The New York herald., 1877-07-02


When the Connecticut Yankees countcrieited the
wampum which Peter stuyvcsant made currency in
Now Amsterdam IL continued TO deprcc.ate IN value
until 1t sold at pricc which barely remuneracd tho
counter. letters for It's manufacture; and
only ceased when the price or exchangeaDe value
reduced below The cost OF It's manufacture Ii per-
mtted cOunterfet notes 10 pass as legal tender they
would finally como down TO represent the mere cost OF
the eral OF which they composed and OF their
manufacture, aud would then become commodity
currency.
seem clear that thcre Is nothing TO be gained as 10
future transactions by having the coin currency Of th,
country composed Of one or the other OF tho Two
metas-gold or siHcr-cxccpt so Tar as one may have
advantage over tue other IN respect 10 convenience,
adaptation TO the business OF the country domestic
ana foreign, portability and the like; and
all these points the balance oil advantage Tor all
TRANSACTIONS above IS Is largely on the side
Of gold, AZ Will be evident when It IS rcmcm-
berel that II requires sixteen times time TO
svor IN any considerable quantity than does 10 count
q like value IN goId sixteen times more strength 10
handle IT, sixteen times more capacity to hold IT, and
sixteen times more expense 70 transport IT, In other
words IN this saving age, TO use silver Tor large trans
actions in the place OF gold is misapplicaton and
waste ol ntecn-sixteentns of given unit Oi effort,
time, expense and capacity. when onc-sxeenth would
accomplish the sanle result
rux RkLArIvE VALUE or GOLD AND SILVER DErER-
MINED ny NATURAL AND NOT ARTIFICIAL LAWS
One element OF confusion that has been introduced
In The recent discussion oi me question Oh me use or
the proposition sobsrly put orh that the permanent
aud ultimate value of whatever ls used AZ money
depends on Legislation; or, what IL tho same thing
that tho value OF commodity can be established by
law and Is not necessarily based upon the labor en-
poyed in its production. But II all countries should
demonotze both gold and silver tho market value OF
both metals must ultimately by natural laws be the
same as now when they are almost universally rccog
nized US money. Universal demonstration would At
first produce surplus OF The precions metals IN the
form OF coin Production would cease-that 10, the
mines woula be closed, and the COIN In existence
would finally be absorUcd in tho arts and for orna-
me It's Loss and ABRASION would, however. continue,
and at length new demands the arts would arise,
which could only be supplied by remuneration ior
labor sufficient induce reopenng Of the mines, or
what would be equal TO the remuneration obtained by
foalowing other employ mcnts When railroads re-
r.ced sase coaches ihero In some sections OF the
r,ountry for q period surplus oil coaches aud horses
Rnt natural laws in process time restored the equi
nv less prices or even as cheap as ~ tho period
when a the displacement occurred -
Silver is now deprecated undoubtedly oy reason OF
temporsry causes The drltt OF opinion with political
and those WHO have made tho subject
study 49, that the present depreciation is not pcrma
nent aud has been produced exclusively py Inc ac'on