New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-12-08


bonds 10 be- issued at the OF per redeem
the date of Bonds most easily placed on the
market, which most sought for by Investors and con
sid red In all respects the most Valuable, are those nav
iny long period Taking into consideration the
ao that but little udueement offered IN The amount
allowed as COMMISSIONS for placing the United rlsUs
loans, compared with that paid by other Governments
it thought important 20 give these bonds an n te e
tary therefore that an amendment 1e mac
redemption OF such bonds 10 80 years from tie date OF
their Issue.
RESUMPTION OF SPECIE PAYMENT.
The depression Of business and general contraction OF
values which followed The financial panic OF 1873 nave
greater less degree in all paris OF the
country Similar financial commissions have oecurreo In
other countries and their being felt To
degree great perhaps in this country These dsas
have been brought about IN our own
country by oyertradng oyercrodit and excessive enter
prise speculative character stimulated by TOO great
abundance promises 20 pay, existing In the form OF
currency not based upon, convertible into, inc ohy
actual money OF the world and OF the Constitution gold
and silver Other commercial countries which have eur
fered and are suffering from financial depression
have felt the influence 0, ike causes while In some OF
them the temptation 10 carry prosperous times 10 excess
has has often happened before. led to overproduc
tiou and that superiority OF trade and credit which must
inevitably later be followed by collapse ana
CORES bonding period OF depression Although there
are gratifying indications OF increased activity IN certain
branches OF business in the United States 1t must DC au
med that confidence has not yet been restored to the
extent necessary to bring about general revival OF 10
put trade and industries OF the country upon basis
o activity and permanent prosperity Nors u reason
expect that ts will he done ntil there shall DC
nearer approach to resumption Of specie payment and
consequent Improvement in tho character OF the cur
rency The constant disturbance OF exchange and hue
tuaon Of values the uncertainties OF business the want
OF confidence between individuals corporations, ana
communities which all experience proves to be the In
eyitabe result Of the use OF medium OF exchange pos
sessng no intrinsic value representing considerable
amount OF labor in It's production, and not conVeruDe
into that which Is recognized as money throughout the
commercial world, considerations winch should ciain
the attention OF every thoughtful representative OF the
people However rapid may be Increase in pOpula
tion wealth and material strength we cannot take the
a commercial or business people TO which we are
entitled by superior natural advantages and the pro-
duotye energies OF our population or attract 10 us tne
surplus capital Of the world long as ne have nuctu
atng standards Of value, and such uncertainty IN our
fiscal legislation makes the assembling OF Congress
frequent elections occasions OF anxiety and sp
prehenson only with the holders Of our securities
abroad, but with business men at home.
Great Britain has kept the value OF her pound sterling
substantially unvsrying for two hundred years and IN
consequence Of this steadness has become the OASIS OF
the trausactions only Of British commerce and trade
but ali the world In all civilized countries Govern
meut negotiations with foreign moneyenders are made
upon this basis and, general rule, the only foreign
bills current all the world are those which are e1
pressed in pounds sterling payable IN London which ctJ
becomes the great center where true measure OF
property and debts be found and hence, the com
merce OF the world revOyes around it, and pays tribute
to commercial standard With an unsteady ana vary
iug currency having fixed relation TO the money of
the world but always much below Its par value, We can
never attain that commercial independence to which our
great resources and active population entite us.
HARD MONEY GOOD FOR ALL CLASSES.
Every branch Of industry and all classes Of people are
alike interested in the restoration OF sound and stable
circulating medium the lsbOrer and producer no less
than the merchant, bondhoder, and banker The pres
ent unequal and huctuatng currency oppesees and in
lures laborers and producers who constitute great
majority VI people far than ltafecs niuTiousy
dealers IN money. The difference between gold and our
paper currency IL a margin upon which experienced
money do business and It Ia this that gives the
opportunity for artificial combinations whereby values
arc increased or reduced pleasure The purchasing
power currency increased diminished by the
manpuaons OF large operators united for that purpose
aud producers and laborers are often made 10 sner
without effective power Of resistance. Restoration Of
sound and unvaryng currency must bring better relative
wages with constant employment, because the
value OF labor Of that which 1t produces Will be
measured by n more certain standard and with the
return OF confidence, there must come activity prosper
y larger markets. aud greater demand, which, rs botn
reason and experience prove tend to lower wages
OF make employment less certain
The claim uat the large issue OF inconyertibe paper
currency has beneficial to producers is perhaps
sufficiently dsproved by reference to the reports Of sales
OF leading articles OF produce, such as wheat corn and
pork before and since the issue of such currency. The
most Trustworthy statistics show that such articles were
sod in New-York during the five years from 1870 TO
1874 inclusive, for about the same price that they
brought in the five years from 1856 to 1850 inclusive
Al. md A..
paid increased prices during the period from 1870 to
1874 for articles imported for consumption, upon all OF
which the difference between gold and currency must DC
paid by the consumer, who pays In the latter Thus ts
producer Of domestic articles is constantly subjected 10
loss exchanging his products for such articles as cof
fec tea sugars. and other imported goods which enter
into daily consumption In this connection IL should be
horne In mind that greater volume OF currency il re-
qured for the transaction OF business when II consists OF
nconyertble paper which does not circulate abroad
than when the currency In general use s gold, which
nows through every artery Of commerce. The statistics
Of our foreign trade illustrate this proposition For
every imported article the consumer must pay TO the
importer besides the cost in gold, increased 10y his per
eentage profit much more as the difference between
god and the currency with which payment is made.
Tbis difference, commonly called the premium on gold,
Increases by many millions the total amount which
would otherwise be required to complete all such ransac
tons.
THE PROPER OFFICE OF CURRENCY.
The proper Office OF currency whether II be gold or pa
per- IL to medium Of exchange for the ADJUST
ment Of transactions between buyers and sellers. when
II is sound and stable receivable in all parts OF the com
mercia world, the amount which actually passes fOm
hand TO hand business Transactions IL far below the
volume OF business small per cent thereof IL adjusted
by the actual handling OF money Exchanges are for
the most part made by transfers OF credits through
banks aud other agencies. Wherever exchanges and
transactions conducted ON the basis Of CON-
aud paper convertible into IL, the volume will he reg
lated by natural Money, Ike merchandise, will
20 where there demand for IT, and where something OF
valuscan no obtained i'm exchange for IL, When the