New-York tribune., 1876-08-18

HISTORICAL SIX ETCI OF CURRENCY AND FiNhNCE.
By ELLloI G CONr!N. svO rp. ~ ChcilHft'
I'm this comprehensive historical essay, NJ.
Cowiir presents The views Of practical business nan OF
wide experience and activity combined Win the iesu's
dedncea from the H. elHgent study c the great questions
of modern economical science. The FIRST rart OF the
volume which devoted TO the history Of currency at
different periods exhibits several curious facts, showing
tLat veatcyer temporary eSpedeuts il may rave been
found Necessary to adopt solid basis OF financial pros
peril has ever been lald IN in'onycitbie paper
Upon the first settlement OF New-Irik and New
England, systeri of barter was OF general
prevalence In Massachusetts debts aud taxes
cJ be paid in 1--we stock and other commodities
az fixed prices Horses four years old, for example
were valued in taxation go and hogs over one year
old at 90 shiinEs Tie early barter trade with tle
Inc ar- was iek and Iemuneratye. They were glad 10
exchange their valuable furs for blankets and hatchct
knives guns and ammunition, and esuecialy for ar' nj
spirits end tobacco Even tme after the esa5
hshment VI Harvard College, it was the custom TO pay
tie sur Gis In patt in country produce fat cow
or a sucking calf hnd-quarter Of lamb or the fore
adarter Of 20 wether, a few pounds Of butter
barre ct apples. brshel or two OF wheat malt or
even parsripe. freely received IN exchange ior
instrrcton IN Virgil and Eucld. The great Governor
rudy paid large share OF 1s sons tuition at Cam
bridge with Indian But the barter system was
soon rr into ground Tt drove o what little Specie
there was m colony. Prices and debts were pa'd
vii
debts ard taxes and hence traders would not cell goods
nm bqrfer law was passed ia 1858 that !nl cattle
,oud not he received fer taxes and in less than fifteen
years tho system mad got low in Massachusetts that
25 per discount barter taxes was made for cash.
and subsequently so per cen. Mr.. Cowdin justly
infers from such facts thai n currency based
upon anything else than coia viii initiate prices
and itself deTrecate IN value. until, after having
pIavcd the mischief with trsde and commerce. IL is
finally rcpudated. In continuance Of the discussion be
procecds 10 give a rapid sket Of the first 0onal paper
and its depreciation. During the French war IN lo9O
Massachusetts organized expedition against Canada
and In order 10 pay her ,odc, issued paper to The
amount OF 600 The expedition was unsuccessful
and tie rapidly dereeiacd until the soldiers were
forced 10 sell them for twothFls One-haif of
their nominal value little later Massachusetts, Issued
10000 of similar notes tO meet the war expenses
Tney too soon fell Cat. In 1902, IN order to
Keen the coloay from ruin, tie Government or
dered that these snoud be received at per cent
over coin at lie colonial treasury Ia th.swa the paper
vas a-an raised in value aid Kept par for twenty
years In 100 another c.nssicn ~ paper money was
made hy several Of the colonies for war eXp6nna This
also rapidly went down. At ore rerod III Massachusetts
a classes were compelled 10 take the notes at par except
the clergy who allowed 70 receive th"m at their
real value The first Of paper currency IN NcwNork
was in I7I7 In Virginia, paper was made legal tender
I'm i755 The results OF al these early eSpeTimti3 III
soft money" Nj COwdin afirms were Gisastrous
They stand beacon lights 10 warn us against The
rocks ard shoals which the government OF oar
ancestors made such wreck Of the Hnanual Interests
OF TIE people The author proceeds % describe The de
yeiopment o. paper ucy from the period Of the
Reyoution 10 the present day According to his state
uepts to consequences have been always the same.
He follows the history Of American fuaIce through the
successive pauics that have taken place snce te admin
isratnn Of General Jackson, and tie measures adopted
by tie Federal Government to meet tie terrible exgen-
eie. Of the Civil War His views Of the fune, on the
whole are OF a cheerful character Although so far as
The actnal burden upon tie people Is concerned .hc
situation remains much the ~ when the w costd'
to wealth OF the nation BE- mantas, Is constantly III
rrasing Never its developed resources 70 great as
nj present while those yet unreveoped are OF incaculaDe
value There IL no for eroakng Let the people
rely upon themselves live within their means, and be OF
sood cheer Our NATIONAL state, and city governments
mast curtai their expenditure. VIC mast stop investing
ia sr.eas0 schemes lands for the mere purpose OF
laying ,s payeI cities. construct hg raw2ys'wherc
cere r6 10 passenger aud fitghts We can mus re-
s:cre cobaoence revive business, and aId IN speedy
ye.,,yt "a, a sound currency. Hr Cowdn's book ~ e0I
penty ss enable 10 may he strongly recommended To
,.it,ft dat,Ie gt1li.ige whtic Ignorant OK