
5000 oGo ofcon he aprc a 's with the m
and when il sinks below 900 900, then on hal u the
gold receipts are 20 be appropriated u ~. Nud
Let a currency be issued Oh ti> basis payable Only TO
carefully prepared list of persons who rencr service 10
orr yrrImet such che President CLERKS, Cong1cs
men, posDastcrs. Also let II he offered u limited
extent purchase end cancel interviewing oNoS
Then make al! taxes aud Othcr dues 10 the Government
This only. except tilIt Gus
tom dues must till ~ payable only IN gold :
evident thai there VIII be great ana cOshi d'D,ii
for Ills currency 10 accommodate lie bu- mess 81 tnc
country. and ultimately 10 pay Government cde', ana
Ia, iias not ONLY viii the oicers OF Government be
p.i with "A Tc.eCmabic currency, but inucA oi "Lf
nat, Ou.l dent viii De eXln-u,,d. N TACT the only
danger viii that. unless this is prevented, tc c1 VIII
b. ryp.:slcd too last and that tiGs too much OF TINS
currency Will accumulate IN ic hands OF persons who
VII use ! improper way. d., JR
IuiroSify Or Virginia, Au;. -. 1870.